Moncler Spa · MIL:MONC
Moncler Spa — H1 2026 Earnings Presentation
24 slides from Moncler Spa's earnings presentation, Jul 22, 2026
Slide 1: H1 2026 Financial Results
MONCLER GROUP H1 2026 FINANCIAL RESULTS
Slide 2: Speakers
H1 2026 FINANCIAL RESULTS 22 JULY 2026 2 SPEAKERS LEO RONGONE GINO FISANOTTI Group Chief Executive Officer Moncler Chief Brand Officer LUCIANO SANTEL ELENA MARIANI Group Chief Corporate and Group Strategic Planning and Supply Officer Investor Relations Director
Slide 3: Message from Remo Ruffini
H1 2026 FINANCIAL RESULTS 22 JULY 2026 3 “In a global landscape defined by rapid and disruptive change, what makes our Group resilient is not only how quickly we react, but how true we stay to who we are and how close we remain to the communities we speak to. In the first half of the year we deliver
Slide 4: Moncler Group H1 2026 Results Highlights
H1 2026 FINANCIAL RESULTS 22 JULY 2026 4 MONCLER GROUP | H1 2026 RESULTS HIGHLIGHTS (1) EUR M; CFX GROWTH % Q2 REVENUES H1 REVENUES GROUP EBIT +5% +9% EUR 245.4m 409.3 1,289.9 396.6 1,225.7 19.0% margin (2) +11% 200.3 79.4 +11% 86.3 186.7 GROUP NET RESULT 1,039.0 +9% 1,089.6 317.2 +3% 323.1 EUR 164.
Slide 5: Moncler Collection: Have a Puffy Summer
H1 2026 FINANCIAL RESULTS 22 JULY 2026 5 MONCLER COLLECTION | HAVE A PUFFY* SUMMER Q2 HIGHLIGHTS SUMMER, THE MONCLER WAY. THE ESSENCE OF MONCLER’S DNA, EVOLVED FOR LIGHTER, BRIGHTER DAYS OUTDOORS – CAPTURED IN A GLOBAL CAMPAIGN STARRING JAMIE DORNAN. Moncler Collection Summer 2026 floated into its P
Slide 6: Moncler Other Q2 Highlights
H1 2026 FINANCIAL RESULTS 22 JULY 2026 6 MONCLER | OTHER Q2 HIGHLIGHTS BEYOND PERFORMANCE | MONCLER THE LANGUAGE OF DETAIL | MONCLER MONCLER STUDIO ASCENTI 2026 WARMER TOGETHER | CREATIVE GRENOBLE SPRING/SUMMER 2026 COLLECTION PRE-FALL 2026 INDUSTRY RECOGNITION Celebrating the year-round mountain li
Slide 7: Stone Island Q2 Highlights
H1 2026 FINANCIAL RESULTS 22 JULY 2026 7 STONE ISLAND | Q2 HIGHLIGHTS NO SEASONS | MILAN DESIGN WEEK 2026 STONE ISLAND | NEW BALANCE SUMMER_’026 STONE ISLAND AUTUMN_WINTER ‘026-‘027 COLLECTION CAPSULE During Milan Design Week 2026, Stone Island unveiled NO Stone Island and New Balance revisited the
Slide 8: Moncler Revenues by Geography
H1 2026 FINANCIAL RESULTS 22 JULY 2026 8 MONCLER | REVENUES BY GEOGRAPHY MONCLER REVENUES (EUR M; CFX GROWTH %) Q2 H1 H1 2026 Moncler brand revenues reached EUR 1,089.6m, +9% vs H1 2025. +3% +9% Q2 revenues were up 3% YoY, 317.2 323.1 1,089.6 supported by the positive 1,039.0 contribution of both ch
Slide 9: Moncler Revenues by Channel
H1 2026 FINANCIAL RESULTS 22 JULY 2026 9 MONCLER | REVENUES BY CHANNEL MONCLER REVENUES (EUR M; CFX GROWTH %) Q2 H1 Moncler DTC (1) revenues rose to EUR 933.2m in H1 2026, +10% vs H1 2025. +3% +9% Comparable Store Sales Growth 317.2 323.1 1,089.6 (CSSG) (2) was +7% in H1 2026. 1,039.0 +3% 156.4 In Q
Slide 10: Stone Island Revenues by Geography
H1 2026 FINANCIAL RESULTS 22 JULY 2026 10 STONE ISLAND | REVENUES BY GEOGRAPHY STONE ISLAND REVENUES (EUR M; CFX GROWTH %) Q2 H1 H1 2026 Stone Island brand revenues reached EUR 200.3m, +11% vs H1 2025. +11% +11% Q2 revenues were up 11% YoY, 86.3 200.3 mainly driven by the continued 79.4 +49% 6.6 186
Slide 11: Stone Island Revenues by Channel
H1 2026 FINANCIAL RESULTS 22 JULY 2026 11 STONE ISLAND | REVENUES BY CHANNEL STONE ISLAND REVENUES (EUR M; CFX GROWTH %) Q2 H1 Stone Island DTC revenues rose to EUR 109.2m in H1 2026, +16% vs H1 2025. +11% +11% In Q2, revenues in this channel 86.3 200.3 were up 15% YoY, maintaining 79.4 186.7 the so
Slide 12: Group Mono-Brand Store Network
H1 2026 FINANCIAL RESULTS 22 JULY 2026 12 GROUP MONO-BRAND STORE NETWORK MONCLER DOS: 298 STONE ISLAND DOS: 95 30.06.2026 31.03.2026 31.12.2025 MONCLER STONE ISLAND MONCLER STONE ISLAND MONCLER STONE ISLAND ASIA 147 54 146 53 146 54 EMEA 97 33 97 33 98 32 AMERICAS 54 8 52 8 51 9 RETAIL 298 95 295 94
