FY results: what happened? Debenhams Group had already reported FY Feb-25 GMV pre-returns growth of -10% (-2% excluding PLT) and revenue growth of -17% (-12% excluding PLT). Today it reports adj. EBITDA of GBP 39.6m (GBP 41.6m excluding PLT), which is broadly in-line with its guidance of ''around'' GBP 40m but c.-7% below consensus. Management is exploring the sale of its youth brand, PLT, and assessing long-term options for its US and Burnley distribution sites. Management guides to H1 FY Feb-26 adjusted EBITDA for continuing operations to be ''ahead of 1H FY25''. BNPP Exane View: 7% adj. EBITDA miss, potential sale of PLT The key for us is that the Debenhams brand GMV grew +34% year-on-year and adjusted EBITDA improved by GBP 14m to GBP 25m. In FY Feb-25 the Debenhams brand represented slightly less than 40% of group profits. What''s encouraging is that the group is exploring the sale of PLT, which was GBP 2m dilutive to group adjusted EBITDA in FY25. Last year we wrote about the value in disposing one of its youth brands in Not on our Christmas list. The business review announced in October 2024 is ongoing and no further details on the sale of PLT is available, but the company says it remains fully focused on the turnaround of this brand to ''ensure maximum value for shareholders on exit''. Likely direction of consensus Boohoo guides to H1 FY Feb-26 adjusted EBITDA for continuing operations to be ''ahead of 1H FY25'' (GBP 20.8m including PLT). Bloomberg consensus models H1 adj. EBITDA of GBP 20.5m which is in line with H1 FY Feb-25. We estimate that PLT was a GBP 2m dilution to the Group in FY25, so we estimate H1 24 pro-forma adj. EBITDA to be GBP 21.8m. Thus, we expect H1 adj. EBITDA consensus to rise by GBP 1m or c.5%. Anticipated market reaction At yesterday''s close, Boohoo shares were -57% year to date compared with the FTSE350 Retail Sector +8%. Bulls will likely point to the potential sale of PLT and improved profitability of the Debenhams...