Kering Sa · EURONEXT:KER
Kering Sa — H1 2025 Earnings Presentation
38 slides from Kering Sa's earnings presentation, Jul 29, 2025
Slide 1: 2025 First-Half Results
2025 FIRST-HALF RESULTS July 29, 2025 KERING July 29,2025 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 PRESENTATION Armelle Poulou Group Chief Financial Officer QUESTIONS & ANSWERS Francesca Bellettini Deputy CEO, Brand Development Jean-Marc Duplaix Deputy CEO, Chief Operating Officer KERING July 29,2025 3
Slide 4: Presentation
PRESENTATION Armelle Poulou Group Chief Financial Officer KERING July 29,2025 4
Slide 5: H1 2025 Highlights
H1 2025 | HIGHLIGHTS REINVENTING ICONS FOR TODAY’S STRENGTHENING KNOW-HOW & PEERLESS CRAFTSMANSHIP CUSTOMERS SUPPLY CHAIN IN EYEWEAR CREATING UNFORGETTABLE SUPPORTING THE NEXT GENERATIONS CRAFTING EXCELLENCE EXPERIENCES OF CREATIVES KERING July 29,2025 5
Slide 6: H1 2025 Key Figures
H1 2025 | KEY FIGURES REVENUE RECURRING OPERATING INCOME FCF FROM OPERATIONS €7.6bn €969m €2.4bn -16% reported | -15% comparable 12.8% margin (-470bps) incl. €1.3bn assets refinancing and disposal CAPEX NET FINANCIAL DEBT PEOPLE* €431m €9.5bn 45,000 -20% YoY excl. RE -€1bn vs. YE 24 -4% vs. YE KERIN
Slide 7: H1 2025 Group Revenue
H1 2025 | GROUP REVENUE H1 REVENUE CHANGE H1 REVENUE BREAKDOWN BY REGION (in €m and comparable change YoY) (as a % of H1 total revenue and % YoY reported change) -16% reported 9,018 RoW Western Europe 10% (+1pt) 29% (+1pt) 7,587 -15% -0% -1% Asia Pacific North America 29% (-3pts) 24% (+1pt) H1 24 Co
Slide 8: Q2 and H1 25 Group Revenue by Segment
Q2 AND H1 25 | GROUP REVENUE REVENUE BREAKDOWN BY SEGMENT % YoY change in €m Q2 Change (%) H1 Change (%) Q1 25 Q2 25 Reported Comp. H1 25 Reported Comp. Gucci 1,571 1,456 -27% -25% 3,027 -26% -25% Saint Laurent 679 609 -13% -10% 1,288 -11% -10% Bottega Veneta 405 441 -1% +1% 846 +1% +2% Other Houses
Slide 9: H1 25 Group Revenue by Channel
H1 25 | GROUP REVENUE BY CHANNEL 73% 27% RET A I L I NCL. E-COMMER CE WHOLESALE AND OTHER -9% -10% -12% -16% -16% -16% Q1 Q2 H1 Q1 Q2 H1 WHOLESALE WHOLESALE ROYALTIES DIRECTLY OPERATED STORES* LUXURY BRANDS KERING EYEWEAR & & OTHER BEAUTÉ +11% +9% +7% +2% +2% +2% 1,772 Q1 Q2 H1 -41 NET VS. YE 24 Q1
Slide 10: H1 25 Retail Revenue by Region
H1 25 | RETAIL REVENUE BY REGION YOY COMPARABLE CHANGE WESTERN EUROPE NORTH AMERICA JAPAN ASIA PACIFIC ROW Q1 Q2 H1 Q1 Q2 H1 Q1 Q2 H1 Q1 Q2 H1 Q1 Q2 H1 +1% -2% -5% -10% -11% -11% -13% -15% -13% -17% -20% -19% -22% -29% -25% KERING July 29,2025 % comparable change: at constant scope and exchange rate
Slide 11: Recurring Operating Income, FCF from Operations and Net Debt
H1 25 | RECURRING OPERATING INCOME FCF FROM OPERATIONS AND NET DEBT GROUP RECURRING OPERATING INCOME & MARGIN (€m & %) FCF FROM OPERATIONS (€m) -39% 1,582 2,383 • Limited gross 1,887 • FCF at €2.4bn, incl. margin dilution €1.3bn of disposal 969 (-140 bps) on and refinancing adverse mix and less 1,08
Slide 12: Agility and Cost Discipline
AGILITY AND COST DISCIPLINE H1 25 FY 25 RIGHTSIZING 41* net store closures (DOS) Up to 80* STORE NETWORK o/w 7 outlets net store closures AND EXPENSES HIGH ROI PRIORITY A&P A&P HSD as a % of revenue HSD as a % of revenue A&P OPTIMIZING Renegotiation | downsizing | restructuring OTHER EXPENSES GROUP
