Brunello Cucinelli S.p.a. · MIL:BC
Brunello Cucinelli — H1 2025 Earnings Presentation
27 slides from Brunello Cucinelli's earnings presentation, Aug 29, 2025
Slide 1: 1H 25 Results
1H 25 Results August 28, 2025
Slide 2: Veinate
Veinate 4 No i i
Slide 3: Brunello Cucinelli
Brunello Cucinelli “We have closed the first half of 2025 with excellent results both in terms of revenue and profit, achieving the sound and gracious growth that we greatly value. Our aim has been to dignify manual work, conducting business with full respect for the moral and economic dignity of th
Slide 4: 1H 2025 Financials Highlights
1H 2025 Financials Highlights REVENUES EBIT NET PROFIT €684.1 mln €113.8 mln €76.7 mln +10.2% +8.8% +16.0% +10.7% cost. curr 16.6% on sales 11.2% on sales (16.9% as of 30 June ‘24) (10.6% as of 30 June ’24) EUROPE AMERICAS ASIA +10.0% +8.7% +12.5% +9.7% cost. curr +10.0% cost. curr +13.0% cost. curr
Slide 5: 1H 25 – Business Update
1H 25 – Business Update 5
Slide 6: Revenues by Region
Revenues by Region € mln 1H 24 1H 25 YoY % Chg Revenues 620.7 684.1 +10.2% Constant exchange rates +10.7% Europe 221.1 243.2 +10.0% Americas 225.6 245.3 +8.7% Asia 174.0 195.7 +12.5% 1H 24 1H 25 Americas Europe Americas Europe 35.8% 35.6% 36.4% 35.6% Asia Asia 28.0% 28.6% 6
Slide 7: Region Highlights
Region Highlights EUROPE The solid domestic presence across key European markets supported double-digit growth in the first half, with balanced sales across both quarters In Italy, sales grew by 15.8% to €78.8 million, showing second quarter particularly strong supported by performance of the multib
Slide 8: Revenues by Channel
Revenues by Channel € mln 1H 24 1H 25 YoY % Chg Revenues 620.7 684.1 +10.2% Constant exchange rates +10.7% Retail Channel 395.2 435.8 +10.3% Wholesale Channel 225.5 248.3 +10.1% 1H 24 1H 25 Wholesale Wholesale Channel Channel 36.3% 36.3% Retail Channel Retail 63.7% Channel 63.7% 8
Slide 9: Channel Highlights
Channel Highlights RETAIL CHANNEL Positive results across all geographic areas, driven by like-for-like performance; second quarter showed double-digit growth at constant exchange rates, in line with the first quarter As of June 30, 2025, the retail network consists of 130 boutiques compared to 126
Slide 10: The «family-style gatherings» events
The «family-style gatherings» events Symbolic moments – in Miami, Pietrasanta, and Amalfi – captured the essence of our style and the strong bond of trust with clients worldwide In the first half of the year, Brunello Cucinelli reaffirmed the central role of product and creativity, highlighting how
Slide 11: Eyewear and Fragrances
Eyewear and Fragrances Our collaboration with EssilorLuxottica and Euroitalia continues with great satisfaction, reflecting our ongoing commitment to preserving the brand’s unique and distinctive positioning in eyewear and fragrances. In June, we presented the special Goldcraft 1978 edition—two mode
Slide 12: III Universal Symposium on Soul and Economics in Solomeo
III Universal Symposium on Soul and Economics in Solomeo (May, 15-18) Brunello Cucinelli commented on the event as follows: During these three wonderful days spent together in Solomeo, against the enchanting backdrop of the Umbrian countryside and immersed in its Genius loci (the Spirit of the Place
Slide 13: The “Outstanding Achievement Award” and the film “Brunello, the Gracious Visionary”
The “Outstanding Achievement Award ” and the film “Brunello, the Gracious Visionary” As we approach the conclusion of a year that we envision as particularly prosperous and meaningful, the month of December will be marked by two highly significant and emotionally resonant events for our Casa di Moda
Slide 14: 1H 2025 - Financials
