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1 General information
ASOS Plc (the Company) and its subsidiaries (together, the Group) is a global fashion retailer. The Company is a public limited company
whose shares are publicly traded on the London Stock Exchange. The Company is incorporated and domiciled in the UK and the address
of its registered office is Greater London House, Hampstead Road, London NW1 7FB.
The financial year represents the 52 weeks to 31 August 2025 (prior financial year: 52 weeks to 1 September 2024). The financial
information comprises the results of the Company and its subsidiaries.
Within these consolidated financial statements, 2025 refers to the 52 weeks to 31 August 2025, or as at 31 August 2025; and 2024 refers
to the 52 weeks to 1 September 2024, or as at 1 September 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-3": { "value": "ASOS Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-321": { "value": "ASOS Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-4": { "value": "public limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-6": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-320": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-5": { "value": "Greater London House, Hampstead Road, London NW1 7FB", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-324": { "value": "
2 Material accounting policies, judgements and estimates
2.1 Basis of preparation
The consolidated financial statements have been prepared in accordance with UK-adopted International Financial Reporting Standards (IFRS)
and with the requirements of the Companies Act 2006 and the Listing Rules as applicable to companies reporting under those standards.
The financial statements have been prepared under the historical cost basis of accounting, excluding derivative financial instruments
which are held at fair value. The financial statements are presented in Sterling and all values are rounded to the nearest hundred
thousand pounds (\u00a30.1m) except where otherwise indicated.
Material accounting policies have been included in the relevant notes to which the policies relate, and those relating to the financial
statements as a whole can be read further below. Unless otherwise stated, material accounting policies have been applied consistently to
all periods presented in the financial statements.
2.2 Going concern
The Directors are satisfied that the Group has sufficient resources to continue in operation for a period of at least 12 months from the
date of approval of the financial statements, and therefore continue to adopt the going concern basis in preparing the financial
statements. To support this assessment, detailed cash flow forecasts were prepared for the 18 month period to February 2027.
In assessing the Group\u2019s going concern position, the Directors have considered the Group\u2019s detailed budgeting and forecasting process
which reflects the Group\u2019s financial performance, position, and cash flows over the going concern period (the base case). These cash flow
forecasts represent the Directors\u2019 best estimate of trading performance and cost implications in the market based on current agreements,
market experience and consumer demand expectations. In conjunction with this, the Directors considered the Group\u2019s business activities and
Principal risks, reviewing the Group\u2019s cash flows, liquidity positions and borrowing facilities for the going concern period.
At 31 August 2025, the Group had \u00a373.6m of convertible bonds maturing in April 2026, \u00a3253.0m of convertible bonds maturing in
September 2028, and was fully drawn on the \u00a3150.0m term loan with Bantry Bay. In November 2025, the Group entered into agreements
to refinance its term loan facilities. The refinancing will become effective in December 2025, at which point the term loan will be repaid
and the associated revolving credit and accordion facilities with Bantry Bay will be terminated.
The new financing arrangements, provided by a syndicate of private lenders, are comprised of a \u00a3150.0m senior term loan and an \u00a387.5m
Delayed Draw Term Loan facility. These new facilities will mature in November 2030. Refer to Note 29 for further information.
As a result of the new financing package, the Group is subject to a minimum cash & cash equivalents threshold of at least \u00a320m. Other
covenants have been considered throughout the assessment, but do not impact on the availability of the facility throughout the
assessment period.
Key assumptions \u2013 forecasting business cash flows
The assessment of the Group\u2019s going concern position required significant management judgement, including in determining the key
assumptions that have the greatest impact on forecasts of future business performance and the range of reasonably possible outcomes
of those assumptions. The economic environment has remained challenging with cost of living pressures continuing to impact customer
spending and sentiment. The future impact that the economic environment will have on ASOS performance however is uncertain, so for
the purposes of the Group\u2019s going concern assessment, the Directors have therefore made assumptions on the likely future cash flows in
the uncertain macro environment.
The assumptions considered include the continuation of our improved order economics, as well as a sustained marginal recovery in the
macro trading environment, with the online fashion market assumed to experience low-single-digit % growth on an aggregated basis
across the Group\u2019s key territories. The base case assumes a less aggressive share loss in FY26 than experienced in FY25 as the Group
sees the benefits from the adoption of the new commercial model and continued improvements to the Group\u2019s customer proposition with
YoY sales growth gradually improving vs the FY25 exit rate throughout the assessment period towards mid-single-digit growth by the end
of the assessment. Improvements in adjusted gross margin are included of at least 100bps vs FY25 to 48% to 50%.
Aligned to the Group\u2019s Principal risks, the Directors have also considered various severe but plausible downside scenarios against the
base case, comprising of the following assumptions:
Sales growth reduction;
Gross margin reduction; and
Potential working capital cash impacts.
The downside scenarios are considered across both FY26 and H1 FY27, with the greater degree of assumption-based improvements and
subsequent volatility in the outer periods commanding more severe downside sensitivities. Sensitivities mapped against the base case
within the downside case are highlighted below:
Downside vs base case
FY26
H1 FY27
Sales
(7%)
(16%)
Gross margin
(190bps)
(200bps)
Working capital impact (average)
\u00a3(121m)
\u00a3(105m)
Should the Group see such significant events unfold it has several mitigating actions it can implement to manage its liquidity risk, such as
deferring capital investment spend, deferring or reducing stock intake to match the sales reduction, and implementing further cost
management to maintain a sufficient level of liquidity headroom during the going concern period. The combined impact of the above
downside scenarios and mitigations offers suitable headroom during the going concern period.
Reverse stress tests have also been performed on both the Group\u2019s revenue and gross margin. The tests under consideration hold all
metrics in line with the downside case highlighted above, analysing how far the stress metric would need to decline against the base case
to cause a liquidity event. Such results would have to see over a 20% decline in sales over the base case or an aggregate decline in gross
margin rate from the base case of over 550bps across the entire assessment period. Both are considered remote based on results of
previous significant economic events and recent trading performance, particularly given the significant progress made during FY25
across our strategic priorities.
In assessing the group\u2019s ability to continue as a going concern the Directors have considered climate-related risks as disclosed within the
Sustainability \u2013 Planet section on pages 22 to 27. Specifically the disclosed impacts represent unmitigated scenarios that do not reflect
the Group\u2019s proactive risk management or strategic initiatives. Any potential impacts within the going concern period are not considered
material and are significantly lower than the disclosed reasonable worst case that takes into account all matters of which the Group is
currently aware, including potential climate-related impacts, and are within the reverse stress test tolerances. As a result, climate risks
are effectively encompassed within the scenarios already modelled and it is not considered that climate-related risks affect the Group\u2019s
ability to continue as a going concern.
Based on the above, the Directors have concluded that, on the basis of there being liquidity headroom under both the base case and
downside scenarios, and the consideration that the reverse stress test scenario is remote, it is appropriate to adopt the going concern
basis of accounting in the preparation of the Group\u2019s annual financial statements, with no material uncertainty to disclose.
2.3 Climate change within the financial statements
In preparing the Group\u2019s financial statements, consideration has been given to the impact of both physical and transitional climate-related
risks, as described within the Sustainability \u2013 Planet section on pages 22 to 27, and how these may impact the financial statements.
The scenarios and time horizons included within the Group\u2019s TCFD disclosures are useful for assessing the Group\u2019s potential climate-
related risks and opportunities, but are based on unmitigated assumptions. This means they explore the potential impacts of climate
change on the business without assuming the implementation of any additional mitigation efforts by either the Group or its stakeholders
(e.g. governments or industries) to reduce the likelihood of these risks being realised. These scenarios are exploratory in nature and are
not predictions or forecasts. They rely on assumptions based on the current understanding of climate trends, recognising that actual
outcomes may vary as policies, technologies, and market responses continue to develop.
The Group has considered the risks within the Delayed Transition scenario, which assumes that global emissions continue to rise until
2030 before a sudden and disruptive policy response is introduced to limit warming to below 2\u00b0C. This scenario reflects the most severe
plausible pathway, capturing both the uncertainty associated with limited near-term policy progress and the potential for a later,
disorderly transition. The Net Zero 2050 (1.5\u00b0C) scenario has not been considered in preparing the financial statements, as it assumes an
immediate and globally coordinated policy response that is inconsistent with current legislative and industry progress and is therefore
considered highly unlikely to materialise.
It is not believed at this time that these climate-related risks have a material impact on the Group\u2019s financial statements, for which
further narrative has been included within the following notes:
Going concern \u2013 Note 2.2
Critical accounting judgements and key sources of estimation uncertainty \u2013 Note 2.7
Taxation \u2013 Note 9
Property, plant and equipment \u2013 Note 12
Impairment of non-financial assets \u2013 Note 15
Provisions \u2013 Note 21
It is recognised that the uncertainty and complexity of these issues may make it challenging to fully capture their potential impact. The
ongoing assessment of these risks will be refined in future financial statements as they become clearer, taking into account the
requirements of UK-adopted international accounting standards.
2.4 Basis of consolidation
a) Subsidiaries
Subsidiary undertakings are all entities over which the Group has control. The Group controls an entity where the Group is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to
direct the activities of the entity. The results of subsidiaries are included in the income statement from the date of acquisition or, in the
case of disposals, up to the effective date of disposal. Intercompany transactions and balances between Group companies are
eliminated upon consolidation.
A list of all the subsidiaries of the Group is included on page 174. All apply accounting policies which are consistent with those of the rest
of the Group.
The Employee Benefit Trust and Link Market Trust Services Limited (the Trusts) are separately administered discretionary trusts, the assets
of which mainly comprise shares in the Company. The assets, liabilities, income and costs of the Trusts are consolidated by the Group.
b) Foreign currencies
Foreign currency transactions
The consolidated financial statements are presented in pound Sterling, which is the ultimate Parent Company\u2019s functional currency.
Transactions in foreign currencies are translated into pound Sterling at the exchange rate on the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the exchange rate ruling at that date.
Foreign exchange differences arising on translation are recognised in the income statement.
Foreign operations
On consolidation, the assets and liabilities of the Group\u2019s foreign operations are translated into pound Sterling at exchange rates
prevailing at the year-end date. Profits and losses are translated at average exchange rates for the relevant accounting periods.
Exchange differences arising are recognised in the Group statement of comprehensive income/(loss) and are included in the Group\u2019s
translation reserve.
2.5 New accounting standards
The Group adopted the following accounting standards and amendments during the year with no material impact:
Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback;
Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current, and Non-current liabilities with Covenants; and
Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements.
New standards and interpretations that are in issue but not yet effective are listed below:
Amendments to IAS 21 \u2013 Lack of Exchangeability;
Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments;
IFRS 18 Presentation and Disclosure in Financial Statements;
IFRS 19 Subsidiaries without Public Accountability: Disclosures; and
Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture.
The Group has considered the impact of the new standards and revisions that are in issue but not yet effective and have concluded that
they will not have a material impact on the Group\u2019s financial statements, with the exception of IFRS 18 which is under review.
2.6 Alternative Performance Measures (APMs)
In the reporting of financial information, the Directors use various APMs. These APMs should be considered in addition to, and are not
intended to be a substitute for, IFRS measurements. As they are not defined by International Financial Reporting Standards, they may not
be directly comparable with other companies\u2019 APMs.
The Directors believe that these APMs provide additional useful information for understanding the financial performance and health of
the Group. They are also used to enhance the comparability of information between reporting periods (such as adjusted profit) by
adjusting for non-recurring or uncontrollable factors which affect IFRS measures, to aid users in understanding the Group\u2019s
performance. Consequently, APMs are used by the Directors and management for performance analysis, planning, reporting and
incentive setting purposes.
The income statement shows the items excluded from adjusted profit with a more detailed analysis set out in Note 3. Other APMs that the
Group has focused on in the year are defined and reconciled on pages 175 to 178. All of the APMs relate to the current year\u2019s results and
comparative years.
2.7 Critical accounting judgements and key sources of estimation uncertainty
The preparation of the Group\u2019s financial statements requires the use of judgements, estimates and assumptions in applying the Group\u2019s
accounting policies to determine the reported amounts of assets, liabilities, income and expenses.
Estimates and judgements are continually reviewed and are based on historical experience and other factors, including expectations of
future events that are believed to be reasonable under the current circumstances. Actual results may differ from these estimates. Any
revisions to accounting estimates are applied prospectively. The Audit Committee considers estimates and judgements made by
management, as detailed in the Audit Committee Report on pages 84 to 91.
Critical accounting judgements, apart from those involving estimations, that are applied in the preparation of the consolidated Group
financial statements are discussed below:
Going concern \u2013 refer to Note 2.2
Identification of adjusting items \u2013 refer to Note 3
The identification of lease terms is no longer considered a critical accounting judgement following a reassessment of the Group\u2019s lease
portfolio and reduced complexity in extension and break clause assumptions arising from the decision to vacate the Atlanta fulfilment
centre in 2025 and the Lichfield fulfilment centre in 2024.
The key sources of estimation uncertainty at the reporting year end, that may have a significant risk of causing a material adjustment to
the carrying amount of assets and liabilities within the next financial year are as below:
Recognition of deferred tax assets \u2013 refer to Note 9
Assumptions in relation to impairment assessment \u2013 refer to Note 15
Inventory provisions \u2013 refer to Note 16
Impact of climate change on the Group\u2019s judgements and estimates
In assessing the Group\u2019s judgements and sources of estimation uncertainty, consideration has been given to the impact of climate-
related risks on these. It is not considered that climate-related risks have any material impacts on the Group\u2019s judgements or sources of
estimation uncertainty for the following reasons:
Estimate / judgement
Explanation
Going concern
Refer to Note 2.2
Identification of adjusting items
Relates to in-year activity therefore not impacted by climate change.
Recognition of deferred tax assets
Refer to Note 9
Impairment of non-financial assets
Refer to Note 15
Inventory valuation
Inventory is a current asset, and therefore by definition expected to be sold within one year. The
Group has considered the FY26 impacts of the considered climate-related risks, and concluded that
there is not a material risk to inventory valuation.
Material accounting policies
Revenue recognition
Revenue arises from the sale of goods and services in the ordinary course of the Group\u2019s activities, net of returns, related discounts
and value added taxes. Revenue is recognised when performance obligations are satisfied, at the transaction price allocated to
that obligation.
Retail sales
Retail sales represent the majority of the Group\u2019s revenue and consist of internet sales. Revenue for goods is recognised on dispatch
to the customer instead of delivery to the customer for practical reasons. The impact of this is assessed at each reporting period and
is immaterial to Group revenue and profits. Where consideration has been received in advance of the performance obligation being
satisfied (such as gift card sales or unshipped sales), a contract liability is recognised.
Returns are provided for as a reduction to revenue when sales are recorded, based on management\u2019s best estimate of the amount
required, taking into account historical trends and past experience. A refund liability is recognised within trade and other payables,
and a separate right of return asset is recognised and included within inventory which represents the right to recover product from
the customer.
Revenue from other services
Revenue from other services relates to premier subscription revenue, marketing revenue earned from the website, commission
revenue, delivery receipt payments, revenue from wholesale sales and jobber income.
Revenue relating to the Group\u2019s ASOS Premier subscription (which spans a year) is recognised on a straight-line basis throughout the
year\u2019s subscription. Revenue from marketing services is recognised as performance obligations are completed in line with the terms
and conditions of each contract.
Commission revenue relates to the sale of third-party products where it has been determined that the Group is acting as an agent.
Sales commission from third parties is recognised when the related goods or services are sold.
In line with retail sales, delivery receipts and wholesale revenue are recognised on dispatch to the customer instead of at delivery.
The impact is not material to the Group\u2019s results.
Material accounting policies
Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised
cost, using the effective interest rate method.
Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are
those that necessarily take a substantial period of time to prepare for their intended use.
Material accounting policies
Current tax
Current tax is accounted for on the basis of tax laws enacted or substantively enacted at the balance sheet date. Current tax is
charged or credited to the income statement, except when it relates to items charged to equity or other comprehensive income.
Deferred tax
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset realised based
on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited to the
income statement, except when it relates to items charged or credited directly to equity or other comprehensive income.
Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised to the
extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such
assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a
business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Current and deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority, on
either the taxable entity or different taxable entities, and where there is an intention to settle the balances on a net basis.
Material accounting policies
Goodwill
Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the
net identifiable assets of the business combinations at the date of acquisition. Goodwill is considered to have an indefinite useful life.
Goodwill is tested for impairment annually and again whenever indicators of impairment are detected and is carried at cost less any
provision for impairment.
Brands and customer relationships
Acquired brands and customer relationships are initially recognised at fair value as part of a business combination. These are
subsequently amortised based on their expected useful lives on a straight-line basis. Amortisation is included within administrative
expenses in the consolidated income statement. These assets are assessed for impairment if there is a triggering event. Any
impairment in value is charged to the consolidated income statement in the year in which it occurs. Acquired brands and customer
relationships relate to the HIIT and Miss Selfridge brand names and wholesale customer relationships acquired from the Arcadia
Group and are amortised over their expected useful lives of between 8 and 30 years.
Software
Capitalised software development costs are stated at historic cost less accumulated amortisation and impairment. Amortisation is
calculated on a straight-line basis over the assets\u2019 expected economic lives of between 3 to 15 years and recognised within
administrative expenses in the consolidated income statement.
The cost of acquiring and developing software that is not integral to the related hardware is capitalised separately as an intangible
asset. This does not include internal website development and maintenance costs, which are expensed as incurred unless representing
a technological advance leading to future economic benefit. Capitalised software costs include external direct costs of material and
services and the payroll and payroll-related costs for employees who are directly associated with the project.
For Software as a Service (SaaS) arrangements configuration and customisation costs are capitalised in the following instances as
intangible assets within software:
The Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to
run the software independently of the host vendor.
The costs incurred meet the definition of and recognition criteria for an intangible asset. This includes, for example, the
development of software code that enhances or modifies, or creates additional capability to, existing systems controlled by
the Group.
Where these conditions are not met, costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud
provider\u2019s application software, are recognised as operating expenses when the services are received.
Assets under construction
Software under development is held at cost less any recognised impairment loss.
Material accounting policies
Carrying value
Property, plant and equipment is stated at historical cost less accumulated depreciation and any recognised provision for impairment.
Capital work in progress is held at cost less any recognised provision for impairment. Cost includes the original purchase price of the
asset and the costs attributable to bringing the asset to its working condition for intended use.
Depreciation
Property, plant and equipment is depreciated on a straight-line basis to its residual value over its anticipated economic useful life of:
Fixtures, fittings, plant and machinery
5 to 15 years
Computer hardware
3 to 5 years
Impairment
Property, plant and equipment are tested for impairment in accordance with the policy for impairment of non-financial assets
disclosed in Note 15.
Material accounting policies
Right-of-use assets
Right-of-use assets are recognised at cost on the commencement date of the lease, when the underlying asset is available for use. The
cost of right-of-use assets comprises the amount of lease liabilities recognised, any initial direct costs incurred, lease payments made
at or before the commencement date and less any lease incentives received. Right-of-use assets are subsequently measured at cost,
less any accumulated depreciation and impairment losses, and adjusted for any subsequent remeasurement of lease liabilities and
dilapidation provisions.
The recognised right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life and the
lease term.
Lease liabilities
Lease liabilities are recognised on the commencement date of the lease and are measured at the present value of lease payments to
be made over the lease term, discounted using an incremental borrowing rate (IBR) at the lease commencement date.
The lease payments include fixed payments and variable lease payments that depend on an index or a rate (using the relevant rate at
the commencement date of the lease), less any lease incentives receivable. Any variable lease payments that do not depend on an
index or a rate are recognised as an expense in the year in which the event or condition that triggers the payment occurs, however the
Group currently has no such variable lease payments. Contracts may contain both lease and non-lease components, in which case the
Group allocates the consideration in the contract to the different components based on their relative stand-alone prices.
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to
extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease (a break clause),
if it is reasonably certain not to be exercised.
After the commencement date of the lease, the lease liability is subsequently measured by increasing the carrying amount to reflect
interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments
made. The carrying amount of lease liabilities is remeasured when there is a change in the future lease payments due to a change in
the lease term such as a recognition of an extension or break option, a change in the fixed lease payments or a change in the
assessment to purchase the underlying asset.
Short-term leases and low value assets
Payments associated with short-term leases and leases of a low value are recognised on a straight-line basis as an expense in the
profit or loss, in line with the practical expedient of IFRS 16 Leases. Short-term leases are leases with a term of 12 months or less.
Low-value leases mainly comprise IT equipment.
Material accounting policies
Associates are entities over which the Group has significant influence but not control or joint control. Investments in associates are
accounted for using the equity method and are initially recognised at cost. The carrying amount is subsequently adjusted to reflect
the Group\u2019s share of post-acquisition profits or losses and other comprehensive income. Dividends received from associates reduce
the carrying amount of the investment.
Where the Group\u2019s share of losses exceeds its interest in an associate, the investment is reduced to nil, and further losses are
recognised only to the extent that the Group has a legal or constructive obligation to fund them. The carrying value of investments in
associates is assessed for impairment whenever indicators of impairment are identified.
Material accounting policies
Goodwill
Goodwill is not amortised but is reviewed for impairment at least annually (or more frequently where there is an indication that the
asset may be impaired) by assessing the recoverable amount of each CGU, or group of CGUs, to which the goodwill relates.
Impairment is assessed by measuring the recoverable amount of the CGU, calculated as the higher of fair value less cost to dispose
and value-in-use. Where the carrying value of the CGU exceeds the recoverable amount an impairment loss is recognised in the
income statement. The impairment charge is allocated first against goodwill and then pro-rata over other assets within the CGU
by reference to the carrying amount of each remaining asset in the unit. Impairment losses recognised for goodwill are not
subsequently reversed.
Goodwill at ASOS predominantly relates to that recognised as part of the acquisition of Arcadia and is monitored on an entity-wide
basis at the reporting segment level as a singular CGU, the ASOS Group CGU.
Other non-financial assets
Property, plant and equipment (PPE), right-of-use assets, and finite-lived intangible assets are assessed on an ongoing basis to
determine whether there is an indication that the net book value is no longer supportable. If any such indication exists, the recoverable
amount of the asset, being the higher of its fair value less costs to dispose and its value-in-use, is estimated in order to determine the
extent of the impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group
estimates the recoverable amount of the CGU to which the asset belongs.
If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or
CGU is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement.
Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or CGU) is
increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying
amount that would have been determined if no impairment loss had been recognised for the asset (or CGU) in prior periods. A reversal
of an impairment loss is recognised immediately as a credit to the Group income statement.
Material accounting policies
Inventories
Inventories comprise goods held for resale and are valued at the lower of cost and net realisable value using the weighted average
cost basis. Cost comprises the purchase price and any other directly attributable costs incurred in bringing the inventories to the
present location and condition, less trade discounts and rebates. Net realisable value is the estimated selling price in the ordinary
course of business less variable selling expenses.
Material accounting policies
Trade and other receivables
Trade receivables are non-interest bearing and are stated at invoice value less an allowance for expected credit losses. The Group
applies the simplified approach under IFRS 9 Financial Instruments, with adjustments for factors specific to each receivable, including
aging, historical loss experience, and known credit issues.
Material accounting policies
Cash and cash equivalents
Cash and cash equivalents include cash in hand and bank, money market fund investments, and short-term deposits with original
maturities of three months or less.
The Group presents its cash flow statement using the indirect method, whereby profit is reconciled to net cash from operating
activities by adjusting profit and loss for non-cash items. The Group has chosen to present interest received as cash flows from
investing activities because they are returns on the Group\u2019s investments.
Interest paid on borrowings and leases is presented within cash flows from financing activities as they are held for cash management
purposes, as are cash payments for the principal element of lease liabilities.
Material accounting policies
Trade and other payables
Trade and other payables are non-interest bearing and are recognised initially at fair value and subsequently measured at amortised
cost using the effective interest rate method.
Material accounting policies
Convertible debt
Convertible bonds are classified as compound instruments, consisting of a liability and an equity component. At the date of issue, the
fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt, and is
subsequently recorded at amortised cost using the effective interest method until extinguished on conversion or maturity of the
bonds, and is recognised within borrowings. The difference between the proceeds of issue of the convertible bond and the fair value
assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in
equity as a separate category.
Issue costs are apportioned between the liability and equity components of the convertible bonds where appropriate based on their
relative carrying values at the date of issue. The portion relating to the equity component is charged directly against equity.
Other loans and borrowings
Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of attributable transaction costs, and subsequently
recorded at amortised cost using the effective interest method until extinguished.
Arrangement costs for loan facilities such as the Group\u2019s term loan are capitalised and amortised on a straight-line basis over the
term of the facility.
Material accounting policies
Provisions
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The
increase in the provision due to passage of time is recognised as interest expense. Provisions for onerous contracts are recognised
when the Group believes that the unavoidable costs of meeting or exiting the contract exceed the economic benefits expected to be
received under the contract.
Material accounting policies
Share capital and share premium
Ordinary shares are classified as equity instruments. Incremental costs directly attributable to the issue of new ordinary shares or
options are shown in equity as a deduction, net of tax, from the proceeds.
Cash flow hedge reserve
The cash flow hedge reserve represents the effective portion of gains or losses on derivatives designated as, and that qualify as, cash
flow hedges. Amounts are transferred to the balance sheet and included within the initial cost of the asset which is being hedged, or to
the income statement, as appropriate.
Currency translation reserve
The currency translation reserve accumulates foreign exchange differences arising on the translation of net assets in foreign
operations which are recognised in other comprehensive income. The cumulative amount is reclassified to retained earnings when the
related investment is disposed.
Convertible bond reserve
The convertible bond reserve represents the equity components of the \u00a373.6m Convertible Bonds due 2026 and the \u00a3253.0m
Convertible Bonds due 2028.
Material accounting policies
Derivative financial instruments
The Group uses derivative financial instruments to hedge its exposure to foreign exchange risks. These derivative financial instruments
are designated as cash flow hedges, are initially measured at fair value on the contract date and then measured at fair value at
subsequent reporting dates. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk
management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks
being hedged and an assessment of the effectiveness of the hedging relationship, to ensure it is highly effective on an ongoing basis.
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are
recognised directly in other comprehensive income, and the ineffective portion is recognised immediately in the income statement.
Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory or property, plant and
equipment, the amounts accumulated in other comprehensive income are included in the initial cost of the asset. For all other cash
flow hedges, the amounts accumulated in other comprehensive income are recognised in the consolidated income statement when the
hedged item or transaction affects the income statement.
Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are
recognised in the income statement as they arise.
Material accounting policies
Share-based payments
The Group issues equity-settled share-based payments to certain employees, whereby employees render services in exchange for
shares or rights over shares of the Parent Company.
The fair value of the employee services rendered is determined by reference to the fair value of the shares awarded or options
granted, excluding the impact of any non-market vesting conditions. All share options are valued using an option-pricing model. This
fair value is charged to the income statement over the vesting period of the share-based payment scheme with a corresponding
increase in equity.
