Slide 1: 2024 Full-Year Results
2024 FULL-YEAR RESULTS February 11, 2025 KERING Feb.11,2025 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 François-Henri Pinault, Chairman and CEO OUR BRANDS IN 2024 AND GOING FORWARD Francesca Bellettini, Deputy CEO, Brand Development EFFICIENCY, AGILITY AND DISCIPLINE Jean-Marc Duplaix, Deputy CEO, Chief Operating Officer FY 24 RESULTS PRESENTATION Armelle Poulou, Group CFO CONCLUS
Slide 4: Introduction
INTRODUCTION François-Henri Pinault Chairman and CEO KERING Feb.11,2025 4
Slide 5: Staying the Course
STAYING THE COURSE Long-term view with no shortcuts A common framework, specific strategies by brand Rebalancing our growth model Reinforcing execution & increasing efficiency Staying true to ourselves 5 KERING Feb.11,2025
Slide 6: Our Houses in 2024 and Going Forward
OUR HOUSES IN 2024 AND GOING FORWARD Francesca Bellettini Deputy CEO, Brand Development KERING Feb.11,2025 6
Slide 7: Fashion and Tradition
FASHION AND TRADITION KERING Feb.11,2025 7
Slide 8: Fashion and Tradition
FASHION AND TRADITION KERING Feb.11,2025 8
Slide 9: Fashion and Tradition
FASHION AND TRADITION KERING Feb.11,2025 9
Slide 10: Building on Icons
BUILDING ON ICONS KERING Feb.11,2025 10
Slide 11: Building on Icons
BUILDING ON ICONS KERING Feb.11,2025 11
Slide 12: Building on Icons
BUILDING ON ICONS KERING Feb.11,2025 12
Slide 13: Successful Introductions
SUCCESSFUL INTRODUCTIONS KERING Feb.11,2025 13
Slide 14: Focus on Gucci Product Strategy
FOCUS ON GUCCI PRODUCT STRATEGY SO FAR AMBITION • Acceleration of product • Continued increase of newness rejuvenation in the mix Newness as a % of 2024 revenue • Refreshment of carryover lines 45% 35% • New introductions to build solid 25% base for carryover growth • Increase share of handbags 5% i
Slide 15: Impactful Communications
IMPACTFUL COMMUNICATIONS KERING Feb.11,2025 15
Slide 16: Impactful Communications
IMPACTFUL COMMUNICATIONS KERING Feb.11,2025 16
Slide 17: Endless Narratives
ENDLESS NARRATIVES KERING Feb.11,2025 17
Slide 18: Endless Narratives
ENDLESS NARRATIVES KERING Feb.11,2025 18
Slide 19: Endless Narratives
ENDLESS NARRATIVES KERING Feb.11,2025 19
Slide 20: Endless Narratives
ENDLESS NARRATIVES KERING Feb.11,2025 20
Slide 21: Fashion Authority
FASHION AUTHORITY KERING Feb.11,2025 21
Slide 22: Power of the Brand at All Price Points
POWER OF THE BRAND AT ALL PRICE POINTS KERING Feb.11,2025 22
Slide 23: Power of the Brand at All Price Points
POWER OF THE BRAND AT ALL PRICE POINTS KERING Feb.11,2025 23
Slide 24: Power of the Brand at All Price Points
POWER OF THE BRAND AT ALL PRICE POINTS KERING Feb.11,2025 24
Slide 25: Customer Experience
CUSTOMER EXPERIENCE KERING Feb.11,2025 25
Slide 26: Cultural Relevance and Audacity
CULTURAL RELEVANCE AND AUDACITY KERING Feb.11,2025 26
Slide 27: Creativity Rooted in Craftsmanship Fueling Leather Goods Desirability
CREATIVITY ROOTED IN CRAFTSMANSHIP FUELING LEATHER GOODS DESIRABILITY KERING Feb.11,2025 27
Slide 28: Ultra-High-End Positioning Founded on Its DNA
ULTRA-HIGH-END POSITIONING FOUNDED ON ITS DNA KERING Feb.11,2025 28
Slide 29: Brand Homes by Invitation Only
BRAND HOMES BY INVITATION ONLY KERING Feb.11,2025 29