Slide 13: Gucci
KERING J u l y 2 9 , 2 2002 25 5 13
Slide 14: Gucci H1 25 Revenue and Recurring Operating Income
H1 25 REVENUE: -26% REPORTED, -25% COMPARABLE RECURRING OPERATING INCOME & MARGIN (€m & %) (in €m, and YoY comparable growth in %) 4,085 In €m H1 25 H1 24 Change 0% 3,027 -24% -42% Revenue 3,027 4,085 -26 % Recurring operating income 486 1,007 -52 % Margin (%) 16.0 % 24.7 % -8.7 pts 91% of Gross CAP
Slide 15: Saint Laurent
KERING J u l y 2 9 , 2 2002 25 5 15
Slide 16: Saint Laurent H1 25 Revenue and Recurring Operating Income
H1 25 REVENUE: -11% REPORTED, -10% COMPARABLE RECURRING OPERATING INCOME & MARGIN (€m & %) (in €m, and YoY comparable growth in %) 1,441 In €m H1 25 H1 24 Change +14% 1,288 -10% -17% Revenue 1,288 1,441 -11 % Recurring operating income 262 316 -17 % Margin (%) 20.4 % 22.0 % -1.6 pt Gross CAPEX 83 10
Slide 17: Bottega Veneta
KERING Ju F e lby. 1 21 9 , 2, 0 2025 25 17
Slide 18: Bottega Veneta H1 25 Revenue and Recurring Operating Income
H1 25 REVENUE: +1% REPORTED, +2% COMPARABLE RECURRING OPERATING INCOME & MARGIN (€m & %) (in €m, and YoY comparable growth in %) +3% +7% 846 In €m H1 25 H1 24 Change -3% 836 Revenue 846 836 +1 % Recurring operating income 127 121 +5 % Margin (%) 15.0 % 14.5 % +0.5 pt Gross CAPEX 43 51 -17 % As % of
Slide 19: Other Houses
OTHER HOUSES KERING J u l y 2 9 , 2 2002 25 5 19
Slide 20: Other Houses
OTHER HOUSES H1 25 REVENUE: -15% REPORTED, -14% COMPARABLE RECURRING OPERATING INCOME & MARGIN (€m & %) (in €m, and YoY comparable growth in %) 1,717 In €m H1 25 H1 24 Change -11% 1,459 -23% -0% Revenue 1,459 1,717 -15 % Recurring operating income -29 44 N/A Margin (%) N/A 2.6 % N/A 76% of sales Gro
Slide 21: Kering Eyewear and Corporate
KERING EYEWEAR AND CORPORATE KERING J u l y 2 9 , 2 2002 25 5 21
Slide 22: Kering Eyewear and Corporate
KERING EYEWEAR AND CORPORATE KERING EYEWEAR AND CORPORATE FOCUS KEY FIGURES (in €m, and YoY comparable growth in %) +2% reported €m H1 25 H1 24 +3% comp N/S 1,092 Revenue 1,092 1,067 +9% Kering Eyewear 921 914 +2% Kering Beauté 150 138 1,067 Corporate & other 21 15 Recurring operating income 126 101
Slide 23: Financial Performance
FINANCIAL PERFORMANCE In €m H1 2025 H1 2024 Revenue 7,587 9,018 Gross margin 5,539 6,708 Recurring earnings before interest, taxes, depreciation, and amortization 2,011 2,595 Recurring operating income 969 1,582 Other non-recurring operating income and expenses 32 1 (13) 1 Income Financial result (2
Slide 24: Free Cash Flow from Operations
FREE CASH FLOW FROM OPERATIONS in €m H1 2025 H1 2024 Cash flow before taxes, dividends and interests 1,895 2,502 Change in working capital requirement (261) 44 Income tax paid (162) (100) Net cash flow from operating activities 1,472 2,446 Acquisitions of property, plant and equipment and intangible
Slide 25: Change in Net Financial Debt
CHANGE IN NET FINANCIAL DEBT H1 25 NET DEBT BRIDGE In €m and Net Debt / EBITDA ratio (*)(**) +148 +743 10,517 -175 +653 9,503 -1,083 -1,300 2.3x(*) 2.3x (*) 3.1x (**) 3.4x (**) Net debt at FCF from Lease repayment Dividends paid Net interest paid and Net financial Real estate Net debt at Dec. 31, 20
Slide 26: Deleveraging
