Piquadro (PQ) Q1 26/27 earnings summary

Executive summary

• Consolidated turnover for Q1 2026/2027 was €35.3 million, down 4.1% year-over-year.

• Net financial position as of June 30, 2026, was negative €41.3 million, including IFRS 16 effects.

• Adjusted net financial position (excluding IFRS 16) was positive at €16.3 million.

• Direct channels (retail and e-commerce) showed growth, while wholesale declined due to selective distribution strategy.

Financial highlights

• Q1 consolidated turnover: €35.3 million, down from €36.8 million in Q1 2025/2026.

• Net financial position: negative €41.3 million (vs. negative €44.5 million a year earlier).

• Adjusted net financial position: positive €16.3 million, up from €7.9 million a year earlier.

• Positive free cash flow of €10.6 million, €7.8 million release of net working capital, and €2.6 million from settlement of Richemont liability.

Outlook and guidance

• Management expects a return to revenue growth in the current financial year, supported by positive order intake and strong direct channel performance.

• Financial solidity confirmed by positive cash flows and robust cash generation.