ASOS

ASC · Main Market · Retail · mcap £555m · 438.0p 2 open situations →

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20252026 Multi-year turnaround Frasers Group Plc selling down 1 director buying Lichfield fulfilment centre disposal 1 director buying Frasers Group Plc towards control 2 directors buying

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Multi-year turnaround

GMV back in growth in Q4; guidance raised

Includes Lichfield fulfilment centre disposal – Completed; proceeds received, closed 28 May 2026

Turnaround since Nov 2025: balance sheet repair (refinancing 13 Nov 2025; Lichfield and Atlanta sales completed by 1 Jul 2026) alongside GMV recovery. On 24 Sep 2026 ASOS said GMV returned to growth in Q4, gross margin would exceed 50% and EBITDA would be above the guided midpoint. Net debt is c.£110m.

EBITDA guidance: above midpoint of £150-180m range, up more than 25% YoY 24 Sep 2026 ↗
Gross margin: more than 50% vs 48-50% guided 24 Sep 2026 ↗
GMV: Q4 low-single-digit growth; FY26 -5% 24 Sep 2026 ↗
Net debt: c.£110m at 30 August 2026 vs £184.7m at FY25 24 Sep 2026 ↗
Asset disposals: c.£116m cash from Lichfield and Atlanta; c.£12m annual cash cost savings 24 Sep 2026 ↗
Next milestone: FY26 results on 5 November 2026 24 Sep 2026 ↗

Next: FY26 full-year results with detail on guidance · 5 Nov 2026

24 Sep 2026 GMV back in growth in Q4; guidance raised
11 May 2026 Balance sheet repair continues alongside GMV recovery
23 Apr 2026 Pivoting to growth; margins fixed, GMV -9%
25 Mar 2026 Margin and EBITDA gains; GMV still declining

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Overhang

Frasers Group Plc selling down

29.2612% → 23.3698% in 6 notices

Led to Frasers Group Plc towards control – 25.1348% (from 24.2132%), closed 21 Mar 2026

Next: 23.3698% still held

16 Oct 2026 23.3698%
30 Sep 2026 23.9122%
25 Sep 2026 24.7452%
21 Sep 2026 25.0373%

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Closed · 5

Insider conviction1 director buying £4,072k in 3 buys · 24 Apr 2026 – 27 Aug 2026 +75% Disposal of a part (break-up)Lichfield fulfilment centre disposal Completed; proceeds received · 11 May 2026 – 28 May 2026 Insider conviction1 director buying £1,352k in 10 buys · 5 Jan 2026 – 23 Apr 2026 +7% Stake building towards controlFrasers Group Plc towards control no bid within a year · 21 Mar 2025 – 21 Mar 2026 +9% Insider conviction2 directors buying £2,820k in 5 buys · 6 Nov 2024 – 19 Feb 2025 −21%

Company filings. Not investment advice.