Pepco Group N.V. — Earnings Release 2026

Apr 22, 2026

pepco group

22 April 2026

Pepco Group N.V.
Upgrade to FY26 full year outlook

Pepco Group N.V. ("Pepco Group"), a leading pan-European variety discount retailer, today announces an update to FY26 full year guidance, ahead of the publication of its half-year results on 21 May 2026.

Upgrade to full year outlook

Following our pre-close trading update on 26 March 2026, Pepco has continued to generate a robust trading performance driven by a strong customer response to our Spring/Summer collections, as well as the ongoing success of strategic initiatives across our business. In H1 FY26, Pepco delivered LFL revenue growth excluding FMCG of +4.6% (+1.2% including FMCG), with Group LFL revenue growth of +3.6% excluding FMCG (+0.5% including FMCG).

In addition, Pepco is delivering sustained gross margin improvements year-on-year, ahead of our prior guidance (FY26 gross margin of at least 48%). As a result, the Group now expects to report FY26 underlying Group EBITDA IFRS 16 year-on-year ("y-o-y") percentage growth in the low-teens (FY25: €865m), up from previous guidance of at least 9% growth.

Alongside our strong trading performance, our FY26 profit position is expected to benefit from changes made to our depreciation policy to more closely match actual store lease lengths, as announced at our FY25 results, with an estimated FY26 pre-tax impact of approximately €40m. Combining this with a non-repeat of the €38m non-cash impairment charge to underlying EBIT, highlighted at the FY25 results, is expected to result in FY26 underlying net income y-o-y growth of at least 50% (FY25: €219m), up from previous guidance of at least 25% growth. All other guidance remains unchanged.

Forthcoming dates

Further details on Pepco Group's strategic progress across its store network, including our Western European opportunity, reaction to our initial digital initiatives, as well as our capital returns strategy will be outlined at our H1 FY26 interim results on 21 May 2026. A conference call for analysts and investors will be held at 8.30am BST / 9.30am CEST on the same day.

A live audio webcast of the call will be available via the following link: https://brrmedia.news/PCO_HY_26

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ENQUIRIES

Investors and analysts

Tej Randhawa, Investor Relations +44 (0) 203 735 9210
Rebecca Jamieson, Investor Relations +44 (0) 203 735 9210

Media

Rollo Head, FGS Global +44 (0) 7768 994 987
James Thompson, FGS Global +44 (0) 7947 796 965
Blake Gray, FGS Global +44 (0) 7842 631 475

This press release contains information that qualifies, or may qualify, as inside information as defined in article 7(1) of Regulation (EU) 596/2014 of 16 April 2014 (the Market Abuse Regulation).