EQS-News: DOUGLAS Group achieves solid sales growth and doubles net income in volatile financial year 2024/25

Q4 & Full-Year 2024/25 (October 2024 – September 2025)

DOUGLAS Group achieves solid sales growth and doubles net income in volatile financial year 2024/25

• Full-year guidance achieved: Sales increased by 3.5% (excluding Disapo) to 4.58 billion euros; adjusted EBITDA margin of 16.8%; net income more than doubled to 175.4 million euros
• Omnichannel remains winning model in beauty retail: Growth stems from both stores and online, with E-Com experiencing a surge towards the end of the financial year
• Q4 influenced by challenging environment: Solid sales growth of 2.6% (excluding Disapo); adjusted EBITDA down 11.4% to 134.3 million euros mainly due to changing consumer behavior, including higher price sensitivity, as well as ongoing promotional competition
• Markets continue to structurally grow, yet at a slower pace: European premium beauty market expected to maintain growth, but likely further characterized by consumer uncertainty
• Guidance for financial year 2025/26 and mid-term targets:
  • Guidance FY 2025/26: Sales of 4.65-4.80 billion euros and adj. EBITDA margin of around 16.5%; net leverage between 2.5x and 3.0x as of 30 September 2026
  • Mid-term targets: Annual sales growth in the low- to mid-single-digits, sustaining a stable adj. EBITDA margin; reduction of net leverage to a range of 2.0x to 2.5x
• Strategic expansion: DOUGLAS Group considers to expand outside of continental Europe and evaluates market entry in the Middle East / GCC countries (Gulf Cooperation Council)

Düsseldorf, 18 December, 2025 – The DOUGLAS Group, Europe’s number one premium beauty retailer, has concluded the financial year 2024/25 with solid growth in sales and in line with its updated guidance. While the financial year got off to a good start in the first quarter (October – December 2024), consumer sentiment and spendings slowed down during the early months of 2025, especially in Germany and France. Following a turnaround in the third quarter, the July to September period saw a push in the E-Com business – overall profitability however was under pressure due to the challenging market conditions. For the full year and thanks in particular to significantly lower debt, the DOUGLAS Group more than doubled its net income. At the same time, it made major progress in the implementation of its targeted omnichannel strategy “Let it Bloom”.

Sander van der Laan, CEO DOUGLAS Group: “In a very volatile and thus challenging year, we have accomplished results within expectations. Going forward, we anticipate solid overall growth in Europe’s premium beauty market, but observe a changing consumer behavior compared to the highly dynamic post-pandemic years. As a leading player, we want to take advantage of the opportunities in this phase of market consolidation and rebalancing. We have the strength and ambition to further grow and also expect momentum from the ongoing expansion of our store network and by tapping into new markets – also outside of continental Europe. That’s why we consider a market entry in the Middle East where we see a great potential for our premium beauty business.”

FY 2024/25 results in line with expectations

In the financial year 2024/25, sales grew by 2.8%, or 3.5% excluding the sold-off online pharmacy Disapo, to 4.58 billion euros. Both stores with 2.5% (lfl: +0.2%) and E-Com with 5.6% (excluding Disapo) contributed to overall growth. Sales from cross-channel services like Click & Collect Express – allocated to E-Com sales – have also developed exceptionally well.

Reported EBITDA was up 3.6%, amounting to 756.5 million euros and a rep. EBITDA margin of 16.5% (PY: 16.4%). Adjusted EBITDA declined 5.0% to 768.4 million euros and a margin of 16.8% (PY: 18.2%), also reflecting lower adjustments. Net income more than doubled to 175.4 million euros (PY: 84.0 million euros). Free Cash Flow was down -12.0% to 461.0 million euros (PY: 524.0 million euros). Average net working capital as a percentage of LTM Group sales improved to 4.4% (PY: 5.3%).

The DOUGLAS Group therefore achieved its guidance for the financial year 2024/25 – as updated on 20 March 2025 to reflect the changed market environment – across all four KPIs.

Final quarter of the financial year marked by strong E-Com performance

The DOUGLAS Group concluded the financial year with a solid fourth quarter: Group sales increased by 2.3%, or 2.6% excluding Disapo, to 981.9 million euros (lfl: +1.2%). Growth was driven by a  strong E-Com performance, whereas the increase in store sales was attributed to the expansion of the network. All segments contributed positively to total sales. In the French market, which has been facing a downward trend, NOCIBÉ improved its position and gained share, and the DOUGLAS Group also gained share in the slightly growing German premium market year in the financial year 2024/25.

Store sales rose 0.6% year-on-year. Performance varied between segments: Compared to the prior-year period, sales increased in Central Eastern Europe (+6.4%) and Southern Europe (+2.2%), and were in line in the DACHNL region (-0.3%). In France, stationary sales saw a slight decline (-1.5%).

E-Com sales surged almost everywhere in Q4, accumulating to a 6.2% improvement year-on-year, or 7.3% excluding Disapo. Beyond the online pure player segment Parfumdreams / Niche Beauty (+17.5%), Central Eastern Europe (+13.8%) and France (+11.0%) showed the biggest growth rates.

Consistently tight cost management supported profitability in the fourth quarter; however, the gross margin was impacted by changing consumer behavior including higher price sensitivity, ongoing promotional competition and lower supplier bonuses. Reported EBITDA went down 15.1% to 129.8 million euros, corresponding to an EBITDA margin of 13.2% (PY: 15.9%). Adj. EBITDA decreased by 11.4% to 134.3 million euros, resulting in a margin of 13.7% (PY: 15.8%). Net leverage stood at 2.9x as of 30 September 2025 (30 September 2024: 2.8x), or 2.1x before IFRS16.

