EQS-News: LUDWIG BECK – Group quarterly report as of September 30, 2025

CONSOLIDATED QUARTERLY REPORT

for the first nine months of the Fiscal Year 2025
for the Period from January 1 to September 30, 2025

 

LUDWIG BECK – Group quarterly report as of September 30, 2025

Munich, October 16, 2025 – Munich-based fashion group LUDWIG BECK (ISIN DE 0005199905) maintained its positive trend in the third quarter of 2025, improving its sales by 1.9 % year-on-year as of September 2025.
 

General economic conditions and retail trade development

Consumer sentiment has been volatile throughout 2025. After a positive development in the consumption barometer in the second quarter, the situation deteriorated significantly in the third quarter. A majority of consumers considered the economic situation negative or at least tense and are cautious about the months ahead.

This led to a change in consumer behaviour. Many households redefined their basic needs, set priorities for their spending, and selectively reduced their expenses. Major purchases were postponed or completely avoided in many cases.

On the other hand, autumn weather, especially in September, made for a successful start to the autumn season. Demand for seasonal clothing such as jumpers, jackets, and coats rose noticeably. Thanks to the successful closing in September, the industry's cumulative annual sales improved, with brick-and-mortar fashion retailers down 2.0 % year-on-year at the end of September, according to “Textilwirtschaft".
 

BASIC PRESENTATION OF THE FIGURES IN THE INTERIM STATEMENT

All totals and figures in the text and tables were calculated exactly and then rounded to € million. The percentages in the text and tables have been calculated on the basis of precise (unrounded) figures. This may lead to summation-related rounding differences.

 

CONSOLIDATED EARNINGS SITUATION 

Development of sales

In addition to the persistently difficult general situation, extensive renovation work in the public transport infrastructure hampered access to Marienplatz, LUDWIG BECK’s main site. Despite all the adverse factors, LUDWIG BECK benefited particularly in September from the early onset of cool temperatures, which stimulated autumn/winter business. The Oktoberfest, which attracts numerous visitors from Germany and abroad to Munich every year, also contributed to higher customer footfall in the store.

LUDWIG BECK generated gross sales of € 61.4m in the first nine months of the 2025 fiscal year (previous year: € 60.3m). In the third quarter 2025, gross sales amounted to € 23.6m (previous year: € 23.0m).

Within the segments, the "Textiles" segment increased from € 46.4m to € 47.9m. Sales in the "Non-textiles" segment amounted to € 13.5m, compared with € 13.8m in the previous year.

LUDWIG BECK's online shop remained at the previous year's level in the third quarter and recorded a 2.8 % year-on-year increase in sales by the end of September.

Earnings situation

Gross profit increased from € 24.5m in the previous year to € 25.1m. The gross profit margin improved from 48.3 % in the previous year to 48.6 % in the reporting year.

Other operating income remained at € 3.0m, as in the previous year.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to € 5.6m after the first nine months of the fiscal year (previous year: € 5.4m).

With depreciation and amortisation of € 5.0m (previous year: € 4.9m), including amortisation of rights-of-use assets in accordance with IFRS 16, earnings before interest and taxes (EBIT) amounted to € 0.6m (previous year: € 0.4m).

The financial result was € -2.2m (previous year: € -2.3m). Interest expenses of € 0.9m (previous year: € 1.0m) were included in the financial result from the recognition of leases in accordance with IFRS 16.

Earnings before taxes (EBT) amounted to € -1.6m (previous year: € -1.8m).

Earnings after taxes (EAT) amounted to € -2.0m (previous year: € -1.0m). In the previous year, deferred tax income of around € 1.2m was recognised on EBT of € -1.8m in the third quarter. Deferred taxes on loss carry-forwards were adjusted in the 2024 annual financial statements due to updated forecasts, meaning that they are not currently recognised.

 

ASSET SITUATION 

Balance sheet structure

As at September 30, 2025, the LUDWIG BECK Group's total assets amounted to € 162.3m (December 31, 2024: € 164.7m).

As in previous years, the largest items under long-term assets in the amount of € 145.0m (December 31, 2024: € 148.4m) are LUDWIG BECK’s flagship store, the property at Munich's Marienplatz (approximately € 70m), and the rental rights to be recognised in accordance with IFRS 16 (€ 55.5m). In addition, deferred tax assets amounting to € 1.0m (December 31, 2024: € 0.9m) were recognised under long-term assets.

Short-term assets amounted to € 17.3m. At the year-end 2024, these totalled € 16.4m. As planned, inventories rose seasonally from € 12.8m to € 14.8m.

Cash and cash equivalents amounted to € 0.3m (December 31, 2024: € 0.6m).

 

FINANCIAL SITUATION 

Balance sheet structure

As at September 30, 2025, the LUDWIG BECK Group’s equity stood at € 59.8m (December 31, 2024: € 61.8m). The equity ratio was 36.8 % (December 31, 2024: 37.5 %).

Long-term liabilities decreased by € 2.9m, mainly related to finance leases and scheduled loan repayments. Long-term liabilities thus amounted to € 74.1m, compared with € 77.0m as of December 31, 2024. Short-term liabilities moved in the opposite direction, rising from € 26.0m to € 28.4m.

The Group's total liabilities were reduced by € 0.5m and amounted to € 102.5m as at September 30, 2025 (December 31, 2024: € 103.0m).

