Slide 1: 2026 First-Half Results
2026 FIRST-HALF RESULTS July 28, 2026 KERING July 28, 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 1 KEY H1 ACHIEVEMENTS Luca de Meo, CEO 2 FINANCIAL RESULTS Armelle Poulou, CFO 3 CONCLUSION Luca de Meo, CEO 4 Q&A SESSION Luca de Meo, CEO Jean-Marc Duplaix, COO Kering & CEO Kering Jewelry Armelle Poulou, CFO KERING July 28, 2026 3
Slide 4: Key H1 Achievements
KEY H1 ACHIEVEMENTS Luca de Meo, CEO KERING July 28, 2026 4
Slide 5: Executing with Discipline
EXECUTING WITH DISCIPLINE A STILL ENVIRONMENT CHALLENGING STRONG FOCUS ON EXECUTION, SIMPLIFICATION & DISCIPLINE IMPROVEMENT IN H1: 1ST TANGIBLE STEPS OF THE NEW TRAJECTORY KERING July 28, 2026 5
Slide 6: From Plan to Execution: Turning Strategy into Action
FROM PLAN TO EXECUTION: TURNING STRATEGY INTO ACTION SHARPENING BRAND TRAJECTORIES CLEAR POSITIONING ROLL-OUT OF NEW FOR EACH HOUSE CREATIVE DIRECTIONS POSITIVE SIGNALS ON GUCCI RESET COLLECTIONS AND CLIENT RECEPTION FOCUS ON RETAIL EXCELLENCE, MERCHANDISING, PRICING AND CLIENT REIGNITING THE DESIRA
Slide 7: Gucci: First Illustrations
RINASCIMENTO REBUILDING PRODUCT EXECUTION DESIRABILITY ARCHITECTURE PLAN PRODUCTIVE NETWORK QUALITY & PRICING: WITH A REBALANCED REBUILDING TRUST GEOGRAPHIC AND VALUE FOOTPRINT GUCCI CORE 1st earned media value CRUISE in fashion show 1st ILLUSTRATIONS Borsetto & Paparazzo PRODUCTS spotlight across s
Slide 8: Magnifying Deep Luxury at Scale
MAGNIFYING DEEP LUXURY AT SCALE ICONIC LEATHER GOODS & MEN’S EMERGING LEATHER VISIBILITY PRODUCTS ACCESSORIES PILLAR CULTURAL ELITES GOODS CLIENT BASE POTENTIAL BEYOND CLIENT BASE EXPANSION IN ASIA LEATHER GOODS EXPANSION 1st ILLUSTRATIONS 1st ILLUSTRATIONS NOMINATION Anouck Duranteau-Loeper, Deputy
Slide 9: Saint Laurent, Bottega Veneta and other houses: first illustrations
BACK TO THE BRIDGE TO THE NEW GENERATION THE MASTERPIECE REPOSITIONING ON LEATHER BALANCE MEN- MEN’S RATIONALIZATION & ULTRA LUXURY EXPERTISE IN TAILORING TAILORING & GOODS TO-WOMEN PILLAR SIMPLIFICATION POSITION & CRAFTSMANSHIP OCCASION WEAR WOMEN’S RECRUITMENT & GEO. EXECUTION RETURN TO GROUP’S BE
Slide 10: For the Sake of Resilience
FOR THE SAKE OF RESILIENCE SOLID FOUNDATIONS WITH GROWTH POTENTIAL FOR BOUCHERON, POMELLATO, FASHION HOUSES QEELIN & DODO STRATEGIC INDUSTRIAL PLATFORM WITH RASELLI FRANCO 1st ILLUSTRATIONS INDUSTRIAL Advancing the structuring of our industrial PLATFORM platform Delivery of first cost and sourcing s
Slide 11: Seeing Further: Next Chapter of a Unique Success Story
SEEING FURTHER NEXT CHАРТER OF A UNIQUE SUCCESS STORY BALANCED PORTFOLIO OF PROMISING PROSPECTS IN MAJOR HOUSES PARTNERS AN INTEGRATED PLATFORM SMART EYEWEAR AND PROPRIETARY BRANDS 1st ILLUSTRATIONS LINDBERG A 40-year anniversary capsule, Lindberg precious COLLECTION collection, and blok titanium co
Slide 12: Restoring Operational Rigor Across an Efficient Group
RESTORING OPERATIONAL RIGOR ACROSS AN EFFICIENT GROUP OPERATIONAL A MORE AGILE EXCELLENCE GROUP OPEX DISCIPLINE GOVERNANCE & TEAM EVOLUTION RIGHT SIZING OF THE SIMPLIFICATION OF THE RETAIL NETWORK ORGANIZATION CONTROL ON INVENTORY KERING July 28, 2026 12
