Piquadro (PQ) H1 24/25 earnings summary

Executive summary

• Revenues increased by 2.1% year-over-year to €87.8 million for the half-year ended 30 September 2024, driven by growth in the Lancel and The Bridge brands, while Piquadro brand revenues remained stable.

• Group net profit rose 20.1% year-over-year to €5.0 million, reflecting improved operating efficiency and cost control.

• Adjusted EBITDA grew 4.1% to €8.9 million, and adjusted EBIT increased 12.7% to €6.9 million, both excluding IFRS 16 effects.

• The Group maintained all retail operations in Russia, with Russian sales representing 2.0% of consolidated turnover.

Financial highlights

• EBITDA reached €14.8 million (+0.9% year-over-year), and EBIT was €7.5 million (+12.2%).

• Adjusted Net Financial Position was €6.1 million, down from €10.4 million a year earlier, mainly due to investments, dividend payments, and treasury share purchases.

• Net Financial Position (including IFRS 16) was negative at €32.1 million.

• Equity increased to €61.9 million from €59.0 million at 30 September 2023.

• Cash and cash equivalents at period end were €31.3 million.

Outlook and guidance

• Management expects to continue growth by focusing on customer engagement, innovation, and leveraging financial strength, despite a volatile macroeconomic environment.

• The Group remains confident in achieving results in line with recent growth trends.