ASOS (LSE:ASC) lifted adjusted EBITDA 50% to £64m in the 26 weeks to 1 March, versus £42.5m in the 26 weeks to 2 March 2025, even as gross merchandise value declined 9% year‑on‑year.
Adjusted gross margin expanded 330 basis points to 48.5% and the UK outperformed the group with GMV down c.5% while Womenswear delivered around a 10 percentage‑point improvement in its GMV growth rate versus H2 FY25, the company said.
Customer metrics showed early green shoots with UK new customer acquisition up c.10% year‑on‑year and a six‑month rolling new‑customer increase of +2% across the top four markets versus -12% at the end of FY25, alongside a c.150bps reduction in churn.
Free cash outflow was £92.6m, net debt excluding leases rose £19m year‑on‑year to £295m at period end and the group refinanced in November 2025 before repaying the 2026 Convertible Bonds for £73.6m in cash after the period.
The results included c.£7m of US tariffs related to IEEPA, which ASOS has said it has initiated refund claims for, and management said mitigations protected service levels and customer experience.
Management left FY26 guidance unchanged, targeting adjusted EBITDA of £150m-180m, gross margin improvement of at least 100bps to 48-50%, GMV to improve 3-4ppts ahead of revenue and broadly neutral free cash flow.
New customer growth was +9% for the group in March, the first month of growth since September 2021.
