Moncler (MONC) H2 2024 earnings summary

Executive summary

• Group revenues reached EUR 3,108.9 million in 2024, up 7% year-over-year, with both Moncler and Stone Island achieving double-digit DTC channel growth.

• EBIT margin was 29.5%, with net profit margin at 20.6% and net income of EUR 639.6 million, demonstrating resilience in a volatile environment.

• Net cash position exceeded EUR 1.3 billion after EUR 311 million in dividend payments, supporting a proposed dividend increase to EUR 1.30 per share (55% payout ratio).

• Major brand events, such as Moncler Genius in Shanghai and Moncler Grenoble in St. Moritz, drove global brand awareness and engagement.

• Continued focus on innovation, sustainability, and brand elevation, with top ESG ratings and significant progress on environmental and social targets.

Financial highlights

• Moncler revenues reached EUR 2,707.3 million (+8% year-over-year), with Q4 up 8% and strong acceleration in Asia (+11% in Q4); Stone Island revenues were EUR 401.6 million (-1% year-over-year), but Q4 grew 10%.

• Moncler DTC revenues rose 11% to EUR 2,331.9 million; wholesale declined 7% to EUR 375.4 million.

• Stone Island DTC revenues grew 23% to EUR 208.9 million; wholesale fell 19% to EUR 192.7 million.

• Group EBIT reached EUR 916.3 million (29.5% margin), up from EUR 893.8 million in FY 2023; Group net result was EUR 639.6 million (20.6% margin), up 5% year-over-year.

• Free cash flow was EUR 587.5 million (+7% YoY); net financial position at EUR 1,308.8 million as of 31 Dec 2024.

Outlook and guidance

• Macroeconomic context remains volatile for 2025; focus on operational agility, sustainable growth, and long-term value creation.

• Space expansion and selective new store openings expected to contribute mid-single-digit growth.

• Price increases for 2025 projected in the mid-single-digit range, mainly due to inflation.

• Wholesale for both brands expected to remain mid-high single-digit negative as focus shifts to DTC and network quality.

• Continued commitment to ambitious sustainability goals and integration of ESG priorities.