The value of the charge is adjusted in the income statement over the remainder of the vesting period to reflect expected and actual
levels of share awards vesting, with the corresponding adjustments made in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-326": { "value": "2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted International Financial Reporting Standards (IFRS) and with the requirements of the Companies Act 2006 and the Listing Rules as applicable to companies reporting under those standards. The financial statements have been prepared under the historical cost basis of accounting, excluding derivative financial instruments which are held at fair value. The financial statements are presented in Sterling and all values are rounded to the nearest hundred thousand pounds (\u00a30.1m) except where otherwise indicated. Material accounting policies have been included in the relevant notes to which the policies relate, and those relating to the financial statements as a whole can be read further below. Unless otherwise stated, material accounting policies have been applied consistently to all periods presented in the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-327": { "value": "2.2 Going concern The Directors are satisfied that the Group has sufficient resources to continue in operation for a period of at least 12 months from the date of approval of the financial statements, and therefore continue to adopt the going concern basis in preparing the financial statements. To support this assessment, detailed cash flow forecasts were prepared for the 18 month period to February 2027. In assessing the Group\u2019s going concern position, the Directors have considered the Group\u2019s detailed budgeting and forecasting process which reflects the Group\u2019s financial performance, position, and cash flows over the going concern period (the base case). These cash flow forecasts represent the Directors\u2019 best estimate of trading performance and cost implications in the market based on current agreements, market experience and consumer demand expectations. In conjunction with this, the Directors considered the Group\u2019s business activities and Principal risks, reviewing the Group\u2019s cash flows, liquidity positions and borrowing facilities for the going concern period. At 31 August 2025, the Group had \u00a373.6m of convertible bonds maturing in April 2026, \u00a3253.0m of convertible bonds maturing in September 2028, and was fully drawn on the \u00a3150.0m term loan with Bantry Bay. In November 2025, the Group entered into agreements to refinance its term loan facilities. The refinancing will become effective in December 2025, at which point the term loan will be repaid and the associated revolving credit and accordion facilities with Bantry Bay will be terminated. The new financing arrangements, provided by a syndicate of private lenders, are comprised of a \u00a3150.0m senior term loan and an \u00a387.5m Delayed Draw Term Loan facility. These new facilities will mature in November 2030. Refer to Note 29 for further information. As a result of the new financing package, the Group is subject to a minimum cash & cash equivalents threshold of at least \u00a320m. Other covenants have been considered throughout the assessment, but do not impact on the availability of the facility throughout the assessment period. Key assumptions \u2013 forecasting business cash flows The assessment of the Group\u2019s going concern position required significant management judgement, including in determining the key assumptions that have the greatest impact on forecasts of future business performance and the range of reasonably possible outcomes of those assumptions. The economic environment has remained challenging with cost of living pressures continuing to impact customer spending and sentiment. The future impact that the economic environment will have on ASOS performance however is uncertain, so for the purposes of the Group\u2019s going concern assessment, the Directors have therefore made assumptions on the likely future cash flows in the uncertain macro environment. The assumptions considered include the continuation of our improved order economics, as well as a sustained marginal recovery in the macro trading environment, with the online fashion market assumed to experience low-single-digit % growth on an aggregated basis across the Group\u2019s key territories. The base case assumes a less aggressive share loss in FY26 than experienced in FY25 as the Group sees the benefits from the adoption of the new commercial model and continued improvements to the Group\u2019s customer proposition with YoY sales growth gradually improving vs the FY25 exit rate throughout the assessment period towards mid-single-digit growth by the end of the assessment. Improvements in adjusted gross margin are included of at least 100bps vs FY25 to 48% to 50%. Aligned to the Group\u2019s Principal risks, the Directors have also considered various severe but plausible downside scenarios against the base case, comprising of the following assumptions: Sales growth reduction; Gross margin reduction; and Potential working capital cash impacts. The downside scenarios are considered across both FY26 and H1 FY27, with the greater degree of assumption-based improvements and subsequent volatility in the outer periods commanding more severe downside sensitivities. Sensitivities mapped against the base case within the downside case are highlighted below:
Downside vs base case
FY26
H1 FY27
Sales
(7%)
(16%)
Gross margin
(190bps)
(200bps)
Working capital impact (average)
\u00a3(121m)
\u00a3(105m)
Should the Group see such significant events unfold it has several mitigating actions it can implement to manage its liquidity risk, such as deferring capital investment spend, deferring or reducing stock intake to match the sales reduction, and implementing further cost management to maintain a sufficient level of liquidity headroom during the going concern period. The combined impact of the above downside scenarios and mitigations offers suitable headroom during the going concern period. Reverse stress tests have also been performed on both the Group\u2019s revenue and gross margin. The tests under consideration hold all metrics in line with the downside case highlighted above, analysing how far the stress metric would need to decline against the base case to cause a liquidity event. Such results would have to see over a 20% decline in sales over the base case or an aggregate decline in gross margin rate from the base case of over 550bps across the entire assessment period. Both are considered remote based on results of previous significant economic events and recent trading performance, particularly given the significant progress made during FY25 across our strategic priorities. In assessing the group\u2019s ability to continue as a going concern the Directors have considered climate-related risks as disclosed within the Sustainability \u2013 Planet section on pages 22 to 27. Specifically the disclosed impacts represent unmitigated scenarios that do not reflect the Group\u2019s proactive risk management or strategic initiatives. Any potential impacts within the going concern period are not considered material and are significantly lower than the disclosed reasonable worst case that takes into account all matters of which the Group is currently aware, including potential climate-related impacts, and are within the reverse stress test tolerances. As a result, climate risks are effectively encompassed within the scenarios already modelled and it is not considered that climate-related risks affect the Group\u2019s ability to continue as a going concern. Based on the above, the Directors have concluded that, on the basis of there being liquidity headroom under both the base case and downside scenarios, and the consideration that the reverse stress test scenario is remote, it is appropriate to adopt the going concern basis of accounting in the preparation of the Group\u2019s annual financial statements, with no material uncertainty to disclose. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-328": { "value": "2.3 Climate change within the financial statements In preparing the Group\u2019s financial statements, consideration has been given to the impact of both physical and transitional climate-related risks, as described within the Sustainability \u2013 Planet section on pages 22 to 27, and how these may impact the financial statements. The scenarios and time horizons included within the Group\u2019s TCFD disclosures are useful for assessing the Group\u2019s potential climate- related risks and opportunities, but are based on unmitigated assumptions. This means they explore the potential impacts of climate change on the business without assuming the implementation of any additional mitigation efforts by either the Group or its stakeholders (e.g. governments or industries) to reduce the likelihood of these risks being realised. These scenarios are exploratory in nature and are not predictions or forecasts. They rely on assumptions based on the current understanding of climate trends, recognising that actual outcomes may vary as policies, technologies, and market responses continue to develop. The Group has considered the risks within the Delayed Transition scenario, which assumes that global emissions continue to rise until 2030 before a sudden and disruptive policy response is introduced to limit warming to below 2\u00b0C. This scenario reflects the most severe plausible pathway, capturing both the uncertainty associated with limited near-term policy progress and the potential for a later, disorderly transition. The Net Zero 2050 (1.5\u00b0C) scenario has not been considered in preparing the financial statements, as it assumes an immediate and globally coordinated policy response that is inconsistent with current legislative and industry progress and is therefore considered highly unlikely to materialise. It is not believed at this time that these climate-related risks have a material impact on the Group\u2019s financial statements, for which further narrative has been included within the following notes: Going concern \u2013 Note 2.2 Critical accounting judgements and key sources of estimation uncertainty \u2013 Note 2.7 Taxation \u2013 Note 9 Property, plant and equipment \u2013 Note 12 Impairment of non-financial assets \u2013 Note 15 Provisions \u2013 Note 21 It is recognised that the uncertainty and complexity of these issues may make it challenging to fully capture their potential impact. The ongoing assessment of these risks will be refined in future financial statements as they become clearer, taking into account the requirements of UK-adopted international accounting standards. ", "dimensions": { "concept": "asosplc:DescriptionOfAccountingPolicyForClimateChangeWithinTheFinancialStatements", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-331": { "value": "2.4 Basis of consolidation a) Subsidiaries Subsidiary undertakings are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. The results of subsidiaries are included in the income statement from the date of acquisition or, in the case of disposals, up to the effective date of disposal. Intercompany transactions and balances between Group companies are eliminated upon consolidation. A list of all the subsidiaries of the Group is included on page 174. All apply accounting policies which are consistent with those of the rest of the Group. The Employee Benefit Trust and Link Market Trust Services Limited (the Trusts) are separately administered discretionary trusts, the assets of which mainly comprise shares in the Company. The assets, liabilities, income and costs of the Trusts are consolidated by the Group. b) Foreign currencies Foreign currency transactions The consolidated financial statements are presented in pound Sterling, which is the ultimate Parent Company\u2019s functional currency. Transactions in foreign currencies are translated into pound Sterling at the exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Foreign operations On consolidation, the assets and liabilities of the Group\u2019s foreign operations are translated into pound Sterling at exchange rates prevailing at the year-end date. Profits and losses are translated at average exchange rates for the relevant accounting periods. Exchange differences arising are recognised in the Group statement of comprehensive income/(loss) and are included in the Group\u2019s translation reserve. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-358": { "value": "a) Subsidiaries Subsidiary undertakings are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. The results of subsidiaries are included in the income statement from the date of acquisition or, in the case of disposals, up to the effective date of disposal. Intercompany transactions and balances between Group companies are eliminated upon consolidation. A list of all the subsidiaries of the Group is included on page 174. All apply accounting policies which are consistent with those of the rest of the Group. The Employee Benefit Trust and Link Market Trust Services Limited (the Trusts) are separately administered discretionary trusts, the assets of which mainly comprise shares in the Company. The assets, liabilities, income and costs of the Trusts are consolidated by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-361": { "value": "b) Foreign currencies Foreign currency transactions The consolidated financial statements are presented in pound Sterling, which is the ultimate Parent Company\u2019s functional currency. Transactions in foreign currencies are translated into pound Sterling at the exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Foreign operations On consolidation, the assets and liabilities of the Group\u2019s foreign operations are translated into pound Sterling at exchange rates prevailing at the year-end date. Profits and losses are translated at average exchange rates for the relevant accounting periods. Exchange differences arising are recognised in the Group statement of comprehensive income/(loss) and are included in the Group\u2019s translation reserve. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-384": { "value": "Foreign currency transactions The consolidated financial statements are presented in pound Sterling, which is the ultimate Parent Company\u2019s functional currency. Transactions in foreign currencies are translated into pound Sterling at the exchange rate on the date of the transaction.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-359": { "value": "2.5 New accounting standards The Group adopted the following accounting standards and amendments during the year with no material impact: Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback; Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current, and Non-current liabilities with Covenants; and Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-329": { "value": "2.5 New accounting standards The Group adopted the following accounting standards and amendments during the year with no material impact: Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback; Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current, and Non-current liabilities with Covenants; and Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements. New standards and interpretations that are in issue but not yet effective are listed below: Amendments to IAS 21 \u2013 Lack of Exchangeability; Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments; IFRS 18 Presentation and Disclosure in Financial Statements; IFRS 19 Subsidiaries without Public Accountability: Disclosures; and Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. The Group has considered the impact of the new standards and revisions that are in issue but not yet effective and have concluded that they will not have a material impact on the Group\u2019s financial statements, with the exception of IFRS 18 which is under review. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-360": { "value": "New standards and interpretations that are in issue but not yet effective are listed below: Amendments to IAS 21 \u2013 Lack of Exchangeability; Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments; IFRS 18 Presentation and Disclosure in Financial Statements; IFRS 19 Subsidiaries without Public Accountability: Disclosures; and Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. The Group has considered the impact of the new standards and revisions that are in issue but not yet effective and have concluded that they will not have a material impact on the Group\u2019s financial statements, with the exception of IFRS 18 which is under review. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-330": { "value": "2.6 Alternative Performance Measures (APMs) In the reporting of financial information, the Directors use various APMs. These APMs should be considered in addition to, and are not intended to be a substitute for, IFRS measurements. As they are not defined by International Financial Reporting Standards, they may not be directly comparable with other companies\u2019 APMs. The Directors believe that these APMs provide additional useful information for understanding the financial performance and health of the Group. They are also used to enhance the comparability of information between reporting periods (such as adjusted profit) by adjusting for non-recurring or uncontrollable factors which affect IFRS measures, to aid users in understanding the Group\u2019s performance. Consequently, APMs are used by the Directors and management for performance analysis, planning, reporting and incentive setting purposes. The income statement shows the items excluded from adjusted profit with a more detailed analysis set out in Note 3. Other APMs that the Group has focused on in the year are defined and reconciled on pages 175 to 178. All of the APMs relate to the current year\u2019s results and comparative years. ", "dimensions": { "concept": "asosplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-437": { "value": "2.7 Critical accounting judgements and key sources of estimation uncertainty The preparation of the Group\u2019s financial statements requires the use of judgements, estimates and assumptions in applying the Group\u2019s accounting policies to determine the reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually reviewed and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the current circumstances. Actual results may differ from these estimates. Any revisions to accounting estimates are applied prospectively. The Audit Committee considers estimates and judgements made by management, as detailed in the Audit Committee Report on pages 84 to 91. Critical accounting judgements, apart from those involving estimations, that are applied in the preparation of the consolidated Group financial statements are discussed below: Going concern \u2013 refer to Note 2.2 Identification of adjusting items \u2013 refer to Note 3 The identification of lease terms is no longer considered a critical accounting judgement following a reassessment of the Group\u2019s lease portfolio and reduced complexity in extension and break clause assumptions arising from the decision to vacate the Atlanta fulfilment centre in 2025 and the Lichfield fulfilment centre in 2024. The key sources of estimation uncertainty at the reporting year end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are as below: Recognition of deferred tax assets \u2013 refer to Note 9 Assumptions in relation to impairment assessment \u2013 refer to Note 15 Inventory provisions \u2013 refer to Note 16 Impact of climate change on the Group\u2019s judgements and estimates In assessing the Group\u2019s judgements and sources of estimation uncertainty, consideration has been given to the impact of climate- related risks on these. It is not considered that climate-related risks have any material impacts on the Group\u2019s judgements or sources of estimation uncertainty for the following reasons:
Estimate / judgement
Explanation
Going concern
Refer to Note 2.2
Identification of adjusting items
Relates to in-year activity therefore not impacted by climate change.
Recognition of deferred tax assets
Refer to Note 9
Impairment of non-financial assets
Refer to Note 15
Inventory valuation
Inventory is a current asset, and therefore by definition expected to be sold within one year. The
Group has considered the FY26 impacts of the considered climate-related risks, and concluded that
there is not a material risk to inventory valuation.
Critical accounting judgements Identification of adjusting items In order to provide shareholders with additional insight into the year-on-year performance of the business, an adjusted measure of profit is provided to supplement the reported IFRS numbers, and reflects how the business measures performance internally. Adjusting items are those which are significant in amount, either individually or in aggregate, and arise from events or transactions that are not in the ordinary course of business, and are therefore excluded from adjusted profit measures to provide clearer comparability between periods. The assessment of whether to adjust certain items requires judgement, and covers the nature of the item, the cause of its occurrence and the scale of impact of that item on reported performance and individual financial statement line items, as well as consistency with prior periods. The same assessment is applied consistently to any reversals of prior adjusting items. Adjusted profit before tax is not an IFRS measure and therefore not directly comparable to other companies.
Key sources of estimation uncertainty
Recognition of deferred tax assets
In accordance with IAS 12 Income Taxes, the Company recognises deferred tax assets to the extent that it is probable that future
taxable profit will be available, against which the deductible temporary differences and the carry-forward of unused tax losses can
be utilised. In line therefore with the judgements and estimates disclosed with going concern (refer to Note 2.2) and impairment (refer
to Note 15), the recognition of deferred tax assets requires the Group to make significant estimates about the future profitability of
its operations.
In determining the amount of deferred tax assets recognised, management makes estimates of future taxable profits and the
likelihood of their being recovered within a reasonably foreseeable timeframe, being a minimum of five years, aligned to the Group\u2019s
strategic planning process. In making these estimates, management considers the current and projected financial performance of the
Group, including profit margins, revenue growth, and cost management strategies, which are derived from management forecasts
and consistent with those used as part of the Group\u2019s going concern and impairment assessments. Risk adjustments are then applied,
with a greater adjustment applied to periods where there is less evidence of profits, in particular, those further in the future. The
Group also considers the timing and amount of deductible temporary differences. As at 31 August 2025, the Group has net deferred
tax assets of \u00a3171.6m, of which \u00a344.7m have been recognised. Deferred tax assets relating to temporary differences and unused tax
losses of \u00a3507.9m (\u00a3126.9m tax effected) have not been recognised.
The deferred tax assets have no expiry date and the Group believes that it is probable that future taxable profits, together with
the reversal of existing temporary differences, will be sufficient to utilise the recognised deferred tax assets, however actual
outcomes could differ from these estimates due to changes in the factors mentioned above. A movement of +/-10% in forecast
taxable profits would increase/(decrease) the amount of deferred tax assets recognised by \u00a36.7m/\u00a3(6.4m), and is considered a
reasonable possible change.
The unrecognised deferred tax assets relate to losses on a mix of adjusted and non-adjusted items. Therefore, the \u00a374.6m charge
relating to unrecognised deferred tax assets has been apportioned between adjusted and reported profit in proportion to the total
tax losses arising within each category, with \u00a354.9m recognised outside adjusted profit, and \u00a319.7m within adjusted profit.
Key sources of estimation uncertainty
Assumptions in relation to impairment assessment
Of the assumptions used in the assessment, the value-in-use calculations are most sensitive to changes in the discount rate, the
long-term growth rate and forecast cash flows (comprising revenue, gross margin and fixed overheads). Cash flows are derived from
forecasts reviewed by the Board, and in line with those used for the going concern and viability assessments which assume sales
growth rates gradually improve vs. the FY25 exit rate, trending towards mid-single digit growth after 18 months which is then
sustained for the remainder of the plan. Improvements in adjusted gross margin of at least 100bps vs FY25 to 48% to 50% are
assumed during FY26 with FY27 & FY28 continuing at around 50% level.
A sensitivity analysis for reasonable possible changes in assumptions was conducted on the impairment tests, where management
assessed a scenario in which the revenue growth rates within the five-year forecast cash flows (being the most sensitive assumption)
were reduced by half. To reflect this adjustment, a corresponding reduction in variable costs and cost of sales was modelled to
maintain gross margin percentage in line with original forecasts. Under this sensitivity scenario, an impairment of approximately
\u00a3207m would be recognised.
The following table shows the amount by which the assumptions would have to change to make the recoverable amount equal to the
carrying value to show the headroom sensitivity. It is not considered that a reasonable possible change in the discount rate, fixed
overheads nor the long-term growth rate would cause an impairment, therefore they are not included below.
Sensitivity
2025
2024
A reduction in forecast annual growth rates of:
(0.7%)
(2.7%)
A reduction in forecast revenue vs base case of:
(2.7%)
(11.4%)
A reduction in forecast gross margin in each year of:
(0.6%)
(2.4%)
1 Applied to the Group five-year plan period
2 Applied to all years within the assessment period
Key sources of estimation uncertainty
Inventory provisions
The Group maintains net realisable value provisions for inventory sold via the Group\u2019s website based on forecast loss rates and for
inventory expected to be sold offsite via clearance routes at the end of its lifecycle. The provisions write inventory down to its net
realisable value, being expected income less any related selling costs, and reflect both historical trends and current and forecast
economic conditions.
The provisions are calculated using estimates of loss rates and website sell-through rates, both of which are calculated based on
historical data from the prior 12 months\u2019 sales when categorising the stock by age banding. Provisions recognised are net of any
expected proceeds to be received. The provisions are therefore most sensitive to the following assumptions:
Forecast loss rates
Forecast sell-through rates
Offsite sales price assumptions
The movements in the Group\u2019s provisions based on reasonable possible changes to the above assumptions are as follows:
Inventory provisions are adjusted at each reporting period end rather than throughout the year to ensure inventory is not carried at
an amount greater than net realisable value. Write-downs and write-backs of inventory balances are therefore represented by net
movements in the inventory provision.
2025
2024
Decrease in Increase in Decrease in Increase in
provision provision provision provision
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Using loss rates from 2024 / 2023
(5.0)
\u2013
\u2013
4.0
A change in the anticipated sell through rates of +/-0.5%
(4.2)
4.2
(7.1)
7.1
A change in the anticipated sales price of +/-10%
(1.0)
1.0
(2.2)
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-438": { "value": "Critical accounting judgements, apart from those involving estimations, that are applied in the preparation of the consolidated Group financial statements are discussed below: Going concern \u2013 refer to Note 2.2 Identification of adjusting items \u2013 refer to Note 3 The identification of lease terms is no longer considered a critical accounting judgement following a reassessment of the Group\u2019s lease portfolio and reduced complexity in extension and break clause assumptions arising from the decision to vacate the Atlanta fulfilment centre in 2025 and the Lichfield fulfilment centre in 2024. The key sources of estimation uncertainty at the reporting year end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are as below: Recognition of deferred tax assets \u2013 refer to Note 9 Assumptions in relation to impairment assessment \u2013 refer to Note 15 Inventory provisions \u2013 refer to Note 16 Impact of climate change on the Group\u2019s judgements and estimates In assessing the Group\u2019s judgements and sources of estimation uncertainty, consideration has been given to the impact of climate- related risks on these. It is not considered that climate-related risks have any material impacts on the Group\u2019s judgements or sources of estimation uncertainty for the following reasons: Estimate / judgement Explanation Going concern Refer to Note 2.2 Identification of adjusting items Relates to in-year activity therefore not impacted by climate change. Recognition of deferred tax assets Refer to Note 9 Impairment of non-financial assets Refer to Note 15 Inventory valuation Inventory is a current asset, and therefore by definition expected to be sold within one year. The Group has considered the FY26 impacts of the considered climate-related risks, and concluded that there is not a material risk to inventory valuation. Critical accounting judgements Identification of adjusting items In order to provide shareholders with additional insight into the year-on-year performance of the business, an adjusted measure of profit is provided to supplement the reported IFRS numbers, and reflects how the business measures performance internally. Adjusting items are those which are significant in amount, either individually or in aggregate, and arise from events or transactions that are not in the ordinary course of business, and are therefore excluded from adjusted profit measures to provide clearer comparability between periods. The assessment of whether to adjust certain items requires judgement, and covers the nature of the item, the cause of its occurrence and the scale of impact of that item on reported performance and individual financial statement line items, as well as consistency with prior periods. The same assessment is applied consistently to any reversals of prior adjusting items. Adjusted profit before tax is not an IFRS measure and therefore not directly comparable to other companies. Key sources of estimation uncertainty Recognition of deferred tax assets In accordance with IAS 12 Income Taxes, the Company recognises deferred tax assets to the extent that it is probable that future taxable profit will be available, against which the deductible temporary differences and the carry-forward of unused tax losses can be utilised. In line therefore with the judgements and estimates disclosed with going concern (refer to Note 2.2) and impairment (refer to Note 15), the recognition of deferred tax assets requires the Group to make significant estimates about the future profitability of its operations. In determining the amount of deferred tax assets recognised, management makes estimates of future taxable profits and the likelihood of their being recovered within a reasonably foreseeable timeframe, being a minimum of five years, aligned to the Group\u2019s strategic planning process. In making these estimates, management considers the current and projected financial performance of the Group, including profit margins, revenue growth, and cost management strategies, which are derived from management forecasts and consistent with those used as part of the Group\u2019s going concern and impairment assessments. Risk adjustments are then applied, with a greater adjustment applied to periods where there is less evidence of profits, in particular, those further in the future. The Group also considers the timing and amount of deductible temporary differences. As at 31 August 2025, the Group has net deferred tax assets of \u00a3171.6m, of which \u00a344.7m have been recognised. Deferred tax assets relating to temporary differences and unused tax losses of \u00a3507.9m (\u00a3126.9m tax effected) have not been recognised. The deferred tax assets have no expiry date and the Group believes that it is probable that future taxable profits, together with the reversal of existing temporary differences, will be sufficient to utilise the recognised deferred tax assets, however actual outcomes could differ from these estimates due to changes in the factors mentioned above. A movement of +/-10% in forecast taxable profits would increase/(decrease) the amount of deferred tax assets recognised by \u00a36.7m/\u00a3(6.4m), and is considered a reasonable possible change. The unrecognised deferred tax assets relate to losses on a mix of adjusted and non-adjusted items. Therefore, the \u00a374.6m charge relating to unrecognised deferred tax assets has been apportioned between adjusted and reported profit in proportion to the total tax losses arising within each category, with \u00a354.9m recognised outside adjusted profit, and \u00a319.7m within adjusted profit. Key sources of estimation uncertainty Assumptions in relation to impairment assessment Of the assumptions used in the assessment, the value-in-use calculations are most sensitive to changes in the discount rate, the long-term growth rate and forecast cash flows (comprising revenue, gross margin and fixed overheads). Cash flows are derived from forecasts reviewed by the Board, and in line with those used for the going concern and viability assessments which assume sales growth rates gradually improve vs. the FY25 exit rate, trending towards mid-single digit growth after 18 months which is then sustained for the remainder of the plan. Improvements in adjusted gross margin of at least 100bps vs FY25 to 48% to 50% are assumed during FY26 with FY27 & FY28 continuing at around 50% level. A sensitivity analysis for reasonable possible changes in assumptions was conducted on the impairment tests, where management assessed a scenario in which the revenue growth rates within the five-year forecast cash flows (being the most sensitive assumption) were reduced by half. To reflect this adjustment, a corresponding reduction in variable costs and cost of sales was modelled to maintain gross margin percentage in line with original forecasts. Under this sensitivity scenario, an impairment of approximately \u00a3207m would be recognised. The following table shows the amount by which the assumptions would have to change to make the recoverable amount equal to the carrying value to show the headroom sensitivity. It is not considered that a reasonable possible change in the discount rate, fixed overheads nor the long-term growth rate would cause an impairment, therefore they are not included below. Sensitivity 2025 2024 A reduction in forecast annual growth rates of: (0.7%) (2.7%) A reduction in forecast revenue vs base case of: (2.7%) (11.4%) A reduction in forecast gross margin in each year of: (0.6%) (2.4%) 1 Applied to the Group five-year plan period 2 Applied to all years within the assessment period Key sources of estimation uncertainty Inventory provisions The Group maintains net realisable value provisions for inventory sold via the Group\u2019s website based on forecast loss rates and for inventory expected to be sold offsite via clearance routes at the end of its lifecycle. The provisions write inventory down to its net realisable value, being expected income less any related selling costs, and reflect both historical trends and current and forecast economic conditions. The provisions are calculated using estimates of loss rates and website sell-through rates, both of which are calculated based on historical data from the prior 12 months\u2019 sales when categorising the stock by age banding. Provisions recognised are net of any expected proceeds to be received. The provisions are therefore most sensitive to the following assumptions: Forecast loss rates Forecast sell-through rates Offsite sales price assumptions The movements in the Group\u2019s provisions based on reasonable possible changes to the above assumptions are as follows: Inventory provisions are adjusted at each reporting period end rather than throughout the year to ensure inventory is not carried at an amount greater than net realisable value. Write-downs and write-backs of inventory balances are therefore represented by net movements in the inventory provision. 2025 2024 Decrease in Increase in Decrease in Increase in provision provision provision provision \u00a3m \u00a3m \u00a3m \u00a3m Using loss rates from 2024 / 2023 (5.0) \u2013 \u2013 4.0 A change in the anticipated sell through rates of +/-0.5% (4.2) 4.2 (7.1) 7.1 A change in the anticipated sales price of +/-10% (1.0) 1.0 (2.2) 2.2", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-332": { "value": "
3 Adjusting items
Income statement
Cost of Administrative Other Finance Total
Revenue sales expenses income expenses
before tax
Tax
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Commercial operating model change
13.0
(8.3)
(2.0)
\u2013
\u2013
2.7
(0.7)
2.0
Property-related costs
\u2013
\u2013
(172.5)
\u2013
(3.3)
(175.8)
37.8
(138.0)
Other strategic initiatives
\u2013
\u2013
(16.6)
13.8
\u2013
(2.8)
(2.4)
(5.2)
Amortisation of acquisition intangibles
\u2013
\u2013
(4.5)
(3.0)
\u2013
(7.5)
1.1
(6.4)
Unrecognised deferred tax assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(54.9)
(54.9)
13.0
(8.3)
(195.6)
10.8
(3.3)
(183.4)
(19.1)
(202.5)
Cost of Administrative Other Finance Total
Revenue sales expenses income expenses
before tax
Tax
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Commercial operating model change
9.8
(104.6)
\u2013
\u2013
\u2013
(94.8)
23.6
(71.2)
Property-related costs
\u2013
\u2013
(141.5)
\u2013
(2.9)
(144.4)
36.1
(108.3)
Other strategic initiatives
\u2013
\u2013
(3.4)
\u2013
\u2013
(3.4)
0.9
(2.5)
Amortisation of acquisition intangibles
\u2013
\u2013
(10.7)
\u2013
\u2013
(10.7)
2.7
(8.0)
Unrecognised deferred tax assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(25.3)
(25.3)
9.8
(104.6)
(155.6)
\u2013
(2.9)
(253.3)
38.0
(215.3)
Cash flow statement
2025
2024
\u00a3m
\u00a3m
Commercial operating model change
9.0
0.2
Property-related costs
(10.6)
\u2013
Other strategic initiatives
(17.6)
(20.4)
Total adjusting items within operating cash flows
(19.2)
(20.2)
Of the net cash outflow in the current year, \u00a37.8m relates to net expenditure incurred in the prior year.
Commercial operating model
In 2023, the Group approved the introduction of a new commercial operating model, which involves a more disciplined approach to intake,
increased speed to market and clearing product more quickly to reduce the Group\u2019s inventory requirement, increase full-price sales and
hence gross margin, and improve customer engagement. To unlock these benefits, the Group has had to clear old stock acquired under
its previous ways of working via clearance routes, with additional costs recognised across 2023 and 2024 of \u00a3228.0m relating to
inventory write-downs. The Group is now operating fully on the new model. The amounts recognised this year reflect the clearance of
inventory, including the release of inventory provisions and stronger income per unit of inventory sold through clearance routes.
Property-related costs
In January 2025, the Group announced its intention to vacate the Atlanta fulfilment centre following the completion of the site\u2019s
automation project during the current year. While the site is not yet being actively marketed, the Group has initiated steps to vacate and
mothball the facility. As a result, costs of \u00a3179.3m have been incurred during the year (2024: \u00a3147.5m related to mothballing the Lichfield
fulfilment centre). These costs are detailed below. Comparative amounts relate to similar costs recognised in the prior year for the
closure of the Lichfield site.
