Moncler (MONC) H1 2026 earnings summary

Executive summary

• Group revenues for H1 2026 reached €1,289.9 million, up 9% at constant FX and 5% at current FX year-over-year, with Moncler contributing €1,089.6 million (+9% cFX) and Stone Island €200.3 million (+11% cFX).

• EBIT for H1 2026 was €245.4 million (19.0% margin), and net result was €164.7 million (12.8% margin), both increasing year-over-year.

• Net cash position at end of June was €1,112.4 million, after €374.1 million in dividend payments.

• Free cash flow improved to €34.0 million from €15.0 million in H1 2025, mainly due to higher EBIT.

• Focus on product innovation, creativity, and year-round relevance, with strong Spring/Summer campaigns and new product launches.

Financial highlights

• Gross profit for H1 2026 was €995.2 million (77.2% margin), up from €941.9 million (76.9%).

• Selling expenses were €446.3 million (34.6% of revenues), and G&A expenses were €180.4 million (14.0% of revenues), including €8.0 million in one-off charges.

• Marketing expenses were €123.1 million (9.5% of revenues), with expectations to reach 7% by year-end.

• Net working capital was €319.6 million (10.0% of revenues), up due to higher inventory and strategic raw material purchases.

• Net CapEx was €89.2 million (6.9% of revenues), mainly for distribution network and infrastructure.

Outlook and guidance

• Management maintains ambition to protect profitability, aiming for operating margins in the region of 29%+ over time, but notes that full-year profitability will depend on H2 top-line performance.

• The group remains focused on disciplined execution amid ongoing macroeconomic and geopolitical uncertainty, with continued investment in creativity, sustainability, and operational agility.

• Capital expenditure incidence on revenues expected to be around 6% for FY26; marketing expenses to be about 7%.

• Spring/Summer collection to be further expanded and refined based on learnings from this year.

• Continued focus on cost control and efficiency.