Brunello Cucinelli (BC) H2 2025 TU earnings summary

Executive summary

• 2025 closed with record turnover of €1,407.7 million, up 11.5% at constant exchange rates and 10.1% at current rates, surpassing initial expectations.

• Fourth-quarter revenues reached €388.6 million, up 11.9% at constant exchange rates, maintaining strong momentum despite a high comparison base.

• Major investments were completed six months ahead of schedule, doubling the Solomeo factory and establishing new artisanal production sites, ensuring operational stability for the next 10-15 years.

• The brand received significant recognition, including the British Fashion Council's Outstanding Achievement Award and a high-profile presence at Harrods.

Financial highlights

• Retail channel revenues grew 12.9% year-over-year at constant exchange rates, with a 14.5% increase in Q4.

• Wholesale channel revenues rose 8.5% for the year at constant exchange rates, with a 6.3% increase in the second half.

• All regions posted strong growth: Americas +11.9%, Europe +8.1%, Asia +15.3% at constant exchange rates.

• Investments in 2025 totaled approximately €145 million, representing 10.5% of revenues.

• Characteristic net debt stood at around €200 million, reflecting both investments and €69 million in dividends (50% payout ratio).

Outlook and guidance

• Expectation of healthy, sustainable, and balanced profit for 2025.

• Projected revenue growth of around 10% for 2026, supported by strong order intake for upcoming collections.

• Five-year plan targets €1.8 billion turnover by 2028, with a focus on exclusivity, quality, and sustainability.

• Anticipate progressive improvement in net debt as investments return to ordinary levels.