Slide 30: Stunning Stores
STUNNING STORES KERING Feb.11,2025 30
Slide 31: Brand Amplification in New Product Categories
BRAND AMPLIFICATION IN NEW PRODUCT CATEGORIES KERING Feb.11,2025 31
Slide 32: Louise Trotter New Creative Director
LOUISE TROTTER NEW CREATIVE DIRECTOR KERING Feb.11,2025 32
Slide 33: Other Fashion Houses 2024 Highlights | Achievements
OTHER FASHION HOUSES 2024 HIGHLIGHTS | ACHIEVEMENTS • Remarkable runway shows and 53rd • Seán McGirr’s strong #2 fashion show • Extraordinary savoir-faire perpetuated Couture collection • Strategic consolidation of store by Scuola di Alta Sartoria • Strong appeal of handbags network • Success of lux
Slide 34: Jewelry Houses 2024 Highlights | Achievements
JEWELRY HOUSES 2024 HIGHLIGHTS | ACHIEVEMENTS • Beginning an American journey: New • Celebrating artistic legacy and • Celebrating 20th anniversary York City and Las Vegas openings Milanese roots • Enriched product offer and new • Red carpet visibility • Art & jewelry exhibition in Shanghai ambassad
Slide 35: Strategic Pillars
STRATEGIC PILLARS BRAND BUILDING PRODUCT STRATEGY Convey the brand narrative Covering the relevant range DISTRIBUTION AND CLIENT EXCELLENCE EXPERIENCE IN EXECUTION Increase exclusivity and control Adapt organization and Engage and deliver ways of working KERING Feb.11,2025 35
Slide 36: Brand Building
BRAND BUILDING EXCELLENCE DESIRABILITY DIALOGUE WITH CULTURE RESOURCES SINGULARITY • Brand books • Hiring new talents • Return on investments and agile management of A&P • Synergies and Group approach • A&P as a % of sales: HSD in FY24 KERING Feb.11,2025 36
Slide 37: Product Strategy
PRODUCT STRATEGY A CLEAR FRAMEWORK AND SET OF PRIORITIES FOR ALL OUR HOUSES • Brand books • Strengthening merchandising organization • Relevance of the offer in all categories • Focus on quality • Elevation at every price point KERING Feb.11,2025 37
Slide 38: Distribution and Client Experience: Luxury Houses
DISTRIBUTION AND CLIENT EXPERIENCE LUXURY HOUSES STORE WHOLESALE NETWORK DOWNSIZING • Increased retail penetration for most FY 24: wholesale down €500m+ houses (mid term) • Gucci close to 95% FY 25: wholesale expected down €350m • Main houses 85% to 90% • Balance at McQueen and Brioni -22% • Mod
Slide 39: Gucci Distribution Priorities
GUCCI DISTRIBUTION PRIORITIES - 5 DOS in FY 24 FULL PRICE - 19 DOS in FY 25 STORES Elevate presence, close dilutive stores LFL growth in full price stores, Units down 26% in 2 years higher sales density OUTLETS (FY 24 + 25) Redirection of e-concession ONLINE business to gucci.com Negative impact of
Slide 40: Distribution and Client Experience: Focus on Online Distribution
DISTRIBUTION AND CLIENT EXPERIENCE FOCUS ON ONLINE DISTRIBUTION • Priority to brand directly operated online store • Enhancing omnichannel • Limited number of e-concessions KERING Feb.11,2025 40
Slide 41: Distribution and Client Experience
DISTRIBUTION AND CLIENT EXPERIENCE • New store concept at YSL and Bottega Veneta, investments in VIC rooms • Very exclusive client experience in key destinations • Dedicated teams • Training • Mystery shopping, NPS surveys… • Group support KERING Feb.11,2025 41
