Moncler Spa · MIL:MONC
Moncler Spa — Moncler Spa Ord — FY 2025 Earnings Presentation
37 slides from Moncler Spa's earnings presentation, Feb 19, 2026
Slide 1: FY 2025 Financial Results
B EYON D F A S HION, B EYON D L U X U RY —STONE I S L AND J OI NS M ON C LER FY 2025 FINANCIAL RESULTS
Slide 2: Speakers
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 2 SPEAKERS REMO RUFFINI GINO FISANOTTI ROBERT TRIEFUS Group Chairman and CEO Moncler Chief Brand Officer Stone Island CEO ROBERTO EGGS LUCIANO SANTEL ELENA MARIANI Group Chief Business Strategy Group Chief Corporate and Group Strategic Planning and and Glob
Slide 3: Remo Ruffini
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 3 REMO RUFFINI Group Chairman and CEO
Slide 4: 2025 was a year that reminded me
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 4 “2025 was a year that reminded me what matters most: clarity of strategic direction, quality of execution, and the ability to stay grounded and flexible in a continuously volatile context. This focus delivered a solid year - end performance, with both Mon
Slide 5: Moncler Group | FY 2025 Results Highlights
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 5 MONCLER GROUP | FY 2025 RESULTS HIGHLIGHTS (1) EUR M; CFX GROWTH % Q4 REVENUES FY REVENUES +7% +3% 1,290.8 3,108.9 3,132.1 1,243.2 +16% 123.1 411.2 109.2 401.6 +4% 1,134.1 +6% 1,167.7 2,707.3 2,720.9 +3% Q4 2024 Q4 2025 FY 2024 FY 2025 Stone Island Moncle
Slide 6: Gino Fisanotti
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 6 GINO FISANOTTI Moncler Chief Brand Officer
Slide 7: 2025 in Review
2 2025 i inR yeor in ter of Global B ese i Luxu;
Slide 8: Moncler | Collection
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 8 MONCLER | COLLECTION Q4 HIGHLIGHTS WARMER TOGETHER: MONCLER CELEBRATES WARMTH AND LOVE, WITH LEGENDARY FRIENDS AL PA CINO AND ROBERT DE NIRO “Moncler has never been just about winter and puffers. From day one, it has always been about love and warmth.” Re
Slide 9: Moncler | Grenoble
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 9 MONCLER | GRENOBLE Q4 HIGHLIGHTS MONCLER GRENOBLE FALL/WINTER 2025 COLLECTION AND BEYOND MONCLER GRENOBLE 2026 OLYMPIC WINTER GAMES BRAZIL PARTNERSHIP & PERFORMANCE CAMPAIGN MONCLER GRENOBLE X MOON BOOT & WHITESPACE The new global campaign, shot by Mario
Slide 10: Moncler | Genius
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 10 MONCLER | GENIUS Q4 HIGHLIGHTS MONCLER GENIUS + JIL SANDER MONCLER GENIUS X JW ANDERSON MONCLER GENIUS & A$AP ROCKY “DON’T BE DUMB” TRACK LAUNCH Jil Sander has become a defining voice in contemporary design A longstanding collaboration with Moncler retur
Slide 11: Robert Triefus
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 11 ROBERT TRIEFUS Stone Island CEO
Slide 12: Stone Island | Q4 Highlights
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 12 STONE ISLAND | Q4 HIGHLIGHTS STONE ISLAND INTRODUCES DENIM STONE ISLAND SOUND | DAVE STONE ISLAND | PORTER STONE ISLAND | NEW BALANCE RESEARCH FURON V8 Stone Island introduced STONE ISLAND DENIM Stone Island Sound collaborated on the launch Stone Island
Slide 13: Roberto Eggs
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 13 ROBERTO EGGS Group Chief Business Strategy and Global Market Officer
Slide 14: Moncler | Revenues by Geography
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 14 MONCLER | REVENUES BY GEOGRAPHY MONCLER REVENUES (EUR M; CFX GROWTH %) Q4 FY FY 2025 Moncler brand revenues reached EUR 2,720.9m, +3% vs FY 2024. +6% +3% Q4 revenues were up 6% YoY, 1,167.7 2,707.3 2,720.9 driven by a positive development 1,134.1 in both