Cash flows

Cash flow from operating activities after the first nine months of 2025 amounted to € 2.5m (previous year: € 1.4m).

Due to investments in the flagship store at Marienplatz and in the Group's digital processes, cash flow from investing activities amounted to € -1.5m in the reporting period (previous year: € -1.2m).

Cash flow from financing activities amounted to € -1.3m (previous year: € -0.2m). 

 

EMPLOYEES

The number of employees excluding apprentices in accordance with Section 267 (5) HGB rose from 400 to 411 in the first nine months of the 2025 fiscal year. Weighted on a full-time basis, the number of employees was 273, compared with 283 in the previous year. This development shows a clear shift from full-time to part-time employment. On average, the LUDWIG BECK Group employed 41 apprentices in the current fiscal year (previous year: 37).
 

FORECAST REPORT

General economic conditions, development in the retail trade, and at LUDWIG BECK 

The German economy is showing initial signs of stabilisation after two years of technical recession. Slight growth in gross domestic product (GDP) of +0.2 % is expected for the current year. The economy is expected to continue to recover over the coming years: +1.3 % in 2026 and +1.6 % in 2027. The recovery will largely depend on the implementation of economic reforms by the German government. Consistent and convincing implementation could reduce uncertainty and strengthen the economy in the long-term.

However, business sentiment in the retail sector continues to deteriorate. The ifo Business Climate Index fell from -20.3 points (July) to -22.9 points (September) in the third quarter of 2025. This indicates increasing pessimism and uncertainty within the industry.

In contrast, consumers are cautiously optimistic. The consumption barometer (HDE) rose slightly in October 2025 to 96.52 points (previous month: 95.97 points), which is also slightly above the previous year's figure. Nevertheless, it is too early to speak of an economic turnaround.

LUDWIG BECK is still on track to meet its earnings targets for 2025. The fourth quarter, traditionally the strongest sales period of the Munich-based fashion house, will be decisive for the final annual results.

Last year, the strong presence of "Black Week" in November, with its aggressive discount campaigns, had a noticeable impact on the subsequent Christmas business. It remains to be seen whether consumer behaviour will repeat itself in 2025 and dampen the mood for shopping in December.

 

GROUP KEY FIGURES 

€m	01/01/2025	01/01/2024
	-	-
	30/09/2025	30/09/2024
RESULT
Gross sales	61.4	60.3
Value added tax (VAT)	-9.8	-9.6
Net sales	51.6	50.7
Gross profit	25.1	24.5
Earnings before interest, taxes, depreciation and amortisation (EBITDA)	5.6	5.4
Earnings before interest and taxes (EBIT)	0.6	0.4
Earnings before taxes (EBT)	-1.6	-1.8
Earnings after taxes (EAT)	-2.0	-1.0
CASH FLOW
Cash flow from operating activities	2.5	1.4
Cash flow from investing activities	-1.5	-1.2
Cash flow from financing activities	-1.3	-0.2
EMPLOYEES
Number of employees (average without apprentices)	411	400
Number of apprentices (average)	41	37
Personnel expenses in €m	12.1	12.1
SHARE
Number of shares in million	3.70	3.70
Earnings per share basic and diluted (in €)	-0.54	-0.27

 

 BALANCE SHEET 

€m	30/09/2025	31/12/2024
BALANCE SHEET
Long-term assets	145.0	148.4
Short-term assets	17.3	16.4
Shareholders’ equity	59.8	61.8
Long-term liabilities	74.1	77.0
Short-term liabilities	28.4	26.0
Balance sheet total	162.3	164.7
Investments in fixed assets	-1.5	-2.0
Equity ratio in %	36.8	37.5

  

SEGMENT PRESENTATION 

01/01/25 – 30/09/25	Textile	Non-textile	Segments Total	Adjustment	Group
	€m	€m	€m	€m	€m
Gross sales	47.9	13.5	61.4		61.4
Previous year	46.4	13.8	60.3		60.3
Value added tax (VAT)	-7.6	-2.2	-9.8		-9.8
Previous year	-7.4	-2.2	-9.6		-9.6
Net sales	40.2	11.4	51.6		51.6
Previous year	39.0	11.6	50.7		50.7
Cost of sales before discounts and bonuses	-20.7	-6.6	-27.3	0.8	-26.5
Previous year	-20.2	-6.7	-26.9	0.7	-26.2
Gross profit	19.5	4.8	24.3	0.8	25.1
Previous year	18.8	5.0	23.8	0.7	24.5
Personnel costs for sales (personnel expenses)	-3.3	-2.0	-5.3	-6.8	-12.1
Previous year	-3.3	-2.1	-5.3	-6.8	-12.1
Calculatory occupancy costs (other operating expenses)	-7.3	-1.6	-8.9	-1.4	-10.4
Previous year	-7.4	-1.6	-9.0	-1.0	-9.9
Calculatory interests (financial result)	-0.6	-0.3	-0.9	-1.2	-2.2
Previous year	-0.6	-0.2	-0.8	-1.5	-2.3
Segment result	8.3	0.9	9.2	-8.7	0.4
Previous year	7.6	1.1	8.7	-8.5	0.2

 

 

Investor Relations
LUDWIG BECK AG
A. Deubel
t: +49 89 23691 – 745
f: +49 89 23691 – 600

ir@ludwigbeck.de