Slide 42: Excellence in Execution
EXCELLENCE IN EXECUTION ORGANIZATIONS AND WAYS OF WORKING • New CEOs at Gucci, YSL, Balenciaga • New talents to reinforce structure • More retail oriented • Portfolio of actions for each house • More efficiency, agility and alignment KERING Feb.11,2025 42
Slide 43: Efficiency, Agility and Discipline
EFFICIENCY, AGILITY AND DISCIPLINE Jean-Marc Duplaix Deputy CEO and Chief Operating Officer KERING Feb.11,2025
Slide 44: Operations and Corporate Main Priorities
OPERATIONS AND CORPORATE MAIN PRIORITIES FINANCIAL EFFECTIVENESS DISCIPLINE OPEX and CAPEX control, Clear KPIs ROI expectations and objectives Deleveraging trajectory KERING Feb.11,2025 44
Slide 45: Operations and Corporate Main Priorities
OPERATIONS AND CORPORATE MAIN PRIORITIES EFFECTIVENESS FINANCIAL DISCIPLINE MANUFACTURING LOGISTICS TECH CORPORATE | HOLDING KERING Feb.11,2025 45
Slide 46: Operations and Corporate Main Priorities
OPERATIONS AND CORPORATE MAIN PRIORITIES EFFECTIVENESS FINANCIAL DISCIPLINE • Maximize utilization of existing industrial assets MANUFACTURING • Shared capacities and mutualization • Gross margin protection • Strategic sourcing • Supply chain audits KERING Feb.11,2025 46
Slide 47: Operations and Corporate Main Priorities
OPERATIONS AND CORPORATE MAIN PRIORITIES EFFECTIVENESS FINANCIAL DISCIPLINE • Cost containment: renegotiation of • Delivery lead-time reduction and main contracts, particularly reliability transportation ~€60m savings (not LOGISTICS • Worldwide logistics footprint taking into account volume effect)
Slide 48: Operations and Corporate Main Priorities
OPERATIONS AND CORPORATE MAIN PRIORITIES EFFECTIVENESS FINANCIAL DISCIPLINE • Enhanced governance of key IT • Stabilization of IT and digital costs (excl. projects with focus on ROI and D&A) TECH business case • Tech CAPEX prioritization with a • Allocation of resources to AI, digital and reduction
Slide 49: Operations and Corporate Main Priorities
OPERATIONS AND CORPORATE MAIN PRIORITIES EFFECTIVENESS FINANCIAL DISCIPLINE • Redefinition of the missions to: - better support the Houses • Process and organization (recruitment, training, financial reengineering CORPORATE | HOLDING planning, tax & legal) • Reduction in holding costs: - act as best
Slide 50: Focus on Kering Eyewear
FOCUS ON KERING EYEWEAR A 10-YEAR JOURNEY 2015-16 LAUNCH OF KERING BRANDS 2017 PARTNERSHIP WITH RICHEMONT 2021-22 ACQUISITION OF LINDBERG AND MAUI JIM BUILT A COMPLETE ESTABLISHED A BUILT A WW BRAND PORTFOLIO PROFITABLE, PRESENCE ACROSS IN BOTH STEADILY MARKETS AND SUNGLASSES AND GROWING CHANNELS OP
Slide 51: Focus on Kering Eyewear
FOCUS ON KERING EYEWEAR CLOSE TO €1.6BN IN REVENUE • Distribution in 150 countries • #2 in Eyewear industry, #1 in Luxury Eyewear segment • 14 brands in total, including 2 proprietary brands, successfully developed and managed • US and international • Further deployment across commercial development
Slide 52: Focus on Kering Beauté
FOCUS ON KERING BEAUTÉ THE START OF A NEW JOURNEY Launch of Launch of Launch of Bottega Bottega Balenciaga Veneta Veneta high-end exclusive high-end fragrances candles fragrances Feb. 2023 Oct. 2023 May 2024 Oct. 2024 2025 BECOME A BUILDING A LEADING GLOBAL BRAND AMPLIFIER SIZABLE VALUE – LUXURY BEA