Slide 13: One Group Platform, Advances Already Underway (1/2)
ONE GROUP PLATFORM, ADVANCES ALREADY UNDERWAY SOME ILLUSTRATIONS (1/2) INDUSTRY CLIENT TECH SUSTAINABILITY SUPPORT FUNCTIONS ASSET MUTUALIZATION & LAUNCH OF GROUP PLATFORM 1ST MUTUALIZATION OPPORTUNITIES FOR PRODUCTION SUPPLIER BASE REVIEW GLOBAL SOURCING & RATIONALIZATION DEPLOYMENT OF AUGMENTED SA
Slide 14: One Group Platform, Advances Already Underway (2/2)
ONE GROUP PLATFORM, ADVANCES ALREADY UNDERWAY SOME ILLUSTRATIONS (2/2) INDUSTRY CLIENT TECH SUSTAINABILITY SUPPORT FUNCTIONS SCOPE EXTENSION TO MATERIAL INNOVATION LAB NON-LEATHER MATERIALS FOR LEATHER GOOD APPLICATIONS ENHANCEMENT OF LUCE APP WITH AI-DRIVEN CLIENT ENGAGEMENT TOOLS FOR CLIENT ADVISO
Slide 15: Financial Results
FINANCIAL RESULTS Armelle Poulou, CFO 15
Slide 16: H1 2026 | Key Figures
H1 2026 | KEY FIGURES FCF FROM OPERATIONS REVENUE RECURRING OPERATING INCOME €2.6bn €7.2bn €921m incl. €0.8bn from real estate and +1% comparable 12.8% margin (+40bps) Gucci Beauty agreement CAPEX NET FINANCIAL DEBT (excl. lease liabilities) PEOPLE* €419m €260m (excl. real estate) €3.3bn 41,147 3.6%
Slide 17: H1 2026 | Group Revenue
H1 2026 | GROUP REVENUE H1 REVENUE CHANGE H1 REVENUE BREAKDOWN BY REGION (in €m and comparable change YoY) (% of H1 revenue | comparable change YoY H1 revenue) -3% reported 7,439 +1% Western Europe -0% 7,220 30% | -2% -4% North America 24% | +9% Asia Pacific 30% | +0% RoW Japan 9% | -8% 7% | +2% H1
Slide 18: Q2 and H1 2026 | Group Revenue
Q2 AND H1 2026 | GROUP REVENUE REVENUE BREAKDOWN BY SEGMENT (in €m) YoY Q2 Change (%) YoY H1 Change (%) Q1 26 Q2 26 Reported Comp. H1 26 Reported Comp. KERING FASHION & 2,852 2,948 -1% +0% 5,800 -5% -1% LEATHER GOODS O/W GUCCI 1,347 1,410 -3% -2% 2,757 -9% -5% KERING JEWELRY 269 252 +15% +18% 521 +1
Slide 19: H1 2026 | Group Revenue by Channel
H1 2026 | GROUP REVENUE BY CHANNEL RETAIL INCL. E -COMMERCE 73% 27% WHOLESALE AND OTHER +2% +6% +5% +3% -0% -2% Q1 Q2 H1 Q1 Q2 H1 RETAIL RETAIL WHOLESALE WHOLESALE KERING FASHION & KERING JEWELRY KERING FASHION & KERING JEWELRY LEATHER GOODS LEATHER GOODS +28% +28% +28% +14% +7% +0% +2% +1% -4% -2%
Slide 20: H1 2026 | Retail Revenue by Region
H1 2026 | RETAIL REVENUE BY REGION H1 26 RETAIL REVENUE BY REGION: €5,351m (% of H1 retail revenue; Q2 comments) NORTH AMERICA WESTERN EUROPE H1: +10% | Q1: +9%, Q2: +10% H1: -4% | Q1: -7%, Q2: -1% • Favorable contribution from most of our • Sequential improvement QoQ due to firmer Houses, including
Slide 21: H1 2026 | Recurring Operating Income
H1 2026 | RECURRING OPERATING INCOME GROUP RECURRING OPERATING INCOME & MARGIN SUSTAINED COST OPTIMIZATION (in €m and %) RIGHTSIZING OPTIMIZING STORE NETWORK AND OTHER EXPENSES EXPENSES net store Renegotiation | Downsizing | 920 921 84 closures (DOS) Restructuring 711 12.8% 12.4% 9.8% GROUP OPEX: €4
Slide 22: Kering Fashion & Leather Goods
KERING FASHION & LEATHER GOODS H1 26 REVENUE, RECURRING OPERATING INCOME & MARGIN H1 26 REVENUE PER GEOGRAPHY (in €m) (% of H1 revenue | comparable change YoY H1 revenue) H1 Change (%) Western Europe 28% | -4% H1 26 H1 25 Report. Comp. Revenue 5,800 6,115 -5% -1% North America Asia Pacific o/w Retai
