Brunello Cucinelli (BC) investor relations material

Executive summary

• Revenue reached €749.4 million in H1 2026, up 13.3% at constant exchange rates and 9.5% at current rates, with balanced growth across all geographies and channels.

• EBIT rose 12.6% to €128.2 million (margin 17.1%), and net profit increased 2.0% to €78.2 million (10.4% margin).

• Retail channel led growth (+19.3% at constant exchange rates), with double-digit increases in all markets; wholesale also grew (+2.7%).

• Americas and Asia were key growth drivers, with Europe also contributing positively.

• Order intake for Spring-Summer 2027 collections was excellent, and Autumn-Winter 2026 sales started strong.

Financial highlights

• Gross margin improved by 50 bps to 75% of revenues, driven by sales mix and retail growth.

• Personnel costs rose 10.2% to €138.4 million, reflecting retail network expansion and production development.

• Rental costs increased 12% to €117.3 million due to new store openings and expansions.

• Net working capital at €317.6 million (21.6% of LTM revenues), with healthy receivables and stable inventory levels.

• Investments totaled €57.2 million, mainly in commercial expansion and digital infrastructure.

Outlook and guidance

• Full-year 2026 revenue growth guidance raised to 10–11% at constant exchange rates, with 2027 outlook anticipating around 10% growth.

• EBIT margin expected to improve to around 17% for 2026.

• Investments projected at 6%–7.6% of revenues for the next three years, normalizing after extraordinary levels.

• Net financial debt expected to decrease by year-end, supported by H2 cash generation.

• Retail and digital channels expected to maintain strong momentum, especially in Americas and China.