Maisons du Monde announces the final completion of its refinancing

PRESS RELEASE
Nantes, 31st July 2026 

Maisons du Monde announces the final completion of its refinancing

Completion of the refinancing

Maisons du Monde (the “Company”) announces today that it completed all of the refinancing transactions contemplated by the conciliation agreement entered into on 18 June 2026, as described in the Company’s press release dated 19 June 2026.

The completion of these transactions follows the approval of the conciliation agreement by the Nantes Specialized Commercial Court on 22 July 2026, as well as the approval by the Company’s shareholders at the Combined General Meeting held on 27 July 2026 of all the resolutions required to implement the refinancing plan, including in particular the reserved capital increase, without preferential subscription rights for existing shareholders, in favour of TIROX S.A.R.L., a Luxembourg investment vehicle (the “Investment Vehicle”) established by the consortium of new investors comprising Alteri Investors and Eicos Investment Group (the “Consortium”). The subscription for the reserved capital increase was fully paid up through the set-off of bank debt acquired by the Investment Vehicle, rather than through a cash contribution. 

Prior to the Reserved Capital Increase, the Board of Directors acknowledged the completion of the share capital reduction, carried out to absorb losses through a reduction of the nominal value of the Company’s shares, as approved by the Combined General Meeting. As a result, the nominal value of each share was reduced from €3.24 to €0.001. Following completion of the share capital reduction and the Reserved Capital Increase, the Company’s share capital amounts to €819,366.15, divided into 819,366,150 ordinary shares.

As announced by the Company in its press release dated 19 June 2026, this refinancing takes place against the backdrop of a prolonged downturn in the home furnishings market since 2021, driven by inflation, declining purchasing power and the real estate slowdown, combined with intensified competition. In this context, the Maisons du Monde Group (the “Group”) initiated conciliation proceedings on 14 January 2026 to seek financial or industrial partners capable of supporting the business and ensuring its continuity.

Significant reduction in the Group’s indebtedness

The completion of the refinancing results in a substantial reduction in the Group’s debt, as follows. 

Group Gross Debt as of 31 July 2026

(figures not audited by the Statutory Auditors) 
¹May be supplemented at a later date by a second tranche of €7 million, bringing the total maximum new secured bond financing (New Senior Money) to €32 million.

The Reserved Capital Increase significantly reduces the Group’s bank debt from €250 million before the refinancing to €41 million (line B in the table above). The Reserved Capital Increase involved the issuance of 780,176,862 New Shares, resulting in a 95.2% dilution for existing shareholders.

Taking into account the payment of the €25 million first tranche of the new secured bond financing (New Senior Money) (line A in the table above), the Group’s total gross financial debt as at 30 July 2026 (lines A + B) amounts to approximately €66 million.

As a reminder, as of December 31, 2025, the Group’s cash position stood at 96.1 million euros. This amount will be updated at the time of the publication of the Company’s half-year results scheduled for September 25, 2026.

The existing guarantees granted by the Group currently amount to €24.5 million (primarily comprising guarantees and first-demand guarantees granted in favour of landlords). These guarantees are expected to be supplemented by an additional €15 million of guarantee facilities as part of the refinancing.

For further information on the refinancing transaction, including the related security interests, readers are invited to refer to Sections 1.2 “Description of the Proposed Restructuring” and 5.2 “Maisons du Monde Consolidated Balance Sheet for the 2021–2025 Period” of the fairness opinion prepared by Finexsi, to the Board of Directors’ report on the presentation of the resolutions to the General Meeting contained in the General Meeting convening brochure, as well as to the press release relating to the Group’s refinancing of June 19, 2026, made available on the Company’s website (https://corporate.maisonsdumonde.com/en/finance/ag?page=1 ;
https://corporate.maisonsdumonde.com/en/finance/press-releases ). 

 Strengthened equity base and new shareholding structure

The refinancing also results in a significant strengthening of the Company’s equity. 

The Investment Vehicle has already provided €25 million new financing in the form of New Senior Money, while the existing bank debt acquired from the participating lending banks has been fully converted into equity.

This debt-to-equity conversion, approved by the Company’s Board of Directors at its meeting held on 30 July 2026 pursuant to the authority delegated by the Combined General Meeting under its 17th resolution, resulted in the issuance of 780,176,862 new ordinary shares (the “New Shares”) with a nominal value of €0.001 each, at a subscription price of €0.28 per New Share (including an issue premium of €0.279 per share). This represents a 36% discount to the Company’s closing share price on 15 June 2026 (the last trading day before trading in the Company’s shares was suspended on 16 June 2026, pending the announcement of the proposed refinancing), corresponding to a total subscription amount, including share premium, of €218,449,521.36.

The subscription price was determined taking into account the Company’s financial position, its share price, prevailing market conditions and the negotiations conducted with the Consortium. The terms and conditions of the transaction, including the subscription price of the New Shares, were reviewed by Finexsi, which issued a fairness opinion available on the Company’s website. 

Settlement-delivery of the New Shares is expected to take place today and the admission of the New Shares to trading on Euronext Paris, on the same listing line as the existing shares, is expected to take place on 4 August 2026. The New Shares will carry current dividend rights (pari passu) and will rank equally with the existing shares already admitted to trading on Euronext Paris under ISIN code FR0013153541. 

