Kering (KER) AGM 2026 summary

Opening remarks and agenda

• The meeting was opened by the chair and CEO, with board members and key executives introduced, and the agenda covering financials, governance, sustainability, compensation, and voting on 22 resolutions.

• Presentations included financial results, sustainability, governance, executive compensation, and auditor conclusions, followed by Q&A and voting.

Financial performance review

• FY 2025 revenue was €14.7bn, recurring operating income €1.6bn (margin 11.1%), and net debt reduced to €8bn.

• Revenue declined 13% YoY reported and 10% on a comparable basis; Q4 showed improvement, and Q1 2026 revenue stabilized at €3.6bn.

• Gucci revenue fell 19% to €6bn, Saint Laurent down 6% to €2.6bn, Bottega Veneta up 3% to €1.7bn; jewelry and eyewear segments showed growth.

• €925m in savings achieved in 2025, with operating expenses down 9%, 75 net store closures, and continued deleveraging through asset sales.

• FCF from operations reached €4.4bn, including €2.1bn from real estate.

Board and executive committee updates

• The board met 13 times in 2025, with four committees actively supporting strategy, performance, and governance.

• Two new directors, Marie-Hélène Chenut and Laurent Kleitman, were appointed, bringing luxury and brand expertise.

• Three directors departed: Maureen Chiquet, Yonca Dervisoglu, and Jean-Pierre Denis.

• Board comprised 14 members, 58% independent, 50% women, 6 nationalities.