- Total revenue for FY2025[1] was up by 6.8% to €1.47bn as like-for-like revenue increased by 6.1%
- Online revenue increased by 12.9% year on year to stand at €231.2 million
- EBITDA was up by 9.4%, totalling €368 million
- Net profit climbed 26% to €111.7 million
- The year ended with 27.6 million unique loyalty club members and 43 net point of sale openings
- In the first quarter of 2026, total revenue was up by 10.4% and like-for-like revenue grew by 9.2%
- Milestones in 2026 will include a new opening programme with more than 100 new points of sale
Tendam Brands S.A.U. (Tendam or the Company), a leading European multibrand, omnichannel vertical apparel retailer, has today announced the results for its financial year 2025, covering the period from 1 March 2025 to 28 February 2026.
Tendam Chairman and CEO Jaume Miquel said:
“These 2025 results underscore Tendam’s power as a unique, omnichannel ecosystem which is unparalleled in the market. A strategically robust model that has delivered almost €1.5 billion in revenue with above-market growth in total revenue, like-for-like revenue, EBITDA and net profit. We continue to grow in the market and strengthen our ties with customers through advanced analytics, a clear, quick adoption of artificial intelligence (AI) where it generates most value, and a sector-leading multibrand proposition.”
In financial year 2025, Tendam registered a 6.8% increase in total revenue to €1.47 billion. Like-for-like revenue increased in turn, by 6.1% versus financial year 2024.
Spain, Portugal and Mexico were the leading markets; Tendam posted material growth in total revenue in Mexico (up 17.9% at the current exchange rate or 25.2% on a constant-currency basis), where it directly operates 88 own stores (11 more than last year). It has rolled out its loyalty club programme in the Mexican market and positioned its online business as part of its omnichannel capabilities.
Online revenues were up by 12.9% over the period.
In 2025, Tendam raised its revenue across all customer segments. In the adult segment (Cortefiel, Pedro del Hierro, Hoss Intropia, Slowlove and OOTO) revenue was up 7.8% to €394.6 million; in the specialist segment (Women’secret, Dash and Stars and HI&BYE) revenue rose 9.9% to €466.8 million, and in the young segment (Springfield, High Spirits and Springfield Kids) revenue climbed 3.5% to €495 million. Fifty,
Tendam’s outlet line, which also includes the own brand Milano, posted a 5.5% increase in revenue to €111.0 million.
Tendam’s net profit climbed 26% in 2025 to stand at almost €112 million.
The Company delivered a gross margin of 62.4% in 2025 (down 0.3 percentage points versus 2024).
EBITDA totalled €368 million in FY2025, up by 9.4% versus FY2024.
The EBITDA margin was up 0.6 percentage points at 25.1%.
At the end of 2025, net financial debt was €304.3 million, resulting in a financial leverage ratio of 1.32x.
Tendam closed financial year 2025 with more than 27.6 million unique loyalty club members and 1,844 points of sale after adding 43 net new openings to its portfolio (29 own stores and 14 franchises).
An integrated, omnichannel model that generates growth and profitability
The omnichannel model delivered under the Company’s Tendam 5.0 strategy has proven able to successfully generate growth and profitability. This unique ecosystem, which is unparalleled in the market, seamlessly integrates brands and customers in a fully omnichannel environment. Tendam’s 12 own brands and the 211 third-party brands on the platform afford a compelling, complementary retail range tailored to every customer segment.
The combination of channels and formats provide a model that delivers outstanding metrics. 28% of online sales are made in physical stores, 54.8% of online orders are collected in-store, and 82.3% of online order returns are also processed at brick-and-mortar stores.
The model is also supported by the Company’s clear commitment to positioning itself as a sector pioneer in harnessing technology, data management and Artificial Intelligence. Currently, the Company deploys AI through more than 25 practical business applications.
Outlook for 2026
In the first quarter of FY2026 (1 March to 31 May) Tendam’s total revenue was up 10.4% to €288.2 million, or 9,2% on a like-for-like basis. Over the period, EBITDA increased by 11.9% to €62.7 million. Despite the current geopolitical and economic uncertainty, the Company remains confident in the strength of its business model and in upholding comparable growth rates.
From an operational perspective, the expansion and store opening plan has been stepped up to deliver over 100 openings in 2026, with new formats like Hoss Intropia, Slowlove, OOTO and Dash and Stars at the forefront.
“2025 was a year of growth and a change of majority shareholder, bringing 2PointZero to the helm, which I would describe as both successful and orderly. 2026 will be the year we begin to deliver on Tendam’s full potential: global expansion, additional formats for our new brands, extensions to existing stores, an even stronger digital business and a clear shift towards investment in AI to accentuate our competitive advantages.
Despite the global geopolitical and economic turbulence, Tendam closed the first quarter with above-market growth in every one of the main markets where we operate. This is further proof that our robust, unique business model works, and we look to the future with confidence and great ambition for all that we are yet to build,” said Jaume Miquel.
[1] The Company’s financial year runs from 1 March to 28 February (or 29 February in leap years). As such, references to the year 2025 should be taken to refer to the financial year ended 28 February 2026.