Safilo Group S.p.a. · MIL:SFL
Safilo — FY2025 Earnings Presentation
31 slides from Safilo's earnings presentation, Mar 12, 2026
Slide 1: 2025 Results
Safilo SEE THE WORLD AT ITS BEST 2025 RESULTS MARCH 12, 2026
Slide 2: Disclaimer
DISCLAIMER This presentation may contain forward looking statements based on current expectations and projects of the Group in relation to future events. Due to their specific nature, these statements are subject to inherent risks and uncertainties, as they depend on certain circumstances and facts,
Slide 3: 2025: A Year of Resilient Growth and Value Creation
2025: A YEAR OF RESILIENT GROWTH AND VALUE CREATION “2025 was a year in which Safilo demonstrated its ability to grow and create value, even in a complex global environment shaped by geopolitical tensions, market volatility, and tariff pressures. The quality of our brand portfolio, combined with our
Slide 4: 2025 Highlights
2025 HIGHLIGHTS • Steady net sales growth: +1.8% at cFX, +2.6% organic (ex-Lenti) • Europe and North America delivered growth each quarter, driven by resilient demand for prescription frames across wholesale channels and broad-based strength across the brand portfolio • Gross margin reached ~61%, ma
Slide 5: Performance Across Home Brands
PERFORMANCE ACROSS HOME BRANDS • D a v i d B e c k h a m : exceptional global growth, driven by strong product performance and high-impact retail activations • B l e n d e r s : challenging U.S. e-commerce market, but strengthened fundamentals with encouraging gains in the wholesale channel • P o l
Slide 6: Progress in Licensed Brands
PROGRESS IN LICENSED BRANDS • R e n e w a l s : Dsquared2, Under Armour, Carolina Herrera, Pierre Cardin • ~ 9 5 % licensed portfolio secured through 2030 • N e w 1 0 - y e a r a g r e e m e n t w i t h V i c t o r i a B e c k h a m enhances luxury women’s segment 2025 RESULTS 6
Slide 7: Sustainability Progress
SUSTAINABILITY PROGRESS • Emissions reduction roadmap progressing on track • 100% renewable electricity achieved across all operations • Safilo included in CDP Leadership List with A– rating 2025 RESULTS 7
Slide 8: Total Sales +1.8% @cFX, +2.6% organic
TOTAL SALES 983.4 €M , -1.0% +1.8% @cFX, +2.6% organic • Q4 +0.4% @ cFX, +1.9% organic • Robust prescription frames demand across geographies • Sport, contemporary & lifestyle brands gained traction across key markets, from Carrera, Smith, David Beckham to leading licenses Tommy Hilfiger, Marc Jacob
Slide 9: Europe +2.7% @cFX
EUROPE 423.9 €M , +2.3% +2.7% @cFX • Q4 +0.7% @ cFX, resilient performance despite headwinds: lower product-supply volumes, deconsolidation of Lenti, and phasing of some deliveries pulled forward into Q3 • Q4/FY organic growth up mid-single-digit, with France leading the increase and Turkey and Pola
Slide 10: North America +1.8% @cFX
NORTH AMERICA 417.6 €M , -2.6% +1.8% @cFX • Q4 +1.5% @ cFX. Wholesale channel up mid-single-digit every quarter: strong momentum from Tommy Hilfiger, Hugo Boss, Marc Jacobs, David Beckham, and Kate Spade • Sunglasses faced pressure at entry price points due to a highly promotional market, affecting
Slide 11: Asia & Pacific +4.8% @cFX
ASIA & PACIFIC 59.3 €M , +1.3% +4.8% @cFX • Q4 -11.5% @ cFX, normalization after the strong recovery seen through most of the year • FY sales growth was led primarily by distributor-driven markets • Australia delivered double-digit growth, supported by Carrera’s performance, with targeted brand-buil
Slide 12: Rest of the World -4.5% @cFX
REST OF THE WORLD 82.6 €M , -10.0% -4.5% @cFX • Q4 +3.9% @ cFX, signs of recovery, softening an otherwise difficult year • Slowdown in India and lower sales to distributors in the Middle East, due to geopolitical tensions and more cautious purchasing behavior • Mexico held up well, supported by Carr
Slide 13: Gross Margin 60.9%, +120 bps
GROSS MARGIN 599.3 €M , +1.1% 60.9%, +120 bps • Q4 at 61.9%, +240 bps • Successful mitigation of tariff pressures via pricing and sourcing rebalancing • Lower contribution from lower-margin activities improved mix, especially in Q4 • Reduced obsolescence from better planning & lower inventories • FX
Slide 14: Adjusted EBITDA 104.2 €M, +12.0%
ADJUSTED1 EBITDA 104.2 €M , +12.0% 10.6%, +120 bps • Q4 at 8.8%, +130 bps • Successful convertion of gross-margin gains into solid operating performance • Selling expenses down 3.5%, driven mainly by a reduction in logistics costs • Marketing investments normalised through the year, returning to a s
Slide 15: Adjusted Net Profit 44.6 €M, +30.4%
ADJUSTED1 NET PROFIT 44.6 €M, +30.4% 4.5%, +110 bps • Financial charges nearly halved, dropping from €16.3M to €8.3M, thanks to both lower net debt and a more favourable trend in exchange-rates differences • Stronger gross margin, disciplined cost management, and a healthier financial structure coll