Slide 53: Focus on Kering Beauté
FOCUS ON KERING BEAUTÉ ROADMAP PROGRESS • Integration and enhancement of Creed organization on par with the roadmap 1 GROW AND LEVERAGE CREED AS A PLATFORM • Sustained growth of the brand • Successful development of the women fragrances offer • Great results of Bottega Veneta collection of five very
Slide 54: Gross Margin: Short-Term Headwinds, Long-Term Benefits
GROSS MARGIN SHORT-TERM HEADWINDS, LONG-TERM BENEFITS +2% Scope FY 24 -3% FX / hedging -15% vs. FY 23 GROSS MARGIN -12% Top line -2% Gross margin rate Negative impact of channel mix FOCUS ON GROSS MARGIN at Group level, country mix Partially offset by efficiency gains RATE Inventory cleaning a
Slide 55: Investing with Efficiency
INVESTING WITH EFFICIENCY GROUP OPEX IN €M • Targeted store footprint expansion • Review of the network: action plan to close EBITDA FY 23 10,186 STORE EXPENSES dilutive doors OR to improve their performance SCOPE +119 • Client experience and service as a priority while targeting higher productivity
Slide 56: Capital Employed and Cash Flow Generation
CAPITAL EMPLOYED AND CASH FLOW GENERATION STRONG WORKING CAP & INVENTORY DISCIPLINED CAPEX MANAGEMENT -12% FY 23 €1,230m* 6.3% of revenue GROUP FY 24 €1,108m* 6.4% of INVENTORY in €m revenue FY 24 -10% YE 22 YE 23 YE 24 % change -39% SHORT TERM €1,000m – €1,100m GUCCI LONGER TERM 5 to 7% of revenue
Slide 57: Deleveraging Trajectory
DELEVERAGING TRAJECTORY DISPOSAL OF NON-CORE ASSETS DEBT TRAJECTORY REAL ESTATE REFINANCING YE 24 2.3x THE MALL €350m DISPOSAL Net financial debt / EBITDA YE 25 Up to 2x IFRS16 €1,200m SIGNED M&A ARDIAN DEAL €850m PARIS ASSETS • Focus on organic growth and market share gains • Continuous investments
Slide 58: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES LONG-TERM FRAMEWORK SHORT-TERM FOCUS SUPPORT • Continued investment in our Houses • FY25 CAPEX: €1 to 1.1bn ORGANIC • CAPEX to sales: 5 to 7% • Continued tight WCR & inventory management GROWTH SHAREHOLDER • Dividend payout at c.50%* • FY24 DPS at 6€** RETURN • Flexible
Slide 59: FY 24 Results
FY 24 RESULTS Armelle Poulou Group Chief Financial Officer KERING Feb.11,2025 59
Slide 60: FY 24 Key Figures
FY 24 KEY FIGURES RECURRING OPERATING INCOME FCF FROM OPERATIONS REVENUE €2.6bn €1.4bn €17.2bn €3.6bn (excl. real estate) 14.9% margin CAPEX NET FINANCIAL DEBT PEOPLE* €3.3bn €10.5bn 47,000 €1.1bn (excl. real estate) KERING Feb.11,2025 * as of December 31, 2024 60
Slide 61: FY 24 Group Revenue
FY 24 GROUP REVENUE FY REVENUE CHANGE FY REVENUE BREAKDOWN BY REGION (in €m and comparable change YoY) (as a % of FY total revenue and % YoY reported change) -12% RoW Western Europe reported 19,566 9% (+2pts) 29% (+1pt) +1% 17,194 -12% -1% Asia Pacific North America 30% (-5pts) 24% (+1pt) Japan FY 2
Slide 62: FY 24 Recurring Operating Income, FCF from Operations and Net Debt
FY 24 RECURRING OPERATING INCOME FCF FROM OPERATIONS AND NET DEBT GROUP RECURRING OPERATING INCOME FCF FROM OPERATIONS (€M) NET FINANCIAL DEBT (€M)** & MARGIN (€M & %) -46% +7% 4,746 3,568 3,321 10,517 8,504 2,554 1,983 24.3% 1,432 14.9% 14.9% FY 23 FY 24 FY 23 excl. FY 23 FY 24 excl. FY 24 YE 23 YE
