**Summary**
B&M European Value Retail S.A., the UKs leading variety goods discount retailer, released its FY26 H1 trading and operational update on October 7, 2025. The company reported a 4.0% growth in group revenue to ยฃ2,749 million, driven by strong performance in B&M UK and France, as well as new store openings. However, B&M UKs like-for-like (LFL) sales grew only 0.1%, with general merchandise offsetting declines in FMCG sales.
CEO Tjeerd Jegen acknowledged operational weaknesses and announced a new plan, "Back to B&M Basics," aimed at restoring sustainable LFL growth in the UK. Key initiatives include
1. **Price adjustments**Sharpening the value proposition by cutting prices on 35% of FMCG Key Value Items.
2. **Promotional changes**Revamping "Managers Specials" to bring excitement and value to stores.
3. **Range optimization**Reducing SKU complexity and accelerating clearance of discontinued lines.
4. **Improved availability**Enhancing on-shelf availability of best-selling products.
Despite these efforts, H1 adjusted EBITDA is expected to be approximately ยฃ198 million, down from ยฃ274 million in H1 FY25, due to weaker LFL performance and margin pressures. The company forecasts FY26 adjusted EBITDA in the range of ยฃ510-ยฃ560 million, with UK LFL sales as the key driver. The full impact of the "Back to B&M Basics" plan is expected to materialize over 12-18 months.
B&M France continued to perform well with 5.2% LFL growth, while Heron Foods remained profitable but faced LFL pressures. The company is also progressing with its redomicile from Luxembourg to Jersey to simplify operations and enhance shareholder returns. An investor call and webcast were scheduled to discuss the results and strategic initiatives in detail.
Below is an HTML table comparing the financials and debt year-on-year based on the provided text. The table focuses on key financial metrics such as revenues, EBITDA, and leverage ratio.
### Explanation:
1. **Revenues**: The table includes revenues for the Group, B&M UK, B&M France, and Heron Foods for H1 FY26, along with the year-on-year percentage change. FY25 revenue figures were not explicitly provided in the text, so they are marked as "N/A".
2. **EBITDA**: The Group adjusted EBITDA (pre-IFRS 16) for H1 FY26 is compared to H1 FY25, showing a significant decline of 27.7%.
3. **Leverage Ratio**: The leverage ratio for FY26 is slightly above the target range of 1.0-1.5x, compared to being within the range in FY25. This table provides a concise comparison of key financials and debt metrics year-on-year.