Maisons du Monde: H1 2026 Results

 PRESS RELEASE
Nantes, September 25th, 2026

H1 2026 Results: Continued cost discipline and balance sheet  restoration amidst a persistently challenging top-line environment 

Reminder: since July 2026, the Group has been operating with a strengthened balance sheet following the refinancing agreement reached with its main stakeholders. Full details are available in the press release dated July 31, 2026. 

Net sales reached €412.8m, down 7.1% vs LY (-5.8% LfL) in a subdued market

 €15m gross savings achieved

Working Capital improvement

• Net Sales reached €412.8m, down 7.1% YoY (-5.8% on a LfL basis):
  • Performance contracted further in Q2 (-9.8%) compared to Q1 (-4.5%), impacted by constrained inventory levels and a deliberate scale-back of promotional activities 
  • The store network keeps proving resilience at -3.0% LfL. Southern Europe remained almost flat (-1.0% LfL), while France declined by -4.0% LfL, in line with market trends (IPEA) while Online experienced a steeper decline (-11.8%)

• Profitability & Cost Savings:
  • Current EBIT stood at -€36.8m (vs. -€22.0m in H1 2025).
  • Gross Margin to 61.9% reflects promotional support in Q1 
  • €15m gross cost savings achieved partially offset lower volumes, driven by major efforts in logistics and transportation

• Cash Flow & Balance Sheet:
  • Free Cash Flow improved to -€49.8m (vs. -€64.9m in H1 2025), reflecting EBIT contraction offset by net working capital improvement driven by lower inventory 

François-Melchior de Polignac, CEO of Maisons du Monde, commented: “In the first half of 2026, we operated in a challenging market environment while managing constrained inventory levels. Faced with these headwinds, we remained intensely focused on our priorities: cost reduction, cash preservation, and maintaining customer satisfaction.

Following the refinancing completed in July, we now operate with a lighter and secured balance sheet. With the backing of our new majority shareholders, we have the financial stability and operational support required to execute our turnaround and build a profitable, sustainable model for the long term.” 


H1 2026 Sales

Group sales for the first half of 2026 reached €412.8 million, down 7.1% overall and -5.8% at constant scope compared to H1 2025.

International sales declined at a faster pace, reflecting contrasted performances across regions, with resilient activity in Southern Europe offset by stronger pressure in Germany and Austria.

The Group continued the proactive management of its store network in line with its transformation plan. As of June 30, 2026, the store network stood at 326 stores, including 22 affiliates.

H1 2026 financial performance 

EBIT

(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.

Gross margin rate decreased by 240 basis points to 61.9% compared to H1 2025. This contraction was primarily driven by higher promotional activity in Q1 and a challenging comparison base due to a non-recurring favorable item in H1 2025. During Q2, we took the deliberate decision to reduce promotional intensity. 

Operating costs totaled €228 million, down 4.8% year-on-year. This reduction reflects the tangible benefits of the €15 million gross cost-saving plan (which also impacted the cost of goods sold). These gains were partially offset by temporary inflationary pressures, notably on fuel, and transformation costs linked to ongoing IT investments.

Current EBITDA stood at €27 million, down from €46 million in H1 2025.

D&A decreased slightly, reflecting gradual Capex diminution and was also driven by the closure of 2 stores during the half-year.

Current EBIT stood at -€37 million (vs. -€22 million in H1 2025), reflecting top-line pressure and gross margin compression. 

NET RESULT

Net loss for the period stood at -€64.0 million, compared to -€75.6 million in H1 2025. Main drivers included:

• €10.1 million in other operating expenses, covering store closure costs and restructuring expenses.
• A net financial result of -€14.8 million, showing an increased charge compared to H1 2025 due to a higher cost of debt.
• An income tax expense close to nil.

FREE CASH FLOW

Free Cash Flow stood at -€49.8 million for H1 2026, improving from -€64.9 million in H1 2025.

• Capital Expenditure (Capex) reached €23.2 million, which includes a €10 million cash deposit required to secure operations during ongoing refinancing processes. Excluding this deposit, core investments amounted to €13.2 million, primarily allocated to IT tools and store network improvements.
• Net working capital improved, driven by strong inventory control, reducing stock levels from €181.8 million as of December 31, 2025, to €160.5 million as of June 30, 2026.

NET FINANCIAL DEBT

1. Unaudited, as if the refinancing had been completed at 30 June 2026

In July 2026, the Group successfully reached an agreement with its key stakeholders, including the French State, Banking partners, and Investors to execute a comprehensive debt refinancing. On a restated basis, this agreement significantly de-leverages the Group, bringing Net Financial Debt down to €24.6 million as of June 30, 2026, and restoring a healthy balance sheet structure. 

The guarantees related to the New Financing provided by the Consortium and the Participating Banks are currently being put in place. As a reminder, these guarantees consist of:

• A security and management trust (fiducie sûreté et gestion) or a pledge over the Group's strategic assets (including 100% of the shares in Maisons du Monde France held by the Company and 100% of the shares in the Group's main operating subsidiaries, all intellectual property rights of Maisons du Monde France (including the trademark), all merchandise inventory belonging to Maisons du Monde France, intercompany receivables held by the Company and Maisons du Monde France, and the bank accounts of the Company and Maisons du Monde France);
• A joint and several guarantee from the Company covering all obligations of Maisons du Monde France under the new financing.

In this transition context, the Group is not providing financial guidance.

OTHERS

The Company's Board of Directors consists of seven members, including three independent directors (John Browett, Cécile Cloarec, and Laure Hauseux, the latter possessing specific financial and accounting expertise). The other directors, in addition to Alteri Investors and Eicos Investment Group, are François-Melchior de Polignac (Chief Executive Officer) and Stéphane Boussard (employee representative director). 

Regarding its corporate governance code, Maisons du Monde previously applied the AFEP-MEDEF Code. At its meeting on September 25, the Board of Directors decided that the Group will now adhere to the MiddleNext "Corporate Governance Code for Small and Mid-Caps". The Board considers this code more suited to the company's size and specific characteristics, notably given the presence of a reference shareholder now holding nearly 95% of the Company's share capital as well as the reduction of the number of Board members.

The Board of Directors meeting on 25 September also decided that the Board of Directors would from now on perform the duties assigned to the audit committee, pursuant to Article L. 821-68 4° of the French Commercial Code. 

The statutory auditors expect to issue an unqualified limited review report on the Group’s condensed interim consolidated financial statements as of June 30, 2026, including an emphasis-of-matter paragraph regarding the uncertainty related to the Group’s ability to continue as a going concern.

Consolidated income statement

Consolidated balance sheet

Consolidated cash flow statement

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: 

1. i. depreciation, amortization, and allowance for provisions and, 
2. ii. the change in the fair value of derivative financial instruments. The EBITDA margin is calculated as EBITDA divided by Sales. 

LTM EBITDA: Last twelve months EBITDA before IFRS 16

Current 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.

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

The below financial calendar is provided for indicative purposes only and may be subject to change, please refer to our Corporate Web Site

22 October 2026 Q3 and 9-month 2026 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 8 European countries.

corporate.maisonsdumonde.com

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