Slide 15: Moncler | Revenues by Channel
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 15 MONCLER | REVENUES BY CHANNEL MONCLER REVENUES (EUR M; CFX GROWTH %) Q4 FY Moncler DTC (1) revenues rose to EUR 2,359.6m in FY 2025, +4% vs FY 2024. +6% +3% Comparable Store Sales Growth 1,167.7 2,707.3 2,720.9 (CSSG) (2) was - 1% in FY 2025. 1,134.1 +2%
Slide 16: Stone Island | Revenues by Geography
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 16 STONE ISLAND | REVENUES BY GEOGRAPHY STONE ISLAND REVENUES (EUR M; CFX GROWTH %) Q4 FY FY 2025 Stone Island brand revenues reached EUR 411.2m, +4% vs FY 2024. +16% +4% Q4 revenues were up 16% YoY, 123.1 401.6 411.2 with all regions up double digits, 8.5
Slide 17: Stone Island | Revenues by Channel
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 17 STONE ISLAND | REVENUES BY CHANNEL STONE ISLAND REVENUES (EUR M; CFX GROWTH %) Q4 FY Stone Island DTC revenues rose to EUR 226.4m in FY 2025, +11% vs FY 2024. +16% +4% In Q4, revenues in this channel 123.1 401.6 411.2 were up 16% YoY, further acceleratin
Slide 18: Group Mono-Brand Store Network
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 18 GROUP MONO - BRAND STORE NETWORK MONCLER DOS: 295 STONE ISLAND DOS: 95 31.12.2025 30.09.2025 31.12.2024 MONCLER STONE ISLAND MONCLER STONE ISLAND MONCLER STONE ISLAND ASIA 146 54 145 54 143 56 EMEA 98 32 98 31 96 27 AMERICAS 51 9 51 7 47 7 RETAIL 295 95
Slide 19: Moncler Galleria Gwanggyo
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 19 MONCLER GALLERIA GWANGGYO
Slide 20: Moncler Sanya
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 20 MONCLER SANYA
Slide 21: Stone Island South Coast Plaza
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 21 STONE ISLAND SOUTH COAST PLAZA
Slide 22: Luciano Santel
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 22 LUCIANO SANTEL Group Chief Corporate and Supply Officer
Slide 23: Group Income Statement
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 23 GROUP INCOME STATEMENT FY 2025 FY 2024 FY 2025 gross margin was in line with last year. EUR m % EUR m % G&A expenses had a 11.4% REVENUES 3,132.1 100.0% 3,108.9 100.0% incidence on revenues vs 11.3% in FY 2024, which included a one - YoY performance +1%
Slide 24: Net Capex
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 24 NET CAPEX EUR M FY In FY 2025, consolidated capex were EUR 215.6m compared with EUR 186.7m in FY 2024, 215.6 reflecting higher investments in the distribution network and in infrastructure projects, including 186.7 the new corporate headquarters. 79.3 82
Slide 25: Net Working Capital
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 25 NET WORKING CAPITAL EUR M FY Net consolidated working capital reached EUR 303.6m as of 31 December 2025, with the 303.6 incidence on revenues equal to 255.5 9.7%, compared with EUR 255.5m as of 31 December 2024 292.1 (8.2% of revenues), reflecting the 32
Slide 26: Net Financial Position
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 26 NET FINANCIAL POSITION (1) EUR M FY As of 31 December 2025 , the Group’s net financial position was positive and equal to EUR 1,458.0 1,458.0m. Net cash flow in 2025 was 1,308.8 positive and equal to EUR 149.3m after the payment of EUR 353.2 million of d
Slide 27: Balance Sheet Statement
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 27 BALANCE SHEET STATEMENT 31/12/2025 31/12/2024 EUR m EUR m Brands 999.4 999.4 Goodwill 603.4 603.4 Fixed assets 589.3 510.1 Right - of- use assets 1,018.3 848.2 Net working capital 303.6 255.5 Other assets / (liabilities) 23.1 20.1 INVESTED CAPITAL 3,537.
