A year of decisive transformation is evident in Debenhams' FY26 results, with every brand returned to profitability at an Adjusted EBITDA level and the marketplace model now embedded across the entire Group. Group Adjusted EBITDA grew 34.6% to £53.3m, ahead of guidance following two upgrades, with the asset-light, cost-light, cash-generative marketplace model driving the first gross margin improvement since FY22. The deliberate shift to commission-based marketplace revenue continues to mask the ....