2025
2024
\u00a3m
\u00a3m
Atlanta
Lichfield
Impairment of property, plant and equipment (a)
(108.8)
(97.7)
Impairment of intangible assets (a)
(6.6)
(2.2)
Impairment of right-of-use assets (a)
(26.4)
(15.8)
Impairment of investment properties
\u2013
(4.2)
Non-capitalised asset spend (b)
(16.5)
(16.5)
Onerous occupancy costs (c)
(14.0)
(5.3)
Other costs to vacate (d)
(7.0)
(5.8)
(179.3)
(147.5)
Other property-related costs
Recognition of net investment in lease receivable
\u2013
4.4
Reversal of impairment of right-of-use assets (e)
5.7
\u2013
Other
(2.2)
(1.3)
Total property-related costs
(175.8)
(144.4)
a) Impairment of assets following the decision to vacate the site. The recoverable amount for Atlanta was determined to be \u00a3nil on the
basis that the site has been mothballed (Lichfield: \u00a3nil).
b) Following the decision to vacate the site, management concluded that committed spend to complete the automation project was not
eligible for capitalisation on the basis that it was no longer probable that the spend would result in future economic benefits.
Therefore, the committed spend has been recognised in the income statement. Prior to the decision to vacate, the spend incurred was
considered capital.
c) Onerous contract costs are those costs that the Group is contractually committed to due to being party to a lease on a site agreed to
be exited. Upon initial recognition of such provisions, management uses its best estimates of the relevant costs to be incurred as well
as expected closure dates. This excludes business rates on leased property which are recognised in the year they are incurred.
d) Includes costs associated with vacating sites, such as severance, supplier termination and stock transfers.
e) Reversal of impairment losses previously recognised in 2023, as a result of the reoccupation of a previously vacated office space.
Other strategic initiatives
2025
2024
\u00a3m
\u00a3m
Restructuring (a)
(15.7)
\u2013
Refinancing (b)
2.6
\u2013
Disposal of brand (c)
13.8
(3.4)
Other (d)
(3.5)
\u2013
(2.8)
(3.4)
a) Restructuring costs of \u00a315.7m were recognised during the year as part of the Group\u2019s strategic focus on driving operational
efficiency. These costs reflect a range of reorganisation activities across the business, including changes to leadership structures and
functional realignments.
b) During the year, the Group launched a refinancing exercise of the Convertible Bonds due 2026 and secured an amendment and
extension of its existing facilities with Bantry Bay Capital. The associated debt modification and transaction fees incurred resulted in a
net impact of \u00a32.6m to administrative expenses. Refer to Note 20 for further information.
c) Net gain on disposal of the Topshop/Topman brands to Heartland A/S during the year. The impact of the disposal on the Group\u2019s
accounts is shown below:
Income Statement
Cash flows
\u00a3m
\u00a3m
Consideration
Cash
135.0
135.0
Shares in associate entity (Note 14)
45.0
\u2013
180.0
135.0
Less: brands disposed (classified as assets held for sale)
(165.5)
\u2013
Transaction costs
1
(0.7)
(2.1)
Gain on disposal / cash flow on disposal
13.8
132.9
1 Transaction costs of \u00a31.4m were accrued in the prior year.
d) Included within Other is a charge relating to ongoing legal proceedings in an overseas territory. The Group has previously reported a
contingent liability in relation to this matter. Following constructive engagement with the claimants, management has estimated the
potential cost of settlement.
Amortisation of acquired intangible assets
The amortisation of acquired intangible assets is adjusted for as the acquisition that the amortisation relates to was outside business-
as-usual operations for ASOS. These assets would not normally be recognised outside of a business combination, therefore the
associated amortisation is adjusted.
Additionally included is \u00a33.0m representing the Group\u2019s share of the associate\u2019s post-tax results attributable to the amortisation of
acquired intangible assets.
Unrecognised deferred tax assets
Deferred tax assets of \u00a374.6m were not recognised in the year and were instead recognised in the income statement. Of the amounts
not recognised, \u00a354.9m was attributed to adjusting items. Further information is included in Note 9.
Critical accounting judgements
Identification of adjusting items
In order to provide shareholders with additional insight into the year-on-year performance of the business, an adjusted measure of
profit is provided to supplement the reported IFRS numbers, and reflects how the business measures performance internally.
Adjusting items are those which are significant in amount, either individually or in aggregate, and arise from events or transactions
that are not in the ordinary course of business, and are therefore excluded from adjusted profit measures to provide clearer
comparability between periods.
The assessment of whether to adjust certain items requires judgement, and covers the nature of the item, the cause of its occurrence
and the scale of impact of that item on reported performance and individual financial statement line items, as well as consistency with
prior periods. The same assessment is applied consistently to any reversals of prior adjusting items. Adjusted profit before tax is not
an IFRS measure and therefore not directly comparable to other companies.
", "dimensions": { "concept": "asosplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-333": { "value": "4 Revenue
2025
2024
\u00a3m
\u00a3m
Retail sales
2,339.5
2,748.9
Premier subscription revenue
16.9
21.1
Marketing and other services
53.5
43.3
Delivery receipts
55.5
62.6
Wholesale revenue
12.4
29.9
Total revenue
2,477.8
2,905.8
1 Marketing and other services includes commission and jobber income. 2 Jobber income of \u00a311.6m has been reclassified in the comparative period from Retail sales to Marketing and other services, to conform with the current year\u2019s presentation. Material accounting policies Revenue recognition Revenue arises from the sale of goods and services in the ordinary course of the Group\u2019s activities, net of returns, related discounts and value added taxes. Revenue is recognised when performance obligations are satisfied, at the transaction price allocated to that obligation. Retail sales Retail sales represent the majority of the Group\u2019s revenue and consist of internet sales. Revenue for goods is recognised on dispatch to the customer instead of delivery to the customer for practical reasons. The impact of this is assessed at each reporting period and is immaterial to Group revenue and profits. Where consideration has been received in advance of the performance obligation being satisfied (such as gift card sales or unshipped sales), a contract liability is recognised. Returns are provided for as a reduction to revenue when sales are recorded, based on management\u2019s best estimate of the amount required, taking into account historical trends and past experience. A refund liability is recognised within trade and other payables, and a separate right of return asset is recognised and included within inventory which represents the right to recover product from the customer. Revenue from other services Revenue from other services relates to premier subscription revenue, marketing revenue earned from the website, commission revenue, delivery receipt payments, revenue from wholesale sales and jobber income. Revenue relating to the Group\u2019s ASOS Premier subscription (which spans a year) is recognised on a straight-line basis throughout the year\u2019s subscription. Revenue from marketing services is recognised as performance obligations are completed in line with the terms and conditions of each contract. Commission revenue relates to the sale of third-party products where it has been determined that the Group is acting as an agent. Sales commission from third parties is recognised when the related goods or services are sold. In line with retail sales, delivery receipts and wholesale revenue are recognised on dispatch to the customer instead of at delivery. The impact is not material to the Group\u2019s results. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-407": { "value": "Material accounting policies Revenue recognition Revenue arises from the sale of goods and services in the ordinary course of the Group\u2019s activities, net of returns, related discounts and value added taxes. Revenue is recognised when performance obligations are satisfied, at the transaction price allocated to that obligation. Retail sales Retail sales represent the majority of the Group\u2019s revenue and consist of internet sales. Revenue for goods is recognised on dispatch to the customer instead of delivery to the customer for practical reasons. The impact of this is assessed at each reporting period and is immaterial to Group revenue and profits. Where consideration has been received in advance of the performance obligation being satisfied (such as gift card sales or unshipped sales), a contract liability is recognised. Returns are provided for as a reduction to revenue when sales are recorded, based on management\u2019s best estimate of the amount required, taking into account historical trends and past experience. A refund liability is recognised within trade and other payables, and a separate right of return asset is recognised and included within inventory which represents the right to recover product from the customer. Revenue from other services Revenue from other services relates to premier subscription revenue, marketing revenue earned from the website, commission revenue, delivery receipt payments, revenue from wholesale sales and jobber income. Revenue relating to the Group\u2019s ASOS Premier subscription (which spans a year) is recognised on a straight-line basis throughout the year\u2019s subscription. Revenue from marketing services is recognised as performance obligations are completed in line with the terms and conditions of each contract. Commission revenue relates to the sale of third-party products where it has been determined that the Group is acting as an agent. Sales commission from third parties is recognised when the related goods or services are sold. In line with retail sales, delivery receipts and wholesale revenue are recognised on dispatch to the customer instead of at delivery. The impact is not material to the Group\u2019s results. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-334": { "value": "
5 Segmental analysis
IFRS 8 Operating Segments requires operating segments to be identified on the basis of internal reporting on components of the Group
that are regularly reviewed by the Chief Operating Decision-Maker to allocate resources to the segments and to assess their
performance.
The Chief Operating Decision-Maker has been determined to be the Management Committee. It is the Management Committee that
reviews the Group\u2019s internal reporting in order to assess performance and allocate resources across the business. In doing so, the
Management Committee reviews performance across the Group via a number of sources, comprising regular monthly management
accounts, and ad hoc analysis that provides deep dives into different areas, including territory, brands and revenue streams.
In determining the Group\u2019s operating segments, management has considered the level of information which is regularly reviewed by the
Management Committee. Information regularly reviewed by the Management Committee is at a consolidated Group level only, with some
disaggregated revenue information and associated metrics provided for the geographical territories of the UK, the US, Europe and the
Rest of World. However, decisions on resource allocation are not made based on this information. Such decisions are made on ad hoc
analysis, separately provided to the Management Committee, and does not constitute information that is either regularly provided to,
nor reviewed by, the Management Committee. As a result, it has been concluded that the Group has only one operating segment (the
Group level).
The following sets out the Group\u2019s revenue in the key geographic markets in which customers are located:
2025
Rest of
UK
EU
US
World
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail sales
1,137.0
788.1
236.0
178.4
2,339.5
Revenue from other services
74.8
31.2
21.7
10.6
138.3
Total revenue
1,211.8
819.3
257.7
189.0
2,477.8
Cost of sales
(1,311.1)
Gross profit
1,166.7
Distribution expenses
(262.3)
Administrative expenses
(1,133.2)
Other income
16.5
Operating loss
(212.3)
Finance income
4.8
Finance expenses
(74.1)
Loss before tax
(281.6)
Non-current assets
693.0
154.9
4.1
\u2013
852.0
2024
UK
EU
US
Rest of World
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail sales
1,262.3
974.3
298.2
214.1
2,748.9
Revenue from other services
71.3
34.1
40.6
10.9
156.9
Total revenue
1,333.6
1,008.4
338.8
225.0
2,905.8
Cost of sales
(1,743.3)
Gross profit
1,162.5
Distribution expenses
(326.1)
Administrative expenses
(1,170.3)
Other income
2.0
Operating loss
(331.9)
Finance income
12.0
Finance expenses
(59.4)
Loss before tax
(379.3)
Non-current assets
703.8
175.0
183.2
\u2013
1,062.0
1 Excludes derivative financial assets and deferred tax assets.
Due to the nature of its activities, the Group is not reliant on any individual major customers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-335": { "value": "
6 Operating loss
Operating loss is stated after charging/(crediting):
2025
2024
\u00a3m
\u00a3m
Depreciation and amortisation:
Property, plant and equipment
26.7
28.9
Right-of-use assets
24.0
25.1
Investment properties
0.7
1.0
Other intangible assets
115.5
117.3
Impairment of non-financial assets:
Property, plant and equipment
109.5
97.7
Right-of-use assets
20.7
15.8
Investment properties
0.1
4.2
Other intangible assets
7.9
2.2
Onerous contract charges
13.0
5.3
Net foreign exchange gains
3.6
2.1
Expenses relating to short-term leases
0.9
1.0
Expenses relating to leases of low value assets
0.1
0.3
Sub-let income relating to leases under IFRS 16
(1.3)
(1.5)
Gain on recognition of net investment in lease receivables
\u2013
(4.4)
2025
2024
\u00a3m
\u00a3m
Auditors\u2019 remuneration:
Audit services:
Statutory audit of parent company and consolidated financial statements
1.1
1.4
Statutory audit of the Company\u2019s subsidiaries pursuant to legislation
0.2
0.2
1.3
1.6
Costs relating to the audit of the Parent Company are borne by ASOS.com Limited. The policy for the approval of non-audit fees is set
out in the Audit Committee Report on pages 84 to 90. Costs related to non-audit services provided by the Group\u2019s auditors were \u00a30.2m
(2024: \u00a31.0m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-385": { "value": "6 Operating loss Operating loss is stated after charging/(crediting):
2025
2024
\u00a3m
\u00a3m
Depreciation and amortisation:
Property, plant and equipment
26.7
28.9
Right-of-use assets
24.0
25.1
Investment properties
0.7
1.0
Other intangible assets
115.5
117.3
Impairment of non-financial assets:
Property, plant and equipment
109.5
97.7
Right-of-use assets
20.7
15.8
Investment properties
0.1
4.2
Other intangible assets
7.9
2.2
Onerous contract charges
13.0
5.3
Net foreign exchange gains
3.6
2.1
Expenses relating to short-term leases
0.9
1.0
Expenses relating to leases of low value assets
0.1
0.3
Sub-let income relating to leases under IFRS 16
(1.3)
(1.5)
Gain on recognition of net investment in lease receivables
\u2013
(4.4)
2025
2024
\u00a3m
\u00a3m
Auditors\u2019 remuneration:
Audit services:
Statutory audit of parent company and consolidated financial statements
1.1
1.4
Statutory audit of the Company\u2019s subsidiaries pursuant to legislation
0.2
0.2
1.3
1.6
Costs relating to the audit of the Parent Company are borne by ASOS.com Limited. The policy for the approval of non-audit fees is set out in the Audit Committee Report on pages 84 to 90. Costs related to non-audit services provided by the Group\u2019s auditors were \u00a30.2m (2024: \u00a31.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-397": { "value": "
2025
2024
\u00a3m
\u00a3m
Depreciation and amortisation:
Property, plant and equipment
26.7
28.9
Right-of-use assets
24.0
25.1
Investment properties
0.7
1.0
Other intangible assets
115.5
117.3
Impairment of non-financial assets:
Property, plant and equipment
109.5
97.7
Right-of-use assets
20.7
15.8
Investment properties
0.1
4.2
Other intangible assets
7.9
2.2
Onerous contract charges
13.0
5.3
Net foreign exchange gains
3.6
2.1
Expenses relating to short-term leases
0.9
1.0
Expenses relating to leases of low value assets
0.1
0.3
Sub-let income relating to leases under IFRS 16
(1.3)
(1.5)
Gain on recognition of net investment in lease receivables
\u2013
(4.4)
12 Property, plant and equipment
Fixtures,
fittings, plant and Assets under
machinery
Computer hardware
construction
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
As at 2 September 2024
412.1
45.3
150.9
608.3
Additions
2.4
0.6
3.5
6.5
Disposals
\u2013
\u2013
(0.1)
(0.1)
Transfers
0.3
\u2013
(0.3)
\u2013
As at 31 August 2025
414.8
45.9
154.0
614.7
Accumulated depreciation and
impairment
As at 2 September 2024
218.9
37.9
68.3
325.1
Depreciation expense
21.9
4.8
\u2013
26.7
Impairment charge
22.6
1.7
85.2
109.5
As at 31 August 2025
263.4
44.4
153.5
461.3
Net book value at 31 August 2025
151.4
1.5
0.5
153.4
Cost
As at 4 September 2023
410.7
43.0
109.2
562.9
Additions
1.2
4.0
42.0
47.2
Disposals
\u2013
(1.8)
\u2013
(1.8)
Transfers
0.2
0.1
(0.3)
\u2013
As at 1 September 2024
412.1
45.3
150.9
608.3
Accumulated depreciation and impairment
As at 4 September 2023
165.4
32.1
2.8
200.3
Depreciation expense
22.5
6.4
\u2013
28.9
Disposals
\u2013
(1.8)
\u2013
(1.8)
Impairment charge
31.0
1.2
65.5
97.7
As at 1 September 2024
218.9
37.9
68.3
325.1
Net book value at 1 September 2024
193.2
7.4
82.6
283.2
Refer to Note 3 for details of impairments. 12.1 Interest capitalised
2025
2024
\u00a3m
\u00a3m
Included within additions
3.0
7.7
Accumulated capitalised interest (net of disposals) included within cost
17.7
14.7
Accumulated capitalised interest (net of disposals) held within net book value
\u2013
9.3
Capitalisation rate
7.8%
7.9%
The accumulated capitalised interest held within net book value is \u00a3nil at year end, following the impairment of the Atlanta fulfilment centre which was the only qualifying asset containing capitalised interest. 12.2 Climate change The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. This includes consideration over climate-related risks which may impact the useful lives of the Group\u2019s assets, such as the impact of acute weather events on fulfilment centres. During the period, no changes were made to the remaining useful lives of the Group\u2019s assets as a result of climate-related risks. Material accounting policies Carrying value Property, plant and equipment is stated at historical cost less accumulated depreciation and any recognised provision for impairment. Capital work in progress is held at cost less any recognised provision for impairment. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for intended use. Depreciation Property, plant and equipment is depreciated on a straight-line basis to its residual value over its anticipated economic useful life of:
Fixtures, fittings, plant and machinery
5 to 15 years
Computer hardware
3 to 5 years
Impairment Property, plant and equipment are tested for impairment in accordance with the policy for impairment of non-financial assets disclosed in Note 15. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-362": { "value": "
2025
2024
\u00a3m
\u00a3m
Auditors\u2019 remuneration:
Audit services:
Statutory audit of parent company and consolidated financial statements
1.1
1.4
Statutory audit of the Company\u2019s subsidiaries pursuant to legislation
0.2
0.2
1.3
1.6
Costs relating to the audit of the Parent Company are borne by ASOS.com Limited. The policy for the approval of non-audit fees is set out in the Audit Committee Report on pages 84 to 90. Costs related to non-audit services provided by the Group\u2019s auditors were \u00a30.2m (2024: \u00a31.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-336": { "value": "
7 Employee costs
7.1 Employee benefit expenses
2025
2024
\u00a3m
\u00a3m
Wages and salaries including bonus and termination benefits
182.9
186.1
Social security costs
22.0
21.6
Pension costs
7.7
7.7
Share-based payment charges
4.4
4.6
Gross total
217.0
220.0
Less: staff costs capitalised to intangible assets and property, plant and equipment
(55.7)
(64.6)
Total employee benefit expenses
161.3
155.4
7.2 Average employee numbers (including Directors)
2025
2024
Number
Number
By activity:
Fashion
923
921
Operations
1,271
1,168
Technology
780
938
2,974
3,027
Details of key management compensation can be found in Note 26 and within the Directors\u2019 Remuneration Report on pages 97 to 108.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-406": { "value": "8 Finance income and expenses
2025
2024
\u00a3m
\u00a3m
Finance income
Interest on deposits
4.8\ue01d
12.0
Finance expenses
Interest on borrowings
(66.9)
(58.5)
IFRS 16 lease interest
(6.4)
(5.5)
Provisions \u2013 unwind of discount
(3.8)
(3.1)
Interest capitalised
3.0\ue01d
7.7
Total finance expenses
(74.1)
(59.4)
Net finance expenses
(69.3)
(47.4)
Material accounting policies Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-403": { "value": "8 Finance income and expenses
2025
2024
\u00a3m
\u00a3m
Finance income
Interest on deposits
4.8\ue01d
12.0
Finance expenses
Interest on borrowings
(66.9)
(58.5)
IFRS 16 lease interest
(6.4)
(5.5)
Provisions \u2013 unwind of discount
(3.8)
(3.1)
Interest capitalised
3.0\ue01d
7.7
Total finance expenses
(74.1)
(59.4)
Net finance expenses
(69.3)
(47.4)
Material accounting policies Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-398": { "value": "8 Finance income and expenses
2025
2024
\u00a3m
\u00a3m
Finance income
Interest on deposits
4.8\ue01d
12.0
Finance expenses
Interest on borrowings
(66.9)
(58.5)
IFRS 16 lease interest
(6.4)
(5.5)
Provisions \u2013 unwind of discount
(3.8)
(3.1)
Interest capitalised
3.0\ue01d
7.7
Total finance expenses
(74.1)
(59.4)
Net finance expenses
(69.3)
(47.4)
Material accounting policies Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-386": { "value": "8 Finance income and expenses
2025
2024
\u00a3m
\u00a3m
Finance income
Interest on deposits
4.8\ue01d
12.0
Finance expenses
Interest on borrowings
(66.9)
(58.5)
IFRS 16 lease interest
(6.4)
(5.5)
Provisions \u2013 unwind of discount
(3.8)
(3.1)
Interest capitalised
3.0\ue01d
7.7
Total finance expenses
(74.1)
(59.4)
Net finance expenses
(69.3)
(47.4)
Material accounting policies Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-363": { "value": "8 Finance income and expenses
2025
2024
\u00a3m
\u00a3m
Finance income
Interest on deposits
4.8\ue01d
12.0
Finance expenses
Interest on borrowings
(66.9)
(58.5)
IFRS 16 lease interest
(6.4)
(5.5)
Provisions \u2013 unwind of discount
(3.8)
(3.1)
Interest capitalised
3.0\ue01d
7.7
Total finance expenses
(74.1)
(59.4)
Net finance expenses
(69.3)
(47.4)
Material accounting policies Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-337": { "value": "8 Finance income and expenses
2025
2024
\u00a3m
\u00a3m
Finance income
Interest on deposits
4.8\ue01d
12.0
Finance expenses
Interest on borrowings
(66.9)
(58.5)
IFRS 16 lease interest
(6.4)
(5.5)
Provisions \u2013 unwind of discount
(3.8)
(3.1)
Interest capitalised
3.0\ue01d
7.7
Total finance expenses
(74.1)
(59.4)
Net finance expenses
(69.3)
(47.4)
Material accounting policies Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-431": { "value": "Material accounting policies Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-422": { "value": "Material accounting policies Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-408": { "value": "Material accounting policies Finance income and expenses are recognised in the consolidated income statement for financial instruments measured at amortised cost, using the effective interest rate method. Finance expenses directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-338": { "value": "
9 Taxation
9.1 Income statement
2025
2024
\u00a3m
\u00a3m
Current year UK tax
\u2013
\u2013
Current year overseas tax
0.6
3.6
Adjustment in respect of prior year corporation tax
(5.5)
(4.4)
Total current tax credit
(4.9)
(0.8)
Origination and reversal of temporary differences
15.3
(42.4)
Adjustment in respect of prior years
6.4
2.6
Total deferred tax charge/(credit)
21.7
(39.8)
Total income tax charge/(credit) in income statement
16.8
(40.6)
Analysed as:
Tax on adjusted loss
(2.3)
(2.6)
Tax on adjusting items
19.1
(38.0)
Total income tax charge/(credit) in income statement
16.8
(40.6)
Effective tax rate
(6.0%)
10.7%
Reconciliation of tax credit
The effective tax rate of (6.0%) (2024: 10.7%) is lower than (2024: lower than) the rate of corporation tax in the UK of 25.0% (2024: 25.0%).
The differences are explained below:
2025
2024
\u00a3m
\u00a3m
Loss before tax
(281.6)
(379.3)
Tax on loss at standard rate of UK corporation tax of 25% (2024: 25%)
(70.4)
(94.8)
Effects of:
Expenses not deductible for taxation purposes
9.7
2.0
Rate differences: overseas tax
0.9
0.2
Tax adjustments on share-based payments
0.9
1.3
Adjustment in respect of prior years
1.1
(1.6)
Unrecognised deferred tax assets
74.6
52.3
Total income tax charge/(credit) in the income statement
16.8
(40.6)
Expenses not deductible for taxation purposes includes \u00a34.0m in respect of non-capitalised asset spend following the decision during the
year to vacate the Atlanta fulfilment centre. Refer to Note 3 for further information.
Pillar two disclosures
2025 is the first year that ASOS falls within the scope of the Pillar Two income taxes legislation. Under this legislation, the Parent
Company is required to pay, in the UK, top-up tax on profits of its subsidiaries and any UK profits that are taxed at an effective tax rate
below 15%. This legislation is not anticipated to have a material impact on the financial position of the Group, as the jurisdictions in which
the Group operates, including the UK, apply tax rates above 15%.
For the year ended 31 August 2025, the transitional safe harbour provisions apply, and no top-up taxes have arisen. The Group continues
to assess the impact of the Pillar Two income taxes legislation on its future financial performance, and has not recognised any deferred
tax assets or liabilities related to Pillar two income taxes, in accordance with the temporary exception issued by the IASB in May 2023.