Targeted investments in growth initiatives and operational efficiency

To support its growth ambitions in a further evolving and rebalancing market environment, the Group continues to invest in strategic initiatives – including in IT capabilities, supply chain excellence and harmonized processes and systems across the entire organization to achieve a higher degree of standardization and operational efficiency. Moreover, the company evaluates and tests the use of artificial intelligence in different areas such as marketing or the user experience in the online shop.

Sander van der Laan: “We firmly believe in ‘Let it Bloom’ as the right strategy for us and omnichannel as the winning model for beauty retail. As we set our eyes on profitable growth, we continue to invest in the initiatives that will drive our business and efficiency – such as IT, E-Com and expansion.”

Potential expansion beyond continental Europe

The DOUGLAS Group is considering to expand beyond continental Europe and currently evaluates a market entry in the Middle East. With their thriving retail landscapes, rapidly developing economies, and a customer base with strong purchasing power, the GCC countries are predestined for the DOUGLAS Group’s premium beauty offering. A final decision will be made in the course of 2026.

Milestones across several strategic initiatives

In line with its commitment to the stationary shopping experience, the DOUGLAS Group continues to develop its store network: It has opened 35 new own stores (net) between July and September 2025, including the first flagship store in Tallinn, Estonia, and a new DOUGLAS store in the Swiss capital Bern. 36 existing own stores were refurbished (including relocations). In total, the company has refurbished 139 existing own stores (including relocations) and opened 74 new own stores (net) in 2024/25, elevating the number of stores as of 30 September 2025 to 1,959 (including franchise).

The Group has also achieved milestones in a number of further strategic initiatives: It has introduced three new exclusive brands (NEST, Iräye, Drybar) in Q4 and launched a new brand campaign platform to drive consistent and coherent communication across all 22 omnichannel countries.

Furthermore, it has made good progress in the rollout of its OWAC (“One Warehouse, All Channels”) supply chain model and getting fulfilment ready for future growth: The fifth OWAC warehouse near Warsaw, Poland, has commenced operations in August, enhancing service quality, delivery times and the customer experience. The OWAC currently handles all B2C orders and store deliveries in Poland and will serve six additional countries in the future. In Italy, OWAC operations transitioned to a modern and highly automated new warehouse: The move, while temporarily affecting the service rate during ramp-up, is expected to lead to significantly reduced logistics expenses. Finally, the company has recently signed a contract for its sixth OWAC warehouse in the Netherlands for the BENE region.

Guidance for financial year 2025/26 and mid-term targets

In light of the economic and market conditions leading to high price sensitivity among consumers, the DOUGLAS Group has provided its guidance for the financial year 2025/26 and expects sales between 4.65 and 4.80 billion euros, an adj. EBITDA margin of around 16.5%, and a net leverage between 2.5x and 3.0x as of 30 September 2026.

As key components to deliver on the latter, the company anticipates positive developments in average net working capital – expected below 4% of LTM sales – and capex (excl. leases), which are expected to be around 150 million euros.

Reflecting the focus on profitable growth, the Group also provided its mid-term targets for the next three years and expects to annually increase sales in the low- to mid-single-digits, sustain a stable adj. EBITDA margin, and reduce the net leverage to a range of 2.0x to 2.5x. The company anticipates to be in a position to consider paying a dividend at a net leverage of 2.0x to 2.5x.

Van der Laan: “Thanks to our dedicated employees, loyal customers and the strong relationships with our business partners, we have weathered a challenging year. Our markets evolve in a difficult environment, and we are well positioned to continue growing due to our effective omnichannel model and outstanding retail brands. We rely on our strengths and the strategic course we have set.”

Solid start into 2025/26 – trading statement on 19 January

The DOUGLAS Group has achieved a solid start into the new financial year 2025/26 and will provide more info on the performance in the first quarter in a trading statement on 19 January 2026.

Overview Financial Results (Q4 2024/25)

1. Sales per channel

2. Sales per segment

3. Key financial figures

Overview Financial Results FY 2024/25

1. Sales per channel

2. Sales per segment

3. Key financial figures

Segment Overview: DACHNL (Austria, Belgium, Germany, Switzerland, The Netherlands), France (France, Monaco), SE / Southern Europe (Andorra, Croatia, Italy, Portugal, Slovenia, Spain), CEE / Central Eastern Europe (Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia), PD/NB (Parfumdreams, Niche Beauty)

X-Channel refers to cross-channel services, e.g. Click & Collect Express.

About the DOUGLAS Group

The DOUGLAS Group, with its commercial brands DOUGLAS, NOCIBÉ, Parfumdreams and Niche Beauty, is the number one omnichannel premium beauty destination in Europe. The DOUGLAS Group is inspiring customers to live their own kind of beauty by offering a unique assortment online and in around 1,960 stores. With unparalleled size and access to customers, the DOUGLAS Group is the partner of choice for brands and offers a premium range of selective and exclusive brands as well as own corporate brands. The assortment includes fragrances, color cosmetics, skin care, hair care, accessories as well as beauty services. Strengthening its successful omnichannel positioning while consistently developing superior customer experience is at the heart of the DOUGLAS Group strategy “Let it Bloom”. The winning business model is underpinned by the Group’s omnichannel proposition, leading brands, and data capabilities. In the financial year 2024/25, the DOUGLAS Group generated sales of 4.58 billion euros and employed more than 19,900 people across Europe. The DOUGLAS Group (Douglas AG) is listed at the Frankfurt Stock Exchange.

For further information please visit the DOUGLAS Group Website.

Press Contact

Peter Wübben
SVP Group Communications & Sustainability
Phone: +49 211 16847 6644
Mail: newsroom@douglas.de

Investor Contact

Dafne Sanac
Director / Senior Principal Investor Relations
Phone: +49 151 55675545
Mail: ir@douglas.de