Slide 23: of which Gucci
of which GUCCI H1 26 REVENUE, RECURRING OPERATING INCOME & MARGIN H1 26 REVENUE PER GEOGRAPHY (in €m) (% of H1 revenue | comparable change YoY H1 revenue) H1 Change (%) Western Europe 27% | -6% H1 26 H1 25 Report. Comp. Revenue 2 757 3 027 -9% -5% Asia Pacific o/w Retail 2 476 2 751 -10% -6% North A
Slide 24: Kering Jewelry
KERING JEWELRY H1 26 REVENUE, RECURRING OPERATING INCOME & MARGIN H1 26 REVENUE PER GEOGRAPHY (in €m) (% of H1 revenue | comparable change YoY H1 revenue) H1 Change (%) Western Europe North America 23% | -5% H1 26 H1 25 Report. Comp. 4% | +25% Revenue 521 455 +14% +20% RoW Asia Pacific o/w Retail 37
Slide 25: Kering Eyewear
KERING EYEWEAR H1 26 REVENUE: +5% REPORTED, +8% COMPARABLE (in €m) +8% 965 921 -3% H1 25 Comparable FX H1 26 H1 26 RECURRING OPERATING INCOME & MARGIN H1 Change (%) €m H1 26 H1 25 Report. Comp. Revenue 965 921 +5% +8% Recurring operating income 222 186 +19% N/A Margin (% in revenue) 23.0% 20.1% +2.9
Slide 26: Corporate & Other
CORPORATE & OTHER H1 26 REVENUE: -7% REPORTED, +1% COMPARABLE (in €m) 71 +1% 65 -6% -2% H1 25 Comparable Scope FX H1 26 H1 26 RECURRING OPERATING INCOME & MARGIN % % H1 Change (%) €m H1 26 H1 25 Report. Comp. Revenue 65 71 -7% +1% Recurring operating (152) (111) N/A N/A income • Strong performance f
Slide 27: Financial Performance
FINANCIAL PERFORMANCE In €m H1 26 H1 25 Revenue 7,220 7,439 Gross margin 5,170 5,409 Recurring earnings before interest, taxes, depreciation, and amortization 1,935 1,955 Recurring operating income 921 920 Other non-recurring operating income and expenses (223) 34 Financial result (280) (277) Income
Slide 28: H1 2026 | FCF from Operations and Capex
H1 2026 |FCF FROM OPERATIONS AND CAPEX CAPEX FCF FROM OPERATIONS (in €m) (in €m) 431 419 2,613 38 2,383 Real Estate 159 1,816 Store 182 94 1,083 Non-Store 211 166 14.9% H1 25 H1 26 H1 25 excl. H1 25 H1 26 excl. real H1 26 real estate estate and Gucci Beauty agreement • Group capex at €260m excl. rea
Slide 29: Free Cash Flow from Operations
FREE CASH FLOW FROM OPERATIONS in €m H1 26 H1 25 Cash flow before taxes, dividends and interests 1,822 1,895 Change in working capital requirement 602 (261) Income tax paid (100) (162) Net cash flow from operating activities 2,324 1,472 Acquisitions of property, plant and equipment and intangible as
Slide 30: Change in Net Financial Debt
CHANGE IN NET FINANCIAL DEBT in €bn and Net Debt / EBITDA ratio (*) 8.0 +0.5 +0.1 +0.7 -1.8 +0.2 3.3 -4.0 +0.1 -0.5 3.4x* 1.4x* Net debt at FCF from Lease Dividends paid Net dividends Kering Beauté Real estate Raselli Other Net debt at Dec. 31, 2025 operations excl. repayment and received and invest
Slide 31: Conclusion
CONCLUSION Luca de Meo, CEO KERING July 28, 2026 31
Slide 32: Priorities & Outlook for 2026
PRIORITIES & OUTLOOK FOR 2026 KEY PRIORITIES ‐ Set a lean organization ‐ Deploy brand strategies & growth playbook ‐ Boost efficiency ‐ Focus on execution OUTLOOK ‐ Return to growth ‐ Margin improvement KERING July 28, 2026 32
