Salvatore Ferragamo (SFER) Q4 2025 TU earnings summary

Executive summary

• Q4 2025 saw positive Direct to Consumer (DTC) performance across all regions, with sequential acceleration despite a challenging comparison base.

• Strategic initiatives since Q2 2025 focused on aligning design, product, communication, and distribution, leveraging brand heritage and creative capabilities.

• Product enhancements included strengthening key footwear and leather goods lines, and introducing new best-sellers.

• Updated communication strategy emphasized brand codes, storytelling, and digital-first campaigns to enhance customer experience and acquisition.

• Retail network improvements included store renovations, enhanced visual displays, and a stronger online presence.

Financial highlights

• Q4 2025 preliminary consolidated revenues were €282 million, down 2.0% at constant exchange rates and down 3.2% at current exchange rates year-over-year.

• Full year 2025 consolidated revenues were €977 million, down 3.8% at constant exchange rates and down 5.7% at current exchange rates compared to FY 2024.

• DTC channel in Q4 2025 grew 6.3% at constant exchange rates (0.6% at current exchange rates) year-over-year, with all regions positive.

• Wholesale channel declined 30.6% at constant exchange rates in Q4 2025 and 17.1% for FY 2025.

• Online channel continued solid growth in Q4 2025, with higher traffic, order numbers, and value.

Outlook and guidance

• Focus in 2026 will be on sustaining current momentum, fully deploying revised positioning, and reassessing retail distribution.

• Geopolitical and macroeconomic uncertainties and continued wholesale challenges are expected.