Slide 13: Group Income Statement
H1 2026 FINANCIAL RESULTS 22 JULY 2026 13 GROUP INCOME STATEMENT H1 2026 gross margin increase is H1 2026 H1 2025 FY 2025 primarily driven by the positive channel mix. EUR m % on rev. EUR m % on rev. EUR m % on rev. Selling expenses incidence on REVENUES 1,289.9 100.0% 1,225.7 100.0% 3,132.1 100.0%
Slide 14: Net Capex
H1 2026 FINANCIAL RESULTS 22 JULY 2026 14 NET CAPEX EUR M H1 FY In H1 2026, consolidated capex were EUR 89.2m compared with EUR 82.0m in H1 2025. 89.2 215.6 Management expects an 82.0 incidence of capital expenditure on revenues in the region of 6% at year end. 34.1 79.3 31.3 55.1 136.3 50.7 H1 2026
Slide 15: Net Working Capital
H1 2026 FINANCIAL RESULTS 22 JULY 2026 15 NET WORKING CAPITAL EUR M H1 FY Net consolidated working capital reached EUR 319.6m as of 30 June 2026, with the 319.6 303.6 incidence on revenues equal to 283.7 10.0%, compared with EUR 111.8 283.7m as of 30 June 2025 (9.1% 136.1 292.1 of revenues). The YoY
Slide 16: Net Financial Position
H1 2026 FINANCIAL RESULTS 22 JULY 2026 16 NET FINANCIAL POSITION (1) EUR M H1 FY As of 30 June 2026, the Group’s net financial position was positive and equal to EUR 1,112.4 1,458.0 1,112.4m. As of 30 June 2026, lease 980.8 liabilities were equal to EUR 1,198.6m compared with EUR 1,109.1m as of 31 D
Slide 17: Balance Sheet Statement
H1 2026 FINANCIAL RESULTS 22 JULY 2026 17 BALANCE SHEET STATEMENT 30/06/2026 31/12/2025 30/06/2025 EUR m EUR m EUR m Brands 999.4 999.4 999.4 Goodwill 603.4 603.4 603.4 Fixed assets 626.0 589.3 521.8 Right-of-use assets 1,087.0 1,018.3 859.5 Net working capital 319.6 303.6 283.7 Other assets / (liab
Slide 18: Cash Flow Statement
H1 2026 FINANCIAL RESULTS 22 JULY 2026 18 CASH FLOW STATEMENT (1) Free cash flow in H1 2026 was H1 2026 H1 2025 FY 2025 equal to EUR 34.0m compared EUR m EUR m EUR m with EUR 15.0m in H1 2025, with the increase mainly driven by EBIT 245.4 224.8 913.4 higher EBIT. Net cash flow in H1 2026 was D&A & O
Slide 19: Appendix
H1 2026 FINANCIAL RESULTS 22 JULY 2026 19 APPENDIX
Slide 20: EBITDA Reconciliation
H1 2026 FINANCIAL RESULTS 22 JULY 2026 20 EBITDA RECONCILIATION H1 2026 H1 2025 FY 2025 EUR m % on rev. EUR m % on rev. EUR m % on rev. EBIT 245.4 19.0% 224.8 18.3% 913.4 29.2% D&A 60.3 4.7% 56.6 4.6% 121.6 3.9% Other non-cash adjustments 129.6 10.0% 122.5 10.0% 248.5 7.9% EBITDA adj. 435.3 33.7% 40
Slide 21: 2024-2026 Half-Year Income Statement
H1 2026 FINANCIAL RESULTS 22 JULY 2026 21 2024-2026 HALF-YEAR INCOME STATEMENT H1 2026 H1 2025 H2 2025 FY 2025 H1 2024 H2 2024 FY 2024 EUR m % on rev. EUR m % on rev. EUR m % on rev. EUR m % on rev. EUR m % on rev. EUR m % on rev. EUR m % on rev. REVENUES 1,289.9 100.0% 1,225.7 100.0% 1,906.5 100.0%
Slide 22: 2026 Revenues Quarterly Performance
H1 2026 FINANCIAL RESULTS 22 JULY 2026 22 2026 REVENUES QUARTERLY PERFORMANCE Q1 26 vs 25 Q2 26 vs 25 H1 26 vs 25 EUR m 2026 2025 cFX 2026 2025 cFX 2026 2025 cFX MONCLER 766.5 721.8 12% 323.1 317.2 3% 1,089.6 1,039.0 9% STONE ISLAND 114.1 107.3 11% 86.3 79.4 11% 200.3 186.7 11% GROUP TOTAL 880.6 829
Slide 23: Financial Calendar, Shareholding, IR Contacts
H1 2026 FINANCIAL RESULTS 22 JULY 2026 23 FINANCIAL CALENDAR, SHAREHOLDING, IR CONTACTS FINANCIAL CALENDAR IR CONTACTS 21.10.2026 9M 2026 Interim Management Statement [email protected] ELENA MARIANI Moncler Group Strategic Planning and Investor Relations Director SHAREHOLDING (1) % N. S
Slide 24: Disclaimer
H1 2026 FINANCIAL RESULTS 22 JULY 2026 24 DISCLAIMER This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person. This presentation might contain certain forward-looking statements that reflect the Company’s management’s curr