9.2 Tax recognised in other comprehensive income
2025
2024
\u00a3m
\u00a3m
Deferred tax credit on movement of derivative financial instruments
(3.3)
(4.0)
9.3 Tax recognised in the statement of changes in equity
2025
2024
\u00a3m
\u00a3m
Deferred tax (credit)/charge on movement in tax base of share awards
(0.1)
0.1
9.4 Deferred tax analysis The movements in deferred tax assets and liabilities during the year, prior to the offsetting of the balances within the same tax jurisdiction, are shown below:
Accelerated Derivatives Corporate Research and
capital Share-based and foreign Interest development
allowances payments
exchange
Losses
Restriction
expenditure credit
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 2 September 2024
(23.7)
(0.9)
(1.7)
88.8
23.7
(16.8)
(6.9)
62.5
Credit/(charge) to income statement
32.3
0.4
\u2013
(71.4)
3.2
2.3
11.5
(21.7)
Credit to other comprehensive income
-
-
3.3
\u2013
\u2013
\u2013
\u2013
3.3
Credit to equity
-
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
Balance sheet reclass
-
-
\u2013
\u2013
\u2013
0.5
\u2013
0.5
As at 31 August 2025
8.6
(0.4)
1.6
17.4
26.9
(14.0)
4.6
44.7
As at 4 September 2023
(34.3)
(0.2)
(5.7)
84.9
\u2013
(19.9)
(7.0)
17.8
Credit/(charge) to income statement
10.6
(0.6)
\u2013
3.9
23.7
2.1
0.1
39.8
Credit to other comprehensive income
-
-
4.0
\u2013
\u2013
\u2013
\u2013
4.0
Charge to equity
-
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.1)
Balance sheet credit for withheld tax
-
-
\u2013
\u2013
\u2013
1.0
\u2013
1.0
As at 1 September 2024
(23.7)
(0.9)
(1.7)
88.8
23.7
(16.8)
(6.9)
62.5
The other deferred tax liability comprises:
2025
2024
\u00a3m
\u00a3m
Unpaid pension expenses
0.2
0.4
Capitalised borrowing costs
(3.0)
(5.8)
Temporary differences arising on acquired customer relationships
\u2013
(3.4)
Temporary deductions arising on the amortisation of acquired brands
\u2013
(1.1)
Temporary differences arising as a result of IFRS 16
4.0
3.0
Dilapidation provisions
4.0
\u2013
Other
(0.6)
\u2013
4.6
(6.9)
Deferred tax assets and liabilities have been offset where they are due to reverse in the same jurisdiction. The following is the analysis of the deferred tax balances (after offset):
2025
2024
\u00a3m
\u00a3m
Deferred tax \u2013 US
7.4
3.2
Deferred tax \u2013 UK
37.3
59.3
44.7
62.5
9.5 Climate change The Group has considered the potential impacts of climate risks as disclosed within the Sustainability \u2013 Planet section on pages 22 to 27. While estimated impacts to either revenue or costs (and therefore profit) are noted, they are significantly lower than the existing risk adjustments already applied (refer to the key sources of estimation uncertainty \u2013 recognition of deferred tax assets section on the following page for further information), which are used to factor in a range of uncertainties and financial sensitivities, including potential climate-related impacts. As a result climate risks are effectively encompassed within the broader risk adjustments already applied, and it is not considered that climate change-related risks result in any changes to the recognition of deferred tax assets. Material accounting policies Current tax Current tax is accounted for on the basis of tax laws enacted or substantively enacted at the balance sheet date. Current tax is charged or credited to the income statement, except when it relates to items charged to equity or other comprehensive income. Deferred tax Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset realised based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity or other comprehensive income. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Current and deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority, on either the taxable entity or different taxable entities, and where there is an intention to settle the balances on a net basis. Key sources of estimation uncertainty Recognition of deferred tax assets In accordance with IAS 12 Income Taxes, the Company recognises deferred tax assets to the extent that it is probable that future taxable profit will be available, against which the deductible temporary differences and the carry-forward of unused tax losses can be utilised. In line therefore with the judgements and estimates disclosed with going concern (refer to Note 2.2) and impairment (refer to Note 15), the recognition of deferred tax assets requires the Group to make significant estimates about the future profitability of its operations. In determining the amount of deferred tax assets recognised, management makes estimates of future taxable profits and the likelihood of their being recovered within a reasonably foreseeable timeframe, being a minimum of five years, aligned to the Group\u2019s strategic planning process. In making these estimates, management considers the current and projected financial performance of the Group, including profit margins, revenue growth, and cost management strategies, which are derived from management forecasts and consistent with those used as part of the Group\u2019s going concern and impairment assessments. Risk adjustments are then applied, with a greater adjustment applied to periods where there is less evidence of profits, in particular, those further in the future. The Group also considers the timing and amount of deductible temporary differences. As at 31 August 2025, the Group has net deferred tax assets of \u00a3171.6m, of which \u00a344.7m have been recognised. Deferred tax assets relating to temporary differences and unused tax losses of \u00a3507.9m (\u00a3126.9m tax effected) have not been recognised. The deferred tax assets have no expiry date and the Group believes that it is probable that future taxable profits, together with the reversal of existing temporary differences, will be sufficient to utilise the recognised deferred tax assets, however actual outcomes could differ from these estimates due to changes in the factors mentioned above. A movement of +/-10% in forecast taxable profits would increase/(decrease) the amount of deferred tax assets recognised by \u00a36.7m/\u00a3(6.4m), and is considered a reasonable possible change. The unrecognised deferred tax assets relate to losses on a mix of adjusted and non-adjusted items. Therefore, the \u00a374.6m charge relating to unrecognised deferred tax assets has been apportioned between adjusted and reported profit in proportion to the total tax losses arising within each category, with \u00a354.9m recognised outside adjusted profit, and \u00a319.7m within adjusted profit. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-364": { "value": "
9.4 Deferred tax analysis
The movements in deferred tax assets and liabilities during the year, prior to the offsetting of the balances within the same tax jurisdiction,
are shown below:
Accelerated Derivatives Corporate Research and
capital Share-based and foreign Interest development
allowances payments
exchange
Losses
Restriction
expenditure credit
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 2 September 2024
(23.7)
(0.9)
(1.7)
88.8
23.7
(16.8)
(6.9)
62.5
Credit/(charge) to income statement
32.3
0.4
\u2013
(71.4)
3.2
2.3
11.5
(21.7)
Credit to other comprehensive income
-
-
3.3
\u2013
\u2013
\u2013
\u2013
3.3
Credit to equity
-
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
Balance sheet reclass
-
-
\u2013
\u2013
\u2013
0.5
\u2013
0.5
As at 31 August 2025
8.6
(0.4)
1.6
17.4
26.9
(14.0)
4.6
44.7
As at 4 September 2023
(34.3)
(0.2)
(5.7)
84.9
\u2013
(19.9)
(7.0)
17.8
Credit/(charge) to income statement
10.6
(0.6)
\u2013
3.9
23.7
2.1
0.1
39.8
Credit to other comprehensive income
-
-
4.0
\u2013
\u2013
\u2013
\u2013
4.0
Charge to equity
-
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.1)
Balance sheet credit for withheld tax
-
-
\u2013
\u2013
\u2013
1.0
\u2013
1.0
As at 1 September 2024
(23.7)
(0.9)
(1.7)
88.8
23.7
(16.8)
(6.9)
62.5
The other deferred tax liability comprises:
2025
2024
\u00a3m
\u00a3m
Unpaid pension expenses
0.2
0.4
Capitalised borrowing costs
(3.0)
(5.8)
Temporary differences arising on acquired customer relationships
\u2013
(3.4)
Temporary deductions arising on the amortisation of acquired brands
\u2013
(1.1)
Temporary differences arising as a result of IFRS 16
4.0
3.0
Dilapidation provisions
4.0
\u2013
Other
(0.6)
\u2013
4.6
(6.9)
Deferred tax assets and liabilities have been offset where they are due to reverse in the same jurisdiction. The following is the analysis of
the deferred tax balances (after offset):
2025
2024
\u00a3m
\u00a3m
Deferred tax \u2013 US
7.4
3.2
Deferred tax \u2013 UK
37.3
59.3
44.7
62.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-387": { "value": "9.4 Deferred tax analysis The movements in deferred tax assets and liabilities during the year, prior to the offsetting of the balances within the same tax jurisdiction, are shown below:
Accelerated Derivatives Corporate Research and
capital Share-based and foreign Interest development
allowances payments
exchange
Losses
Restriction
expenditure credit
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 2 September 2024
(23.7)
(0.9)
(1.7)
88.8
23.7
(16.8)
(6.9)
62.5
Credit/(charge) to income statement
32.3
0.4
\u2013
(71.4)
3.2
2.3
11.5
(21.7)
Credit to other comprehensive income
-
-
3.3
\u2013
\u2013
\u2013
\u2013
3.3
Credit to equity
-
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
Balance sheet reclass
-
-
\u2013
\u2013
\u2013
0.5
\u2013
0.5
As at 31 August 2025
8.6
(0.4)
1.6
17.4
26.9
(14.0)
4.6
44.7
As at 4 September 2023
(34.3)
(0.2)
(5.7)
84.9
\u2013
(19.9)
(7.0)
17.8
Credit/(charge) to income statement
10.6
(0.6)
\u2013
3.9
23.7
2.1
0.1
39.8
Credit to other comprehensive income
-
-
4.0
\u2013
\u2013
\u2013
\u2013
4.0
Charge to equity
-
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.1)
Balance sheet credit for withheld tax
-
-
\u2013
\u2013
\u2013
1.0
\u2013
1.0
As at 1 September 2024
(23.7)
(0.9)
(1.7)
88.8
23.7
(16.8)
(6.9)
62.5
The other deferred tax liability comprises:
2025
2024
\u00a3m
\u00a3m
Unpaid pension expenses
0.2
0.4
Capitalised borrowing costs
(3.0)
(5.8)
Temporary differences arising on acquired customer relationships
\u2013
(3.4)
Temporary deductions arising on the amortisation of acquired brands
\u2013
(1.1)
Temporary differences arising as a result of IFRS 16
4.0
3.0
Dilapidation provisions
4.0
\u2013
Other
(0.6)
\u2013
4.6
(6.9)
Deferred tax assets and liabilities have been offset where they are due to reverse in the same jurisdiction. The following is the analysis of the deferred tax balances (after offset):
2025
2024
\u00a3m
\u00a3m
Deferred tax \u2013 US
7.4
3.2
Deferred tax \u2013 UK
37.3
59.3
44.7
62.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-409": { "value": "Material accounting policies Current tax Current tax is accounted for on the basis of tax laws enacted or substantively enacted at the balance sheet date. Current tax is charged or credited to the income statement, except when it relates to items charged to equity or other comprehensive income. Deferred tax Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset realised based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity or other comprehensive income. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Current and deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority, on either the taxable entity or different taxable entities, and where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-423": { "value": "Deferred tax Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset realised based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity or other comprehensive income. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Current and deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority, on either the taxable entity or different taxable entities, and where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-339": { "value": "
10 Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of the Parent Company ASOS Plc by the weighted
average number of ordinary shares in issue during the year. Own shares held by the Employee Benefit Trust and Link Market Trust are
excluded from the weighted average number of ordinary shares.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue for the effects of all
potentially dilutive ordinary shares. However, as the Group incurred a loss during the year, the impact of potential ordinary shares is
anti-dilutive and therefore has not been included in the calculation of diluted loss per share. As a result, basic and diluted loss per share
are the same for the current year.
2025
2024
Weighted average number of shares in issue \u2013 basic and diluted
119,294,826
119,085,260
Loss for the year (\u00a3m)
(298.4)
(338.7)
Basic and diluted loss per share (pence per share)
(250.1)
(284.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-340": { "value": "
11 Goodwill and other intangible assets
Brands and
domain Customer Assets under
Goodwill names
relationships
Software
construction
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
As at 2 September 2024
35.5
31.7
24.4
966.2
14.8
1,072.6
Additions
\u2013
\u2013
\u2013
75.7
7.3
83.0
Transfers
\u2013
\u2013
\u2013
8.7
(8.7)
\u2013
As at 31 August 2025
35.5
31.7
24.4
1,050.6
13.4
1,155.6
Accumulated amortisation and
impairment
As at 2 September 2024
0.3
5.1
10.8
539.9
2.5
558.6
Amortisation expense
\u2013
1.4
3.0
111.1
\u2013
115.5
Impairment charge
\u2013
\u2013
\u2013
3.1
4.8
7.9
As at 31 August 2025
0.3
6.5
13.8
654.1
7.3
682.0
Net book value at 31 August 2025
35.2
25.2
10.6
396.5
6.1
473.6
Cost
As at 4 September 2023
35.5
219.6
24.4
863.5
19.0
1,162.0
Additions
\u2013
\u2013
\u2013
90.6
7.9
98.5
Transfer to assets held for sale
\u2013
(187.9)
\u2013
\u2013
\u2013
(187.9)
Transfers
\u2013
\u2013
\u2013
12.1
(12.1)
\u2013
As at 1 September 2024
35.5
31.7
24.4
966.2
14.8
1,072.6
Accumulated amortisation and impairment
As at 4 September 2023
0.3
19.8
7.8
431.5
2.1
461.5
Amortisation expense
\u2013
7.7
3.0
106.6
\u2013
117.3
Transfer to assets held for sale
\u2013
(22.4)
\u2013
\u2013
\u2013
(22.4)
Impairment charge
\u2013
\u2013
\u2013
1.8
0.4
2.2
As at 1 September 2024
0.3
5.1
10.8
539.9
2.5
558.6
Net book value at 1 September 2024
35.2
26.6
13.6
426.3
12.3
514.0
Intangible assets under construction relates to spend on software-based projects, including the enhancement of the Group\u2019s mobile
apps/website, and other software. No individual projects are material in value.
Material accounting policies Goodwill Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the business combinations at the date of acquisition. Goodwill is considered to have an indefinite useful life. Goodwill is tested for impairment annually and again whenever indicators of impairment are detected and is carried at cost less any provision for impairment. Brands and customer relationships Acquired brands and customer relationships are initially recognised at fair value as part of a business combination. These are subsequently amortised based on their expected useful lives on a straight-line basis. Amortisation is included within administrative expenses in the consolidated income statement. These assets are assessed for impairment if there is a triggering event. Any impairment in value is charged to the consolidated income statement in the year in which it occurs. Acquired brands and customer relationships relate to the HIIT and Miss Selfridge brand names and wholesale customer relationships acquired from the Arcadia Group and are amortised over their expected useful lives of between 8 and 30 years. Software Capitalised software development costs are stated at historic cost less accumulated amortisation and impairment. Amortisation is calculated on a straight-line basis over the assets\u2019 expected economic lives of between 3 to 15 years and recognised within administrative expenses in the consolidated income statement. The cost of acquiring and developing software that is not integral to the related hardware is capitalised separately as an intangible asset. This does not include internal website development and maintenance costs, which are expensed as incurred unless representing a technological advance leading to future economic benefit. Capitalised software costs include external direct costs of material and services and the payroll and payroll-related costs for employees who are directly associated with the project. For Software as a Service (SaaS) arrangements configuration and customisation costs are capitalised in the following instances as intangible assets within software: The Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. The costs incurred meet the definition of and recognition criteria for an intangible asset. This includes, for example, the development of software code that enhances or modifies, or creates additional capability to, existing systems controlled by the Group. Where these conditions are not met, costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Assets under construction Software under development is held at cost less any recognised impairment loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-388": { "value": "11 Goodwill and other intangible assets
Brands and
domain Customer Assets under
Goodwill names
relationships
Software
construction
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
As at 2 September 2024
35.5
31.7
24.4
966.2
14.8
1,072.6
Additions
\u2013
\u2013
\u2013
75.7
7.3
83.0
Transfers
\u2013
\u2013
\u2013
8.7
(8.7)
\u2013
As at 31 August 2025
35.5
31.7
24.4
1,050.6
13.4
1,155.6
Accumulated amortisation and
impairment
As at 2 September 2024
0.3
5.1
10.8
539.9
2.5
558.6
Amortisation expense
\u2013
1.4
3.0
111.1
\u2013
115.5
Impairment charge
\u2013
\u2013
\u2013
3.1
4.8
7.9
As at 31 August 2025
0.3
6.5
13.8
654.1
7.3
682.0
Net book value at 31 August 2025
35.2
25.2
10.6
396.5
6.1
473.6
Cost
As at 4 September 2023
35.5
219.6
24.4
863.5
19.0
1,162.0
Additions
\u2013
\u2013
\u2013
90.6
7.9
98.5
Transfer to assets held for sale
\u2013
(187.9)
\u2013
\u2013
\u2013
(187.9)
Transfers
\u2013
\u2013
\u2013
12.1
(12.1)
\u2013
As at 1 September 2024
35.5
31.7
24.4
966.2
14.8
1,072.6
Accumulated amortisation and impairment
As at 4 September 2023
0.3
19.8
7.8
431.5
2.1
461.5
Amortisation expense
\u2013
7.7
3.0
106.6
\u2013
117.3
Transfer to assets held for sale
\u2013
(22.4)
\u2013
\u2013
\u2013
(22.4)
Impairment charge
\u2013
\u2013
\u2013
1.8
0.4
2.2
As at 1 September 2024
0.3
5.1
10.8
539.9
2.5
558.6
Net book value at 1 September 2024
35.2
26.6
13.6
426.3
12.3
514.0
Intangible assets under construction relates to spend on software-based projects, including the enhancement of the Group\u2019s mobile apps/website, and other software. No individual projects are material in value. Material accounting policies Goodwill Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the business combinations at the date of acquisition. Goodwill is considered to have an indefinite useful life. Goodwill is tested for impairment annually and again whenever indicators of impairment are detected and is carried at cost less any provision for impairment. Brands and customer relationships Acquired brands and customer relationships are initially recognised at fair value as part of a business combination. These are subsequently amortised based on their expected useful lives on a straight-line basis. Amortisation is included within administrative expenses in the consolidated income statement. These assets are assessed for impairment if there is a triggering event. Any impairment in value is charged to the consolidated income statement in the year in which it occurs. Acquired brands and customer relationships relate to the HIIT and Miss Selfridge brand names and wholesale customer relationships acquired from the Arcadia Group and are amortised over their expected useful lives of between 8 and 30 years. Software Capitalised software development costs are stated at historic cost less accumulated amortisation and impairment. Amortisation is calculated on a straight-line basis over the assets\u2019 expected economic lives of between 3 to 15 years and recognised within administrative expenses in the consolidated income statement. The cost of acquiring and developing software that is not integral to the related hardware is capitalised separately as an intangible asset. This does not include internal website development and maintenance costs, which are expensed as incurred unless representing a technological advance leading to future economic benefit. Capitalised software costs include external direct costs of material and services and the payroll and payroll-related costs for employees who are directly associated with the project. For Software as a Service (SaaS) arrangements configuration and customisation costs are capitalised in the following instances as intangible assets within software: The Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. The costs incurred meet the definition of and recognition criteria for an intangible asset. This includes, for example, the development of software code that enhances or modifies, or creates additional capability to, existing systems controlled by the Group. Where these conditions are not met, costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Assets under construction Software under development is held at cost less any recognised impairment loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-365": { "value": "11 Goodwill and other intangible assets
Brands and
domain Customer Assets under
Goodwill names
relationships
Software
construction
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
As at 2 September 2024
35.5
31.7
24.4
966.2
14.8
1,072.6
Additions
\u2013
\u2013
\u2013
75.7
7.3
83.0
Transfers
\u2013
\u2013
\u2013
8.7
(8.7)
\u2013
As at 31 August 2025
35.5
31.7
24.4
1,050.6
13.4
1,155.6
Accumulated amortisation and
impairment
As at 2 September 2024
0.3
5.1
10.8
539.9
2.5
558.6
Amortisation expense
\u2013
1.4
3.0
111.1
\u2013
115.5
Impairment charge
\u2013
\u2013
\u2013
3.1
4.8
7.9
As at 31 August 2025
0.3
6.5
13.8
654.1
7.3
682.0
Net book value at 31 August 2025
35.2
25.2
10.6
396.5
6.1
473.6
Cost
As at 4 September 2023
35.5
219.6
24.4
863.5
19.0
1,162.0
Additions
\u2013
\u2013
\u2013
90.6
7.9
98.5
Transfer to assets held for sale
\u2013
(187.9)
\u2013
\u2013
\u2013
(187.9)
Transfers
\u2013
\u2013
\u2013
12.1
(12.1)
\u2013
As at 1 September 2024
35.5
31.7
24.4
966.2
14.8
1,072.6
Accumulated amortisation and impairment
As at 4 September 2023
0.3
19.8
7.8
431.5
2.1
461.5
Amortisation expense
\u2013
7.7
3.0
106.6
\u2013
117.3
Transfer to assets held for sale
\u2013
(22.4)
\u2013
\u2013
\u2013
(22.4)
Impairment charge
\u2013
\u2013
\u2013
1.8
0.4
2.2
As at 1 September 2024
0.3
5.1
10.8
539.9
2.5
558.6
Net book value at 1 September 2024
35.2
26.6
13.6
426.3
12.3
514.0
Intangible assets under construction relates to spend on software-based projects, including the enhancement of the Group\u2019s mobile apps/website, and other software. No individual projects are material in value. Material accounting policies Goodwill Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the business combinations at the date of acquisition. Goodwill is considered to have an indefinite useful life. Goodwill is tested for impairment annually and again whenever indicators of impairment are detected and is carried at cost less any provision for impairment. Brands and customer relationships Acquired brands and customer relationships are initially recognised at fair value as part of a business combination. These are subsequently amortised based on their expected useful lives on a straight-line basis. Amortisation is included within administrative expenses in the consolidated income statement. These assets are assessed for impairment if there is a triggering event. Any impairment in value is charged to the consolidated income statement in the year in which it occurs. Acquired brands and customer relationships relate to the HIIT and Miss Selfridge brand names and wholesale customer relationships acquired from the Arcadia Group and are amortised over their expected useful lives of between 8 and 30 years. Software Capitalised software development costs are stated at historic cost less accumulated amortisation and impairment. Amortisation is calculated on a straight-line basis over the assets\u2019 expected economic lives of between 3 to 15 years and recognised within administrative expenses in the consolidated income statement. The cost of acquiring and developing software that is not integral to the related hardware is capitalised separately as an intangible asset. This does not include internal website development and maintenance costs, which are expensed as incurred unless representing a technological advance leading to future economic benefit. Capitalised software costs include external direct costs of material and services and the payroll and payroll-related costs for employees who are directly associated with the project. For Software as a Service (SaaS) arrangements configuration and customisation costs are capitalised in the following instances as intangible assets within software: The Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. The costs incurred meet the definition of and recognition criteria for an intangible asset. This includes, for example, the development of software code that enhances or modifies, or creates additional capability to, existing systems controlled by the Group. Where these conditions are not met, costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Assets under construction Software under development is held at cost less any recognised impairment loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-410": { "value": "Material accounting policies Goodwill Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the business combinations at the date of acquisition. Goodwill is considered to have an indefinite useful life. Goodwill is tested for impairment annually and again whenever indicators of impairment are detected and is carried at cost less any provision for impairment. Brands and customer relationships Acquired brands and customer relationships are initially recognised at fair value as part of a business combination. These are subsequently amortised based on their expected useful lives on a straight-line basis. Amortisation is included within administrative expenses in the consolidated income statement. These assets are assessed for impairment if there is a triggering event. Any impairment in value is charged to the consolidated income statement in the year in which it occurs. Acquired brands and customer relationships relate to the HIIT and Miss Selfridge brand names and wholesale customer relationships acquired from the Arcadia Group and are amortised over their expected useful lives of between 8 and 30 years. Software Capitalised software development costs are stated at historic cost less accumulated amortisation and impairment. Amortisation is calculated on a straight-line basis over the assets\u2019 expected economic lives of between 3 to 15 years and recognised within administrative expenses in the consolidated income statement. The cost of acquiring and developing software that is not integral to the related hardware is capitalised separately as an intangible asset. This does not include internal website development and maintenance costs, which are expensed as incurred unless representing a technological advance leading to future economic benefit. Capitalised software costs include external direct costs of material and services and the payroll and payroll-related costs for employees who are directly associated with the project. For Software as a Service (SaaS) arrangements configuration and customisation costs are capitalised in the following instances as intangible assets within software: The Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. The costs incurred meet the definition of and recognition criteria for an intangible asset. This includes, for example, the development of software code that enhances or modifies, or creates additional capability to, existing systems controlled by the Group. Where these conditions are not met, costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Assets under construction Software under development is held at cost less any recognised impairment loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-432": { "value": "Goodwill Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the business combinations at the date of acquisition. Goodwill is considered to have an indefinite useful life. Goodwill is tested for impairment annually and again whenever indicators of impairment are detected and is carried at cost less any provision for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-425": { "value": "Goodwill Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the business combinations at the date of acquisition. Goodwill is considered to have an indefinite useful life. Goodwill is tested for impairment annually and again whenever indicators of impairment are detected and is carried at cost less any provision for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-424": { "value": "Brands and customer relationships Acquired brands and customer relationships are initially recognised at fair value as part of a business combination. These are subsequently amortised based on their expected useful lives on a straight-line basis. Amortisation is included within administrative expenses in the consolidated income statement. These assets are assessed for impairment if there is a triggering event. Any impairment in value is charged to the consolidated income statement in the year in which it occurs. Acquired brands and customer relationships relate to the HIIT and Miss Selfridge brand names and wholesale customer relationships acquired from the Arcadia Group and are amortised over their expected useful lives of between 8 and 30 years. Software Capitalised software development costs are stated at historic cost less accumulated amortisation and impairment. Amortisation is calculated on a straight-line basis over the assets\u2019 expected economic lives of between 3 to 15 years and recognised within administrative expenses in the consolidated income statement. The cost of acquiring and developing software that is not integral to the related hardware is capitalised separately as an intangible asset. This does not include internal website development and maintenance costs, which are expensed as incurred unless representing a technological advance leading to future economic benefit. Capitalised software costs include external direct costs of material and services and the payroll and payroll-related costs for employees who are directly associated with the project. For Software as a Service (SaaS) arrangements configuration and customisation costs are capitalised in the following instances as intangible assets within software: The Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. The costs incurred meet the definition of and recognition criteria for an intangible asset. This includes, for example, the development of software code that enhances or modifies, or creates additional capability to, existing systems controlled by the Group. Where these conditions are not met, costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Assets under construction Software under development is held at cost less any recognised impairment loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-341": { "value": "
12 Property, plant and equipment
Fixtures,
fittings, plant and Assets under
machinery
Computer hardware
construction
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
As at 2 September 2024
412.1
45.3
150.9
608.3
Additions
2.4
0.6
3.5
6.5
Disposals
\u2013
\u2013
(0.1)
(0.1)
Transfers
0.3
\u2013
(0.3)
\u2013
As at 31 August 2025
414.8
45.9
154.0
614.7
Accumulated depreciation and
impairment
As at 2 September 2024
218.9
37.9
68.3
325.1
Depreciation expense
21.9
4.8
\u2013
26.7
Impairment charge
22.6
1.7
85.2
109.5
As at 31 August 2025
263.4
44.4
153.5
461.3
Net book value at 31 August 2025
151.4
1.5
0.5
153.4
Cost
As at 4 September 2023
410.7
43.0
109.2
562.9
Additions
1.2
4.0
42.0
47.2
Disposals
\u2013
(1.8)
\u2013
(1.8)
Transfers
0.2
0.1
(0.3)
\u2013
As at 1 September 2024
412.1
45.3
150.9
608.3
Accumulated depreciation and impairment
As at 4 September 2023
165.4
32.1
2.8
200.3
Depreciation expense
22.5
6.4
\u2013
28.9
Disposals
\u2013
(1.8)
\u2013
(1.8)
Impairment charge
31.0
1.2
65.5
97.7
As at 1 September 2024
218.9
37.9
68.3
325.1
Net book value at 1 September 2024
193.2
7.4
82.6
283.2
Refer to Note 3 for details of impairments.
12.1 Interest capitalised
2025
2024
\u00a3m
\u00a3m
Included within additions
3.0
7.7
Accumulated capitalised interest (net of disposals) included within cost
17.7
14.7
Accumulated capitalised interest (net of disposals) held within net book value
\u2013
9.3
Capitalisation rate
7.8%
7.9%
The accumulated capitalised interest held within net book value is \u00a3nil at year end, following the impairment of the Atlanta fulfilment
centre which was the only qualifying asset containing capitalised interest.
12.2 Climate change
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. This includes
consideration over climate-related risks which may impact the useful lives of the Group\u2019s assets, such as the impact of acute weather
events on fulfilment centres. During the period, no changes were made to the remaining useful lives of the Group\u2019s assets as a result of
climate-related risks.
Material accounting policies Carrying value Property, plant and equipment is stated at historical cost less accumulated depreciation and any recognised provision for impairment. Capital work in progress is held at cost less any recognised provision for impairment. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for intended use. Depreciation Property, plant and equipment is depreciated on a straight-line basis to its residual value over its anticipated economic useful life of:
Fixtures, fittings, plant and machinery
5 to 15 years
Computer hardware
3 to 5 years
Impairment Property, plant and equipment are tested for impairment in accordance with the policy for impairment of non-financial assets disclosed in Note 15. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-411": { "value": "Material accounting policies Carrying value Property, plant and equipment is stated at historical cost less accumulated depreciation and any recognised provision for impairment. Capital work in progress is held at cost less any recognised provision for impairment. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for intended use. Depreciation Property, plant and equipment is depreciated on a straight-line basis to its residual value over its anticipated economic useful life of:
Fixtures, fittings, plant and machinery
5 to 15 years
Computer hardware
3 to 5 years
Impairment Property, plant and equipment are tested for impairment in accordance with the policy for impairment of non-financial assets disclosed in Note 15. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-426": { "value": "Carrying value Property, plant and equipment is stated at historical cost less accumulated depreciation and any recognised provision for impairment. Capital work in progress is held at cost less any recognised provision for impairment. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for intended use. Depreciation Property, plant and equipment is depreciated on a straight-line basis to its residual value over its anticipated economic useful life of:
Fixtures, fittings, plant and machinery
5 to 15 years
Computer hardware
3 to 5 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-433": { "value": "Impairment Property, plant and equipment are tested for impairment in accordance with the policy for impairment of non-financial assets disclosed in Note 15. Material accounting policies Goodwill Goodwill is not amortised but is reviewed for impairment at least annually (or more frequently where there is an indication that the asset may be impaired) by assessing the recoverable amount of each CGU, or group of CGUs, to which the goodwill relates. Impairment is assessed by measuring the recoverable amount of the CGU, calculated as the higher of fair value less cost to dispose and value-in-use. Where the carrying value of the CGU exceeds the recoverable amount an impairment loss is recognised in the income statement. The impairment charge is allocated first against goodwill and then pro-rata over other assets within the CGU by reference to the carrying amount of each remaining asset in the unit. Impairment losses recognised for goodwill are not subsequently reversed. Goodwill at ASOS predominantly relates to that recognised as part of the acquisition of Arcadia and is monitored on an entity-wide basis at the reporting segment level as a singular CGU, the ASOS Group CGU. Other non-financial assets Property, plant and equipment (PPE), right-of-use assets, and finite-lived intangible assets are assessed on an ongoing basis to determine whether there is an indication that the net book value is no longer supportable. If any such indication exists, the recoverable amount of the asset, being the higher of its fair value less costs to dispose and its value-in-use, is estimated in order to determine the extent of the impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement. Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised for the asset (or CGU) in prior periods. A reversal of an impairment loss is recognised immediately as a credit to the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-427": { "value": "Impairment Property, plant and equipment are tested for impairment in accordance with the policy for impairment of non-financial assets disclosed in Note 15. Material accounting policies Goodwill Goodwill is not amortised but is reviewed for impairment at least annually (or more frequently where there is an indication that the asset may be impaired) by assessing the recoverable amount of each CGU, or group of CGUs, to which the goodwill relates. Impairment is assessed by measuring the recoverable amount of the CGU, calculated as the higher of fair value less cost to dispose and value-in-use. Where the carrying value of the CGU exceeds the recoverable amount an impairment loss is recognised in the income statement. The impairment charge is allocated first against goodwill and then pro-rata over other assets within the CGU by reference to the carrying amount of each remaining asset in the unit. Impairment losses recognised for goodwill are not subsequently reversed. Goodwill at ASOS predominantly relates to that recognised as part of the acquisition of Arcadia and is monitored on an entity-wide basis at the reporting segment level as a singular CGU, the ASOS Group CGU. Other non-financial assets Property, plant and equipment (PPE), right-of-use assets, and finite-lived intangible assets are assessed on an ongoing basis to determine whether there is an indication that the net book value is no longer supportable. If any such indication exists, the recoverable amount of the asset, being the higher of its fair value less costs to dispose and its value-in-use, is estimated in order to determine the extent of the impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement. Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised for the asset (or CGU) in prior periods. A reversal of an impairment loss is recognised immediately as a credit to the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-342": { "value": "
13 Leases
The Group currently holds leases for its fulfilment centres and office space. Leases typically run for terms of between 10 and 20 years
and may include break clauses or options to renew beyond the non-cancellable period. The majority of the Group\u2019s leases are subject to
market review, usually every 5 years.
