ASOS - tomorrow's 2026 Final Results will show better than expected, shares at 416p looking to rise back over 500p

Mark Watson-Mitchell - 04.11.2026

I am watching out for the Final Results being announced tomorrow morning by ASOS (LON:ASC) - they will be better than the market was expecting.

The major transformation in the group's business is happening, it is exciting and there is a lot more positive performance to come,

The shares of the £500m-capitalised business, now 415p, are up 76% this year, reflecting the prospects of the recovering group.

Will the accompanying statement with the results give them an added spike?

The Business

Founded in 2000, ASOS has more than 16m active customers in over 100 markets.

It brings fashion lovers around the world the best and most relevant fashion through its unique own brands including ASOS DESIGN, ARRANGE, COLLUSION, Topshop, and Topman, styled with the most exciting products from local and global partner brands.

With its expert in-house design team and agile and flexible commercial model, including ASOS Fulfilment Services, Partner Fulfils, and Test & React, it makes the latest trends accessible to all and gives customers the confidence to be whoever they want to be.

Recent Trading Update

On Thursday, 24th September, the group reported a significant improvement in profitability for the year to end-August, with adjusted EBITDA expected to be above the midpoint of the £150-180m guided range and gross margin exceeding the 48-50% forecast, reaching over 50%.

The company achieved low-single-digit Gross Merchandise Value (GMV) growth in Q4 FY26, a notable improvement from a 5% year-on-year decline for the full year, with positive GMV growth in the UK and Germany during H2 and in the US in Q4.

Net debt has reduced to approximately £110m from £184.7m in FY25, aided by the disposal of non-core assets for around £116m.

Management Comment

CEO José Antonio Ramos Calamonte stated that:

"We are pleased to have delivered FY26 adjusted EBITDA in the upper half of our guided range, together with sequential improvement in quarterly GMV growth and gross margin above our 50% medium term target.

The Company has continued to make progress across all three strategic pillars.

Through consistent delivery over recent years, we have strengthened our balance sheet, materially improved profitability and reached an inflection point in our Q4 active customer base, driven by new customer acquisition.

These actions have laid the foundations for a return to GMV growth in Q4.

The business is demonstrating consistent delivery, and importantly, our recovery is broadening despite the macro backdrop.

We have seen GMV growth across the UK and Germany in H2, growth in the US in Q4 and Womenswear in growth2 for the full year.

Looking ahead, our focus remains on scaling the initiatives that are generating results today and building on this momentum as we continue towards our ambition of sustainable, profitable growth."

The Equity

There are some 119.82m shares in issue.

The larger holders include Frasers Group (18.61%), Camelot Capital Partners LLC (17.16%), Schroder Investment Management Ltd. (4.96%), Nicholas Robertson (2.20%), Hosking Partners LLP (1.43%), Clearstream Banking (0.67%), Hargreaves Lansdown Fund Managers Ltd. (0.54%), LGT Capital Partners AG (Investment Management) (0.49%), and HSBC Global Asset Management (UK) Ltd. (0.43%).

Broker's Views

There are some 13 brokers following the group, with the average view for the shares to Outperform.

Four brokers say Buy, seven say Hold, one to Outperform and the other to Underperform.

The average Target Price is 466p, the Lowest TP is for 250p and the Highest goes for a 750p TP.

Berenberg Bank has a Buy note out on the group with that 750p TP, while Shore Capital Markets say Buy with a 520p TP.

My View

Ahead of tomorrow's results statement, I reckon that there will be buyers for the group's shares today.

I stick to my recently set Target Price of 510p.

(Profile 21.09.26 @ 421p set a Target Price of 510p)