Slide 63: FY 24 Group Revenue by Channel
FY 24 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 -13 % FY -9 % -7% -6% -11% -10% -12% -13% -12% -17% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 DIRECTLY OPERATED STORES WHOLESALE WHOLESALE ROYALTIES LUXURY BRANDS KERING EYEWEAR & & OTHER FY -22% BEAUTÉ FY +13% FY +6% +16
Slide 64: FY 24 Retail Revenue by Region
FY 24 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 +27% +16% +6% +5% +3% +2% -2% -8% -8% -6% -9% -11% -11% -11% -9% -15% -19% -25% -24% -30% FY -9% FY -11% FY +9% FY -24% FY +3% KERING F
Slide 65: Gucci
KERING Feb.11,2025 65
Slide 66: Gucci FY 24 Revenue and Recurring Operating Income
FY 24 REVENUE : -23% REPORTED, -21% COMPARABLE RECURRING OPERATING INCOME & MARGIN (€M & %) (in €m, and YoY comparable growth in %) 9,873 In €m FY 24 FY 23 Change 7,650 -21% -28% -1% Revenue 7,650 9,873 -23% Recurring operating income 1,605 3,264 -51% Margin (%) 21.0% 33.1% -12.1pts Gross CAPEX 293
Slide 67: Saint Laurent
KERING Feb.11,2025 67
Slide 68: Saint Laurent FY 24 Revenue and Recurring Operating Income
FY 24 REVENUE : -9% REPORTED, -9% COMPARABLE RECURRING OPERATING INCOME & MARGIN (€M & %) (in €m, and YoY comparable growth in %) 3,179 In €m FY 24 FY 23 Change -7% +19% 2,881 -25% Revenue 2,881 3,179 -9% Recurring operating income 593 969 -39% Margin (%) 20.6% 30.5% -9.9pts Gross CAPEX 211 186 +13%
Slide 69: Bottega Veneta
KERING Feb.11,2025 69
Slide 70: Bottega Veneta FY 24 Revenue and Recurring Operating Income
FY 24 REVENUE: +4% REPORTED, +6% COMPARABLE RECURRING OPERATING INCOME & MARGIN (€M & %) (in €m, and YoY comparable growth in %) +10% 1,713 In €m FY 24 FY 23 Change -15% -15% 1,645 Revenue 1,713 1,645 +4% Recurring operating income 255 312 -18% Margin (%) 14.9% 19.0% -4.1pts Gross CAPEX 112 105 +7%
Slide 71: Other Houses
OTHER HOUSES KERING Feb.11,2025 71
Slide 72: Other Houses FY 24 Revenue and Recurring Operating Income
OTHER HOUSES FY 24 REVENUE: -8% REPORTED, -7% COMPARABLE RECURRING OPERATING INCOME & MARGIN (€M & %) (in €m, and YoY comparable growth in %) 3,514 In €m FY 24 FY 23 Change -4% 3,221 -17% -6% Revenue 3,221 3,514 -8% Recurring operating income -9 212 N/A Margin (%) N/A 6.0% N/A 75% of Gross CAPEX 194
Slide 73: Kering Eyewear and Corporate
KERING EYEWEAR AND CORPORATE KERING Feb.11,2025 73
Slide 74: Kering Eyewear and Corporate
KERING EYEWEAR AND CORPORATE KERING EYEWEAR FOCUS KEY FIGURES (in €m, and YoY comparable growth in %) €m FY 24 FY 23 +5% reported Revenue 1,941 1,568 +6% 1,583 Kering Eyewear 1,583 1,502 Kering Beauté 323 62 -1% Other 35 4 1,502 Recurring operating income 112 (7) Kering Eyewear 277 276 (as a % of re
Slide 75: Financial Performance
FINANCIAL PERFORMANCE In €m FY 2024 FY 2023 Revenue 17,194 19,566 Gross margin 12,681 14,927 Earnings before interest, taxes, depreciation, and amortization 4,667 6,569 Recurring operating income 2,554 4,746 Other non-recurring operating income and expenses (242) (103) Financial result (614) (410) I
Slide 76: Free Cash Flow from Operations
