Brunello Cucinelli (BC) investor relations material

Executive summary

• Q1 2026 revenues reached €369.1 million, up 14% at constant exchange rates and 8.1% at current rates year-over-year, reflecting robust global demand and strong brand positioning at the top end of luxury.

• Retail channel grew 20.1% at constant exchange rates, with double-digit growth across all continents, while wholesale increased 4.3%.

• Strong performance across all geographies, especially Americas (+20.3%), Asia (+17.8%), and Europe (+4.4%).

• Brand momentum is robust, with high demand for both men's and women's collections and positive feedback from trade press and clients.

• New AI-driven e-commerce platform Callimachus/Callimacus significantly increased client engagement and attracted attention from major tech companies.

Financial highlights

• Q1 2026 revenue: €369.1 million, up from €341.5 million in Q1 2025.

• Retail channel revenue: €238.2 million (+20.1% at constant exchange rates), 64.5% of total; wholesale: €130.9 million (+4.3%), 35.5% of total.

• Retail channel delivered double-digit growth across all continents, with Americas and China leading.

• Inventory levels are healthy, with strong sell-out of spring/summer collections and positive order intake for fall/winter.

• EBIT expected to slightly improve in 2026, with investments around 6% and net financial position improving.

Outlook and guidance

• Revenue growth of around 10% expected for both 2026 and 2027 at constant exchange rates, guidance maintained despite international tensions.

• Growth expectations are supported by strong demand at the high end of luxury, positive sell-out of Spring-Summer 2026 collections, and quality Autumn-Winter 2026 order campaign.

• 2026-2028 considered a "triennium of healthy harvest" following completion of major investments.