Dan Finley
Group CEO & Director

Good morning. My name is Dan Finley, and I'm the Group CEO at Debenhams Group.

I'm delighted to update you this morning on our continued turnaround and our FY '26 results. I'm pleased to report that our turnaround continues at pace. In FY '26, we delivered GBP 53.3 million of adjusted EBITDA. This was up significantly from FY '25, a 34.6% increase, and it follows 2 profit upgrades that we delivered during the course of the year.

We are creating a different business model with a different mindset and a different ambition. We are creating a more agile and more scalable and better positioned business for the future. At the epicenter of our turnaround strategy is our move to marketplace. The significant advantages that the marketplace business model brings are as follows: We take no stock risk with our marketplace partners. We earn 100% gross margin on every marketplace item that we sell. We have a proven 27% EBITDA margin that our marketplace business model delivers.

And we've inverted the working capital cycle as we typically take the money from the consumer on day 1 and remit it to our partners typically on day 45. I'm pleased to report that our marketplace now represents about 34% of our total GMV. We're making rapid progress towards our goal of it representing at least 50% of our total GMV at Debenhams Group. We now have 25,000 brand partners in the ecosystem, and that continues to grow every single day. We see significant opportunity to add more and more brand partners to the ecosystem over the course of the next 12 months.

We're