13.1 Right-of-use assets
2025
2024
\u00a3m
\u00a3m
At the beginning of the year
254.0
295.2
Remeasurements / modifications
(42.2)
(11.2)
Depreciation expense
(24.0)
(25.1)
Impairment charge
(20.7)
(15.8)
Change in dilapidations estimate
1.5
13.8
Foreign exchange differences
3.5
(2.9)
At the end of the year
172.1
254.0
Right-of-use assets comprise entirely of leases for land and buildings.
13.2 Lease liabilities
2025
2024
\u00a3m
\u00a3m
At the beginning of the year
289.6
329.0
Remeasurements / modifications
(42.2)
(9.9)
Payments
(32.1)
(31.0)
Interest expense
6.4
5.5
Foreign exchange differences
2.8
(4.0)
At the end of the year
224.5
289.6
Current
27.5
27.2
Non-current
197.0
262.4
Total lease liabilities
224.5
289.6
Remeasurements / modifications to the lease liability balance are primarily driven by lease term reassessments during the year, as the
Group reassessed its likelihood to exercise certain extension options, including those relating to the Atlanta fulfilment centre.
13.3 Maturity analysis for lease liabilities
2025
2024
\u00a3m
\u00a3m
Contractual undiscounted cash flows
Within one year
33.7
32.7
Within two to five years
117.4
121.8
Within five to ten years
86.5
114.1
Within ten to fifteen years
13.5
37.4
In more than fifteen years
\u2013
13.8
251.1
319.8
Future finance charge on lease liabilities
(26.6)
(30.2)
Present value of future leases
224.5
289.6
Material accounting policies Right-of-use assets Right-of-use assets are recognised at cost on the commencement date of the lease, when the underlying asset is available for use. The cost of right-of-use assets comprises the amount of lease liabilities recognised, any initial direct costs incurred, lease payments made at or before the commencement date and less any lease incentives received. Right-of-use assets are subsequently measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any subsequent remeasurement of lease liabilities and dilapidation provisions. The recognised right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life and the lease term. Lease liabilities Lease liabilities are recognised on the commencement date of the lease and are measured at the present value of lease payments to be made over the lease term, discounted using an incremental borrowing rate (IBR) at the lease commencement date. The lease payments include fixed payments and variable lease payments that depend on an index or a rate (using the relevant rate at the commencement date of the lease), less any lease incentives receivable. Any variable lease payments that do not depend on an index or a rate are recognised as an expense in the year in which the event or condition that triggers the payment occurs, however the Group currently has no such variable lease payments. Contracts may contain both lease and non-lease components, in which case the Group allocates the consideration in the contract to the different components based on their relative stand-alone prices. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease (a break clause), if it is reasonably certain not to be exercised. After the commencement date of the lease, the lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The carrying amount of lease liabilities is remeasured when there is a change in the future lease payments due to a change in the lease term such as a recognition of an extension or break option, a change in the fixed lease payments or a change in the assessment to purchase the underlying asset. Short-term leases and low value assets Payments associated with short-term leases and leases of a low value are recognised on a straight-line basis as an expense in the profit or loss, in line with the practical expedient of IFRS 16 Leases. Short-term leases are leases with a term of 12 months or less. Low-value leases mainly comprise IT equipment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-366": { "value": "13.1 Right-of-use assets
2025
2024
\u00a3m
\u00a3m
At the beginning of the year
254.0
295.2
Remeasurements / modifications
(42.2)
(11.2)
Depreciation expense
(24.0)
(25.1)
Impairment charge
(20.7)
(15.8)
Change in dilapidations estimate
1.5
13.8
Foreign exchange differences
3.5
(2.9)
At the end of the year
172.1
254.0
Right-of-use assets comprise entirely of leases for land and buildings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-367": { "value": "
13.3 Maturity analysis for lease liabilities
2025
2024
\u00a3m
\u00a3m
Contractual undiscounted cash flows
Within one year
33.7
32.7
Within two to five years
117.4
121.8
Within five to ten years
86.5
114.1
Within ten to fifteen years
13.5
37.4
In more than fifteen years
\u2013
13.8
251.1
319.8
Future finance charge on lease liabilities
(26.6)
(30.2)
Present value of future leases
224.5
289.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-412": { "value": "Material accounting policies Right-of-use assets Right-of-use assets are recognised at cost on the commencement date of the lease, when the underlying asset is available for use. The cost of right-of-use assets comprises the amount of lease liabilities recognised, any initial direct costs incurred, lease payments made at or before the commencement date and less any lease incentives received. Right-of-use assets are subsequently measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any subsequent remeasurement of lease liabilities and dilapidation provisions. The recognised right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life and the lease term. Lease liabilities Lease liabilities are recognised on the commencement date of the lease and are measured at the present value of lease payments to be made over the lease term, discounted using an incremental borrowing rate (IBR) at the lease commencement date. The lease payments include fixed payments and variable lease payments that depend on an index or a rate (using the relevant rate at the commencement date of the lease), less any lease incentives receivable. Any variable lease payments that do not depend on an index or a rate are recognised as an expense in the year in which the event or condition that triggers the payment occurs, however the Group currently has no such variable lease payments. Contracts may contain both lease and non-lease components, in which case the Group allocates the consideration in the contract to the different components based on their relative stand-alone prices. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease (a break clause), if it is reasonably certain not to be exercised. After the commencement date of the lease, the lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The carrying amount of lease liabilities is remeasured when there is a change in the future lease payments due to a change in the lease term such as a recognition of an extension or break option, a change in the fixed lease payments or a change in the assessment to purchase the underlying asset. Short-term leases and low value assets Payments associated with short-term leases and leases of a low value are recognised on a straight-line basis as an expense in the profit or loss, in line with the practical expedient of IFRS 16 Leases. Short-term leases are leases with a term of 12 months or less. Low-value leases mainly comprise IT equipment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-368": { "value": "
14 Investments in associates
During the year, the Group sold the intellectual property relating to the Topshop/Topman (TSTM) brands to 24.8.2024 Limited (IPCO),
a UK-incorporated company and subsidiary of Heartland A/S \u2013 a related party of the Group. As part of the transaction, the Group
received cash proceeds of \u00a3135.0m and a 25% equity interest in IPCO, valued at \u00a345.0m. The remaining 75% interest in IPCO is held by a
subsidiary of Heartland A/S. The Group also holds one representative Director position on the IPCO Board.
IPCO holds the TSTM brand assets and has granted a licence to ASOS.com for 10 years (extendable up to 25 years at ASOS\u2019 discretion),
pursuant to which ASOS.com has the exclusive right to continue to design TSTM products (subject to de minimis rights to design local
products) for global distribution and to sell TSTM products through the ASOS.com website in consideration for a royalty fee. ASOS also
has the right to operate Topshop.com and Topman.com globally, and has been granted exclusive wholesale distribution rights in the UK
and North America, while the purchasing entity retains the rights to open branded stores globally and distribute through wholesale
partners outside of the UK and North America.
The Group is considered to have the ability to significantly influence, but not control or jointly control, the financial and operating
decisions of IPCO through its equity interest and board representation. The investment in IPCO has therefore been classified as an
associate, initially recognised at cost of \u00a345.0m and subsequently accounted for using the equity method. The share of net profit/(loss)
from the associate is recognised within other income.
The following sets out the summarised financial information in respect of IPCO:
2025
\u00a3m
Current assets
16.3
Non-current assets
164.5
Current liabilities
(1.1)
Non-current liabilities
\u2013
Net assets
179.7
2025
\u00a3m
Revenue
15.9
Loss for the year
(0.2)
Total comprehensive loss
(0.2)
1 Included in loss for the year is \u00a3(3.0m) in adjusting items relating to amortisation of acquired intangible assets. Refer to Note 3 for further information.
The following sets out the movement in the carrying amount of investments in associates:
2025
\u00a3m
At the beginning of the year
\u2013
Additional investment
45.0
Share of net loss for the year, net of tax
(0.1)
Distributions received
\u2013
At the end of the year
44.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-344": { "value": "14 Investments in associates During the year, the Group sold the intellectual property relating to the Topshop/Topman (TSTM) brands to 24.8.2024 Limited (IPCO), a UK-incorporated company and subsidiary of Heartland A/S \u2013 a related party of the Group. As part of the transaction, the Group received cash proceeds of \u00a3135.0m and a 25% equity interest in IPCO, valued at \u00a345.0m. The remaining 75% interest in IPCO is held by a subsidiary of Heartland A/S. The Group also holds one representative Director position on the IPCO Board. IPCO holds the TSTM brand assets and has granted a licence to ASOS.com for 10 years (extendable up to 25 years at ASOS\u2019 discretion), pursuant to which ASOS.com has the exclusive right to continue to design TSTM products (subject to de minimis rights to design local products) for global distribution and to sell TSTM products through the ASOS.com website in consideration for a royalty fee. ASOS also has the right to operate Topshop.com and Topman.com globally, and has been granted exclusive wholesale distribution rights in the UK and North America, while the purchasing entity retains the rights to open branded stores globally and distribute through wholesale partners outside of the UK and North America. The Group is considered to have the ability to significantly influence, but not control or jointly control, the financial and operating decisions of IPCO through its equity interest and board representation. The investment in IPCO has therefore been classified as an associate, initially recognised at cost of \u00a345.0m and subsequently accounted for using the equity method. The share of net profit/(loss) from the associate is recognised within other income. The following sets out the summarised financial information in respect of IPCO:
2025
\u00a3m
Current assets
16.3
Non-current assets
164.5
Current liabilities
(1.1)
Non-current liabilities
\u2013
Net assets
179.7
2025
\u00a3m
Revenue
15.9
Loss for the year
(0.2)
Total comprehensive loss
(0.2)
1 Included in loss for the year is \u00a3(3.0m) in adjusting items relating to amortisation of acquired intangible assets. Refer to Note 3 for further information. The following sets out the movement in the carrying amount of investments in associates:
2025
\u00a3m
At the beginning of the year
\u2013
Additional investment
45.0
Share of net loss for the year, net of tax
(0.1)
Distributions received
\u2013
At the end of the year
44.9
Material accounting policies Associates are entities over which the Group has significant influence but not control or joint control. Investments in associates are accounted for using the equity method and are initially recognised at cost. The carrying amount is subsequently adjusted to reflect the Group\u2019s share of post-acquisition profits or losses and other comprehensive income. Dividends received from associates reduce the carrying amount of the investment. Where the Group\u2019s share of losses exceeds its interest in an associate, the investment is reduced to nil, and further losses are recognised only to the extent that the Group has a legal or constructive obligation to fund them. The carrying value of investments in associates is assessed for impairment whenever indicators of impairment are identified. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-413": { "value": "Material accounting policies Associates are entities over which the Group has significant influence but not control or joint control. Investments in associates are accounted for using the equity method and are initially recognised at cost. The carrying amount is subsequently adjusted to reflect the Group\u2019s share of post-acquisition profits or losses and other comprehensive income. Dividends received from associates reduce the carrying amount of the investment. Where the Group\u2019s share of losses exceeds its interest in an associate, the investment is reduced to nil, and further losses are recognised only to the extent that the Group has a legal or constructive obligation to fund them. The carrying value of investments in associates is assessed for impairment whenever indicators of impairment are identified. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-343": { "value": "
15 Impairment of non-financial assets
15.1 Inputs and assumptions
Cash-generating units
Cash-generating units (CGUs) are deemed the smallest group of assets that independently generate cash inflows and are independent
of the cash flows generated by other assets. It was determined that the Group only has one CGU (the Group level) on the basis that the
majority of assets within the Group are shared (i.e. software assets that support the entire Group) and therefore unable to be allocated
on a reasonable or consistent basis in any other way.
Composition of CGU
For impairment testing purposes, the CGU comprises the following:
2025
2024
\u00a3m
\u00a3m
Goodwill and other intangible assets
473.6
514.0
Property, plant and equipment
153.4
283.2
Right-of-use assets
172.1
254.0
799.1
1,051.2
Assets relating to the Atlanta fulfilment centre were tested separately and excluded from the above due to the decision during the year
to vacate the site. Refer to Note 3 for further information.
Identification of impairment indicator
Given the reported loss recognised during the year, combined with the volatility within the macroeconomic environment, an indicator of
impairment was deemed to exist.
Approach and assumptions
The recoverable amount for the CGU has been determined using a value-in-use calculation which is based upon the cash flows expected
to be generated, derived from the latest budget and forecast data which are reviewed by the Board, and consistent with those used for
the Group\u2019s going concern and viability assessments. Budget and forecast data reflect both past experience and future expectations of
market conditions. The key assumptions in measuring the value-in-use are as follows:
Assumption
Details
Cash flow years / assumptions
Derived from medium-term forecasts reviewed and approved by the Board which cover a period of
five years. Growth rates are then reduced to 2.0% (the long-term growth rate) into perpetuity (2024:
2.0%).
Whilst the value-in-use excludes lease rentals (a financing cash flow under IFRS 16 Leases), an
estimated cash outflow for future lease renewals is assumed from the current lease end dates.
Discount rate
A post-tax discount rate representing the Group\u2019s weighted average cost of capital (WACC),
subsequently grossed up to a pre-tax rate using an iterative calculation that yields the same value in
use when tax cash flows are excluded.
The post-tax WACC has been calculated using the capital asset pricing model, the inputs of which
include a UK risk-free rate based on government bond rates, a UK equity risk premium and levered
debt premium benchmarked to externally available data, and an average beta derived from a
comparator group.
The resulting discount rates are:
2025
2024
Post-tax rate
Pre-tax rate
Post-tax rate
Pre-tax rate
12.5%
15.9%
12.7%
15.5%
15.2 Outputs
Outside of specific impairments recognised during the year in relation to sites identified for exit as disclosed in Note 3, no further
impairments were identified as a result of the impairment review described above, with headroom noted of c.\u00a3103m (2024: c.\u00a3600m).
15.3 Climate change
The Group\u2019s scenario analysis performed in the Sustainability \u2013 Planet section (pages 22 to 27) identifies a number of physical and
transitional climate-related risks that could impact both revenue and costs for the Group, and cover scenarios including:
Current Policy \u2013 assumes no strengthening of current climate policies, leading to high physical risks and minimal mitigation;
Delayed Transition \u2013 assumes emissions continue to rise until 2030 before a sudden and disruptive policy response is introduced to limit
warming to below 2\u00baC; and
Net Zero 2050 \u2013 assumes global warming is limited to 1.5\u00baC through stringent and coordinated global climate policies.
For the purpose of impairment sensitivities, the Group has modelled the Delayed Transition scenario, which assumes that global emissions
continue to rise until 2030 before a sudden and disruptive policy response is introduced to limit warming to below 2\u00b0C. This scenario
reflects the most severe plausible pathway, capturing both the uncertainty associated with limited near-term policy progress and the
potential for a later, disorderly transition. The Net Zero 2050 (1.5\u00b0C) scenario has not been considered in preparing the financial
statements, as it assumes an immediate and globally coordinated policy response that is inconsistent with current legislative and
industry progress, and is therefore considered highly unlikely to materialise.
Under the Delayed Transition scenario, the Group\u2019s value-in-use decreased by approximately \u00a378.0m, resulting in residual headroom of
\u00a324.6m. The sensitivity is exploratory in nature and based on unmitigated assumptions that do not reflect management actions, future
mitigation measures, or strategic adaptation initiatives that could be implemented under such circumstances.
Material accounting policies Goodwill Goodwill is not amortised but is reviewed for impairment at least annually (or more frequently where there is an indication that the asset may be impaired) by assessing the recoverable amount of each CGU, or group of CGUs, to which the goodwill relates. Impairment is assessed by measuring the recoverable amount of the CGU, calculated as the higher of fair value less cost to dispose and value-in-use. Where the carrying value of the CGU exceeds the recoverable amount an impairment loss is recognised in the income statement. The impairment charge is allocated first against goodwill and then pro-rata over other assets within the CGU by reference to the carrying amount of each remaining asset in the unit. Impairment losses recognised for goodwill are not subsequently reversed. Goodwill at ASOS predominantly relates to that recognised as part of the acquisition of Arcadia and is monitored on an entity-wide basis at the reporting segment level as a singular CGU, the ASOS Group CGU. Other non-financial assets Property, plant and equipment (PPE), right-of-use assets, and finite-lived intangible assets are assessed on an ongoing basis to determine whether there is an indication that the net book value is no longer supportable. If any such indication exists, the recoverable amount of the asset, being the higher of its fair value less costs to dispose and its value-in-use, is estimated in order to determine the extent of the impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement. Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised for the asset (or CGU) in prior periods. A reversal of an impairment loss is recognised immediately as a credit to the Group income statement. Key sources of estimation uncertainty Assumptions in relation to impairment assessment Of the assumptions used in the assessment, the value-in-use calculations are most sensitive to changes in the discount rate, the long-term growth rate and forecast cash flows (comprising revenue, gross margin and fixed overheads). Cash flows are derived from forecasts reviewed by the Board, and in line with those used for the going concern and viability assessments which assume sales growth rates gradually improve vs. the FY25 exit rate, trending towards mid-single digit growth after 18 months which is then sustained for the remainder of the plan. Improvements in adjusted gross margin of at least 100bps vs FY25 to 48% to 50% are assumed during FY26 with FY27 & FY28 continuing at around 50% level. A sensitivity analysis for reasonable possible changes in assumptions was conducted on the impairment tests, where management assessed a scenario in which the revenue growth rates within the five-year forecast cash flows (being the most sensitive assumption) were reduced by half. To reflect this adjustment, a corresponding reduction in variable costs and cost of sales was modelled to maintain gross margin percentage in line with original forecasts. Under this sensitivity scenario, an impairment of approximately \u00a3207m would be recognised. The following table shows the amount by which the assumptions would have to change to make the recoverable amount equal to the carrying value to show the headroom sensitivity. It is not considered that a reasonable possible change in the discount rate, fixed overheads nor the long-term growth rate would cause an impairment, therefore they are not included below.
Sensitivity
2025
2024
A reduction in forecast annual growth rates of:
(0.7%)
(2.7%)
A reduction in forecast revenue vs base case of:
(2.7%)
(11.4%)
A reduction in forecast gross margin in each year of:
(0.6%)
(2.4%)
1 Applied to the Group five-year plan period 2 Applied to all years within the assessment period ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-345": { "value": "16 Inventories
2025
2024
\u00a3m
\u00a3m
Gross finished goods
523.5
683.6
Inventory provision
(121.2)
(163.3)
Total inventories
402.3
520.3
The carrying value of inventories includes a \u00a337.2m (2024: \u00a349.2m) right to recover asset in relation to the inventory expected to be received back from customers as returns. The amount of inventories recognised as an expense and charged to cost of sales for the year was \u00a31,311.1m (2024: \u00a31,743.3m). Material accounting policies Inventories Inventories comprise goods held for resale and are valued at the lower of cost and net realisable value using the weighted average cost basis. Cost comprises the purchase price and any other directly attributable costs incurred in bringing the inventories to the present location and condition, less trade discounts and rebates. Net realisable value is the estimated selling price in the ordinary course of business less variable selling expenses. Key sources of estimation uncertainty Inventory provisions The Group maintains net realisable value provisions for inventory sold via the Group\u2019s website based on forecast loss rates and for inventory expected to be sold offsite via clearance routes at the end of its lifecycle. The provisions write inventory down to its net realisable value, being expected income less any related selling costs, and reflect both historical trends and current and forecast economic conditions. The provisions are calculated using estimates of loss rates and website sell-through rates, both of which are calculated based on historical data from the prior 12 months\u2019 sales when categorising the stock by age banding. Provisions recognised are net of any expected proceeds to be received. The provisions are therefore most sensitive to the following assumptions: Forecast loss rates Forecast sell-through rates Offsite sales price assumptions The movements in the Group\u2019s provisions based on reasonable possible changes to the above assumptions are as follows: Inventory provisions are adjusted at each reporting period end rather than throughout the year to ensure inventory is not carried at an amount greater than net realisable value. Write-downs and write-backs of inventory balances are therefore represented by net movements in the inventory provision.
2025
2024
Decrease in Increase in Decrease in Increase in
provision provision provision provision
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Using loss rates from 2024 / 2023
(5.0)
\u2013
\u2013
4.0
A change in the anticipated sell through rates of +/-0.5%
(4.2)
4.2
(7.1)
7.1
A change in the anticipated sales price of +/-10%
(1.0)
1.0
(2.2)
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-414": { "value": "Material accounting policies Inventories Inventories comprise goods held for resale and are valued at the lower of cost and net realisable value using the weighted average cost basis. Cost comprises the purchase price and any other directly attributable costs incurred in bringing the inventories to the present location and condition, less trade discounts and rebates. Net realisable value is the estimated selling price in the ordinary course of business less variable selling expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-389": { "value": "17 Trade and other receivables 17.1 Analysis of trade and other receivables
2025
2024
\u00a3m
\u00a3m
Current
Trade receivables
5.0
19.9
Other receivables
28.0
14.0
Allowance for expected credit losses
\u2013
(1.0)
33.0
32.9
Prepayments
8.7
8.6
Accrued income
5.8
10.7
Net investment in lease receivable
1.7
1.2
Total current trade and other receivables
49.2
53.4
Non-current
Net investment in lease receivable
1.8
3.7
Total non-current trade and other receivables
1.8
3.7
Included within accrued income and other receivables are amounts relating to supplier rebates on inventory purchases totalling \u00a31.6m (2024: \u00a32.0m). Remaining accrued income predominantly comprises unbilled services for which the Group has satisfied the performance obligation within the contract. The Group\u2019s exposure to credit risk is minimal, reflecting the nature of its customer base and settlement methods. The majority of transactions are settled via cash or secure electronic means, and credit terms are only extended following individual credit assessments. No material credit losses have been incurred in the current or prior year. Material accounting policies Trade and other receivables Trade receivables are non-interest bearing and are stated at invoice value less an allowance for expected credit losses. The Group applies the simplified approach under IFRS 9 Financial Instruments, with adjustments for factors specific to each receivable, including aging, historical loss experience, and known credit issues. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-346": { "value": "17 Trade and other receivables 17.1 Analysis of trade and other receivables
2025
2024
\u00a3m
\u00a3m
Current
Trade receivables
5.0
19.9
Other receivables
28.0
14.0
Allowance for expected credit losses
\u2013
(1.0)
33.0
32.9
Prepayments
8.7
8.6
Accrued income
5.8
10.7
Net investment in lease receivable
1.7
1.2
Total current trade and other receivables
49.2
53.4
Non-current
Net investment in lease receivable
1.8
3.7
Total non-current trade and other receivables
1.8
3.7
Included within accrued income and other receivables are amounts relating to supplier rebates on inventory purchases totalling \u00a31.6m (2024: \u00a32.0m). Remaining accrued income predominantly comprises unbilled services for which the Group has satisfied the performance obligation within the contract. The Group\u2019s exposure to credit risk is minimal, reflecting the nature of its customer base and settlement methods. The majority of transactions are settled via cash or secure electronic means, and credit terms are only extended following individual credit assessments. No material credit losses have been incurred in the current or prior year. Material accounting policies Trade and other receivables Trade receivables are non-interest bearing and are stated at invoice value less an allowance for expected credit losses. The Group applies the simplified approach under IFRS 9 Financial Instruments, with adjustments for factors specific to each receivable, including aging, historical loss experience, and known credit issues. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-369": { "value": "
2025
2024
\u00a3m
\u00a3m
Current
Trade receivables
5.0
19.9
Other receivables
28.0
14.0
Allowance for expected credit losses
\u2013
(1.0)
33.0
32.9
Prepayments
8.7
8.6
Accrued income
5.8
10.7
Net investment in lease receivable
1.7
1.2
Total current trade and other receivables
49.2
53.4
Non-current
Net investment in lease receivable
1.8
3.7
Total non-current trade and other receivables
1.8
3.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-399": { "value": "
2025
2024
\u00a3m
\u00a3m
Current
Trade receivables
5.0
19.9
Other receivables
28.0
14.0
Allowance for expected credit losses
\u2013
(1.0)
33.0
32.9
Prepayments
8.7
8.6
Accrued income
5.8
10.7
Net investment in lease receivable
1.7
1.2
Total current trade and other receivables
49.2
53.4
Non-current
Net investment in lease receivable
1.8
3.7
Total non-current trade and other receivables
1.8
3.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-404": { "value": "
2025
2024
\u00a3m
\u00a3m
Current
Trade receivables
5.0
19.9
Other receivables
28.0
14.0
Allowance for expected credit losses
\u2013
(1.0)
33.0
32.9
Prepayments
8.7
8.6
Accrued income
5.8
10.7
Net investment in lease receivable
1.7
1.2
Total current trade and other receivables
49.2
53.4
Non-current
Net investment in lease receivable
1.8
3.7
Total non-current trade and other receivables
1.8
3.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-370": { "value": "The Group\u2019s exposure to credit risk is minimal, reflecting the nature of its customer base and settlement methods. The majority of transactions are settled via cash or secure electronic means, and credit terms are only extended following individual credit assessments. No material credit losses have been incurred in the current or prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-415": { "value": "Material accounting policies Trade and other receivables Trade receivables are non-interest bearing and are stated at invoice value less an allowance for expected credit losses. The Group applies the simplified approach under IFRS 9 Financial Instruments, with adjustments for factors specific to each receivable, including aging, historical loss experience, and known credit issues. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-347": { "value": "18 Cash and cash equivalents
2025
2024
\u00a3m
\u00a3m
Cash in hand and bank balances
108.2
83.1
Money market fund investments
123.0
270.2
Short-term deposits
87.7
37.7
Total cash and cash equivalents
318.9
391.0
Cash and cash equivalents includes uncleared payment provider receipts of \u00a348.8m, which are typically received within three business days (2024: \u00a368.8m). Included within cash and cash equivalents is \u00a311.6m (2024: \u00a38.1m) of cash collected on behalf of partners of the Direct-to-Consumer fulfilment proposition (Partner Fulfils) and ASOS Fulfilment Services (AFS). ASOS Payments UK Limited and the Group are entitled to interest amounts earned on the deposits and amounts are held in a segregated bank account that is settled on a monthly basis. Material accounting policies Cash and cash equivalents Cash and cash equivalents include cash in hand and bank, money market fund investments, and short-term deposits with original maturities of three months or less. The Group presents its cash flow statement using the indirect method, whereby profit is reconciled to net cash from operating activities by adjusting profit and loss for non-cash items. The Group has chosen to present interest received as cash flows from investing activities because they are returns on the Group\u2019s investments. Interest paid on borrowings and leases is presented within cash flows from financing activities as they are held for cash management purposes, as are cash payments for the principal element of lease liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-416": { "value": "Material accounting policies Cash and cash equivalents Cash and cash equivalents include cash in hand and bank, money market fund investments, and short-term deposits with original maturities of three months or less. The Group presents its cash flow statement using the indirect method, whereby profit is reconciled to net cash from operating activities by adjusting profit and loss for non-cash items. The Group has chosen to present interest received as cash flows from investing activities because they are returns on the Group\u2019s investments. Interest paid on borrowings and leases is presented within cash flows from financing activities as they are held for cash management purposes, as are cash payments for the principal element of lease liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-400": { "value": "Cash and cash equivalents Cash and cash equivalents include cash in hand and bank, money market fund investments, and short-term deposits with original maturities of three months or less. The Group presents its cash flow statement using the indirect method, whereby profit is reconciled to net cash from operating activities by adjusting profit and loss for non-cash items. The Group has chosen to present interest received as cash flows from investing activities because they are returns on the Group\u2019s investments. Interest paid on borrowings and leases is presented within cash flows from financing activities as they are held for cash management purposes, as are cash payments for the principal element of lease liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-348": { "value": "19 Trade and other payables 19.1 Analysis of trade and other payables
2025
2024
\u00a3m
\u00a3m
Trade payables
122.7
108.1
Other payables
175.0
165.9
Accruals
177.6
242.3
Refund liabilities
77.9
99.2
Deferred revenue
31.6
41.6
Taxation and social security
34.5
14.6
Total trade and other payables
619.3
671.7
Trade payables comprise amounts owed in relation to inventory purchases. Other payables comprise amounts owed in relation to all other purchases. 19.2 Deferred revenue Contract liabilities represent consideration received for performance obligations not yet satisfied and relate to gift card liabilities where the majority of the liability is expected to be settled within a year, customer orders not yet shipped, and premier subscriptions.
2025
2024
Gift cards and vouchers
\u00a3m
\u00a3m
At the beginning of the year
14.4
21.3
Purchases
88.6
99.4
Revenue recognised which has previously been deferred
(91.9)
(106.3)
At the end of the year
11.1
14.4
Orders awaiting shipment and premier subscriptions
20.5
27.2
Total deferred revenue
31.6
41.6
Material accounting policies Trade and other payables Trade and other payables are non-interest bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-371": { "value": "
2025
2024
\u00a3m
\u00a3m
Trade payables
122.7
108.1
Other payables
175.0
165.9
Accruals
177.6
242.3
Refund liabilities
77.9
99.2
Deferred revenue
31.6
41.6
Taxation and social security
34.5
14.6
Total trade and other payables
619.3
671.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-372": { "value": "
19.2 Deferred revenue
Contract liabilities represent consideration received for performance obligations not yet satisfied and relate to gift card liabilities where
the majority of the liability is expected to be settled within a year, customer orders not yet shipped, and premier subscriptions.
