Geox (GEO) H1 2025 earnings summary

Executive summary

• Sales for H1 2025 declined by 4.7% year-over-year to €305.3 million, mainly due to the closure of operations in China and the US; excluding these, the decline was 1.9%.

• Adjusted EBIT turned positive at €0.6 million, a significant improvement from -€5.5 million in H1 2024, driven by cost efficiency.

• Operational efficiency measures yielded €13.8 million in cost savings compared to H1 2024.

• Net financial position (pre-IFRS 16) improved to -€100.5 million from -€112.7 million a year earlier, supported by a €30 million capital increase.

• CEO transition: Enrico Mistron departed, Francesco Di Giovanni appointed CEO in July 2025.

Financial highlights

• Adjusted EBITDA (excl. IFRS 16) rose to €8.6 million from €4.0 million year-over-year.

• Gross margin stable at 51.2% of sales, matching H1 2024.

• Adjusted net result improved to -€3.1 million from -€15.4 million in H1 2024.

• Net financial expenses reduced to €-2.5 million from €-6.5 million year-over-year.

• Operating net working capital increased to €141.7 million (21.8% of LTM sales), up from €104.4 million at year-end 2024.

Outlook and guidance

• FY2025 guidance confirmed: mid-single-digit sales decline expected, with EBIT adjusted margin targets unchanged.

• Macroeconomic and geopolitical uncertainty continues to weigh on consumer demand and market projections.