DELEVERAGING DELEVERAGING TRAJECTORY FINANCIAL DEBT • 2025 bond redemptions refinanced • Disciplined WCR management PROACTIVE • Favorable coupon FCF GENERATION REFINANCING • FY25 CAPEX: c.€1bn STRATEGY 3.125% (4.5Y | €750m | May 25) 3.625% (10Y | €750m | Nov 24) 2025 • Selective bolt-on acquisitions
Slide 27: Conclusion
CONCLUSION KERING July 29,2025 27
Slide 28: Q&A
Q&A KERING July 29,2025 28
Slide 29: Appendix
APPENDIX KERING July 29,2025 29
Slide 30: Gucci H1 2025 Revenue Quarterly Performance
H1 2025 REVENUE €3,027m -26% REPORTED, -25% COMPARABLE DIRECTLY OPERATED STORES REVENUE BREAKDOWN BY REGION as of June 30, 25 (net change vs. YE 24) RoW Western Europe RoW Western Europe 62 (-1 net) 99 (-4 net) 9% 26% Asia Pacific North America Asia Pacific 511 173 (-7 net) 111 (-3 net) 32% North Am
Slide 31: Saint Laurent H1 2025 Revenue Quarterly Performance
H1 2025 REVENUE €1,288m -11% REPORTED, -10% COMPARABLE DIRECTLY OPERATED STORES REVENUE BREAKDOWN BY REGION as of June 30, 25 (net change vs. YE 24) RoW RoW 31 (+1 net) Western Europe 10% Western Europe 72 (+1 net) 34% Asia Pacific Asia Pacific 317 26% 116 (-1 net) Japan North America Japan North Am
Slide 32: Bottega Veneta H1 2025 Revenue Quarterly Performance
H1 2025 REVENUE €846m +1% REPORTED, +2% COMPARABLE DIRECTLY OPERATED STORES REVENUE BREAKDOWN BY REGION as of June 30, 25 (net change vs. YE 24) RoW Western Europe RoW 26 (+3 net) 65 (-1 net) 11% Western Europe 28% Asia Pacific North America Asia Pacific 302 113 (-6 net) 55 (+0 net) 29% Japan Japan
Slide 33: Other Houses
OTHER HOUSES H1 2025 REVENUE €1,459m -15% REPORTED, -14% COMPARABLE DIRECTLY OPERATED STORES REVENUE BREAKDOWN BY REGION as of June 30, 25 (net change vs. YE 24) RoW Western Europe RoW 36 (+0 net) 132 (-2 net) 8% Western Europe 28% Asia Pacific North America Asia Pacific 622 282 (-10 net) 82 (-2 net
Slide 34: Recurring EBITDA and Adjusted Recurring EBITDA
RECURRING EBITDA AND ADJUSTED RECURRING EBITDA in €m H1 25 H1 24 Reported change % Gucci 855 1,389 -38% Saint Laurent 434 464 -6% Bottega Veneta 239 215 +12% Other Houses 186 247 -25% Kering Eyewear and Corporate 300 287 +4% Eliminations (3) (7) N/A Kering – recurring EBITDA * 2,011 2,595 -23% Repay
Slide 35: Recurring Operating Income
RECURRING OPERATING INCOME in €m H1 25 H1 24 Reported change % Gucci 486 1,007 -52% Saint Laurent 262 316 -17% Bottega Veneta 127 121 +5% Other Houses (29) 44 N/A Kering Eyewear and Corporate 126 101 +25% Eliminations (3) (7) N/A Kering 969 1,582 -39% KERING July 29,2025 35
Slide 36: Net Financial Costs and Income Tax
NET FINANCIAL COSTS AND INCOME TAX in €m H1 25 H1 24 Cost of net debt (164) (151) Other financial income and expenses 1 (48) Total financial result (excluding leases) (163) (199) Interest expense on lease liabilities (117) (89) Financial result (280) (288) in €m H1 25 H1 24 Income tax expense on rec
Slide 37: Balance Sheet
BALANCE SHEET in €m June 30, 2025 Dec. 31, 2024 Goodwill, brands and intangible assets 15,398 15,564 Lease right-of-use assets 5,625 5,615 Property, plant and equipment 5,886 6,537 Investments in equity-accounted companies 1,927 1,762 Net other non-current assets (liabilities) 24 (105) Non-current l
Slide 38: Kering Brands
GUCCI | SAINT LAURENT | BOTTEGA VENETA | BALENCIAGA | McQUEEN | BRIONI BOUCHERON | POMELLATO | DODO | QEELIN | GINORI 1735 KERING BEAUTÉ | KERING EYEWEAR