FREE CASH FLOW FROM OPERATIONS FY 2024 FY 2023 In €m Cash flow before taxes, dividends and interests 4,480 6,289 Change in working capital requirement 667 (396) Income tax paid (438) (1,434) Net cash flow from operating activities 4,709 4,459 Acquisitions of property, plant and equipment and intangi
Slide 77: Capex
CAPEX 3,309 640 €1,108m 6.4% of 2,611 revenue Disciplined CAPEX €1,230m 468 Store 693 6.3% of revenue FY 24 down 10% YoY excluding real estate Non Store 537 2,201 Close to 60% allocated to store network upgrade and selective expansion Real estate 1,381 In €m 2023 2024 KERING Feb.11,2025 77
Slide 78: Change in Net Financial Debt
CHANGE IN NET FINANCIAL DEBT FY 24 NET DEBT* BRIDGE In €m and Net Debt / EBITDA ratio +2,136 10,517 8,504 +118 8,381 +1,253 +334 +1,740 -3,568 2.3x 1.3x Net debt at FCF from Dividends paid Net interest paid Lease Net financial Real estate Net debt at Dec. 31, 2023 operations excl. real and dividends
Slide 79: Balance Sheet and Financial Structure
BALANCE SHEET AND FINANCIAL STRUCTURE CONDENSED BALANCE SHEET INVENTORIES €3,992M 43,346 43,346 Assets held for sale 1,075 NET DEBT-TO-EQUITY 15,730 Equity RATIO RECEIVABLES 67% €1,003M Non-current assets 31,648 CAPITAL EMPLOYED PAYABLES 18,024 Non-current liabilities €26,247M €2,098M Current assets
Slide 80: Consistent Payout Ratio Over Time
CONSISTENT PAYOUT RATIO OVER TIME DIVIDEND PER SHARE 14.00 14.00 (in €) 12.00 8.00 6.00* 2020 2021 2022 2023 2024 *Proposed to April 24, 2025 AGM €2.00 per share interim dividend paid on January 16, 2025 €4.00 per share balance to be paid on May 7, 2025 DIVIDEND PAYOUT 96.4% 82.1% 80.1%* 50.7% 50.0%
Slide 81: Conclusion
CONCLUSION François-Henri Pinault Chairman and CEO 81 KERING Feb.11,2025
Slide 82: Delivering on Our Current Sustainability Roadmap and Strengthening Our Commitments
DELIVERING ON OUR CURRENT SUSTAINABILITY ROADMAP AND STRENGTHENING OUR COMMITMENTS GENDER PARITY & CLIMATE NATURE INNOVATION SCIENCE-BASED CLIMATE FIRST COMPANY TO ADOPT FURTHER SUPPORTING INNOVATION TRAJECTORY SET SCIENCE-BASED TARGET FOR NATURE Launch of Kering Generation Awards x Jewelry Net
Slide 83: 2025: A Year of Stabilization
2025 A YEAR OF STABILIZATION « We are energized and confident that we have driven Kering to a point of stabilization, from which we will gradually resume our growth trajectory. » KERING Feb.11,2025 83
Slide 84: Q&A
Q&A KERING Feb.11,2025 84
Slide 85: Appendix
APPENDIX KERING Feb.11,2025 85
Slide 86: Progressing on Our Sustainability Commitments in 2024
PROGRESSING ON OUR SUSTAINABILITY COMMITMENTS IN 2024 • 23% reduction in absolute value of our GHG emissions across all scopes • 95% traceability for our key raw materials • 100% renewable electricity in all countries where possible (aligned CARE with RE100 guidelines) • First company to adopt targe
Slide 87: External Recognition of Our ESG Performance
EXTERNAL RECOGNITION OF OUR ESG PERFORMANCE KERING IS THE ONLY LUXURY COMPANY SYSTEMATICALLY INCLUDED IN ALL MAIN ESG RATINGS AND RANKINGS 2024 2024 2024 Dow Jones Sustainability Indices MSCI ESG Rating CDP included in DJSI World & Europe since 2013 84/100 S&P Global ESG Score AAA AAA List (3rd Text
Slide 88: Q4 and FY Group Revenue
