Kering Sa · EURONEXT:KER
Kering Sa — Kering Sa Ord — FY2025 Earnings Presentation
43 slides from Kering Sa's earnings presentation, Feb 10, 2026
Slide 1: 2025 Full-Year Results
2025 FULL-YEAR RESULTS February 10, 2026 KERING Feb.10,2026 1
Slide 2: Disclaimer
DISCLAIMER This presentation does not constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, in the United States of America or in any other jurisdiction. Certain information contained in this presentation may include perspectives and trends or o
Slide 3: Agenda
AGENDA INTRODUCTION 2025 HIGHLIGHTS Luca de Meo, CEO 2025 FINANCIAL RESULTS Armelle Poulou, CFO CONCLUSION & OUTLOOK Luca de Meo, CEO Q&A SESSION Luca de Meo, CEO Jean-Marc Duplaix, COO Armelle Poulou, CFO KERING Feb.10,2026 3
Slide 4: Introduction
INTRODUCTION Luca de Meo, CEO KERING Feb.10,2026 4
Slide 5: Forming a leaner and faster group to unlock future growth
FORMING A LEANER AND FASTER GROUP TO UNLOCK FUTURE GROWTH STRONGER FINANCIAL FLEXIBILITY STRENGTHENED ORGANIZATION AND COST CONTROL Governance change Renegotiation of Valentino options Ongoing management evolution Real estate deals New organization at Gucci Optimization of the store network Control
Slide 6: FY 2025 Key Figures
FY 2025 KEY FIGURES REVENUE RECURRING OPERATING INCOME FCF FROM OPERATIONS €1.6bn €4.4bn €14.7bn 11.1% margin €2.3bn (excl. real estate) CAPEX NET FINANCIAL DEBT PEOPLE €830mn €8.0bn 43,731 as of December 31, 2025 KERING Feb.10,2026 All figures, except the number of people, exclude Kering Beauté (IF
Slide 7: FY 2025 Results
FY 2025 RESULTS Armelle Poulou Chief Financial Officer KERING Feb.10,2026 7
Slide 8: FY 2025 Group Revenue
FY 2025 GROUP REVENUE FY REVENUE CHANGE FY REVENUE BREAKDOWN BY REGION (in €mn and comparable change YoY) (as a % of FY total revenue and % YoY reported change) -13% North America Western Europe reported 17,194 16,874 24% (+1pt) 30% (+1pt) -320 14,675 -10% -0% -3% RoW Japan 9% (=) 8% (=) Asia Pacifi
Slide 9: Q4 and FY 2025 Group Revenue
Q4 AND FY 2025 GROUP REVENUE REVENUE BREAKDOWN BY SEGMENT % YoY change In €mn Q4 Change (%) FY Change (%) Q4 25 Q4 24 Reported Comp. FY 25 FY 24 Reported Comp. Gucci 1,622 1,924 -16% -10% 5,992 7,650 -22% -19% Saint Laurent 735 770 -5% +0% 2,643 2,881 -8% -6% Bottega Veneta 467 480 -3% +3% 1,706 1,7
Slide 10: FY 2025 Group Revenue by Channel
FY 2025 GROUP REVENUE BY CHANNEL 76% 24% RET A I L I NC L. E-C OMMER C E WHOLESA LE A ND OT HER FY -11% FY -7% -2% -2% -4% -7% -9% -13% -16% -16% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 WHOLESALE WHOLESALE ROYALTIES LUXURY BRANDS KERING EYEWEAR & OTHER FY -19% FY +3% FY +6% +11% +7% +7% +6% +2% +1% +3% +1% Q1 Q2 Q3
Slide 11: FY 2025 Retail Revenue by Region
FY 2025 RETAIL REVENUE BY REGION YOY COMPARABLE CHANGE WESTERN EUROPE NORTH AMERICA JAPAN ASIA PACIFIC ROW Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 +3% +2% +2% +3% +1% -7% -7% -7% -6% -5% -10% -11% -11% -13% -13% -17% -16% -19% -25% -29% FY -11% FY -5% FY -16% FY -16% FY +0% KERIN
Slide 12: FY 2025 Recurring Operating Income
FY 2025 | RECURRING OPERATING INCOME GROUP RECURRING OPERATING INCOME & MARGIN (€mn & %) SUSTAINED COST OPTIMIZATION -33% 2,440 FY 2025 RIGHTSIZING 75 net store closures (DOS) STORE NETWORK AND EXPENSES o/w 14 outlets 1,631 OPTIMIZING Renegotiation | downsizing | OTHER EXPENSES 14.5% restructuring 1
Slide 13: FY 2025 FCF from Operations, Capex and Net Debt
FY 2025 |FCF FROM OPERATIONS CAPEX AND NET DEBT FCF FROM OPERATIONS (€mn) CAPEX (€mn) 3,309 4,428 • Group capex at €792mn excl. real estate 3,568 • FCF at €4.4bn, incl. €2.1bn of real estate Real Estate 2,201 • Representing 5.4% of 2,313 transactions revenue excl. real estate (vs 6.4% in 2024) 1,432
Slide 14: Gucci
KERING Feb.10,2026 14
Slide 15: Gucci FY 25 Revenue