eae Be oy te eg 1H 2025- Financials ® BRUNELLO CUCINELLI
Slide 15: Income Statement
Income Statement 1H 2024 1H 2025 Ch. % Revenues 620.7 684.1 + 10.2% First Margin 462.2 509.4 + 10.2% % 74.5% 74.5% + 0 b.p. SG&A -284.4 -308.7 + 8.6% % 45.8% 45.1% - 70 b.p. D&A -73.2 -86.8 + 18.6% % 11.8% 12.7% + 90 b.p. EBIT 104.6 113.8 + 8.8% % 16.9% 16.6% - 30 b.p. Net Financial Income -9.3 -6.5
Slide 16: Income Statement Highlights
Income Statement Highlights The first half of 2025 recorded very positive results, in terms of revenue growth (+10.2%), margins (+8.8%) and net income (+16.0%) First Margin First Margin stable at 74.5% as of June 30, 2025, Supported by a sales mix by distribution channel and geographical areas in li
Slide 17: Income Statement Highlights
Income Statement Highlights € mln Personnel cost 3,021 Total FTE 3,283 Investments in Communication 116 112 Managers & Middle Mgmt. 975 % on sales 911 Manual 18.4% Workers 18.2% 125.6 Store 1,998 Employees & 2,192 7.2% 6.5% 113.2 Office Staff 44.6 44.4 1H 24 1H 25 1H 24 1H 25 1H 24 1H 25 Rent cost D
Slide 18: Total Net Financial Expense details
Total Net Financial Expense details € mln 1H 24 1H 25 delta FY 24 Financial charges/(income) from ordinary 2,5 4,3 1,8 5,0 operations Financial charges/(income) from lease 9,2 13,0 3,8 20,2 operations Financial charges/(income) for adjustment 1,5 3,1 1,6 1,7 of derivatives to fair value Financial ch
Slide 19: Net Working Capital
Net Working Capital € mln TRADE RECEIVABLES 1H 2024 FY 24 1H 2025 This growth was mainly driven by the strong performance in the wholesale channel and the timing of Fall/Winter 2025 shipments. Trade Receivables 83.3 82.1 103.6 Credit losses were negligible, confirming the reliability and financial I
Slide 20: Investments
Investments € mln 63.5 Others, including Production/ 44.8 31.4 Logistics/IT/ Digital 24.7 32.1 Commercial 20.1 1H 24 1H 25 Commercial investments allocated to selected boutique openings, major expansions, luxury department store spaces, showroom renovations, and support for multibrand store developm
Slide 21: Characteristic Financial Indebtedness
Characteristic Financial Indebtedness € mln Characteristic 197.2 Financial 102.3** Indebtedness* Excluded IFRS 16 as of as of 30 June 2024 30 June 2025 Solidity of Corporate Structure, supported by the positive economic performance in the last twelve months, even with the major investment plan in 1H
Slide 22: Outlook
BRUNELLO CUCINELLI
Slide 23: Outlook
Outlook The first half of 2025 recorded an excellent trend both regarding the economic results as well as in terms of the perceived health and freshness of our brand. The sales recorded during July and August reflect growth in continuation with the trend of the first six months of the year: the data
Slide 24: Annex
BRUNELLO CUCINELLI
Slide 25: Detailed Income Statement and Balance Sheet Statement
Detailed Income Statement and Balance Sheet Statement € mln 1H 2024 1H 2025 FY 2024 1H 2024 1H 2025 Trade receivables 83.3 103.6 82.1 Revenues 620.7 684.1 Inventories 341.4 378.6 370.0 Consumption Costs (39.3) (58.4) Trade payables (-) (162.0) (173.9) (169.2) Raw Material Cost (89.7) (95.5) Other cu
Slide 26: Board of Directors
Board of Directors Brunello Cucinelli Excutive Chairman and Creative Director Riccardo Stefanelli C.E.O. Luca Lisandroni C.E.O. Camilla Cucinelli Vice Chairman Carolina Cucinelli Vice Chairman Alessio Piastrelli Director Giovanna Manfredi Director Andrea Pontremoli Director Investor Relations & Corp
Slide 27: This presentation may contain forward looking statements
This presentation may contain forward looking statements which reflect Management’s current views and estimates. The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Potenti