Slide 28: Cash Flow Statement
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 28 CASH FLOW STATEMENT (1) FY 2025 FY 2024 EUR m EUR m EBIT 913.4 916.3 D&A & Other non - cash adjustments 119.7 136.7 Change in net working capital (48.1) (15.3) Change in other assets / (liabilities) 5.7 (18.6) Net capex (215.6) (186.7) OPERATING CASH FLO
Slide 29: Group Key Sustainability Achievements
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 29 GROUP KEY SUSTAINABILITY ACHIEVEMENTS SUSTAINABILITY REPORTING UPDATE MSCI ESG RESEARCH CDP S&P GLOBAL FTSE4Good INDEX SERIES Top score "AAA" Top score "A" For the seventh consecutive year, highest For the first time in the FTSE4Good Index score (90/100)
Slide 30: Appendix
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 30 APPENDIX
Slide 31: EBITDA Reconciliation
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 31 EBITDA RECONCILIATION FY 2025 FY 2024 EUR m % EUR m % EBIT 913.4 29.2% 916.3 29.5% D&A 121.6 3.9% 120.7 3.9% Other non - cash adjustments 248.5 7.9% 233.1 7.5% EBITDA adj. 1,283.4 41.0% 1,270.1 40.9% Rents associated to rights - of- use (250.3) (8.0%) (2
Slide 32: 2023-2025 Full-Year Income Statement
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 32 2023 - 2025 FULL -YEAR INCOME STATEMENT FY 2025 FY 2024 FY 2023 EUR m % on rev. EUR m % on rev. EUR m % on rev. REVENUES 3,132.1 100.0% 3,108.9 100.0% 2,984.2 100.0% YoY performance +1% +4% +15% GROSS PROFIT 2,446.2 78.1% 2,426.6 78.1% 2,300.8 77.1% Sell
Slide 33: 2023-2025 Half-Year Income Statement
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 33 2023 - 2025 HALF -YEAR INCOME STATEMENT H1 2025 H2 2025 FY 2025 H1 2024 H2 2024 FY 2024 H1 2023 H2 2023 FY 2023 EUR m % on rev. EUR m % on rev. EUR m % on rev. EUR m % on rev. EUR m % on rev. EUR m % on rev. EUR m % on rev. EUR m % on rev. EUR m % on rev
Slide 34: 2025 Revenues Quarterly Performance
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 34 2025 REVENUES QUARTERLY PERFORMANCE Q1 25 vs 24 Q2 25 vs 24 Q3 25 vs 24 Q4 25 vs 24 EUR m 2025 2024 cFX 2025 2024 cFX 2025 2024 cFX 2025 2024 cFX MONCLER 721.8 705.0 2% 317.2 336.3 (2%) 514.2 532.0 (1%) 1,167.7 1,134.1 6% STONE ISLAND 107.3 113.0 (5%) 79
Slide 35: 2025 Revenues YTD Performance
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 35 2025 REVENUES YTD PERFORMANCE Q1 25 vs 24 H1 25 vs 24 9M 25 vs 24 FY 25 vs 24 EUR m 2025 2024 cFX 2025 2024 cFX 2025 2024 cFX 2025 2024 cFX MONCLER 721.8 705.0 2% 1,039.0 1,041.3 1% 1,553.2 1,573.3 0% 2,720.9 2,707.3 3% STONE ISLAND 107.3 113.0 (5%) 186.
Slide 36: Financial Calendar, Shareholding, IR Contacts
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 36 FINANCIAL CALENDAR , SHAREHOLDING, IR CONTACTS FINANCIAL CALENDAR IR CONTACTS 21.04.2026 Q1 2026 Interim Management Statement & AGM investor.relations@moncler.com 22.07.2026 H1 2026 Financial Results 21.10.2026 9M 2026 Interim Management Statement ELENA
Slide 37: Disclaimer
FY 2025 FINANCIAL RESULTS 19 FEBRUARY 2026 37 DISCLAIMER This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any oth er person. This presentation might contain certain forward - looking statements that reflect the Company’s management