2025
2024
Gift cards and vouchers
\u00a3m
\u00a3m
At the beginning of the year
14.4
21.3
Purchases
88.6
99.4
Revenue recognised which has previously been deferred
(91.9)
(106.3)
At the end of the year
11.1
14.4
Orders awaiting shipment and premier subscriptions
20.5
27.2
Total deferred revenue
31.6
41.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-417": { "value": "Material accounting policies Trade and other payables Trade and other payables are non-interest bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-349": { "value": "
20 Borrowings
2025
2024
\u00a3m
\u00a3m
Convertible bond
343.3
478.1
Nordstrom Loan
6.5
19.8
Term Loan
153.8
190.2
Total borrowings
503.6
688.1
Current
96.4
1.6
Non-current
407.2
686.5
Total borrowings
503.6
688.1
Convertible bonds due 2026
On 16 April 2021 the Group issued \u00a3500m of convertible bonds. The unsecured instruments paid a coupon of 0.75% until April 2026, or the
conversion date, if earlier. The initial conversion price was set at \u00a379.65 per share.
During the year, on 19 September 2024, the Group launched a refinancing exercise of the Convertible Bonds due 2026 as follows:
\u00a3253.0m was exchanged into new Convertible Bonds due 2028;
\u00a3173.4m of the Convertible Bonds due 2026 was accepted for repurchase at a discount to par of 15%; and
As a result, \u00a373.6m remains in the Convertible Bonds due 2026.
The new Convertible Bonds were issued at par and carry a fixed annual coupon of 11%, payable semi-annually in arrears. The initial
conversion price has been set at \u00a379.65, in line with the Convertible Bond due 2026. The bonds will be redeemed on 19 September 2028,
unless previously converted, exchanged, redeemed or purchased and cancelled in accordance with the terms and conditions of the
bonds, at a redemption price of 120% of the principal amount.
Term loan In May 2023, the Group entered into a \u00a3200m senior term loan and a \u00a375m super senior revolving facility (together the Facilities) with specialist lender Bantry Bay Capital Limited through to April 2026, with the optionality to further extend to May 2028 subject to meeting lender requirements. Both the senior term loan and RCF (when drawn) bear interest at a margin above SONIA. The amount available in relation to the RCF is determined by reference to a calculated borrowing base (derived from inventory and intellectual property, both with certain adjustments applied) less the amount borrowed under the term loan. At the year end this was \u00a3nil. The RCF incurs commitment fees at a market rate and is currently undrawn. The Facilities carry a fixed and floating charge over all assets of the following chargors in the Group \u2013 ASOS Plc, ASOS.com Limited, ASOS Intermediate Holdings Limited, Mornington & Co (No. 1) Limited and Mornington & Co (No. 2) Limited. During the year, on 5 September 2024, the Group secured an amendment and extension of the existing facilities agreement with Bantry Bay to May 2027 with an option for a 12-month extension. As part of this, \u00a350m of the term loan was repaid, with a corresponding increase in the available accordion facility. In November 2025, the Group entered into agreements to refinance its term loan facilities. Refer to Note 29 for further information. Nordstrom loan On 12 July 2021 the Group announced a strategic partnership with Nordstrom, a US-based multi-channel retailer, to drive growth in North America. As part of this venture, Nordstrom purchased a minority interest in ASOS Holdings Limited which held the Topshop, Topman, Miss Selfridge and HIIT brands in exchange for \u00a310 as well as providing a \u00a321.9m loan, partially repaid in the prior year. The loan attracts interest at a market rate of 6.5% per annum. An additional repayment of \u00a313.3m was made during the year. The remaining loan balance of \u00a36.5m was repaid after the balance sheet date. Impact of refinancing on the Group accounts The impact of the refinancing activities during the year on the Group\u2019s financial statements are shown below:
Income
Balance sheet
Cash flow
statement
Convertible Retained Inflow / Refinancing
Borrowings Bond Reserve earnings (outflow) (gain) / loss
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 2 September 2024
(688.1)
(58.9)
\u2013
\u2013
\u2013
Repurchase of convertible bond
140.6
6.8
\u2013
(147.4)
\u2013
Repayment of loan principal
63.3
\u2013
\u2013
(63.3)
\u2013
Debt modification gain
8.1
43.3
(43.3)
\u2013
(8.1)
Transaction costs
4.9
0.1
\u2013
(10.5)
5.5
Total refinancing impact
1
216.9
50.2
(43.3)
(221.2)
(2.6)
Interest expense
(64.8)
\u2013
Interest paid
32.4
\u2013
As at 31 August 2025
(503.6)
(8.7)
1 The total refinancing impact to the income statement is made up of an \u00a311.6m gain on refinancing of the convertible bonds and \u00a39.0m loss on refinancing of the term loan. Material accounting policies Convertible debt Convertible bonds are classified as compound instruments, consisting of a liability and an equity component. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt, and is subsequently recorded at amortised cost using the effective interest method until extinguished on conversion or maturity of the bonds, and is recognised within borrowings. The difference between the proceeds of issue of the convertible bond and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in equity as a separate category. Issue costs are apportioned between the liability and equity components of the convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity component is charged directly against equity. Other loans and borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of attributable transaction costs, and subsequently recorded at amortised cost using the effective interest method until extinguished. Arrangement costs for loan facilities such as the Group\u2019s term loan are capitalised and amortised on a straight-line basis over the term of the facility.
24 Financial instruments
24.1 Financial instruments by category
The carrying amounts of the Group\u2019s financial assets, financial liabilities, and derivative financial instruments as at the balance sheet
date are as follows:
Amortised Fair value through
cost
profit or loss
Total
2025
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
\u2013
1.3
1.3
Cash and cash equivalents
318.9
\u2013
318.9
Trade and other receivables
42.3
\u2013
42.3
Derivative financial liabilities
\u2013
(10.1)
(10.1)
Lease liabilities
(224.5)
\u2013
(224.5)
Trade and other payables
(542.1)
\u2013
(542.1)
Borrowings
(503.6)
\u2013
(503.6)
(909.0)
(8.8)
(917.8)
2024
Derivative financial assets
\u2013
9.8
9.8
Cash and cash equivalents
391.0
\u2013
391.0
Trade and other receivables
48.3
\u2013
48.3
Derivative financial liabilities
\u2013
(7.1)
(7.1)
Lease liabilities
(289.6)
\u2013
(289.6)
Trade and other payables
(601.3)
\u2013
(601.3)
Borrowings
(688.1)
\u2013
(688.1)
(1,139.7)
2.7
(1,137.0)
1 Trade and other receivables excludes prepayments and VAT receivables.
2 Trade and other payables excludes deferred revenue and any amounts in relation to taxation.
Derivative financial instruments are currently held at fair value on the balance sheet \u2013 all are within Level 2 of the fair value hierarchy.
24.2 Carrying amount versus fair value
Set out below is a comparison of the carrying amount and the fair value of financial instruments that are carried in the financial
statements at a value other than fair value. The fair value of financial assets and liabilities are based on prices available from the market
on which the instruments are traded. Where market values are not available, the fair values of financial assets and liabilities have been
calculated by discounting expected future cash flows at prevailing interest rates. The fair values of cash and cash equivalents, trade and
other receivables, and trade and other payables are considered to approximate to their book values.
Fair value
Carrying amount
Fair value
2025 hierarchy
\u00a3m
\u00a3m
Convertible bond
1
(343.3)
(338.3)
Nordstrom loan
2
(6.5)
(3.0)
Term loan
2
(153.8)
(151.8)
(503.6)
(493.1)
2024
Convertible bond
1
(478.1)
(358.3)
Nordstrom loan
2
(19.8)
(9.6)
Term loan
2
(190.2)
(200.8)
(688.1)
(568.7)
Fair value hierarchy is defined as:
Level 1 fair value measurements are derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities
at the balance sheet date. This level includes listed equity securities and debt instruments on public exchanges;
Level 2 fair value measurements are derived from inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The fair value of financial instruments is determined
by discounting expected cash flows at prevailing interest rates; and
Level 3 fair value measurements are derived from valuation techniques that include inputs for the asset or liability that are not based
on observable market data (unobservable inputs).
24.3 Offsetting financial instruments
There are no financial assets and financial liabilities that are offset in the balance sheet.
24.4 The effects of hedge accounting on the Group\u2019s financial position and performance
The table below provides a breakdown of the Group\u2019s cash flow hedges as well as derivatives not in a formal hedge accounting relationship:
2025
2024
Fair value
Fair value
Notional
Asset
Liability
Notional
Asset
Liability
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Foreign currency derivatives
Inventory hedges
124.2
0.7
(4.8)
122.1
1.4
(4.7)
Capex hedges
\u2013
\u2013
\u2013
13.2
\u2013
(0.7)
Sales hedges
206.1
0.6
(4.0)
292.3
8.4
(0.8)
Derivatives not in a formal
hedging relationship
Foreign currency derivatives
225.6
\u2013
(1.3)
238.7
\u2013
(0.9)
Total
1.3
(10.1)
9.8
(7.1)
There is an economic relationship between the hedged items and the hedging instruments as the terms of the foreign exchange contracts
match the terms of the expected highly probable forecast transactions (i.e. notional amount and expected payment date). The Group has
established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange contracts are identical to the
hedged risk components. Hedge effectiveness is determined at inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. To test the
hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging
instruments against the changes in fair value of the hedged items attributable to the hedged risks. Hedge ineffectiveness can arise from:
Differences in the timing of the cash flows of the hedged items and the hedging instruments;
The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument compared to the hedged
items; and
Changes to the forecasted cash flows of the hedged item.
The derivatives have been fair valued at 31 August 2025 with reference to forward exchange rates, with the resulting value discounted
back to present value.
24.5 Maturity profile of hedging instruments
The table below analyses the Group\u2019s derivative financial instruments into relevant maturity groupings based on the remaining period at
the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
2025
1 to 6 months
6 to 12 months
More than one year
US dollar (highly probable forecast purchases)
Notional amount (in \u00a3m)
70.3\ue01d
38.0
15.9\ue01d
Average GBP: USD contract rate
1.30\ue01d
1.30
1.34\ue01d
Euro (highly probable forecast sales)
Notional amount (in \u00a3m)
111.2\ue01d
70.4
20.7
Average GBP: EUR contract rate
1.17
1.16
1.14
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
3.8\ue01d
\u2013
\u2013
Average GBP: Other contract rate
Various currencies
2024
US dollar (highly probable forecast purchases)
Notional amount (in \u00a3m)
82.9
37.7
14.7
Average GBP: USD contract rate
1.28
1.27
1.27
Euro (highly probable forecast sales)
Notional amount (in \u00a3m)
113.3\ue01d
88.2
23.9
Average GBP: EUR contract rate
1.15
1.16
1.15
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
38.3\ue01d
24.8
3.8\ue01d
Average GBP: Other contract rate
Various currencies
24.6 Impact of change in value of hedged items on cash flow hedge reserve
Change in value of Change in value of
hedged item for hedging instrument Cumulative impact
calculating hedge for calculating hedge on cash flow hedge
ineffectiveness ineffectiveness reserve
2025
\u00a3m
\u00a3m
\u00a3m
Hedges of foreign currency sales
(0.4)
0.4\ue01d
(3.3)
Hedges of foreign currency inventory purchases
3.7
(3.7)
(3.5)
Hedges of foreign currency purchases of Property, plant and
equipment
0.1
(0.1)
\u2013
2024
Hedges of foreign currency sales
(6.7)
6.7
7.6
Hedges of foreign currency inventory purchases
4.6
(4.6)
(2.3)
Hedges of foreign currency purchases of Property, plant and
equipment
0.6\ue01d
(0.6)
0.9
24.7 Analysis of fair value movements in cash flow hedge reserve by risk category FV movements recognised in Amounts Opening OCI reclassified ClosingReclassification 2025 \u00a3m \u00a3m \u00a3m \u00a3m Hedges of foreign currency sales 7.6 0.4 (11.3) (3.3) Revenue Hedges of foreign currency inventory (2.3) (3.7) 2.5 (3.5) Inventory purchases Hedges of foreign currency purchases 0.9 (0.1) (0.8) \u2013 Property, plant and of Property, plant and equipment equipment Tax (0.2) 3.3 \u2013 3.1 6.0 (0.1) (9.6) (3.7) 2024 Hedges of foreign currency sales 14.8 6.7 (13.9) 7.6 Revenue Hedges of foreign currency inventory 4.5 (4.6) (2.2) (2.3) Inventory purchases Hedges of foreign currency purchases 2.1 (0.6) (0.6) 0.9 Property, plant and of Property, plant and equipment equipment Tax (4.2) 4.0 \u2013 (0.2) 17.2 5.5 (16.7) 6.0 Material accounting policies Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to foreign exchange risks. These derivative financial instruments are designated as cash flow hedges, are initially measured at fair value on the contract date and then measured at fair value at subsequent reporting dates. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship, to ensure it is highly effective on an ongoing basis. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and the ineffective portion is recognised immediately in the income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory or property, plant and equipment, the amounts accumulated in other comprehensive income are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in other comprehensive income are recognised in the consolidated income statement when the hedged item or transaction affects the income statement. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-373": { "value": "20 Borrowings
2025
2024
\u00a3m
\u00a3m
Convertible bond
343.3
478.1
Nordstrom Loan
6.5
19.8
Term Loan
153.8
190.2
Total borrowings
503.6
688.1
Current
96.4
1.6
Non-current
407.2
686.5
Total borrowings
503.6
688.1
Convertible bonds due 2026 On 16 April 2021 the Group issued \u00a3500m of convertible bonds. The unsecured instruments paid a coupon of 0.75% until April 2026, or the conversion date, if earlier. The initial conversion price was set at \u00a379.65 per share. During the year, on 19 September 2024, the Group launched a refinancing exercise of the Convertible Bonds due 2026 as follows: \u00a3253.0m was exchanged into new Convertible Bonds due 2028; \u00a3173.4m of the Convertible Bonds due 2026 was accepted for repurchase at a discount to par of 15%; and As a result, \u00a373.6m remains in the Convertible Bonds due 2026. The new Convertible Bonds were issued at par and carry a fixed annual coupon of 11%, payable semi-annually in arrears. The initial conversion price has been set at \u00a379.65, in line with the Convertible Bond due 2026. The bonds will be redeemed on 19 September 2028, unless previously converted, exchanged, redeemed or purchased and cancelled in accordance with the terms and conditions of the bonds, at a redemption price of 120% of the principal amount. Term loan In May 2023, the Group entered into a \u00a3200m senior term loan and a \u00a375m super senior revolving facility (together the Facilities) with specialist lender Bantry Bay Capital Limited through to April 2026, with the optionality to further extend to May 2028 subject to meeting lender requirements. Both the senior term loan and RCF (when drawn) bear interest at a margin above SONIA. The amount available in relation to the RCF is determined by reference to a calculated borrowing base (derived from inventory and intellectual property, both with certain adjustments applied) less the amount borrowed under the term loan. At the year end this was \u00a3nil. The RCF incurs commitment fees at a market rate and is currently undrawn. The Facilities carry a fixed and floating charge over all assets of the following chargors in the Group \u2013 ASOS Plc, ASOS.com Limited, ASOS Intermediate Holdings Limited, Mornington & Co (No. 1) Limited and Mornington & Co (No. 2) Limited. During the year, on 5 September 2024, the Group secured an amendment and extension of the existing facilities agreement with Bantry Bay to May 2027 with an option for a 12-month extension. As part of this, \u00a350m of the term loan was repaid, with a corresponding increase in the available accordion facility. In November 2025, the Group entered into agreements to refinance its term loan facilities. Refer to Note 29 for further information. Nordstrom loan On 12 July 2021 the Group announced a strategic partnership with Nordstrom, a US-based multi-channel retailer, to drive growth in North America. As part of this venture, Nordstrom purchased a minority interest in ASOS Holdings Limited which held the Topshop, Topman, Miss Selfridge and HIIT brands in exchange for \u00a310 as well as providing a \u00a321.9m loan, partially repaid in the prior year. The loan attracts interest at a market rate of 6.5% per annum. An additional repayment of \u00a313.3m was made during the year. The remaining loan balance of \u00a36.5m was repaid after the balance sheet date. Impact of refinancing on the Group accounts The impact of the refinancing activities during the year on the Group\u2019s financial statements are shown below:
Income
Balance sheet
Cash flow
statement
Convertible Retained Inflow / Refinancing
Borrowings Bond Reserve earnings (outflow) (gain) / loss
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 2 September 2024
(688.1)
(58.9)
\u2013
\u2013
\u2013
Repurchase of convertible bond
140.6
6.8
\u2013
(147.4)
\u2013
Repayment of loan principal
63.3
\u2013
\u2013
(63.3)
\u2013
Debt modification gain
8.1
43.3
(43.3)
\u2013
(8.1)
Transaction costs
4.9
0.1
\u2013
(10.5)
5.5
Total refinancing impact
1
216.9
50.2
(43.3)
(221.2)
(2.6)
Interest expense
(64.8)
\u2013
Interest paid
32.4
\u2013
As at 31 August 2025
(503.6)
(8.7)
1 The total refinancing impact to the income statement is made up of an \u00a311.6m gain on refinancing of the convertible bonds and \u00a39.0m loss on refinancing of the term loan. Material accounting policies Convertible debt Convertible bonds are classified as compound instruments, consisting of a liability and an equity component. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt, and is subsequently recorded at amortised cost using the effective interest method until extinguished on conversion or maturity of the bonds, and is recognised within borrowings. The difference between the proceeds of issue of the convertible bond and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in equity as a separate category. Issue costs are apportioned between the liability and equity components of the convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity component is charged directly against equity. Other loans and borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of attributable transaction costs, and subsequently recorded at amortised cost using the effective interest method until extinguished. Arrangement costs for loan facilities such as the Group\u2019s term loan are capitalised and amortised on a straight-line basis over the term of the facility. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-434": { "value": "Material accounting policies Convertible debt Convertible bonds are classified as compound instruments, consisting of a liability and an equity component. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt, and is subsequently recorded at amortised cost using the effective interest method until extinguished on conversion or maturity of the bonds, and is recognised within borrowings. The difference between the proceeds of issue of the convertible bond and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in equity as a separate category. Issue costs are apportioned between the liability and equity components of the convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity component is charged directly against equity. Other loans and borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of attributable transaction costs, and subsequently recorded at amortised cost using the effective interest method until extinguished. Arrangement costs for loan facilities such as the Group\u2019s term loan are capitalised and amortised on a straight-line basis over the term of the facility. Material accounting policies Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to foreign exchange risks. These derivative financial instruments are designated as cash flow hedges, are initially measured at fair value on the contract date and then measured at fair value at subsequent reporting dates. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship, to ensure it is highly effective on an ongoing basis. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and the ineffective portion is recognised immediately in the income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory or property, plant and equipment, the amounts accumulated in other comprehensive income are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in other comprehensive income are recognised in the consolidated income statement when the hedged item or transaction affects the income statement. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-428": { "value": "Material accounting policies Convertible debt Convertible bonds are classified as compound instruments, consisting of a liability and an equity component. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt, and is subsequently recorded at amortised cost using the effective interest method until extinguished on conversion or maturity of the bonds, and is recognised within borrowings. The difference between the proceeds of issue of the convertible bond and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in equity as a separate category. Issue costs are apportioned between the liability and equity components of the convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity component is charged directly against equity. Other loans and borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of attributable transaction costs, and subsequently recorded at amortised cost using the effective interest method until extinguished. Arrangement costs for loan facilities such as the Group\u2019s term loan are capitalised and amortised on a straight-line basis over the term of the facility. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-418": { "value": "Material accounting policies Convertible debt Convertible bonds are classified as compound instruments, consisting of a liability and an equity component. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt, and is subsequently recorded at amortised cost using the effective interest method until extinguished on conversion or maturity of the bonds, and is recognised within borrowings. The difference between the proceeds of issue of the convertible bond and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in equity as a separate category. Issue costs are apportioned between the liability and equity components of the convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity component is charged directly against equity. Other loans and borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of attributable transaction costs, and subsequently recorded at amortised cost using the effective interest method until extinguished. Arrangement costs for loan facilities such as the Group\u2019s term loan are capitalised and amortised on a straight-line basis over the term of the facility. Material accounting policies Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to foreign exchange risks. These derivative financial instruments are designated as cash flow hedges, are initially measured at fair value on the contract date and then measured at fair value at subsequent reporting dates. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship, to ensure it is highly effective on an ongoing basis. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and the ineffective portion is recognised immediately in the income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory or property, plant and equipment, the amounts accumulated in other comprehensive income are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in other comprehensive income are recognised in the consolidated income statement when the hedged item or transaction affects the income statement. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-350": { "value": "
21 Provisions
Onerous
Dilapidations\ue01d
occupancy\ue01d
Total
\u00a3m
\u00a3m\ue01d
\u00a3m \ue01d
As at 2 September 2024
68.7
20.5
89.2
Recognised
1.4
13.0
14.4
Utilised
\u2013
(3.9)
(3.9)
Unwinding of discount
2.6
1.2
3.8
Foreign exchange differences
\u2013
(1.3)
(1.3)
As at 31 August 2025
72.7
29.5
102.2
Current
\u2013
4.4
4.4
Non-current
72.7
25.1
97.8
As at 31 August 2025
72.7
29.5
102.2
As at 4 September 2023
53.4
16.8
70.2
Recognised
13.7
5.3
19.0
Utilised
\u2013
(2.4)
(2.4)
Unwinding of discount
2.3
0.8
3.1
Foreign exchange differences
(0.7)
\u2013
(0.7)
As at 1 September 2024
68.7
20.5
89.2
Current
\u2013
2.7
2.7
Non-current
68.7
17.8
86.5
As at 1 September 2024
68.7
20.5
89.2
Dilapidation provisions
Dilapidations are recognised where there is a present obligation to repair and restore leased properties to their preoccupancy state at
the end of the lease term. They are measured at the present value of the expenditures expected to be required to settle the obligation,
calculated using a nominal pre-tax annual discount rate, based on government bond yields of an appropriate tenure within the country
that the lease is held. No adjustments are made to the discount rate for inflation as inflationary increases are already included in the
undiscounted cash flows. Similarly, risk is also considered when determining the cash flows, therefore no adjustments are made to the
discount rate for risk. The discount rates used range from 3.1% to 4.5% (2024: 2.5% to 4.3%).
The timing of forecast cash outflows is linked to the underlying lease expiry dates, with the next most significant outflow anticipated to
occur in 2028. Whilst there is inherent uncertainty in terms of the quantum of cash outflows expected, they represent management\u2019s
best estimates for individual properties, with reference to previous experience and size of leased property. It is not considered that there
is a significant risk of material adjustment to the carrying amounts of dilapidation provisions due to such estimates, and therefore they
are not disclosed as a significant source of estimation uncertainty to the Group.
Onerous occupancy provisions
Where the Group no longer operates from a leased property, onerous property contract provisions are recognised for the least net cost
of exiting from the contract. The amounts provided are based on the Group\u2019s best estimates of the likely committed outflows and site
closure dates. These provisions do not include rent in accordance with IFRS 16 Leases, nor business rates, however do include unavoidable
costs related to the lease such as service charges and insurance.
Cash flows are discounted to present value using a nominal pre-tax annual discount rate, based on government bond yields of an
appropriate tenure within the country that the lease is held. No adjustments are made to the discount rate for inflation as inflationary
increases are already included in the undiscounted cash flows. As the cash flows are known due to being contractual, the discount rate is
not adjusted for risk. The discount rates for onerous occupancy provisions are 4.1% to 4.8% (2024: 4.0%).
Where the Group is able to exit lease contracts before the expiry date or agree sublets, this results in the release of any associated
property provisions. Such events are subject to the agreement of landlords, therefore the Group makes no assumptions on the ability to
either exit or sublet a property until a position is agreed. Utilisation of the above amounts is expected to be incurred in conjunction with
the profile of the leases to which they relate. Refer to Note 3 for more detail on the amount recognised in the year. Whilst all provisions
are sensitive to the discount rate used, given they are derived from government bond yields, it is not considered that there is a significant
risk of a reasonable possible change resulting in a material movement in the provisions.
Climate change
The Group remains committed to its stated climate goals and takes into consideration the potential impact of climate change on its legal
and constructive obligations, including compliance with carbon emissions regulations and environmental liabilities. Following a thorough
review of its provisions, the Group has determined that no adjustments are necessary for climate-related risks, and no new provisions
need to be recognised for climate-related matters at this time.
Material accounting policies Provisions Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. Provisions for onerous contracts are recognised when the Group believes that the unavoidable costs of meeting or exiting the contract exceed the economic benefits expected to be received under the contract. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-419": { "value": "Material accounting policies Provisions Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. Provisions for onerous contracts are recognised when the Group believes that the unavoidable costs of meeting or exiting the contract exceed the economic benefits expected to be received under the contract. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-351": { "value": "
22 Share capital, share premium and other reserves
22.1 Share capital and share premium
2025
2024
Ordinary shares
Ordinary shares
Number
\u00a3m
Number
\u00a3m
Called up share capital
Allotted, issued and fully paid ordinary shares of 3.5p
119,519,975
4.2
119,334,341
4.2
Share premium account
Share premium
322.6
322.6
The movements in the called up share capital and share premium are as follows:
Ordinary shares
Share Capital
Share Premium
Number
\u00a3m
\u00a3m
As at 2 September 2024
119,334,341
4.2
322.6
Allotted in respect of share incentive schemes
185,634
\u2013
\u2013
As at 31 August 2025
119,519,975
4.2
322.6
As at 4 September 2023
119,236,850
4.2
322.6
Allotted in respect of share incentive schemes
97,491
\u2013
\u2013
As at 1 September 2024
119,334,341
4.2
322.6
22.2 Employee Benefit Trust
The provision of shares to satisfy some of the Group\u2019s share incentive plans is facilitated by the Group\u2019s Employee Benefit Trust and Link
Market Services Trustees Limited (the Trusts). Investment in own shares are recorded at cost, net of directly attributable costs for the
purchase of issued, or issuance of new shares, and recognised within equity (within retained earnings). The costs of operating the Trusts
are borne by the Group and are not material.
2025
2024
Market Nominal Ordinary Market Nominal Ordinary
value value shares value value shares
\u00a3m
\u00a3m
Number
\u00a3m
\u00a3m
Number
Investment in own shares
0.3\ue01d
\u2013
101,83
8\ue01d
0.6
\u2013
172
,721\ue01d
22.3 Other reserves The table below sets out the movements in other reserves:
Currency
Cash flow translation Convertible
hedge reserve reserve
bond reserve
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 2 September 2024
6.0
(3.0)
58.9
61.9
Net translation movements
\u2013
1.6
\u2013
1.6
Net fair value gains/(losses) on cash flow hedges
(3.4)
\u2013
\u2013
(3.4)
Fair value movements reclassified from cash flow hedge reserve to
profit or loss
(11.3)
\u2013
\u2013
(11.3)
Cash flow hedges gains and losses transferred to non-financial assets
1.7
\u2013
\u2013
1.7
Repurchase and refinance of convertible bond
\u2013
\u2013
(50.2)
(50.2)
Tax on above items
3.3
\u2013
\u2013
3.3
Balance as at 31 August 2025
(3.7)
(1.4)
8.7
3.6\ue01d
As at 4 September 2023
17.2
(3.0)
58.9
73.1
Net translation movements
\u2013
\u2013
\u2013
\u2013
Net fair value gains/(losses) on cash flow hedges
1.5
\u2013
\u2013
1.5
Fair value movements reclassified from cash flow hedge reserve to
profit or loss
(13.9)
\u2013
\u2013
(13.9)
Cash flow hedges gains and losses transferred to non-financial assets
(2.8)
\u2013
\u2013
(2.8)
Tax on above items
4.0
\u2013
\u2013
4.0
Balance as at 1 September 2024
6.0
(3.0)
58.9
61.9
Material accounting policies Share capital and share premium Ordinary shares are classified as equity instruments. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Cash flow hedge reserve The cash flow hedge reserve represents the effective portion of gains or losses on derivatives designated as, and that qualify as, cash flow hedges. Amounts are transferred to the balance sheet and included within the initial cost of the asset which is being hedged, or to the income statement, as appropriate. Currency translation reserve The currency translation reserve accumulates foreign exchange differences arising on the translation of net assets in foreign operations which are recognised in other comprehensive income. The cumulative amount is reclassified to retained earnings when the related investment is disposed. Convertible bond reserve The convertible bond reserve represents the equity components of the \u00a373.6m Convertible Bonds due 2026 and the \u00a3253.0m Convertible Bonds due 2028. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-374": { "value": "22.1 Share capital and share premium
2025
2024
Ordinary shares
Ordinary shares
Number
\u00a3m
Number
\u00a3m
Called up share capital
Allotted, issued and fully paid ordinary shares of 3.5p
119,519,975
4.2
119,334,341
4.2
Share premium account
Share premium
322.6
322.6
The movements in the called up share capital and share premium are as follows:
Ordinary shares
Share Capital
Share Premium
Number
\u00a3m
\u00a3m
As at 2 September 2024
119,334,341
4.2
322.6
Allotted in respect of share incentive schemes
185,634
\u2013
\u2013
As at 31 August 2025
119,519,975
4.2
322.6
As at 4 September 2023
119,236,850
4.2
322.6
Allotted in respect of share incentive schemes
97,491
\u2013
\u2013
As at 1 September 2024
119,334,341
4.2
322.6
22.2 Employee Benefit Trust The provision of shares to satisfy some of the Group\u2019s share incentive plans is facilitated by the Group\u2019s Employee Benefit Trust and Link Market Services Trustees Limited (the Trusts). Investment in own shares are recorded at cost, net of directly attributable costs for the purchase of issued, or issuance of new shares, and recognised within equity (within retained earnings). The costs of operating the Trusts are borne by the Group and are not material.
