Salvatore Ferragamo (SFER) H2 2025 earnings summary

Executive summary

• FY 2025 net revenues were €977M, down 4% at constant FX and 5.7% at current FX year-over-year, with DTC up 0.4% at constant FX and wholesale down 17%.

• Q4 2025 net revenues were €282M, down 2% at constant FX versus Q4 2024, with DTC up 6% at constant FX, showing acceleration.

• H2 2025 showed improving profitability, with DTC growth of 5.5% at constant FX and adjusted net profit turning positive at €13M after a negative H1.

• Strategic focus included value chain alignment, digital-first communication, retail optimization, and core leather and footwear.

Financial highlights

• Gross profit for FY 2025 was €665M (68.1% margin), down 10% year-over-year, impacted by FX and inventory depletion.

• Adjusted EBIT for FY 2025 was €24M (2.5% margin), down from €35M in FY 2024; reported EBIT was -€21M.

• Adjusted net profit for FY 2025 was -€3M, compared to €16M in FY 2024; reported net loss was €49M.

• EBITDA for FY 2025 was €166M (17% margin), down 23% year-over-year.

• Net financial position adjusted at year-end was €144M positive, down from €173M in 2024; including IFRS16, net debt was -€439M.

Outlook and guidance

• 2026 strategy focuses on leveraging DTC performance, brand equity, and retail/product alignment to drive revenue and profitability amid wholesale volatility and macroeconomic headwinds.

• Emphasis on sustainable profitability and commercial alignment.