Moncler (MONC) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue reached €1,895.4m, up 6% YoY at constant FX; Q3 revenue was €605.5m, flat YoY.

• Q3 Moncler brand revenue fell 1% while Stone Island grew 5%; performance reflected softer DTC traffic and a complex industry environment.

Financial highlights

• 9M consolidated revenue increased 3% at current exchange rates and 6% at constant FX, from €1,841.3m in 9M 2025.

• 9M Moncler brand revenue was €1,589.2m, up 6%; Stone Island revenue was €306.2m, up 8%.

• Q3 revenue was €499.6m for Moncler, down 1% at constant FX, and €105.9m for Stone Island, up 5%.

• 9M DTC revenue rose 6% to €1,290.8m for Moncler and 11% to €155.9m for Stone Island; wholesale rose 3% to €298.5m and 6% to €150.3m, respectively.

Outlook and guidance

• FY26 Moncler wholesale revenue is expected to be flattish; Stone Island wholesale is expected to be flat for FY26, with a double-digit Q4 decline from delivery timing effects.

• FY27 Moncler space contribution remains low- to mid-single digit, implying ~4%; planned pricing growth is low-single digit, with mix effects uncertain.

• A 29% operating margin remains an ambition, conditional on top-line performance meeting plan; no firm FY26 margin forecast was given.

• Spring/summer investment will increase next year, with more stores carrying the full collection and greater product depth; investment is expected to rise further the following year.