2025
2024
Market Nominal Ordinary Market Nominal Ordinary
value value shares value value shares
\u00a3m
\u00a3m
Number
\u00a3m
\u00a3m
Number
Investment in own shares
0.3\ue01d
\u2013
101,83
8\ue01d
0.6
\u2013
172
,721\ue01d
22.3 Other reserves The table below sets out the movements in other reserves:
Currency
Cash flow translation Convertible
hedge reserve reserve
bond reserve
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 2 September 2024
6.0
(3.0)
58.9
61.9
Net translation movements
\u2013
1.6
\u2013
1.6
Net fair value gains/(losses) on cash flow hedges
(3.4)
\u2013
\u2013
(3.4)
Fair value movements reclassified from cash flow hedge reserve to
profit or loss
(11.3)
\u2013
\u2013
(11.3)
Cash flow hedges gains and losses transferred to non-financial assets
1.7
\u2013
\u2013
1.7
Repurchase and refinance of convertible bond
\u2013
\u2013
(50.2)
(50.2)
Tax on above items
3.3
\u2013
\u2013
3.3
Balance as at 31 August 2025
(3.7)
(1.4)
8.7
3.6\ue01d
As at 4 September 2023
17.2
(3.0)
58.9
73.1
Net translation movements
\u2013
\u2013
\u2013
\u2013
Net fair value gains/(losses) on cash flow hedges
1.5
\u2013
\u2013
1.5
Fair value movements reclassified from cash flow hedge reserve to
profit or loss
(13.9)
\u2013
\u2013
(13.9)
Cash flow hedges gains and losses transferred to non-financial assets
(2.8)
\u2013
\u2013
(2.8)
Tax on above items
4.0
\u2013
\u2013
4.0
Balance as at 1 September 2024
6.0
(3.0)
58.9
61.9
Material accounting policies Share capital and share premium Ordinary shares are classified as equity instruments. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Cash flow hedge reserve The cash flow hedge reserve represents the effective portion of gains or losses on derivatives designated as, and that qualify as, cash flow hedges. Amounts are transferred to the balance sheet and included within the initial cost of the asset which is being hedged, or to the income statement, as appropriate. Currency translation reserve The currency translation reserve accumulates foreign exchange differences arising on the translation of net assets in foreign operations which are recognised in other comprehensive income. The cumulative amount is reclassified to retained earnings when the related investment is disposed. Convertible bond reserve The convertible bond reserve represents the equity components of the \u00a373.6m Convertible Bonds due 2026 and the \u00a3253.0m Convertible Bonds due 2028. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-390": { "value": "22.2 Employee Benefit Trust The provision of shares to satisfy some of the Group\u2019s share incentive plans is facilitated by the Group\u2019s Employee Benefit Trust and Link Market Services Trustees Limited (the Trusts). Investment in own shares are recorded at cost, net of directly attributable costs for the purchase of issued, or issuance of new shares, and recognised within equity (within retained earnings). The costs of operating the Trusts are borne by the Group and are not material.
2025
2024
Market Nominal Ordinary Market Nominal Ordinary
value value shares value value shares
\u00a3m
\u00a3m
Number
\u00a3m
\u00a3m
Number
Investment in own shares
0.3\ue01d
\u2013
101,83
8\ue01d
0.6
\u2013
172
,721\ue01d
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-391": { "value": "
22.3 Other reserves
The table below sets out the movements in other reserves:
Currency
Cash flow translation Convertible
hedge reserve reserve
bond reserve
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 2 September 2024
6.0
(3.0)
58.9
61.9
Net translation movements
\u2013
1.6
\u2013
1.6
Net fair value gains/(losses) on cash flow hedges
(3.4)
\u2013
\u2013
(3.4)
Fair value movements reclassified from cash flow hedge reserve to
profit or loss
(11.3)
\u2013
\u2013
(11.3)
Cash flow hedges gains and losses transferred to non-financial assets
1.7
\u2013
\u2013
1.7
Repurchase and refinance of convertible bond
\u2013
\u2013
(50.2)
(50.2)
Tax on above items
3.3
\u2013
\u2013
3.3
Balance as at 31 August 2025
(3.7)
(1.4)
8.7
3.6\ue01d
As at 4 September 2023
17.2
(3.0)
58.9
73.1
Net translation movements
\u2013
\u2013
\u2013
\u2013
Net fair value gains/(losses) on cash flow hedges
1.5
\u2013
\u2013
1.5
Fair value movements reclassified from cash flow hedge reserve to
profit or loss
(13.9)
\u2013
\u2013
(13.9)
Cash flow hedges gains and losses transferred to non-financial assets
(2.8)
\u2013
\u2013
(2.8)
Tax on above items
4.0
\u2013
\u2013
4.0
Balance as at 1 September 2024
6.0
(3.0)
58.9
61.9
Cash flow hedge reserve The cash flow hedge reserve represents the effective portion of gains or losses on derivatives designated as, and that qualify as, cash flow hedges. Amounts are transferred to the balance sheet and included within the initial cost of the asset which is being hedged, or to the income statement, as appropriate. Currency translation reserve The currency translation reserve accumulates foreign exchange differences arising on the translation of net assets in foreign operations which are recognised in other comprehensive income. The cumulative amount is reclassified to retained earnings when the related investment is disposed. Convertible bond reserve The convertible bond reserve represents the equity components of the \u00a373.6m Convertible Bonds due 2026 and the \u00a3253.0m Convertible Bonds due 2028. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-420": { "value": "Material accounting policies Share capital and share premium Ordinary shares are classified as equity instruments. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Cash flow hedge reserve The cash flow hedge reserve represents the effective portion of gains or losses on derivatives designated as, and that qualify as, cash flow hedges. Amounts are transferred to the balance sheet and included within the initial cost of the asset which is being hedged, or to the income statement, as appropriate. Currency translation reserve The currency translation reserve accumulates foreign exchange differences arising on the translation of net assets in foreign operations which are recognised in other comprehensive income. The cumulative amount is reclassified to retained earnings when the related investment is disposed. Convertible bond reserve The convertible bond reserve represents the equity components of the \u00a373.6m Convertible Bonds due 2026 and the \u00a3253.0m Convertible Bonds due 2028. ", "dimensions": { "concept": "asosplc:DescriptionOfAccountingPolicyForShareCapitalSharePremiumAndOtherReserves", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-429": { "value": "Share capital and share premium Ordinary shares are classified as equity instruments. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-352": { "value": "
23 Financial risk management
The Group\u2019s Treasury function seeks to reduce exposures to capital risk, liquidity risk, credit risk, interest rate risk and foreign currency
risk, to ensure liquidity is available to meet foreseeable needs by investing cash assets safely and profitably. The Group does not engage
in speculative trading in financial instruments and transacts only in relation to underlying business requirements. The Group\u2019s treasury
policies and procedures are reviewed annually with material changes approved by the Audit Committee.
23.1 Capital risk
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide
returns for shareholders and benefits for other stakeholders through an appropriate balance of debt and equity funding, while
maintaining sufficient headroom. There have been no changes to capital risk management policies during the year. Refer to Note 27 for
the value of the Group\u2019s net debt, and the consolidated statement of changes in equity for the value of the Group\u2019s equity.
The Board can manage the Group\u2019s capital structure by diversifying the debt portfolio, issuing new shares or repurchasing shares in the
open market and flexing capital expenditure. From time to time, the Employee Benefit Trust may purchase shares in the Company from
the open market for the purpose of satisfying awards under the Group\u2019s employee share plans, however the Group does not currently
operate a defined share buy-back plan.
23.2 Liquidity risk
Liquidity risk is the risk that the Group may be unable to meet its financial obligations as they fall due.
The Group manages its exposure to liquidity risk by continuously monitoring short and long-term forecasts and actual cash flows,
ensuring it has the necessary banking and reserve borrowing facilities available to meet the requirements of the business. At 31 August
2025, the Group was fully drawn on the \u00a3150.0m term loan with Bantry Bay with a maturity of May 2027. Borrowings under the term loan
bear interest at a rate linked to SONIA.
The Group has issued \u00a373.6m of Convertible Bonds due April 2026 and \u00a3253.0m of Convertible Bonds due September 2028, paying a
fixed annual coupon of 0.75% and 11.0%, respectively. The Convertible Bonds due 2028 will be redeemed at a redemption price of 120% of
the principal amount, unless previously converted, exchanged, redeemed or purchased and cancelled in accordance with the terms and
conditions of the bonds.
Surplus cash is invested with relationship banks and money market funds to optimise returns, whilst also considering counterparty risk
and business liquidity requirements.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period to the
contractual maturity date. The amounts disclosed in the tables are the contractual undiscounted cash flows or an estimate of cash flows
in respect of floating interest rate liabilities.
Less than 1 year
1 to 2 years
2 to 5 years
Over 5 years
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Convertible bond
(102.0)
(27.8)
(345.3)
\u2013
Nordstrom loan
(6.5)
\u2013
\u2013
\u2013
Term loan
(22.4)
(172.4)
\u2013
\u2013
Trade and other payables
(542.1)
\u2013
\u2013
\u2013
Derivatives \u2013 gross settled
Cash inflows
575.0
36.4
\u2013
\u2013
Cash outflows
(582.0)
(36.3)
\u2013
\u2013
2024
Convertible bond
3.8
503.8
\u2013
\u2013
Nordstrom loan
1.3
1.3
3.9
19.8
Term loan
30.2
217.6
\u2013
\u2013
Trade and other payables
601.3
\u2013
\u2013
\u2013
Derivatives \u2013 gross settled
Cash inflows
812.5
51.3
\u2013
\u2013
Cash outflows
(807.9)
(51.0)
\u2013
\u2013
1 Excludes deferred revenue and any amounts in relation to taxation.
The maturities of lease liabilities are disclosed separately in Note 13.
23.3 Credit risk
Credit risk is the risk that a counterparty may default on its obligation to the Group in relation to lending, hedging, settlement and other
financial activities. The Group\u2019s principal financial assets are trade and other receivables, financial derivatives, and cash and cash
equivalents. The Group\u2019s credit risk is primarily attributable to its trade and other receivables and financial counterparties. The amounts
included in the consolidated balance sheet are net of allowances for doubtful receivables.
The Group has a low retail credit risk due to transactions being principally of high volume, low value and short maturity. The Group\u2019s trade
receivables are primarily with companies with which the Group has long-standing relationships, and wholesale suppliers, and therefore
the risk of default and write-offs due to bad debts is considered to be low.
The Group has no significant concentration of credit risk, as exposure is spread over a large number of counterparties and customers.
The credit risk on liquid funds is considered to be low, as the Group Treasury Policy limits the total value that can be placed with each
approved counterparty to minimise the risk of loss.
The Group considers its maximum exposure to credit risk to be as follows:
2025
2024
\u00a3m
\u00a3m
Trade and other receivables
42.3
48.3
Cash and cash equivalents
318.9
391.0
Derivative financial assets
1.3
9.8
362.5
449.1
1 Trade and other receivables excludes prepayments and VAT receivables.
23.4 Interest rate risk
Interest rate risk is the risk of increased costs arising from adverse movements in interest rates. Interest on financial instruments is
classified as fixed rate if interest resets on the instruments are less frequent than once every 12 months. Interest on financial instruments
is classified as floating rate if interest resets on the instruments occur every 12 months or more frequently.
The Group is exposed to cash flow interest rate risk on the \u00a3150.0m term loan, which incurs interest linked to SONIA. The Group\u2019s
remaining borrowings pay fixed coupons.
The mix of the Group\u2019s financial assets and liabilities at the balance sheet date are as follows:
2025
2024
Fixed
Floating
Total
Fixed
Floating
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
\u2013
318.9
318.9
\u2013
391.0
391.0
Borrowings
(349.8)
(153.8)
(503.6)
(497.9)
(190.2)
(688.1)
(349.8)
165.1
(184.7)
(497.9)
200.8
(297.1)
The Group considers that a 100bps movement in interest rates is a reasonable measure of volatility. The sensitivity analysis has been
prepared on the basis that the amount of net debt and the ratio of fixed to floating interest rates of the debt portfolio are all constant as
at 31 August 2025. The sensitivity of floating rate balances to a change of 100bps in the interest rate (or such lesser amount as would
result in a zero rate of interest) at the balance sheet date is shown below:
2025
2024
Impact on Impact on
pre-tax profit pre-tax profit
\u00a3m
\u00a3m
Change in floating rate +/-100bps
1.7/(1.7)
1.9/(1.9)
23.5 Foreign currency risk
The Group operates internationally and is therefore exposed to foreign currency transaction risk, primarily on sales denominated in Euros
and US Dollars as well as on US Dollar denominated purchases. The Group\u2019s presentational currency is pound Sterling, therefore the
Group is also exposed to foreign currency translation risks due to movements in foreign exchange rates on the translation of non-sterling
assets and liabilities.
The primary use of forward exchange and option contracts for sales and inventory purchases per the Group\u2019s hedging policy is to hedge
material currency exposures with layered hedges over an 18-month period, with up to 100% coverage of the net unmatched exposure for
the six months immediately preceding the forecast cash flows, and coverage decreasing between months seven and 18. These forward
foreign exchange contracts are classified as Level 2 derivative financial instruments under IFRS 13 Fair Value Measurement.
The following table illustrates the hypothetical sensitivity of the Group\u2019s reported profit before tax and other comprehensive income to a
10% increase and decrease in the value of each of these currencies relative to pound Sterling at the reporting date, assuming all other
variables remain unchanged. The sensitivity rate of 10% is deemed to represent a reasonably possible change based on historic exchange
rate volatility.
The following assumptions were made in calculating the sensitivity analysis:
Exchange rate fluctuations on currency derivatives that form part of an effective cash flow hedge relationship affect the fair value
reserve in equity and the fair value of the hedging derivatives, with no impact on the income statement.
All hedge relationships are fully effective.
The sensitivities are calculated with reference to a single moment in time and are subject to change due to a number of factors including
fluctuating trade payable, cash balances and changes in the currency mix. In addition, each of the sensitivities is calculated in isolation
whilst, in reality, foreign currencies do not move independently. Positive figures represent an increase in profit before tax or in other
comprehensive income.
2025
2024
Other
comprehensive Other comprehensive
Profit before tax
income
Profit before tax
income
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Sterling strengthens by 10% against:
US dollar
2.0
(10.9)
(0.1)
(6.3)
Euro
(3.0)
18.5
(5.6)
20.6
Sterling weakens by 10% against:
US dollar
(2.4)
13.3
0.1
7.7
Euro
3.7
(22.6)
6.9
(25.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-375": { "value": "23.1 Capital risk The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders through an appropriate balance of debt and equity funding, while maintaining sufficient headroom. There have been no changes to capital risk management policies during the year. Refer to Note 27 for the value of the Group\u2019s net debt, and the consolidated statement of changes in equity for the value of the Group\u2019s equity. The Board can manage the Group\u2019s capital structure by diversifying the debt portfolio, issuing new shares or repurchasing shares in the open market and flexing capital expenditure. From time to time, the Employee Benefit Trust may purchase shares in the Company from the open market for the purpose of satisfying awards under the Group\u2019s employee share plans, however the Group does not currently operate a defined share buy-back plan. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-376": { "value": "23.2 Liquidity risk Liquidity risk is the risk that the Group may be unable to meet its financial obligations as they fall due. The Group manages its exposure to liquidity risk by continuously monitoring short and long-term forecasts and actual cash flows, ensuring it has the necessary banking and reserve borrowing facilities available to meet the requirements of the business. At 31 August 2025, the Group was fully drawn on the \u00a3150.0m term loan with Bantry Bay with a maturity of May 2027. Borrowings under the term loan bear interest at a rate linked to SONIA. The Group has issued \u00a373.6m of Convertible Bonds due April 2026 and \u00a3253.0m of Convertible Bonds due September 2028, paying a fixed annual coupon of 0.75% and 11.0%, respectively. The Convertible Bonds due 2028 will be redeemed at a redemption price of 120% of the principal amount, unless previously converted, exchanged, redeemed or purchased and cancelled in accordance with the terms and conditions of the bonds. Surplus cash is invested with relationship banks and money market funds to optimise returns, whilst also considering counterparty risk and business liquidity requirements. The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period to the contractual maturity date. The amounts disclosed in the tables are the contractual undiscounted cash flows or an estimate of cash flows in respect of floating interest rate liabilities.
Less than 1 year
1 to 2 years
2 to 5 years
Over 5 years
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Convertible bond
(102.0)
(27.8)
(345.3)
\u2013
Nordstrom loan
(6.5)
\u2013
\u2013
\u2013
Term loan
(22.4)
(172.4)
\u2013
\u2013
Trade and other payables
(542.1)
\u2013
\u2013
\u2013
Derivatives \u2013 gross settled
Cash inflows
575.0
36.4
\u2013
\u2013
Cash outflows
(582.0)
(36.3)
\u2013
\u2013
2024
Convertible bond
3.8
503.8
\u2013
\u2013
Nordstrom loan
1.3
1.3
3.9
19.8
Term loan
30.2
217.6
\u2013
\u2013
Trade and other payables
601.3
\u2013
\u2013
\u2013
Derivatives \u2013 gross settled
Cash inflows
812.5
51.3
\u2013
\u2013
Cash outflows
(807.9)
(51.0)
\u2013
\u2013
1 Excludes deferred revenue and any amounts in relation to taxation. The maturities of lease liabilities are disclosed separately in Note 13. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-377": { "value": "23.3 Credit risk Credit risk is the risk that a counterparty may default on its obligation to the Group in relation to lending, hedging, settlement and other financial activities. The Group\u2019s principal financial assets are trade and other receivables, financial derivatives, and cash and cash equivalents. The Group\u2019s credit risk is primarily attributable to its trade and other receivables and financial counterparties. The amounts included in the consolidated balance sheet are net of allowances for doubtful receivables. The Group has a low retail credit risk due to transactions being principally of high volume, low value and short maturity. The Group\u2019s trade receivables are primarily with companies with which the Group has long-standing relationships, and wholesale suppliers, and therefore the risk of default and write-offs due to bad debts is considered to be low. The Group has no significant concentration of credit risk, as exposure is spread over a large number of counterparties and customers. The credit risk on liquid funds is considered to be low, as the Group Treasury Policy limits the total value that can be placed with each approved counterparty to minimise the risk of loss. The Group considers its maximum exposure to credit risk to be as follows:
2025
2024
\u00a3m
\u00a3m
Trade and other receivables
42.3
48.3
Cash and cash equivalents
318.9
391.0
Derivative financial assets
1.3
9.8
362.5
449.1
1 Trade and other receivables excludes prepayments and VAT receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-378": { "value": "23.4 Interest rate risk Interest rate risk is the risk of increased costs arising from adverse movements in interest rates. Interest on financial instruments is classified as fixed rate if interest resets on the instruments are less frequent than once every 12 months. Interest on financial instruments is classified as floating rate if interest resets on the instruments occur every 12 months or more frequently. The Group is exposed to cash flow interest rate risk on the \u00a3150.0m term loan, which incurs interest linked to SONIA. The Group\u2019s remaining borrowings pay fixed coupons. The mix of the Group\u2019s financial assets and liabilities at the balance sheet date are as follows:
2025
2024
Fixed
Floating
Total
Fixed
Floating
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
\u2013
318.9
318.9
\u2013
391.0
391.0
Borrowings
(349.8)
(153.8)
(503.6)
(497.9)
(190.2)
(688.1)
(349.8)
165.1
(184.7)
(497.9)
200.8
(297.1)
The Group considers that a 100bps movement in interest rates is a reasonable measure of volatility. The sensitivity analysis has been prepared on the basis that the amount of net debt and the ratio of fixed to floating interest rates of the debt portfolio are all constant as at 31 August 2025. The sensitivity of floating rate balances to a change of 100bps in the interest rate (or such lesser amount as would result in a zero rate of interest) at the balance sheet date is shown below:
2025
2024
Impact on Impact on
pre-tax profit pre-tax profit
\u00a3m
\u00a3m
Change in floating rate +/-100bps
1.7/(1.7)
1.9/(1.9)
23.5 Foreign currency risk The Group operates internationally and is therefore exposed to foreign currency transaction risk, primarily on sales denominated in Euros and US Dollars as well as on US Dollar denominated purchases. The Group\u2019s presentational currency is pound Sterling, therefore the Group is also exposed to foreign currency translation risks due to movements in foreign exchange rates on the translation of non-sterling assets and liabilities. The primary use of forward exchange and option contracts for sales and inventory purchases per the Group\u2019s hedging policy is to hedge material currency exposures with layered hedges over an 18-month period, with up to 100% coverage of the net unmatched exposure for the six months immediately preceding the forecast cash flows, and coverage decreasing between months seven and 18. These forward foreign exchange contracts are classified as Level 2 derivative financial instruments under IFRS 13 Fair Value Measurement. The following table illustrates the hypothetical sensitivity of the Group\u2019s reported profit before tax and other comprehensive income to a 10% increase and decrease in the value of each of these currencies relative to pound Sterling at the reporting date, assuming all other variables remain unchanged. The sensitivity rate of 10% is deemed to represent a reasonably possible change based on historic exchange rate volatility. The following assumptions were made in calculating the sensitivity analysis: Exchange rate fluctuations on currency derivatives that form part of an effective cash flow hedge relationship affect the fair value reserve in equity and the fair value of the hedging derivatives, with no impact on the income statement. All hedge relationships are fully effective. The sensitivities are calculated with reference to a single moment in time and are subject to change due to a number of factors including fluctuating trade payable, cash balances and changes in the currency mix. In addition, each of the sensitivities is calculated in isolation whilst, in reality, foreign currencies do not move independently. Positive figures represent an increase in profit before tax or in other comprehensive income.
2025
2024
Other
comprehensive Other comprehensive
Profit before tax
income
Profit before tax
income
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Sterling strengthens by 10% against:
US dollar
2.0
(10.9)
(0.1)
(6.3)
Euro
(3.0)
18.5
(5.6)
20.6
Sterling weakens by 10% against:
US dollar
(2.4)
13.3
0.1
7.7
Euro
3.7
(22.6)
6.9
(25.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-392": { "value": "24.2 Carrying amount versus fair value Set out below is a comparison of the carrying amount and the fair value of financial instruments that are carried in the financial statements at a value other than fair value. The fair value of financial assets and liabilities are based on prices available from the market on which the instruments are traded. Where market values are not available, the fair values of financial assets and liabilities have been calculated by discounting expected future cash flows at prevailing interest rates. The fair values of cash and cash equivalents, trade and other receivables, and trade and other payables are considered to approximate to their book values.
Fair value
Carrying amount
Fair value
2025 hierarchy
\u00a3m
\u00a3m
Convertible bond
1
(343.3)
(338.3)
Nordstrom loan
2
(6.5)
(3.0)
Term loan
2
(153.8)
(151.8)
(503.6)
(493.1)
2024
Convertible bond
1
(478.1)
(358.3)
Nordstrom loan
2
(19.8)
(9.6)
Term loan
2
(190.2)
(200.8)
(688.1)
(568.7)
Fair value hierarchy is defined as: Level 1 fair value measurements are derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities at the balance sheet date. This level includes listed equity securities and debt instruments on public exchanges; Level 2 fair value measurements are derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The fair value of financial instruments is determined by discounting expected cash flows at prevailing interest rates; and Level 3 fair value measurements are derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-379": { "value": "24.2 Carrying amount versus fair value Set out below is a comparison of the carrying amount and the fair value of financial instruments that are carried in the financial statements at a value other than fair value. The fair value of financial assets and liabilities are based on prices available from the market on which the instruments are traded. Where market values are not available, the fair values of financial assets and liabilities have been calculated by discounting expected future cash flows at prevailing interest rates. The fair values of cash and cash equivalents, trade and other receivables, and trade and other payables are considered to approximate to their book values.
