Salvatore Ferragamo (SFER) Q2 2026 earnings summary

Executive summary

• H1 2026 revenues were €468m, down 1.3% year-over-year at current FX but up 1.9% at constant FX, with DTC up 6.1% at constant FX and wholesale down 11.2%.

• Strategic initiatives and operational discipline drove brand engagement, retail excellence, and improved profitability, resulting in positive EBIT and net profit.

• Gross margin improved to 69.2% from 67.7% in H1 2025, with EBITDA up 23.5% to €89.6m and net profit at €1.5m, reversing prior year losses.

• Net financial position (adjusted) was positive at €125m at June 30, 2026, up from €119m a year earlier.

• Store network reduced to 349 from 358 at year-end 2025, with continued investments in retail and digital.

Financial highlights

• H1 2026 consolidated revenues: €468m (-1.3% YoY at current FX, +1.9% at constant FX); DTC net sales up 6.1% at constant FX; wholesale down 11.2% at constant FX.

• Gross profit: €324m (69.2% margin), up from €321m (67.7%) in H1 2025.

• EBITDA: €89.6m (19.2% margin), up 23.5% YoY; EBIT: €21m, a turnaround from negative €3m adjusted in H1 2025.

• Net profit: €1.5m, compared to negative €16m adjusted in H1 2025.

• CAPEX reached €18m, mainly for retail network renovation and digital investments.

Outlook and guidance

• Management maintains confidence in the strategic direction, focusing on long-term value creation and business development despite macroeconomic uncertainty and limited visibility.