ASOS (ASC) Trading update summary

Financial performance

• Gross margin exceeded 50%, surpassing both the guided and medium-term targets.

• Adjusted EBITDA rose over 25% year-on-year, finishing above the midpoint of the £150-180m range.

• Net debt reduced to approximately £110m, aided by £116m from asset disposals.

• GMV returned to growth in Q4, though full-year GMV declined 5% year-on-year.

• Womenswear GMV grew 3% for the year and 8% in H2, driven by partner and own brands.

Strategic and operational progress

• Achieved record sell-through rates for S/S 26, up 4 percentage points year-on-year.

• Added around 30 net new brands to the partner portfolio, with Partner Fulfils rising to 21% of Partner Brands GMV.

• Over 100 app enhancements led to revenue per customer growth 10 percentage points ahead of the wider iOS base.

• AI-led personalisation and improved digital content boosted conversion rates and shopping consistency.

• Supply chain cost-to-serve reduced by 130bps year-on-year through contract renewals, automation, and fulfilment consolidation.

Customer and market trends

• Active customers totaled 16.4 million at year-end, with growth in the UK and Germany since HY26.

• Q4 marked the first quarter of customer growth since Q2 FY22.

• GMV growth was seen in the UK and Germany in H2, and in the US in Q4.