Kering (KER) AGM 2026 summary

Opening remarks and agenda

• The meeting opened with a welcome, introduction of board members, confirmation of quorum, and all legal documents made available to shareholders.

• The agenda included 22 resolutions covering financials, board composition, compensation, auditors, share buybacks, employee share plans, and legal formalities.

• Presentations were scheduled from the Chairman, CEO, CFO, Head of Sustainability, Lead Director, and auditors, followed by Q&A and voting.

• Chairman and CEO outlined the agenda, including financial results, governance, sustainability, remuneration, and voting on resolutions.

Financial performance review

• FY 2025 revenue was €14.7bn, down 13% YoY reported; recurring operating income €1.6bn (margin 11.1%), and net debt reduced to €8bn.

• Free cash flow from operations reached €4.4bn, including €2.1bn from real estate.

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

• Gucci revenue fell 19% to €6bn, Saint Laurent €2.6bn (down 6%), Bottega Veneta grew 3% to €1.7bn, and jewelry and eyewear segments showed resilience.

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

Board and executive committee updates

• The board met 13 times in 2025, supporting the new governance structure separating chairman and CEO roles.

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

• 19 committee meetings held with high attendance rates (93-95%).