Fair value
Carrying amount
Fair value
2025 hierarchy
\u00a3m
\u00a3m
Convertible bond
1
(343.3)
(338.3)
Nordstrom loan
2
(6.5)
(3.0)
Term loan
2
(153.8)
(151.8)
(503.6)
(493.1)
2024
Convertible bond
1
(478.1)
(358.3)
Nordstrom loan
2
(19.8)
(9.6)
Term loan
2
(190.2)
(200.8)
(688.1)
(568.7)
Fair value hierarchy is defined as: Level 1 fair value measurements are derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities at the balance sheet date. This level includes listed equity securities and debt instruments on public exchanges; Level 2 fair value measurements are derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The fair value of financial instruments is determined by discounting expected cash flows at prevailing interest rates; and Level 3 fair value measurements are derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-401": { "value": "24.3 Offsetting financial instruments There are no financial assets and financial liabilities that are offset in the balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-393": { "value": "24.3 Offsetting financial instruments There are no financial assets and financial liabilities that are offset in the balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-380": { "value": "24.3 Offsetting financial instruments There are no financial assets and financial liabilities that are offset in the balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-394": { "value": "24.4 The effects of hedge accounting on the Group\u2019s financial position and performance The table below provides a breakdown of the Group\u2019s cash flow hedges as well as derivatives not in a formal hedge accounting relationship:
2025
2024
Fair value
Fair value
Notional
Asset
Liability
Notional
Asset
Liability
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Foreign currency derivatives
Inventory hedges
124.2
0.7
(4.8)
122.1
1.4
(4.7)
Capex hedges
\u2013
\u2013
\u2013
13.2
\u2013
(0.7)
Sales hedges
206.1
0.6
(4.0)
292.3
8.4
(0.8)
Derivatives not in a formal
hedging relationship
Foreign currency derivatives
225.6
\u2013
(1.3)
238.7
\u2013
(0.9)
Total
1.3
(10.1)
9.8
(7.1)
There is an economic relationship between the hedged items and the hedging instruments as the terms of the foreign exchange contracts match the terms of the expected highly probable forecast transactions (i.e. notional amount and expected payment date). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange contracts are identical to the hedged risk components. Hedge effectiveness is determined at inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks. Hedge ineffectiveness can arise from: Differences in the timing of the cash flows of the hedged items and the hedging instruments; The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument compared to the hedged items; and Changes to the forecasted cash flows of the hedged item. The derivatives have been fair valued at 31 August 2025 with reference to forward exchange rates, with the resulting value discounted back to present value. 24.5 Maturity profile of hedging instruments The table below analyses the Group\u2019s derivative financial instruments into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
2025
1 to 6 months
6 to 12 months
More than one year
US dollar (highly probable forecast purchases)
Notional amount (in \u00a3m)
70.3\ue01d
38.0
15.9\ue01d
Average GBP: USD contract rate
1.30\ue01d
1.30
1.34\ue01d
Euro (highly probable forecast sales)
Notional amount (in \u00a3m)
111.2\ue01d
70.4
20.7
Average GBP: EUR contract rate
1.17
1.16
1.14
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
3.8\ue01d
\u2013
\u2013
Average GBP: Other contract rate
Various currencies
2024
US dollar (highly probable forecast purchases)
Notional amount (in \u00a3m)
82.9
37.7
14.7
Average GBP: USD contract rate
1.28
1.27
1.27
Euro (highly probable forecast sales)
Notional amount (in \u00a3m)
113.3\ue01d
88.2
23.9
Average GBP: EUR contract rate
1.15
1.16
1.15
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
38.3\ue01d
24.8
3.8\ue01d
Average GBP: Other contract rate
Various currencies
24.6 Impact of change in value of hedged items on cash flow hedge reserve
Change in value of Change in value of
hedged item for hedging instrument Cumulative impact
calculating hedge for calculating hedge on cash flow hedge
ineffectiveness ineffectiveness reserve
2025
\u00a3m
\u00a3m
\u00a3m
Hedges of foreign currency sales
(0.4)
0.4\ue01d
(3.3)
Hedges of foreign currency inventory purchases
3.7
(3.7)
(3.5)
Hedges of foreign currency purchases of Property, plant and
equipment
0.1
(0.1)
\u2013
2024
Hedges of foreign currency sales
(6.7)
6.7
7.6
Hedges of foreign currency inventory purchases
4.6
(4.6)
(2.3)
Hedges of foreign currency purchases of Property, plant and
equipment
0.6\ue01d
(0.6)
0.9
24.7 Analysis of fair value movements in cash flow hedge reserve by risk category FV movements recognised in Amounts Opening OCI reclassified ClosingReclassification 2025 \u00a3m \u00a3m \u00a3m \u00a3m Hedges of foreign currency sales 7.6 0.4 (11.3) (3.3) Revenue Hedges of foreign currency inventory (2.3) (3.7) 2.5 (3.5) Inventory purchases Hedges of foreign currency purchases 0.9 (0.1) (0.8) \u2013 Property, plant and of Property, plant and equipment equipment Tax (0.2) 3.3 \u2013 3.1 6.0 (0.1) (9.6) (3.7) 2024 Hedges of foreign currency sales 14.8 6.7 (13.9) 7.6 Revenue Hedges of foreign currency inventory 4.5 (4.6) (2.2) (2.3) Inventory purchases Hedges of foreign currency purchases 2.1 (0.6) (0.6) 0.9 Property, plant and of Property, plant and equipment equipment Tax (4.2) 4.0 \u2013 (0.2) 17.2 5.5 (16.7) 6.0 Material accounting policies Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to foreign exchange risks. These derivative financial instruments are designated as cash flow hedges, are initially measured at fair value on the contract date and then measured at fair value at subsequent reporting dates. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship, to ensure it is highly effective on an ongoing basis. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and the ineffective portion is recognised immediately in the income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory or property, plant and equipment, the amounts accumulated in other comprehensive income are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in other comprehensive income are recognised in the consolidated income statement when the hedged item or transaction affects the income statement. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-381": { "value": "24.4 The effects of hedge accounting on the Group\u2019s financial position and performance The table below provides a breakdown of the Group\u2019s cash flow hedges as well as derivatives not in a formal hedge accounting relationship:
2025
2024
Fair value
Fair value
Notional
Asset
Liability
Notional
Asset
Liability
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Foreign currency derivatives
Inventory hedges
124.2
0.7
(4.8)
122.1
1.4
(4.7)
Capex hedges
\u2013
\u2013
\u2013
13.2
\u2013
(0.7)
Sales hedges
206.1
0.6
(4.0)
292.3
8.4
(0.8)
Derivatives not in a formal
hedging relationship
Foreign currency derivatives
225.6
\u2013
(1.3)
238.7
\u2013
(0.9)
Total
1.3
(10.1)
9.8
(7.1)
There is an economic relationship between the hedged items and the hedging instruments as the terms of the foreign exchange contracts match the terms of the expected highly probable forecast transactions (i.e. notional amount and expected payment date). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange contracts are identical to the hedged risk components. Hedge effectiveness is determined at inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks. Hedge ineffectiveness can arise from: Differences in the timing of the cash flows of the hedged items and the hedging instruments; The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument compared to the hedged items; and Changes to the forecasted cash flows of the hedged item. The derivatives have been fair valued at 31 August 2025 with reference to forward exchange rates, with the resulting value discounted back to present value. 24.5 Maturity profile of hedging instruments The table below analyses the Group\u2019s derivative financial instruments into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
2025
1 to 6 months
6 to 12 months
More than one year
US dollar (highly probable forecast purchases)
Notional amount (in \u00a3m)
70.3\ue01d
38.0
15.9\ue01d
Average GBP: USD contract rate
1.30\ue01d
1.30
1.34\ue01d
Euro (highly probable forecast sales)
Notional amount (in \u00a3m)
111.2\ue01d
70.4
20.7
Average GBP: EUR contract rate
1.17
1.16
1.14
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
3.8\ue01d
\u2013
\u2013
Average GBP: Other contract rate
Various currencies
2024
US dollar (highly probable forecast purchases)
Notional amount (in \u00a3m)
82.9
37.7
14.7
Average GBP: USD contract rate
1.28
1.27
1.27
Euro (highly probable forecast sales)
Notional amount (in \u00a3m)
113.3\ue01d
88.2
23.9
Average GBP: EUR contract rate
1.15
1.16
1.15
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
38.3\ue01d
24.8
3.8\ue01d
Average GBP: Other contract rate
Various currencies
24.6 Impact of change in value of hedged items on cash flow hedge reserve
Change in value of Change in value of
hedged item for hedging instrument Cumulative impact
calculating hedge for calculating hedge on cash flow hedge
ineffectiveness ineffectiveness reserve
2025
\u00a3m
\u00a3m
\u00a3m
Hedges of foreign currency sales
(0.4)
0.4\ue01d
(3.3)
Hedges of foreign currency inventory purchases
3.7
(3.7)
(3.5)
Hedges of foreign currency purchases of Property, plant and
equipment
0.1
(0.1)
\u2013
2024
Hedges of foreign currency sales
(6.7)
6.7
7.6
Hedges of foreign currency inventory purchases
4.6
(4.6)
(2.3)
Hedges of foreign currency purchases of Property, plant and
equipment
0.6\ue01d
(0.6)
0.9
24.7 Analysis of fair value movements in cash flow hedge reserve by risk category FV movements recognised in Amounts Opening OCI reclassified ClosingReclassification 2025 \u00a3m \u00a3m \u00a3m \u00a3m Hedges of foreign currency sales 7.6 0.4 (11.3) (3.3) Revenue Hedges of foreign currency inventory (2.3) (3.7) 2.5 (3.5) Inventory purchases Hedges of foreign currency purchases 0.9 (0.1) (0.8) \u2013 Property, plant and of Property, plant and equipment equipment Tax (0.2) 3.3 \u2013 3.1 6.0 (0.1) (9.6) (3.7) 2024 Hedges of foreign currency sales 14.8 6.7 (13.9) 7.6 Revenue Hedges of foreign currency inventory 4.5 (4.6) (2.2) (2.3) Inventory purchases Hedges of foreign currency purchases 2.1 (0.6) (0.6) 0.9 Property, plant and of Property, plant and equipment equipment Tax (4.2) 4.0 \u2013 (0.2) 17.2 5.5 (16.7) 6.0 Material accounting policies Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to foreign exchange risks. These derivative financial instruments are designated as cash flow hedges, are initially measured at fair value on the contract date and then measured at fair value at subsequent reporting dates. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship, to ensure it is highly effective on an ongoing basis. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and the ineffective portion is recognised immediately in the income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory or property, plant and equipment, the amounts accumulated in other comprehensive income are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in other comprehensive income are recognised in the consolidated income statement when the hedged item or transaction affects the income statement. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-436": { "value": "Material accounting policies Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to foreign exchange risks. These derivative financial instruments are designated as cash flow hedges, are initially measured at fair value on the contract date and then measured at fair value at subsequent reporting dates. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship, to ensure it is highly effective on an ongoing basis. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and the ineffective portion is recognised immediately in the income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory or property, plant and equipment, the amounts accumulated in other comprehensive income are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in other comprehensive income are recognised in the consolidated income statement when the hedged item or transaction affects the income statement. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-435": { "value": "Material accounting policies Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to foreign exchange risks. These derivative financial instruments are designated as cash flow hedges, are initially measured at fair value on the contract date and then measured at fair value at subsequent reporting dates. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship, to ensure it is highly effective on an ongoing basis. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and the ineffective portion is recognised immediately in the income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory or property, plant and equipment, the amounts accumulated in other comprehensive income are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in other comprehensive income are recognised in the consolidated income statement when the hedged item or transaction affects the income statement. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-430": { "value": "Material accounting policies Derivative financial instruments The Group uses derivative financial instruments to hedge its exposure to foreign exchange risks. These derivative financial instruments are designated as cash flow hedges, are initially measured at fair value on the contract date and then measured at fair value at subsequent reporting dates. To qualify for hedge accounting, the Group documents, at the inception of the hedge, the hedging risk management strategy, the relationship between the hedging instrument and the hedged item or transaction, the nature of the risks being hedged and an assessment of the effectiveness of the hedging relationship, to ensure it is highly effective on an ongoing basis. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income, and the ineffective portion is recognised immediately in the income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory or property, plant and equipment, the amounts accumulated in other comprehensive income are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated in other comprehensive income are recognised in the consolidated income statement when the hedged item or transaction affects the income statement. Where derivatives do not qualify for hedge accounting, any changes in the fair value of the derivative financial instrument are recognised in the income statement as they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-353": { "value": "
25 Share-based payments
The Group incurred a cost of \u00a33.7m (2024: \u00a33.4m) net of capitalised costs totalling \u00a30.7m (2024: \u00a31.2m) in relation to share-based
payments during the year.
25.1 Save As You Earn (SAYE) scheme
Under the terms of the SAYE scheme, the Board grants options to purchase ordinary shares in the Company to employees who enter into
an HMRC-approved SAYE scheme for a term of three years. Options are granted at a 20% discount to the average mid-market closing
price of the shares on the three business days preceding the date of offer and are normally exercisable for a period of six months after
completion of the SAYE contract. These option grants are settled on exercise either through the issue of new ordinary shares or through
a transfer of shares from the Employee Benefit Trust.
Movements in SAYE options during the year are shown below:
2025
2024
Weighted average
exercise price Weighted average
Number of options
(pence)
Number of options
exercise price (pence)
Outstanding at beginning of year
1,975,503
374
1,345,993
350
Granted
629,665
291
1,663,748
312
Lapsed
(759,108)
312
(1,032,956)
560
Exercised
(7,358)
312
(1,282)
225
Outstanding at end of year
1,838,702
343
1,975,503
374
Exercisable at end of year
\u2013
\u2013
169
532
The weighted average share price at the date of exercise for options exercised during the year was 424 pence (2024: 351 pence). The
weighted average remaining contractual life of outstanding options at 31 August 2025 was 1.8 years (2024: 2.6 years).
The fair value of options granted during the year was calculated using the Black-Scholes model, assuming the following inputs:
2025
2024
Grant 1
Grant 1
Grant 2
Share price (pence)
382
400
344
Exercise price (pence)
291
312
317
Expected volatility (%)
65
64
63
Expected life (years)
3.0
3.6
3.5
Risk-free rate (%)
4.0
4.0
4.1
Dividend yield
\u2013
\u2013
\u2013
Weighted average fair value of options (pence)
207
225
174
Volatility has been estimated by taking the historical volatility in the Company\u2019s share price over a three-year period.
25.2 ASOS Long-Term Incentive Scheme (ALTIS)
Under the terms of the ALTIS, certain Executive Directors and Senior Leaders may be granted conditional awards, the base value of
which is calculated as a fixed multiple of salary, and will only vest to the extent the related performance targets, as detailed in the
Directors\u2019 Remuneration Report on page 95, are met. These awards are settled on exercise either through the issue of new ordinary
shares or through a transfer of shares from the Employee Benefit Trust.
Movements in ALTIS awards during the year are shown below:
2025
2024
Outstanding at beginning of year
2,930,151
1,820,720
Granted
\u2013
1,797,919
Lapsed
(658,597)
(540,136)
Exercised
(23,571)
(148,352)
Outstanding at end of year
2,247,983
2,930,151
No additional ALTIS awards were granted during the year, as the scheme was replaced by the Value Creation Plan (VCP). Refer to page 96
in the Directors\u2019 Remuneration Report for more information.
25.3 Restricted Stock Unit (RSU)
Certain Executive Directors and Senior Leaders may be granted conditional awards, the base value of which is calculated as a fixed
multiple of salary, and will only vest to the extent the members remain in employment to the end of the vesting period. These RSUs are
granted under the ALTIS rules and will be equity-settled.
Movements in RSU awards during the year are shown below:
2025
2024
Outstanding at beginning of year
1,316,295
229,866
Granted
602,648
1,296,199
Lapsed
(313,618)
(58,031)
Exercised
(225,443)
(151,739)
Outstanding at end of year
1,379,882
1,316,295
The fair value of awards granted during the year was calculated with reference to the grant-date share price as follows:
Fair value of awards
Date of grant
(pence)
2025
2024
31.01.24
378
\u2013
860,947
25.04.24
378
\u2013
435,252
06.12.24
367
602
,648\ue01d
\u2013
6
02,648
1,296,199\ue01d
25.4 Value Creation Plan (VCP)
Under the terms of the VCP, Executive Directors and certain Senior Leaders are granted conditional awards, the value of which is
determined by reference to an allocated portion of a pool equal to 5.50% of the growth in the Company\u2019s share price above a threshold
of \u00a36.70. Awards are granted as nil-cost options and will only vest to the extent the relevant performance conditions, as detailed in the
Directors\u2019 Remuneration Report on page 102, are met. These awards are settled on exercise either through the issue of new ordinary
shares or through a transfer of shares from the Employee Benefit Trust.
Awards vest in tranches between August 2027 and August 2029, and are exercisable quarterly. For awards exercised on or after
29 November 2029, a free cash flow underpin applies, whereby the pool value is calculated using the higher of the actual share price or a
substituted share price derived from Group free cash flow performance in FY29.
Due to the structure of the VCP, the number of awards granted is not fixed at grant date and is determined at exercise based on the pool
value and share price. Accordingly, movements are disclosed as an allocation of the pool. At the balance sheet date, 4.35% of the
maximum 5.50% pool has been allocated to participants.
Movements in VCP awards during the year are shown below:
2025
Outstanding at beginning of year
\u2013
Granted
5.19%
Lapsed
(0.84%)
Exercised
\u2013
Outstanding at end of year
4.35%
Lapsed awards during the year relate to participants who left the Group prior to vesting.
The fair value of awards granted during the year was calculated using the Monte Carlo model, applying the following inputs:
2025
Grant 1
Grant 2
Grant 3
Share price (pence)
356
316
360
Exercise price (pence)
\u2013
\u2013
\u2013
Expected volatility (%)
41.2
47.1
48.0
Expected life (years)
5.6\u20135.7
5.1
4.9\u20135.0
Risk-free rate (%)
4.3
4.0
4.1
Dividend yield (%)
\u2013
\u2013
\u2013
Portion of VCP pool granted
4.30%
0.28%
0.62%
Total fair value of awards granted (\u00a3)
5,008,661
254,455
727,779
Volatility has been estimated by taking a weighted average of the historical volatility of the Company\u2019s share price over a one-year and
six-year period, to take into account both the current position of the Company and historical volatility.
Material accounting policies Share-based payments The Group issues equity-settled share-based payments to certain employees, whereby employees render services in exchange for shares or rights over shares of the Parent Company. The fair value of the employee services rendered is determined by reference to the fair value of the shares awarded or options granted, excluding the impact of any non-market vesting conditions. All share options are valued using an option-pricing model. This fair value is charged to the income statement over the vesting period of the share-based payment scheme with a corresponding increase in equity. The value of the charge is adjusted in the income statement over the remainder of the vesting period to reflect expected and actual levels of share awards vesting, with the corresponding adjustments made in equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-421": { "value": "Material accounting policies Share-based payments The Group issues equity-settled share-based payments to certain employees, whereby employees render services in exchange for shares or rights over shares of the Parent Company. The fair value of the employee services rendered is determined by reference to the fair value of the shares awarded or options granted, excluding the impact of any non-market vesting conditions. All share options are valued using an option-pricing model. This fair value is charged to the income statement over the vesting period of the share-based payment scheme with a corresponding increase in equity. The value of the charge is adjusted in the income statement over the remainder of the vesting period to reflect expected and actual levels of share awards vesting, with the corresponding adjustments made in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-382": { "value": "
26 Related party transactions
26.1 Key management personnel
The aggregate compensation to key management personnel, being the Directors of ASOS Plc (Executive and Non-executive) and the
members of the Management Committee was as follows:
2025
2024
\u00a3m
\u00a3m
Short-term employee benefits
7.1
5.7
Post-employment benefits
0.4
0.3
Share-based payments charge
1.4
0.8
Joining costs and loss of office costs
1.6
0.2
10.5
7.0
Components of the highest-paid Director\u2019s remuneration are detailed in the Directors\u2019 remuneration table on page 100.
26.2 Transactions with other related parties
During the year, the Group made purchases of inventory, net of VAT, totalling \u00a359.2m (1 September 2024: \u00a359.7m) from Aktieselskabet af
5.5.2010, a company which has a significant shareholding in the Group. At 31 August 2025, the amount due to Aktieselskabet af 5.5.2010
was \u00a312.8m (1 September 2024: \u00a311.2m).
Additionally, the Group incurred fees, net of VAT, totalling \u00a316.1m (1 September 2024: not applicable) payable to 24.8.2024 Limited, a new
associate of the Group in the year and a subsidiary of Heartland A/S. At 31 August 2025, the amount due to 24.8.2024 Limited was
\u00a35.4m (1 September 2024: not applicable). Refer to Note 14 for more details.
During the year, the Group made purchases of inventory, net of VAT, totalling \u00a31.0m (1 September 2024: \u00a30.6m) from entities under the
control of Frasers Group plc, a company which has a significant shareholding in the Group. At 31 August 2025, the amount due to the
Frasers Group was \u00a30.1m (1 September 2024: \u00a30.1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-354": { "value": "26 Related party transactions 26.1 Key management personnel The aggregate compensation to key management personnel, being the Directors of ASOS Plc (Executive and Non-executive) and the members of the Management Committee was as follows:
2025
2024
\u00a3m
\u00a3m
Short-term employee benefits
7.1
5.7
Post-employment benefits
0.4
0.3
Share-based payments charge
1.4
0.8
Joining costs and loss of office costs
1.6
0.2
10.5
7.0
Components of the highest-paid Director\u2019s remuneration are detailed in the Directors\u2019 remuneration table on page 100. 26.2 Transactions with other related parties During the year, the Group made purchases of inventory, net of VAT, totalling \u00a359.2m (1 September 2024: \u00a359.7m) from Aktieselskabet af 5.5.2010, a company which has a significant shareholding in the Group. At 31 August 2025, the amount due to Aktieselskabet af 5.5.2010 was \u00a312.8m (1 September 2024: \u00a311.2m). Additionally, the Group incurred fees, net of VAT, totalling \u00a316.1m (1 September 2024: not applicable) payable to 24.8.2024 Limited, a new associate of the Group in the year and a subsidiary of Heartland A/S. At 31 August 2025, the amount due to 24.8.2024 Limited was \u00a35.4m (1 September 2024: not applicable). Refer to Note 14 for more details. During the year, the Group made purchases of inventory, net of VAT, totalling \u00a31.0m (1 September 2024: \u00a30.6m) from entities under the control of Frasers Group plc, a company which has a significant shareholding in the Group. At 31 August 2025, the amount due to the Frasers Group was \u00a30.1m (1 September 2024: \u00a30.1m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-395": { "value": "26.1 Key management personnel The aggregate compensation to key management personnel, being the Directors of ASOS Plc (Executive and Non-executive) and the members of the Management Committee was as follows:
2025
2024
\u00a3m
\u00a3m
Short-term employee benefits
7.1
5.7
Post-employment benefits
0.4
0.3
Share-based payments charge
1.4
0.8
Joining costs and loss of office costs
1.6
0.2
10.5
7.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-355": { "value": "
27 Analysis of net debt
Group net debt comprises cash and cash equivalents less any borrowings drawn down at year end (including accrued interest), but
excluding outstanding lease liabilities.
2025
2024
\u00a3m
\u00a3m
Borrowings
(503.6)
(688.1)
Leases
(224.5)
(289.6)
Liabilities from financing activities
(728.1)
(977.7)
Cash and cash equivalents
318.9
391.0
Net debt
(409.2)
(586.7)
Net debt APM (ex-leases)
(184.7)
(297.1)
The table below sets out the movements in liabilities arising from financing activities:
Liabilities from
Lease liabilities
Borrowings
financing activities
\u00a3m
\u00a3m
\u00a3m
As at 2 September 2024
(289.6)
(688.1)
(977.7)
Cash flows from financing activities
Repayments of principal
25.7
63.3
89.0
Interest paid
6.4
32.4
38.8
Repurchase of convertible bond
\u2013
140.6
140.6
Financing fees paid
\u2013
4.9
4.9
Non-cash movements
Movement in lease liabilities
42.2
\u2013
42.2
Foreign exchange impacts
(2.8)
\u2013
(2.8)
Debt modification gain
\u2013
8.1
8.1
Accrued interest
(6.4)
(64.8)
(71.2)
As at 31 August 2025
(224.5)
(503.6)
(728.1)
As at 4 September 2023
(329.0)
(672.8)
(1,001.8)
Cash flows from financing activities
Repayments of principal
25.5
0.5
26.0
Interest paid
5.5
37.1
42.6
Non-cash movements
Movement in lease liabilities
9.9
\u2013
9.9
Foreign exchange impacts
4.0
\u2013
4.0
Accrued interest
(5.5)
(52.9)
(58.4)
As at 1 September 2024
(289.6)
(688.1)
(977.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-356": { "value": "
28 Commitments and contingencies
28.1 Capital commitments
Capital expenditure committed at the reporting date but not yet incurred is as follows:
2025
2024
\u00a3m
\u00a3m
Fixtures and fittings
0.3
15.9
Intangible assets
45.8
54.9
46.1
70.8
28.2 Subsidiary audit exemptions
The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of
individual accounts by virtue of Section 479A of the Act.
Name
Company number
Name
Company Number
ASOS Global Limited
07817472
ASOS Transaction Services Limited
08207408
ASOS Marketplace Limited
07289272
ASOS Ventures Limited
09356546
ASOS Payments Holding Limited
13332420
Covetique Ltd
07491491
ASOS Payments UK Limited
13337408
Crooked Tongues Limited
06579850
ASOS Projects Limited
08218702
Eight Paw Projects Limited
07990751
The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of
individual accounts by virtue of Section 480 of the Act.
Name
Company number
Name
Company Number
Mornington & Co (No.1) Limited
08506761
Mornington & Co (No.2) Limited
08506877
28.3 Contingent liabilities
From time to time, the Group is subject to various legal proceedings and claims that arise in the ordinary course of business, which due to
the fast-growing nature of the Group and its e-commerce base, may concern the Group\u2019s brand and trading name or its product designs.
All such cases brought against the Group are robustly defended and a liability is recorded only when it is probable that the case will result
in a future economic outflow which can be reliably measured.
The Group is subject to assessments from an overseas customs authority in relation to import duty for prior financial periods. The Group
has appealed these assessments on the basis that the prior calculations comply with World Trade Organisation-compliant customs
valuation methods. At the balance sheet date, the appeal process remains ongoing. Based on legal advice and management\u2019s assessment,
the maximum exposure is considered immaterial, and any payments on account in excess of this are expected to be fully recoverable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-402": { "value": "28 Commitments and contingencies 28.1 Capital commitments Capital expenditure committed at the reporting date but not yet incurred is as follows:
2025
2024
\u00a3m
\u00a3m
Fixtures and fittings
0.3
15.9
Intangible assets
45.8
54.9
46.1
70.8
28.2 Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of Section 479A of the Act.
Name
Company number
Name
Company Number
ASOS Global Limited
07817472
ASOS Transaction Services Limited
08207408
ASOS Marketplace Limited
07289272
ASOS Ventures Limited
09356546
ASOS Payments Holding Limited
13332420
Covetique Ltd
07491491
ASOS Payments UK Limited
13337408
Crooked Tongues Limited
06579850
ASOS Projects Limited
08218702
Eight Paw Projects Limited
07990751
The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of
individual accounts by virtue of Section 480 of the Act.
Name
Company number
Name
Company Number
Mornington & Co (No.1) Limited
08506761
Mornington & Co (No.2) Limited
08506877
28.3 Contingent liabilities From time to time, the Group is subject to various legal proceedings and claims that arise in the ordinary course of business, which due to the fast-growing nature of the Group and its e-commerce base, may concern the Group\u2019s brand and trading name or its product designs. All such cases brought against the Group are robustly defended and a liability is recorded only when it is probable that the case will result in a future economic outflow which can be reliably measured. The Group is subject to assessments from an overseas customs authority in relation to import duty for prior financial periods. The Group has appealed these assessments on the basis that the prior calculations comply with World Trade Organisation-compliant customs valuation methods. At the balance sheet date, the appeal process remains ongoing. Based on legal advice and management\u2019s assessment, the maximum exposure is considered immaterial, and any payments on account in excess of this are expected to be fully recoverable.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-383": { "value": "28 Commitments and contingencies 28.1 Capital commitments Capital expenditure committed at the reporting date but not yet incurred is as follows:
2025
2024
\u00a3m
\u00a3m
Fixtures and fittings
0.3
15.9
Intangible assets
45.8
54.9
46.1
70.8
28.2 Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of Section 479A of the Act.
Name
Company number
Name
Company Number
ASOS Global Limited
07817472
ASOS Transaction Services Limited
08207408
ASOS Marketplace Limited
07289272
ASOS Ventures Limited
09356546
ASOS Payments Holding Limited
13332420
Covetique Ltd
07491491
ASOS Payments UK Limited
13337408
Crooked Tongues Limited
06579850
ASOS Projects Limited
08218702
Eight Paw Projects Limited
07990751
The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of
individual accounts by virtue of Section 480 of the Act.
Name
Company number
Name
Company Number
Mornington & Co (No.1) Limited
08506761
Mornington & Co (No.2) Limited
08506877
28.3 Contingent liabilities From time to time, the Group is subject to various legal proceedings and claims that arise in the ordinary course of business, which due to the fast-growing nature of the Group and its e-commerce base, may concern the Group\u2019s brand and trading name or its product designs. All such cases brought against the Group are robustly defended and a liability is recorded only when it is probable that the case will result in a future economic outflow which can be reliably measured. The Group is subject to assessments from an overseas customs authority in relation to import duty for prior financial periods. The Group has appealed these assessments on the basis that the prior calculations comply with World Trade Organisation-compliant customs valuation methods. At the balance sheet date, the appeal process remains ongoing. Based on legal advice and management\u2019s assessment, the maximum exposure is considered immaterial, and any payments on account in excess of this are expected to be fully recoverable.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-396": { "value": "28.1 Capital commitments Capital expenditure committed at the reporting date but not yet incurred is as follows:
2025
2024
\u00a3m
\u00a3m
Fixtures and fittings
0.3
15.9
Intangible assets
45.8
54.9
46.1
70.8
28.2 Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of Section 479A of the Act.
Name
Company number
Name
Company Number
ASOS Global Limited
07817472
ASOS Transaction Services Limited
08207408
ASOS Marketplace Limited
07289272
ASOS Ventures Limited
09356546
ASOS Payments Holding Limited
13332420
Covetique Ltd
07491491
ASOS Payments UK Limited
13337408
Crooked Tongues Limited
06579850
ASOS Projects Limited
08218702
Eight Paw Projects Limited
07990751
The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of
individual accounts by virtue of Section 480 of the Act.
Name
Company number
Name
Company Number
Mornington & Co (No.1) Limited
08506761
Mornington & Co (No.2) Limited
08506877
28.3 Contingent liabilities From time to time, the Group is subject to various legal proceedings and claims that arise in the ordinary course of business, which due to the fast-growing nature of the Group and its e-commerce base, may concern the Group\u2019s brand and trading name or its product designs. All such cases brought against the Group are robustly defended and a liability is recorded only when it is probable that the case will result in a future economic outflow which can be reliably measured. The Group is subject to assessments from an overseas customs authority in relation to import duty for prior financial periods. The Group has appealed these assessments on the basis that the prior calculations comply with World Trade Organisation-compliant customs valuation methods. At the balance sheet date, the appeal process remains ongoing. Based on legal advice and management\u2019s assessment, the maximum exposure is considered immaterial, and any payments on account in excess of this are expected to be fully recoverable.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-405": { "value": "28.2 Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of Section 479A of the Act.
Name
Company number
Name
Company Number
ASOS Global Limited
07817472
ASOS Transaction Services Limited
08207408
ASOS Marketplace Limited
07289272
ASOS Ventures Limited
09356546
ASOS Payments Holding Limited
13332420
Covetique Ltd
07491491
ASOS Payments UK Limited
13337408
Crooked Tongues Limited
06579850
ASOS Projects Limited
08218702
Eight Paw Projects Limited
07990751
The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of
individual accounts by virtue of Section 480 of the Act.
Name
Company number
Name
Company Number
Mornington & Co (No.1) Limited
08506761
Mornington & Co (No.2) Limited
08506877
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } }, "fact-357": { "value": "
29 Post balance sheet events
In November 2025, the Group entered into agreements to refinance its term loan facilities. The refinancing will become effective in
December 2025, at which point the Group\u2019s existing \u00a3150.0m term loan will be repaid and the associated revolving credit and accordion
facilities with Bantry Bay will be terminated.
The new financing arrangements, provided by a syndicate of private lenders, are comprised of a \u00a3150.0m senior term loan and an \u00a387.5m
Delayed Draw Term Loan facility. These new facilities will mature in November 2030.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800H8DBB8JSKDW630", "period": "2024-09-02T00:00:00/2025-09-01T00:00:00" } } } }