Piquadro (PQ) Q3 25/26 earnings summary

Executive summary

• Consolidated revenue for the nine months ended December 31, 2025, reached €136.8 million, up 1.7% year-over-year.

• Growth driven by strong performance from Lancel (+7.9%) and The Bridge (+4.1%), while Piquadro brand declined by 5.1%.

• Directly operated stores (DOS) and e-commerce channels showed robust growth, offsetting wholesale declines due to selective distribution strategy.

Financial highlights

• Adjusted net financial position as of December 31, 2025, was positive at €15.2 million, up from €10.2 million a year earlier.

• Net financial position including IFRS 16 impact was negative €47.0 million, compared to negative €27.8 million at December 31, 2024.

• Free cash flow generation was €14.6 million, with €7 million paid in dividends and €5.2 million invested in fixed assets.

Segment performance

• Piquadro brand revenue fell 5.1% year-over-year to €54.4 million, mainly due to a 17.4% drop in wholesale, despite DOS (+5.3%) and e-commerce (+47.8%) growth.

• The Bridge revenue rose 4.1% to €26.6 million, with DOS up 12.4% and e-commerce up 18.2%; wholesale declined 3.1%.

• Lancel revenue increased 7.9% to €55.8 million, with DOS up 6.6%, e-commerce up 5.5%, and wholesale up 14.6%.

• By geography: Italy +2.5%, Europe +1.7%, Rest of World -14.6% due to store closures in China and market dynamics.