Brunello Cucinelli S.p.a. · MIL:BC
Brunello Cucinelli — H1 2026 Earnings Presentation
30 slides from Brunello Cucinelli's earnings presentation, Jul 30, 2026
Slide 1: 1H 2026 Results
1H 2026 Results J u l y 3 0 th, 2 0 2 6
Slide 2: Brunello Cucinelli
Brunello Cucinelli Brunello Cucinelli, Executive Chairman and Creative Director of Casa di Moda, commented: We closed the first half of the year with results that we view as truly, truly outstanding. We have the impression that the brand is enjoying an exceptionally favourable momentum across the wo
Slide 3: 1H 2026 Financial Highlight
1H 2026 Financial Highlight REVENUES EBIT NET PROFIT €749.4 mln €128.2 mln €78.2 mln +9.5% +12.6% +2.0% +13.3% cost. curr 17.1% on sales 10.4% on sales (16.6% as of 30 June ‘25) (11.2% as of 30 June ‘25) ASIA EUROPE AMERICAS €215.1 mln €255.6 mln €278.7 mln +10.0% +5.1% +13.6% +14.1% cost. curr +5.3
Slide 4: 1H 2026 – Business Update
1H 2026 – Business Update
Slide 5: Revenues by Region
Revenues by Region 1H 25 1H 26 YoY % Chg CFX Revenues 684.1 749.4 +9.5% +13.3% Europe 243.2 255.6 +5.1% +5.3% Americas 245.2 278.7 +13.6% +20.6% Asia 195.7 215.1 +10.0% +14.1% 1H 25 1H 26 Europe Europe 35.6% 34.1% Americas Americas 35.8% 37.2% Asia Asia 28.6% 28.7%
Slide 6: Region Highlights
Region Highlights EUROPE AMERICAS ASIA Very solid results with double-digit Outstanding growth throughout the first half of Double-digit growth cfx in both quarters, growth in Retail channel in both quarters 2026, with the second quarter confirming the very with China remaining a key growth driver,
Slide 7: Revenues by Channel
Revenues by Channel 1H 25 1H 26 YoY % Chg CFX Revenues 684.1 749.4 +9.5% +13.3% Retail Channel 435.8 499.8 +14.7% +19.3% Wholesale Channel 248.3 249.6 +0.5% +2.7% 1H 25 1H 26 Retail Retail 63.7% 66.7% Wholesale Wholesale 36.3% 33.3%
Slide 8: Channel Highlights
Channel Highlights Retail Channel Strong and consistent growth throughout 1H 26, supported by solid like-for- like performance and the contribution from new commercial spaces Growth benefited from the store openings and major expansions completed in the second half of 2025 and during the first half
Slide 9: Collections: Contemporary Style and very positive sell-out
Collections: Contemporary Style and very positive sell-out Spring-Summer 2026 collections delivered very positive sell-outs; the initial sales of the Fall-Winter 2026 collections confirm the strong appeal and contemporary relevance of our product offering The Spring-Summer 2027 sales campaign is pro
Slide 10: Eyewear and Fragrances
Eyewear and Fragrances Our partnership with EssilorLuxottica and Euroitalia continues to progress with great satisfaction, reaffirming our steady commitment to safeguarding the brand's distinctive and unique positioning within the eyewear and fragrance Alongside the new Spring/Summer 2026 Eyewear Co
Slide 11: The «family-style gatherings» events
The «family-style gatherings» events Client relationships remain at the heart of our business model, fostered through a consistent brand experience across every touchpoint and strengthened by the continued expansion of our global customer base During the first half, we hosted a series of internation
Slide 12: Digital Innovation and Communication
Digital Innovation and Communication During the first half of 2026, we launched the new e-commerce platform powered by our proprietary "Callimacus" technology, designed to integrate Artificial Intelligence into a highly personalized customer journey fully consistent with the values and identity of t
Slide 13: Important international recognition for the "Callimacus" platform
Important international recognition for the "Callimacus" platform Callimacus, the proprietary AI platform developed by Solomei AI, received important recognition with the entry into the company's share capital of Salesforce, world leader in CRM technologies, alongside main shareholder Foro delle Art
Slide 14: The Strength of Our Business Model
The Strength of Our Business Model The first half of 2026 confirmed the strength of our long-term business model, built on a distinctive brand identity, absolute luxury positioning, consistent strategic execution and a clear long-term vision, which we believe continue to represent the key foundation