FY 25 REVENUE : -22% REPORTED, -19% COMPARABLE RECURRING OPERATING INCOME & MARGIN (€mn & % reported) (in €mn, and YoY comparable growth in %) 7,650 In €mn FY 25 FY 24 Change 5,992 -18% -34% -2% Revenue 5,992 7,650 -22% Recurring operating income 966 1,605 -40% Margin (%) 16.1% 21.0% -4.9pts Gross C
Slide 16: Saint Laurent
KERING Feb.10,2026 16
Slide 17: Saint Laurent FY 25 Revenue
FY 25 REVENUE : -8% REPORTED, -6% COMPARABLE RECURRING OPERATING INCOME & MARGIN (€mn & % reported) (in €mn, and YoY comparable growth in %) 2,881 In €m FY 25 FY 24 Change +9% 2,643 -6% -14% Revenue 2,643 2,881 -8% Recurring operating income 529 593 -11% Margin (%) 20.0% 20.6% -0.6pts Gross CAPEX 17
Slide 18: Bottega Veneta
KERING Feb.10,2026 18
Slide 19: Bottega Veneta FY 25 Revenue
FY 25 REVENUE: -0% REPORTED, +3% COMPARABLE RECURRING OPERATING INCOME & MARGIN (€mn & % reported) (in €mn, and YoY comparable growth in %) +4% In €mn FY 25 FY 24 Change 1,713 +25% 1,706 -6% Revenue 1,706 1,713 -0% Recurring operating income 267 255 +5% Margin (%) 15.6% 14.9% +0.7pts Gross CAPEX 96
Slide 20: Other Houses
OTHER HOUSES KERING Feb.10,2026 20
Slide 21: Other Houses
OTHER HOUSES FY 25 REVENUE: -10% REPORTED, -6% COMPARABLE RECURRING OPERATING INCOME & MARGIN (€mn & % reported) (in €mn, and YoY comparable growth in %) 3,221 In €mn FY 25 FY 24 Change -4% +11% 2,900 -15% Revenue 2,900 3,221 -10% Recurring operating income (112) (9) N/A Margin (%) N/A N/A N/A 77% o
Slide 22: Kering Eyewear and Corporate
KERING EYEWEAR AND CORPORATE KERING Feb.10,2026 22
Slide 23: Kering Eyewear and Corporate
KERING EYEWEAR AND CORPORATE KERING EYEWEAR FOCUS RECURRING OPERATING INCOME & MARGIN (€mn & % reported) FY 25 REVENUE: +1% REPORTED, +3% COMPARABLE (in €mn, and YoY comparable growth in %) €mn FY 25 FY 24 Change +1% reported +3% Revenue 1,631 1,618 +1% Kering Eyewear 1,592 1,583 +1% 1,592 1,583 -2%
Slide 24: Financial Performance
FINANCIAL PERFORMANCE In €mn FY 25 FY 24 Revenue 14,675 16,874 Gross margin 10,660 12,394 Earnings before interest, taxes, depreciation, and amortization 3,675 4,546 Recurring operating income 1,631 2,440 Other non-recurring operating income and expenses (584) (242) Financial result (594) (614) Inco
Slide 25: Free Cash Flow from Operations
FREE CASH FLOW FROM OPERATIONS FY 25 FY 24 In €mn Cash flow before taxes, dividends and interests 3,364 4,480 Change in working capital requirement 70 667 Income tax paid (334) (438) Net cash flow from operating activities 3,100 4,709 Acquisitions of property, plant and equipment and intangible asse
Slide 26: Change in Net Financial Debt
CHANGE IN NET FINANCIAL DEBT FY 25 NET DEBT BRIDGE In €bn and net debt / adjusted recurring EBITDA ratio(*)(**) 10.5 +0.4 +1.3 +0.8 8.0 -2.3 -2.0 -0.7 2.3x* 2.2x* 3.1x** 3.4x** Net debt at Dec. 31, 2024 Adjusted FCF Lease & related int. Net interest & div Real estate & The Mall Dividends paid Other
Slide 27: Balance Sheet and Financial Structure
BALANCE SHEET AND FINANCIAL STRUCTURE CONDENSED BALANCE SHEET 41,182 41,182 15,515 Equity Operating working Non-current assets 25,171 capital at 17.7% of sales 17,614 Non-current liabilities Assets held for sale 5,251 Inventories 3,677 Cash and cash equivalents 4,313 7,728 Current liabilites Other c
Slide 28: 2025 Proposed Dividend
2025 PROPOSED DIVIDEND ORDINARY DIVIDEND | €3.00 PER SHARE €1.25 per share interim dividend was paid on January 15, 2026 €1.75 per share balance to be paid on June 4, 2026 EXCEPTIONAL DIVIDEND | €1.00 PER SHARE Related to the disposal of Kering Beauté to L’Oréal, expected to be closed in the first s
Slide 29: Conclusion
CONCLUSION Luca de Meo, CEO 29 KERING Feb.10,2026
Slide 30: Priorities & Outlook for 2026
PRIORITIES & OUTLOOK FOR 2026 KEY PRIORITIES ‐ Set a lean organization ‐ Build brand strategies ‐ Boost efficiency ‐ Focus on execution OUTLOOK ‐ Return to growth ‐ Margin improvement GROUP STRATEGY PRESENTATION CMD - APRIL 16, 2026 KERING Feb.10,2026 30
