Moncler (MONC) H1 2025 earnings summary

Executive summary

• H1 2025 consolidated revenues reached €1,225.7 million, up 1% at constant FX, with Moncler at €1,039.0 million (+1% cFX) and Stone Island at €186.7 million (-1% cFX).

• EBIT was €224.8 million (18.3% margin), down from €258.7 million (21.0%) in H1 2024, mainly due to higher marketing expenses and a challenging macroeconomic environment.

• Net result was €153.5 million (12.5% margin), down from €180.7 million (14.7%) in H1 2024.

• The group maintained a strong net cash position of €980.8 million as of June 30, 2025, after €345.0 million in dividend payments.

• Q2 saw a sequential slowdown in DTC, especially in EMEA and Japan, due to weaker tourism and macroeconomic headwinds.

Financial highlights

• Gross profit margin increased to 76.9% in H1 2025 from 76.7% in H1 2024, driven by a higher DTC channel mix.

• Selling expenses rose to €429.5 million (35.0% of revenues), reflecting a shift toward DTC.

• Marketing expenses increased to €117.3 million (9.6% of revenues) due to different phasing, expected to normalize by year-end.

• Net capital expenditures were €82.0 million (6.7% of revenues), up from €56.1 million in H1 2024, mainly for network and infrastructure investments.

• Net working capital increased to €283.7 million (9.1% of revenues), up from 8.5% a year earlier.

Outlook and guidance

• The group anticipates continued macroeconomic and geopolitical uncertainty in H2 2025, focusing on operational agility, brand investment, and sustainable growth.

• Capital expenditure for the year is expected to be around 7% of revenues.

• Management expects marketing and capex ratios to normalize by year-end, in line with previous years.

• Store opening plan for 2025 remains unchanged; flexibility to adjust 2026 plan depending on market conditions.

• Profitability ambition remains healthy, but continued negative comps could impact EBIT margin; not fixated on 29%-30% EBIT but aim to protect strong profitability.