Moncler (MONC) H2 2025 earnings summary

Executive summary

• Consolidated revenues reached €3,132.1 million in FY2025, up 3% at constant exchange rates, with both Moncler and Stone Island contributing to growth despite a challenging environment.

• EBIT was €913.4 million, with a margin of 29.2%, and net result was €626.7 million (20.0% margin), slightly down due to higher net financial expenses.

• Net cash position improved to €1,458.0 million after €353.2 million in dividend payments.

• Dividend of €1.40 per share proposed, payout ratio over 60%.

• Leadership transition: Leo Rongone to become Group CEO in April 2026, with Remo Ruffini as Executive Chairman.

Financial highlights

• FY2025 group revenues reached €3,132.1 million, up 1% YoY reported and 3% at constant FX; Q4 revenues up 7% YoY.

• EBIT margin at 29.2%, slightly below last year’s 29.5%.

• Free cash flow was €529 million, down from €587 million last year, impacted by FX and higher CapEx.

• Net working capital at €303.6 million (9.7% of revenues), up from 8.2% due to higher inventories.

• Net capital expenditures were €215.6 million (6.9% of revenues), reflecting investments in distribution and infrastructure.

Outlook and guidance

• CapEx expected to return to 6% of revenue in 2026.

• Price increases of 3% planned for both brands in 2026.

• FX expected to impact 2026 top line by 4%, with a higher effect in Q1 (6%).

• Gross margin expected to expand slightly, currently over 78%, with a theoretical cap at 80%.

• Strategic focus on strengthening brands, omnichannel, and sustainability amid macroeconomic uncertainty.