Slide 33: Q&A
Q&A KERING July 28, 2026 33
Slide 34: Appendices
APPENDICES KERING July 28, 2026 34
Slide 35: Kering Fashion & Leather Goods
KERING FASHION & LEATHER GOODS H1 2026 REVENUE QUARTERLY PERFORMANCE €5,800m, -5% REPORTED, -1% COMPARABLE YoY change DIRECTLY OPERATED STORES As of June 30, 2026 (net change vs. YE 2025) €m % comp. % report. 2,852 -3% -9% North America Q1’26 Western Europe 2,948 +0% -1% 280 (-20 net) Q2’26 291 (-13
Slide 36: of which Gucci
of which GUCCI H1 2026 REVENUE QUARTERLY PERFORMANCE €2,757m, -9% REPORTED, -5% COMPARABLE YoY change DIRECTLY OPERATED STORES As of June 30, 2026 (net change vs. YE 2025) €m % comp. % report. 1,347 -8% -14% North America Q1’26 Western Europe 1,410 -2% -3% 101 (-10 net) Q2’26 94 (-3 net) Japan RoW 4
Slide 37: Kering Jewelry
KERING JEWELRY H1 2026 REVENUE QUARTERLY PERFORMANCE €521m, +14% REPORTED, +20% COMPARABLE YoY change DIRECTLY OPERATED STORES As of June 30, 2026 (net change vs. YE 2025) €m % comp. % report. 269 +22% +14% North America Q1’26 Western Europe 252 +18% +15% 8 (=) Q2’26 48 (-2 net) Japan RoW 206 YoY co
Slide 38: Recurring EBITDA & Adjusted Recurring EBITDA
RECURRING EBITDA & ADJUSTED RECURRING EBITDA Reported in €m H1 26 H1 25 change % Kering Fashion & Leather goods 1,617 1,652 -2% o/w Gucci 830 855 -3% Kering Jewelry 79 59 +36% Kering Eyewear 258 217 +19% Corporate & Other (10) 30 N/A Elimination (9) (3) N/A KERING – RECURRING EBITDA 1,935 1,955 -1%
Slide 39: Recurring Operating Income
RECURRING OPERATING INCOME Reported in €m H1 26 H1 25 change % Kering Fashion & Leather goods 828 832 -1% o/w Gucci 468 486 -4% Kering Jewelry 32 16 +106% Kering Eyewear 222 186 +19% Corporate & Other (152) (111) N/A Elimination (9) (3) N/A KERING – RECURRING OPERATING INCOME 921 920 +0% All figures
Slide 40: Net Financial Costs and Income Tax
NET FINANCIAL COSTS AND INCOME TAX in €m H1 26 H1 25 Cost of net debt (122) (164) Other financial income and expenses (38) 4 Total financial result (excluding leases) (160) (160) Interest expense on lease liabilities (120) (117) FINANCIAL RESULT (280) (277) in €m H1 26 H1 25 Current tax expense (145
Slide 41: Balance Sheet and Financial Structure
BALANCE SHEET AND FINANCIAL STRUCTURE CONDENSED BALANCE SHEET (in €m) 39,821 39,821 15,362 Equity Operating working capital at Non-current assets 25,404 32.6% of sales 17,415 Non-current liabilities Inventories 3,385 Cash and cash equivalents 8,480 7,044 Current liabilities Other current assets 2,55
Slide 42: Balance Sheet
BALANCE SHEET in €m June 30, 2026 Dec. 31, 2025 Goodwill, brands and intangible assets 11,533 11,628 Lease right-of-use assets 5,517 5,647 Property, plant and equipment 3,367 3,546 Investments in equity-accounted companies 2,279 2,080 Net other non-current assets (liabilities) 428 313 Non-current le
Slide 43: 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 corr
Slide 44: Kering brands: Gucci, Saint Laurent, Bottega Veneta and others
GUCCI | SAINT LAURENT | BOTTEGA VENETA | BALENCIAGA | McQUEEN | BRIONI BOUCHERON | POMELLATO | DODO | QEELIN | GINORI 1735 KERING EYEWEAR