Slide 31: Q&A
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Slide 32: Appendix
APPENDIX KERING Feb.10,2026 32
Slide 33: External Recognition of Kering ESG Performance
EXTERNAL RECOGNITION OF KERING ESG PERFORMANCE 2025 2025 2025 ISS ESG MSCI ESG Rating Sustainalytics B, Prime status Industry Top 3 AA 9. 7 Negligible risk 1st Luxury company 2025 2025 2025 CDP Bloomberg Dow Jones Sustainability Indices AAA Leading DJSI World & DJSI Europe Better than 93% of industr
Slide 34: Gucci FY 2025 Revenue Quarterly Performance
FY 2025 REVENUE €5,992mn -22% REPORTED, -19% COMPARABLE DIRECTLY OPERATED STORES REVENUE BREAKDOWN BY REGION At YE 25 (net change vs. YE 24) North America Western Europe Western Europe North America 111 (-3 net) 26% 97 (-6 net) 27% Japan 497 RoW -32 net Japan 8% RoW 9% 61 (-8 net) 62 (-1 net) Asia P
Slide 35: Saint Laurent FY 2025 Revenue Quarterly Performance
FY 2025 REVENUE €2,643mn -8% REPORTED, -6% COMPARABLE DIRECTLY OPERATED STORES REVENUE BREAKDOWN BY REGION At YE 25 (net change vs. YE 24) North America Western Europe North America Western Europe 63 (-3 net) 72 (+1 net) 25% 35% Japan RoW RoW 312 -6 net 33 (-1 net) 10% 30 (+0 net) Asia Pacific Japan
Slide 36: Bottega Veneta FY 2025 Revenue Quarterly Performance
FY 2025 REVENUE €1,706mn -0% REPORTED, +3% COMPARABLE DIRECTLY OPERATED STORES REVENUE BREAKDOWN BY REGION At YE 25 (net change vs. YE 24) North America North America Western Europe Western Europe 57 (+2 net) 21% 30% 63 (-3 net) RoW Japan 297 RoW 26 (+3 net) -10 net 41 (-3 net) 12% Japan 10% Asia Pa
Slide 37: Other Houses
OTHER HOUSES FY 2025 REVENUE €2,900mn -10% REPORTED, -6% COMPARABLE DIRECTLY OPERATED STORES REVENUE BREAKDOWN BY REGION At YE 25 (net change vs. YE 24, incl. scope) North America North America 77 (-7 net) Western Europe 15% Western Europe RoW 129 (-5 net) 28% RoW 41 (+5 net) 8% 613 -27 net Japan 90
Slide 38: Recurring EBITDA
RECURRING EBITDA In €mn FY 25 FY 24 Reported change % Gucci 1,687 2,403 -30% Saint Laurent 848 921 -8% Bottega Veneta 495 463 +7% Other Houses 318 426 -25% Kering Eyewear and Corporate 329 335 -2% Eliminations (2) (2) N/A Kering 3,675 4,546 -19% KERING Feb.10,2026 All figures exclude Kering Beauté (
Slide 39: Recurring Operating Income
RECURRING OPERATING INCOME In €mn FY 25 FY 24 Reported change % Gucci 966 1,605 -40% Saint Laurent 529 593 -11% Bottega Veneta 267 255 +5% Other Houses (112) (9) N/A Kering Eyewear and Corporate (17) (2) N/A Eliminations (2) (2) N/A Kering 1,631 2,440 -33% KERING Feb.10,2026 All figures exclude Keri
Slide 40: Net Financial Costs and Income Tax
NET FINANCIAL COSTS AND INCOME TAX In €mn FY 25 FY 24 Cost of net debt (328) (320) Other financial income and expenses (40) (90) Total financial result (excluding leases) (368) (410) Interest expense on lease liabilities (226) (204) Financial result (594) (614) In €mn FY 25 FY 24 Income tax expense
Slide 41: Balance Sheet
BALANCE SHEET In €mn FY 25 FY 24 Goodwill, brands and intangible Assets 11,628 15,564 Lease right-of-use Assets 5,647 5,615 Property, plant and equipment 3,546 6,537 Investments in equity-accounted companies 2,080 1,762 Net other Non-current Assets (Liabilities) 313 (105) Non-current lease Liabiliti
Slide 42: Definitions
DEFINITIONS Net Debt Net debt is one of the Group’s main financial indicators, and is defined as borrowings less cash and cash equivalents. Lease liabilities are not included in the calculation of this indicator. Borrowings include put options granted to minority interests.The cost of net debt corre
Slide 43: Kering brands
GUCCI | SAINT LAURENT | BOTTEGA VENETA | BALENCIAGA | McQUEEN | BRIONI BOUCHERON | POMELLATO | DODO | QEELIN | GINORI 1735 KERING BEAUTÉ | KERING EYEWEAR