The participating banks are also making available €15 million of additional financing commitments in the form of guarantee facilities. They have further undertaken to maintain and, where applicable, renew their existing guarantee facilities (representing approximately €9.1 million) for an initial period of two years, with three one-year extension options, each subject to the satisfaction of certain conditions. 

The debt-to-equity conversion also results in a new shareholding structure, providing a stable ownership framework for Maisons du Monde. Reflecting this new shareholding structure, the Investment Vehicle is now represented by two directors on the Company’s Board of Directors, whose appointments were approved by the Combined General Meeting held on 27 July 2026. 

Dilution and Shareholding Structure
For illustrative purposes, the impact of the issuance of the New Shares on (i) the consolidated equity attributable to each share and (ii) the interest of a shareholder holding 1% of the Company’s share capital prior to the issuance of the New Shares and not participating in the Reserved Capital Increase (calculations based on the Company’s unaudited equity as at 30 June 2026) would be as follows :

Shareholding structure before and after the restructuring
To the Company’s knowledge, the breakdown of its share capital and voting rights prior to the issuance of the New Shares was as follows : 

⁽¹⁾ This category includes 699,283 treasury shares held by the Company as at 31 December 2025, through the liquidity agreement and other arrangements.

Following completion of the Reserved Capital Increase, the Company’s share capital and voting rights are allocated as follows :

⁽¹⁾ This category includes 699,283 treasury shares held by the Company as at 31 December 2025, through the liquidity agreement and other means.

Governance

To reflect the Company’s new shareholding structure following completion of the Reserved Capital Increase, the Investment Vehicle obtained, at the Combined General Meeting, the appointment of Alteri Investors LLP, represented by Arnold Vos, and Eicos Investment Group Ltd, represented by Pierre de Chillaz, as members of the Board of Directors, subject to the completion of the Reserved Capital Increase. As this was completed on July 30, 2026, the condition precedent has been lifted, and the Company’s Board of Directors currently consists of seven members, including three independent directors.

François-Melchior de Polignac, Chief Executive Officer of Maisons du Monde, commented :

« The completion of this refinancing marks the beginning of a new chapter for Maisons du Monde. With the support of our new majority shareholders, led by Alteri Investors and Eicos Investment Group, we now have the resources to continue our transformation, improve our operational efficiency and keep inspiring customers across Europe. »

Outlook

The Company will now focus fully on delivering its previously announced strategic priorities, namely improving operational efficiency, optimising inventory management and delivering the cost savings previously identified.
The Consortium has obtained a waiver from the Autorité des marchés financiers (AMF) from the requirement to launch a mandatory tender offer and has confirmed that it does not intend to seek the delisting of the Company within the twelve months following completion of the restructuring transactions.

Available documents 

An information document has been prepared for the purpose of the admission of the New Shares to trading on the regulated market of Euronext Paris, in accordance with Annex IX of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the “Information Document”). 

The Information Document is available on the Company’s website:

https://corporate.maisonsdumonde.com/en

The Information Document does not constitute a prospectus within the meaning of the Prospectus Regulation and has not been reviewed or approved by the Autorité des marchés financiers (AMF). 

Investors are invited to read the information contained in the Company’s 2025 Universal Registration Document, filed with the Autorité des marchés financiers on 2 July 2026 under number D.26-0512 (the “2025 Universal Registration Document”), including, in particular, the risk factors relating to the Company and its consolidated subsidiaries taken as a whole, as well as its business, as described in Chapter 2 – “Risk Factors and Risk Management.”

These risk factors represent the principal risks that could have a material adverse effect on the Group’s ability to implement its strategy, conduct its business, carry out its operations, or on its financial position, results of operations or prospects. The risks described in the 2025 Universal Registration Document are not exhaustive. Additional risks that are currently unknown, or that are currently considered immaterial or unlikely, could also materialise and have a material adverse effect on the Group.

Financial Calendar

The Company is expected to publish its half-year results on 25 September 2026.

Disclaimer – Forward-Looking Statements

This press release does not constitute, and should not be construed as, an offer to sell securities or a solicitation or invitation to invest in securities in France, the United States or any other jurisdiction. 

This press release contains certain statements that constitute forward-looking statements, including, without limitation, statements relating to future events, trends, plans or objectives, which are based on certain assumptions, as well as statements that do not relate directly to historical or current facts.

These forward-looking statements are based on the current expectations and beliefs of the Company’s management and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements.

Accordingly, no assurance can be given that these forward-looking statements or forecasts will be achieved or that the anticipated results will be realised. The forward-looking statements contained in this press release speak only as of the date of this press release and the Company undertakes no obligation to update or revise them.

For further information regarding these risks and uncertainties, investors are invited to refer to the documents filed by Maisons du Monde with the Autorité des marchés financiers (AMF).

About Maisons du Monde

Maisons du Monde is a leading player in inspiring, affordable and sustainable home living. The Company offers a wide and constantly renewed range of furniture and home décor accessories across a variety of styles. Leveraging a highly efficient omnichannel business model and direct access to consumers, the Group generates more than 50% of its sales through its digital platform and operates in nine European countries.

corporate.maisonsdumonde.com

Contacts

Attachment

• Press Release Maisons du Monde Refinancing – Final version EN