Slide 16: Free Cash Flow 55.1 €M vs 16.7 €M
FREE CASH FLOW 55.1 €M vs 16.7 €M • Robust economic results and prudent WC management (tight Q2 inventory control following decision to limit imports from China in a high-tariff context) boosted operating cash generation • H1also benefited from €11.9M proceeds from the sale of Lenti S.r.l. • Q4 reco
Slide 17: Net Debt 46.1 €M vs 82.7 €M
NET DEBT 46.1 €M vs 82.7 €M 6.6 €M pre-IFRS16 vs 40.3 €M • Year-end net debt decreased to 46.1 €M, after 18 €M share-buyback Programme, which brought Safilo’s treasury shares to 5.6% of total share capital • Net debt pre-IFRS 16 stood at 6.6 €M, highlighting a structurally stronger balance sheet and
Slide 18: Looking to 2026
LOOKING TO 2026 • Start of year in line with 2025 exit trends • Geopolitical landscape remains complex, with rising uncertainty in March • Continued focus on brand building, innovation & quality of relationships • Financial discipline and agility remain our core operating principles 2025 RESULTS 18
Slide 19: Looking to 2026: New Share Buyback Programme
LOOKING TO 2026 New Share Buyback Programme Maximum of 10M shares, equal to ~2.5% of the outstanding capital 2025 RESULTS 19
Slide 20: Q&A
Safilo SEE THE WORLD AT ITS BEST Q&A
Slide 21: Appendices
Safilo SEE THE WORLD AT ITS BEST Appendices
Slide 22: Notes to the Presentation
NOTES TO THE PRESENTATION 1 In2025, the ad justed economic results exclu de a net non- recu rring income of Euro 2.2 million, mainly due to a ga in of Euro 9.7 m illion from the disposa l of the subs id ia ry Lenti S.r.l., and to restructuring and special project costs for Euro 7.5 million. In Q4 20
Slide 23: Sales by Geography
SALES BY GEOGRAPHY (in Euro million and % on total sales) % Change % Change 2025 % 2024 % current forex constant forex North America 417.6 42.5 428.7 43.2 -2.6% +1.8% Europe 423.9 43.1 414.2 41.7 +2.3% +2.7% Asia Pacific 59.3 6.0 58.6 5.9 +1.3% +4.8% Rest of the world 82.6 8.4 91.8 9.2 -10.0% -4.5%
Slide 24: Quarterly Sales by Geography
QUARTERLY SALES BY GEOGRAPHY (in Euro million and % on total sales) % Change % Change % Change % Change Q4 2025 % Q4 2024 % current forex Q3 2025 % Q3 2024 % constant forex current forex constant forex North America 99.8 44.4 107.3 45.5 -7.0% +1.5% North America 96.9 43.9 103.7 46.0 -6.6% +0.1% Euro
Slide 25: Income Statement
INCOME STATEMENT (in Euro million and % on total sales) 2025 % 2024 % % Change Net sales 983.4 993.2 -1.0% Gross Profit 599.3 60.9% 592.8 59.7% +1.1% EBITDA 106.4 10.8% 79.8 8.0% +33.3% Adjusted1 EBITDA 104.2 10.6% 93.0 9.4% +12.0% Operating profit 68.8 7.0% 39.4 4.0% +74.6% Adjusted1 Operating prof
Slide 26: Quarterly Trading Update
QUARTERLY TRADING UPDATE (in Euro million and % on total sales) Q4 2025 % Q4 2024 % % Change Q3 2025 % Q3 2024 % % Change Net sales 225.0 235.8 -4.6% Net sales 220.8 225.4 -2.1% Gross Profit 139.3 61.9% 140.3 59.5% -0.7% Gross Profit 131.7 59.7% 133.3 59.1% -1.2% EBITDA 15.1 6.7% 12.9 5.5% +16.6% EB
Slide 27: Balance Sheet as of Dec. 31, 2025
BALANCE SHEET AS OF DEC. 31, 2025 (in Euro million) December 31, 2025 December 31, 2024 Change Net working capital 213.3 256.8 (43.4) Tangible, Right of Use, and Intangible fixed assets 227.6 259.2 (31.6) Goodwill 31.0 35.8 (4.9) Other assets/(liabilities), net (22.7) (41.6) 18.9 Net invested capita
Slide 28: Working Capital as of Dec. 31, 2025
WORKING CAPITAL AS OF DEC. 31, 2025 (in Euro million) December 31, 2025 December 31, 2024 Change Trade receivables 186.6 211.9 (25.3) Inventories 171.2 210.2 (38.9) Trade payables (144.5) (165.3) 20.7 Net working capital 213.3 256.8 (43.4) % on net sales 21.7% 25.9% 2025 RESULTS 28
Slide 29: Free Cash Flow
FREE CASH FLOW (in Euro million) Free Cash Flow 2025 2024 Cash Flow from operating activities before change in working capital 63.6 62.6 Change in working capital 26.1 13.6 Cash Flow from operating activities 89.7 76.2 Cash Flow for/from (investment)/disinvestment activities (23.6) (48.9) Cash payme
Slide 30: Exchange Rates
EXCHANGE RATES (Appreciation)/D (Appreciation)/ As of Average for epreciation Depreciation December 31, December 31, Currency Code % 2025 2024 % 2025 2024 US Dollar USD 1.1750 1.0389 13.1% 1.1300 1.0824 4.4% Hong-Kong Dollar HKD 9.1464 8.0686 13.4% 8.8104 8.4454 4.3% Swiss Franc CHF 0.9314 0.9412 -1
Slide 31: Strong Brand Portfolio
STRONG BRAND PORTFOLIO • The right offer for all distribution channels, for all customer types • Centered on contemporary segment where the highest demand of eyewear is • Broad based offer across genders, ages, categories & price segments • Appealing to the most fashion- driven consumers and functio