Moncler (MONC) H1 2025 earnings summary

Executive summary

• H1 2025 revenues reached €1.226 billion, up 1% at constant FX, with Moncler at €1.039 billion (+1% cFX) and Stone Island at €186.7 million (-1% cFX); revenues were stable year-over-year, reflecting resilience amid macroeconomic uncertainty.

• 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 macro environment; net result was €153.5 million (12.5% margin).

• Net cash position stood at €980.8 million as of June 30, 2025, after €345 million in dividend payments.

• Q2 saw a sequential slowdown in D2C, especially in EMEA and Japan, due to weaker tourism and macroeconomic headwinds.

• Management emphasized agility, brand strength, and disciplined execution in a complex global environment.

Financial highlights

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

• Operating margin for H1 was 18.3%, down from 21% last year, impacted by higher marketing spend and absence of last year's €7.5 million insurance refund.

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

• CapEx increased to €82 million, mainly for distribution, infrastructure, and new headquarters; expected to be ~7% of sales for 2025.

• Free cash flow was €15 million lower year-over-year, mainly due to timing of tax payments.

Outlook and guidance

• Gross margin expected to grow moderately for the year, driven by D2C channel mix, though at a slower pace due to already high D2C penetration.

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

• Profitability target of 29%-30% EBIT margin is an ambition, but continued negative comps could impact margins.

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

• The group remains focused on resilience and turning external challenges into opportunities.