Servizi
Q2 Sales and H1 2025 Financial Results
PRESS RELEASE
Nantes, July 25, 2025
Q2 sales and First Half results 2025
Q2 activity improving at -7,5% LfL (vs -9,9% in Q1), H1 at -8,7% LfL
Continuously improving LfL trend throughout the quarter, with June best monthly performance over the past 2 years
Gross margin resilient at 64%
Inspire Everyday top line initiatives delivered encouraging results in Q2
France and online ended H1 2025 with initial positive signals
Cost discipline maintained
Inventory buildup temporarily weighing on free cash flow
100% ownership of Rhinov, the French leader in online interior design consulting, fully consolidated
François-Melchior de Polignac, CEO of Maisons du Monde, commented: “ Our top-line performance reflects a progressive improvement in a challenging consumer environment, with Q2 and the month of June showing significantly better like-for-likes than Q1. Progress with customer satisfaction (NPS) and brand awareness are also reflective of these positive trends. Also significantly, the digital side of the business is back on track after a poor Q1. These first signals of a gradual commercial recovery, together with the ongoing success of our cost reduction program, reinforce our confidence as we enter the second phase of our Inspire Everyday plan.”
John Browett, Chairman of the board of Maisons du Monde, commented : “I am thrilled and honored to join this strong Brand. I look forward to working alongside the Board and Management team to leverage my expertise and experience to accelerate the company's transformation”
H1 2025 Sales
Group sales for the first semester of 2025 amounted to €444,6m euros (for a total GMV of €513m), reflecting a decrease of -8.7% compared to 2024 like-for-like and -9.7% in total, in a difficult context for the Furnishing and Decoration sector, accentuated by unfavourable macroeconomic factors and a highly competitive market.
The Group continued with the proactive management of its store network, in line with its transformation plan. At the end of June 2025, the store network totaled 334 stores vs 338 in December 2024. The retail affiliates network reached 16 stores compared to 14 at the end of 2024.
H1 2025 FINANCIAL PERFORMANCE
(1) The difference in amount with the cost of sales in the consolidated income statements corresponds to the net operating expenses of the factory and the container traction company.
The gross margin rate , at 64.3% vs 64.8% in 2024, reflects the continuation of the favourable effects of freight costs and the positive contribution of the Marketplace, partly offsetting the negative impact of promotional activity, especially in spring.
Store operating costs and central costs amounted to €240m compared to €255m euros in 2024, thanks to €18m gross savings initiatives.
EBITDA margin decreased from 13% to 10% mainly impacted by the decline in volumes.
D&A decreased slightly on the H1.
The EBIT margin is negative at -€22m compared to -€6m for the year 2024, strongly impacted by the drop in sales.
Net income amounted to -€75,6m compared to -€24,3m and includes:
FREE CASH FLOW
In June 2025, investments reached €9 million leading to a Capex/sales ratio of 2.0%, allowing us to continue investing in our IT tools and our stores.
Due to high inventories, working capital increased by €41 million. caused by a combination of lower sales than forecasted and the decision to secure product availability and early arrival of new collections. These inventories are thus mostly composed of new collection products.
Free cash flow was negative by €65m compared to 0 in June 2024 mainly linked to higher inventories and EBITDA.
NET FINANCIAL DEBT
Leases decreased by €28m reflecting management of lease portfolio and ongoing store portfolio review.
Net financial debt excluding IFRS 16 stands at €156.9m increased by €72m to finance Group working capital needs.
MDM banking partners have unanimously agreed to an adjustment of the financial documentation on June, 30, 2025.
APPENDIX
Consolidated balance sheet
In addition to the financial indicators set out in International Financial Reporting Standards (IFRS), Maisons du Monde's management uses several non-IFRS metrics to evaluate, monitor and manage its business. The non- IFRS operational and statistical information related to Group's operations included in this press release is unaudited and has been taken from internal reporting systems. Although none of these metrics are measures of financial performance under IFRS, the Group believes that they provide important insight into the operations and strength of its business. These metrics may not be comparable to similar terms used by competitors or other companies
Sales : it includes the revenue from sales of decorative items and furniture through i) Stores (owned or affiliates), ii) to franchisees, iii) websites and iv) B2B activities. They also include marketplace commissions.
Like-for-like sales (LFL) growth : Represents the percentage change in sales from the Group’s retail stores, websites and B2B activities, net of product returns between one financial period (n) and the comparable preceding financial period (n-1), excluding changes in sales attributable to stores that opened or were closed during either of the comparable periods. Sales attributable to stores that closed temporarily for refurbishment during any of the periods are included.
Gross margin : Is defined as sales minus cost of sales. Gross margin is also expressed as a percentage of Sales.
Current EBITDA : Is defined as current operating profit, excluding: depreciation, amortization, and allowance for provisions and the change in the fair value of derivative financial instruments. The EBITDA margin is calculated as EBITDA divided by Sales.
EBIT : Is defined as current EBITDA minus depreciation, amortization, and allowance for provisions. The EBIT margin is calculated as EBIT divided by Sales.
Net debt (without IFRS 16) : Is defined as the Group’s finance leases, unsecured term loan, unsecured revolving credit facilities, deposits and bank borrowings, net of cash and cash equivalents.
Free cash flow : Is defined as net cash from operating activities less the sum of capital expenditures (capital outlays for property, plant and equipment, intangible, other non-current assets, change in debt on fixed assets, proceeds from disposal of non-current assets and financial) and reduction of rental debt and interest on rental debt.
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AUDIO WEBCAST FOR INVESTORS AND ANALYSTS: July, 25 2025 6:00 pm. CET / Presentation in English
Webcast Connection: https://edge.media-server.com/mmc/p/ynvjxsvx
Disclaimer: Forward Looking Statement
This press release contains certain statements that constitute "forward-looking statements," including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions or which do not directly relate to historical or current facts. Such forward-looking statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the future results expressed, forecasted or implied by such forward- looking statements. Accordingly, no representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Any forward-looking statements included in this press release speak only as of the date hereof and will not give rise to updates or revision. For a more complete list and description of such risks and uncertainties, refer to Maisons du Monde’s filings with the French Autorité des marchés financiers.
Financial agenda
23 October 2025 Q3 and 9-month 2025 sales
About Maisons du Monde
Maisons du Monde is the leading player in inspiring, accessible, and sustainable home and decoration. The Brand offers a rich and constantly refreshed range of furniture and decorative items in a multitude of styles. Leveraging a highly efficient omnichannel model and direct access to consumers, the Group generates over 50% of its sales through its online platform and operates in 9 European countries.
corporate.maisonsdumonde.com
Contacts
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