Q4 AND FY 24 GROUP REVENUE REVENUE BREAKDOWN BY SEGMENT % YoY change In €m Q4 Change (%) FY Change (%) Q4 24 Q4 23 Reported Comp. FY 24 FY 23 Reported Comp. Gucci 1,924 2,528 -24% -24% 7,650 9,873 -23% -21% Saint Laurent 770 835 -8% -8% 2,881 3,179 -9% -9% Bottega Veneta 480 431 +11% +12% 1,713 1,64
Slide 89: Gucci FY 2024 Revenue Quarterly Performance
FY 2024 REVENUE €7,650m -23% REPORTED, -21% COMPARABLE DIRECTLY OPERATED STORES REVENUE BREAKDOWN BY REGION At YE 24 (net change vs. YE 23) RoW Western Europe RoW Western Europe 63 (-5 net) 103 (+0 net) 7% 26% Asia Pacific 529 North America Asia Pacific 180 (-3 net) 114 (+2 net) 33% North America 25
Slide 90: Saint Laurent FY 2024 Revenue Quarterly Performance
FY 2024 REVENUE €2,881m -9% REPORTED, -9% COMPARABLE DIRECTLY OPERATED STORES REVENUE BREAKDOWN BY REGION At YE 24 (net change vs. YE 23) RoW RoW 30 (+4 net) Western Europe 9% Western Europe 71 (+2 net) 33% Asia Pacific Asia Pacific 318 27% 117 (+3 net) Japan North America Japan North America 6% 25%
Slide 91: Bottega Veneta FY 2024 Revenue Quarterly Performance
FY 2024 REVENUE €1,713m +4% REPORTED, +6% COMPARABLE DIRECTLY OPERATED STORES REVENUE BREAKDOWN BY REGION At YE 24 (net change vs. YE 23) RoW Western Europe RoW 23 (+0 net) 66 (+7 net) 10% Western Europe 30% Asia Pacific 307 North America Asia Pacific 119 (+5 net) 55 (+7 net) 30% Japan Japan 44 (+0
Slide 92: Other Houses FY 2024 Revenue
OTHER HOUSES FY 2024 REVENUE €3,221m -8% REPORTED, -7% COMPARABLE DIRECTLY OPERATED STORES REVENUE BREAKDOWN BY REGION At YE 24 (net change vs. YE 23, incl.scope) RoW Western Europe RoW 36 (+5 net) 134 (+3 net) 8% Western Europe 30% Asia Pacific 640 North America Asia Pacific 292 (+5 net) 84 (+2 net
Slide 93: EBITDA
EBITDA In €m FY 24 FY 23 Reported change % Gucci 2,403 3,999 -40% Saint Laurent 921 1,219 -24% Bottega Veneta 463 494 -6% Other Houses 426 585 -27% Kering Eyewear and Corporate 456 276 +65% Eliminations (2) (4) N/A Kering 4,667 6,569 -29% KERING Feb.11,2025 93
Slide 94: Recurring Operating Income
RECURRING OPERATING INCOME In €m FY 24 FY 23 Reported change % Gucci 1,605 3,264 -51% Saint Laurent 593 969 -39% Bottega Veneta 255 312 -18% Other Houses (9) 212 N/A Kering Eyewear and Corporate 112 (7) N/A Eliminations (2) (4) N/A Kering 2,554 4,746 -46% KERING Feb.11,2025 94
Slide 95: Net Financial Costs and Income Tax
NET FINANCIAL COSTS AND INCOME TAX In €m FY 24 FY 23 Cost of net debt (320) (108) Other financial income and expenses (89) (151) Total financial result (excluding leases) (409) (259) Interest expense on lease liabilities (205) (151) Financial result (614) (410) In €m FY 24 FY 23 Income tax expense o
Slide 96: Balance Sheet
BALANCE SHEET In €m FY 24 FY 23 Goodwill, brands and intangible Assets 15,564 15,290 Lease right-of-use Assets 5,615 4,984 Property, plant and equipment 6,537 5,341 Investments in equity-accounted companies 1,762 1,750 Net other Non-current Assets (Liabilities) (105) (27) Non-current lease Liabiliti
Slide 97: Kering Houses and Brands
Gucci • Saint Laurent • Bottega Veneta • Balenciaga • Alexandre McQueen • Brioni Boucheron • Pomellato • Dodo • Qeelin • Ginori 1735 Kering Eyewear • Kering Beauté