Slide 15: MADE IN ITALY: Craftsmanship, Expertise and Flexibility
MADE IN ITALY: Craftsmanship, Expertise and Flexibility We believe our production structure represents one of the most distinctive strengths of the Casa di Moda, reinforced by the 2024-2025 investment plan and a network of over 400 Italian artisan companies. We are convinced that the excellence of o
Slide 16: Financials
BRUNELLO CUCINELLI Financials
Slide 17: Income Statement
Income Statement € mln 1H 2025 1H 2026 Ch. % Revenues 684.1 749.4 + 9.5% First Margin 509.4 562.2 + 10.4% % 74.5% 75.0% + 50 b.p. SG&A (308.7) (335.7) + 8.7% % 45.1% 44.8% - 30 b.p. D&A (86.8) (98.3) + 13.3% % 12.7% 13.1% + 40 b.p. EBIT 113.8 128.2 + 12.6% % 16.6% 17.1% + 50 b.p. Net Financial Incom
Slide 18: Income Statement Highlights
Income Statement Highlights EBIT margin improved by 50 basis points, from 16.6% to 17.1%, reflecting the continued strength of the business model and supported by further First Margin expansion First Margin increased to 75.0%, from 74.5% at 30 June 2025, benefiting from a favourable sales mix across
Slide 19: Income Statement Highlights
Income Statement Highlights € mln Personnel cost 3,283 Totale FTE 3,543 Investments in Communication Managers & Middle Mgmt. 128 116 Manual 975 Workers 993 18.5% 6.1% % on sales 18.4% 6.5% Store 138.4 Employees & 2,422 125.6 2,192 Office Staff 44.4 125.6 45.8 1H 25 1H 26 1H 25 1H 26 1H 25 1H 26 Rent
Slide 20: Total Net Financial Expense details
Total Net Financial Expense details € mln 1H 25 1H 26 delta FY 25 Financial charges / (income) from ordinary operations 4.3 6.1 1.8 10.1 Financial charges / (income) from lease operations 13.0 14.0 1.0 27.0 Financial charges / (income) related to "recurring management" 17.3 20.1 2.8 37.1 Foreign exc
Slide 21: Net Working Capital
Net Working Capital € mln 1 H 2025 1 H 2026 TRADE RECEIVABLES Trade R eceivables 1 03.6 1 1 0.7 Increase mainly reflected the natural growth of the business and Inventories 37 8.6 421 .0 the timing of selected Fall-Winter 2026 deliveries, while the Trade P ayables (1 7 3.9) (1 7 1 .6) incidence on r
Slide 22: Investments
Investments € mln 63.5 57.2 Others, including Production/Logistics/ 31.4 19.3 IT/Digital 125.6 32.1 37.9 Commercial 1H 25 1H 26 Lower investment levels following the completion of the Group's major Made in Italy manufacturing capacity expansion plan at the end of 2025 Commercial investments continue
Slide 23: Characteristic Financial Debt
Characteristic Financial Debt € mln 225.1 Characteristic 197.2 Financial Debt* 125.6 Excluded IFRS 16 as of as of 30 June 2025 30 June 2026 Higher net financial debt mainly reflected the front-loaded execution of the 2026 investment programme and the distribution of dividends, while maintaining the
Slide 24: Outlook
BRUNELLO CUCINELLI
Slide 25: Outlook
Outlook The very, very positive results achieved in the first half of 2026, together with the favourable performance of sales in July and of the sales campaigns, allow us to slightly increase our constant exchange rate revenue growth guidance to between +10% and +11%, compared with our initial expec
Slide 26: Outlook
Outlook We confirm our continued commitment to investments, which we consider essential to keeping every area of our Casa di Moda fully contemporary. Following the "extraordinary" level of investment reached during the 2024–2025 biennium, associated with the completion of our major Made in Italy art
Slide 27: Annex
BRUNELLO CUCINELLI
Slide 28: Detailed Income Statement and Balance Sheet Statement
Detailed Income Statement and Balance Sheet Statement € mln 1 H 2025 1 H 2026 F Y 2025 1 H 2025 1 H 2026 Trade receivables 1 03,6 1 1 0,7 1 01 ,6 R evenues 684.1 7 49.4 Inventories 37 8,6 421 ,0 398,3 Consumption Costs (58.4) (68.6) Trade payables (-) (1 7 3,9) (1 7 1 ,6) (1 7 7 ,1 ) R aw Material C
Slide 29: Board of Directors
Board of Directors Brunello Cucinelli Executive Chairman and Creative Director Riccardo Stefanelli C.E.O. Luca Lisandroni C.E.O. Camilla Cucinelli Vice Chairman Carolina Cucinelli Vice Chairman Giovanna Manfredi Director Andrea Pontremoli Director Investor Relations & Corporate Planning Director Ram
Slide 30: This presentation may contain forward looking statements which reflect Management’s current views and estimates.
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