Van de Velde: Revenue Up 4% in H1, Driven by D2C
Van de Velde published its half-year results on August 26, 2026, marked by comparable revenue growth of 4.0%, reaching €116.6 million.
Growth is primarily driven by the direct-to-consumer (D2C) sales segment, while wholesale activity (B2B) remains stable and comparable EBITDA declines slightly.
D2C Grows 15.2% While B2B Remains Stable
On a comparable basis, consolidated revenue increased 4.0% to reach €116.6 million in the first half of 2026, compared to €112.1 million a year earlier. Published revenue rose 5.2%, increasing from €110.0 million to €115.7 million.
Growth stems from the D2C segment (retail-priced sales via the store network, brand websites and department store concessions), up 15.2% on a comparable basis, at €34.2 million. The B2B segment (wholesale-priced sales to retail partners, e-tail, franchisees and department stores) remained stable at €82.4 million on a comparable basis.
The group attributes this momentum to several initiatives, including the refreshed Marie Jo Avero range, the renewal of Marie Jo and PrimaDonna beachwear collections, strong performance of websites and marketplaces, as well as the repositioning of the Sarda brand.
Comparable EBITDA at €28.0 Million, Impacted by Temporary Charges
Comparable EBITDA stands at €28.0 million in the first half of 2026, compared to €28.4 million in the same period of 2025, a decline of 1.6%. This represents an EBITDA margin of 24.0% of comparable revenue.
According to the group, the positive contribution from revenue growth was offset by charges of a temporary or exceptional nature, related notably to assortment expansion, diversification of the industrial footprint and higher inventory write-downs.
Published EBITDA meanwhile increases 1.1% to €27.4 million, and operating profit (EBIT) rises 1.0% to €22.0 million. Financial result moves from -€0.4 million to €0.0 million, due to a more favorable foreign exchange conversion result. The effective tax rate declines to 21.8%, compared to 23.9% at the end of June 2025. Group net income reaches €16.1 million, compared to €15.8 million a year earlier.
Investments of €10.2 Million and €15 Million Share Buyback Program
Capital expenditure, excluding usage rights, amounted to €10.2 million in the first half of 2026, compared to €3.5 million a year earlier, primarily for the construction of the new Wichelen logistics site and the development of digital platforms.
Solvency, measured by the share of equity in total assets, stands at 71.7%. Shareholders' equity amounts to €130.3 million, compared to €144.7 million on June 30, 2025. Current assets represent 2.5 times current liabilities.
The Board of Directors approved on March 4, 2026 a share buyback program with a maximum amount of €15 million, which commenced on March 5, 2026 for an estimated duration of one year. Furthermore, Van de Velde's share (25.66%) in the result of Top Form International, accounted for by equity method, amounts to -€1.1 million, compared to -€0.4 million in the first half of 2025.
