Today’s pre close points to FY25 sales and EBITDA margins broadly in line with expectations. This follows a strong end to the year, with 4Q25 “significantly ahead” YoY, underpinned by cost initiatives. There are also some encouraging signs of positive momentum in the UK with monthly improvements in LfL sales since January. Tariff uncertainty and a new CFO prompts a more cautious approach to forecasting (FY26 24% EBITDA d/g) but we remain positive about the group’s value creation proposition (sel ....
