Brunello Cucinelli S.p.a. · MIL:BC
Brunello Cucinelli — Q4 2025 Earnings Presentation
39 slides from Brunello Cucinelli's earnings presentation, Feb 20, 2026
Slide 1: FY 25 Results
FY 25 Results February 18, 2026
Slide 2: Brunello Cucinelli
Brunello Cucinelli Brunello Cucinelli, Executive Chairman and Creative Director of Casa di Moda, commented: “A year has ended that we are pleased to describe as solid, balanced and beautiful, marked by excellent results in terms of revenues, profits and international recognition. These achievements
Slide 3: Highlights
whee, * HIGHLIGHTS AA BRUNELLO CUCINELLI
Slide 4: FY 2025 Financials Highlights
FY 2025 Financials Highlights REVENUES EBIT normalized* NET PROFIT €1,408.0 mln €235.9 mln €142.0 mln +11.5% cfx +11.4% +10.5% +10.1% 16.8% on sales (+20 bp) 10.1% on sales EUROPE AMERICAS ASIA +8.2% cfx +11.9% cfx +15.3% cfx 35.1% on sales 37.0% on sales 27.9% on sales RETAIL WHOLESALE +12.9% cfx +
Slide 5: Strong quantitative and qualitative results: sustainability of the growth
Strong quantitative and qualitative results: sustainability of the growth FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 "From here on, I would like "Nature is a gentle, "The eyes are the “Virtues are “Gentle Luxury, “Books showed to resume the journey prudent and just guide." interpreters of the s
Slide 6: Pillars and Execution
PILLARS AND EXECUTION 6
Slide 7: Product strength, brand equity and exclusivity
Product strength, brand equity and exclusivity CREATIVITY QUALITY and DISTRIBUTION COMMUNICATION COLLECTIONS ARTISANAL LIFESTYLE MADE IN ITALY EXCLUSIVITY 7
Slide 8: Creativity and Collections
Creativity and Collections Strong appreciation from clients for the creativity of our collections, the quality of our craftsmanship and the wearability of our products Well-balanced contribution from the Men’s and Women’s collections Consistent and synergistic contribution from all product categorie
Slide 9: Lifestyle and Identities
Lifestyle and Identities Entering the Brunello Cucinelli world means embracing a true lifestyle: feeling and listening to the rhythm of nature, touching raw materials in their highest expression, and experiencing the beauty of places and human relationships. It is an immersion in a way of living tha
Slide 10: Lifestyle and New Categories
Lifestyle and New Categories In June, we presented the special Goldcraft 1978 edition—two models As for fragrances, the launch of the “Incanti Poetici” collection – six new crafted in titanium and 18-carat gold by skilled artisans in Fukui, Japan. creations introduced at the end of 2024– was very we
Slide 11: Quality and Artisanal Made in Italy
Quality and Artisanal Made in Italy DOUBLING SOLOMEO FACTORY NEW PRODUCTION FACILITIES & OUR LABORATORIES New plant in our valley, in a former industrial compendium that has been Substantial completion of the factories in Penne (Abruzzo) and entirely reclaimed and redeveloped Gubbio (Umbria) for the
Slide 12: Distribution
Distribution RETAIL CHANNEL WHOLESALE CHANNEL WELL-BALANCED STRUCTURE A distinctive network of 136 DOS and hard well-balanced and geographically diversified Balanced revenue distribution across all shop concessions, continually refined to presence, with exposure in the most regions, with every geogr
Slide 13: Hospitality and CASA CUCINELLI
Hospitality and CASA CUCINELLI Casa Cucinelli Roma Casa Cucinelli Los Angeles Our Casa Cucinelli locations worldwide, together with the image The openings of Casa Cucinelli in Rome and Los Angeles in of our boutiques, window displays, and digital content, convey a 2025 further strengthened this appr
Slide 14: The «family-style gatherings» events
The «family-style gatherings» events A series of exclusive, family-style gatherings has allowed us to deepen relationships with clients, creating moments of genuine closeness and meaningful exchange These occasions, intimate by design, foster a sense of belonging and reflect the warm, human-centered
Slide 15: Harrods’ Takeover
Harrods’ Takeover For the 2025 Festive Season, Brunello Cucinelli celebrates a truly special moment in London, bringing the magic of Solomeo and its ideals to Harrods This exclusive collaboration will illuminate the iconic department store’s windows with a story woven from dreams, cashmere, and time
Slide 16: British Fashion Council: prestigious Outstanding Achievement Award
British Fashion Council: prestigious Outstanding Achievement Award Brunello Cucinelli has been honoured with the Outstanding Achievement Award, regarded as the “global Oscars of fashion” and presented since 1989 to those who have reshaped the industry through creativity, artisanal excellence and vis
Slide 17: The Role of the Family: Long-Term Vision and Recognition
The Role of the Family: Long-Term Vision and Recognition WWD 50 WOMEN IN POWER CHI È CHI AWARDS NEW YORK - 8 SEPTEMBER 2025 MILAN - 23 SEPTEMBER 2025 17
Slide 18: The Role of the Family: Long-Term Vision and Recognition
The Role of the Family: Long-Term Vision and Recognition VOGUE CHINA “TIME 100 CLIMATE” FORCES of FASHION THE MOST SHANGHAI INFLUENTIAL LEADERS 23 OCTOBER 2025 30 OCTOBER 2025 18
Slide 19: Business Update
Update BMA BRUNELLO CUCINELLI
Slide 20: Revenues by Region
Revenues by Region € mln FY 24 FY 25 YoY % Chg CFX Revenues 1,278.5 1,408.0 +10.1% +11.5% Europe 456.6 495.0 +8.4% +8.2% Americas 476.5 520.5 +9.2% +11.9% Asia 345.4 392.5 +13.7% +15.3% FY 2024 FY 2025 Europe Europe 35.7% 35.1% Americas Americas 37.3% 37.0% Asia Asia 27.0% 27.9% 20
Slide 21: Region Highlights
Region Highlights EUROPE AMERICAS ASIA Strong domestic demand across key The Americas delivered a strong performance China delivered sustained double-digit growth, European markets, combined with high-end across all quarters, with double-digit growth at remaining a key driver of overall Asian touris
Slide 22: Revenues by Channel
Revenues by Channel € mln FY 24 FY 25 YoY % Chg CFX Revenues 1,278.5 1,408.0 +10.1% +11.5% Retail Channel 851.2 947.0 +11.3% +12.9% Wholesale Channel 427.3 461.0 +7.9% +8.7% FY 2024 FY 2025 Wholesale Wholesale Channel Channel 33.4% 32.7% Retail Retail Channel Channel 66.6% 67.3% 22
Slide 23: Channel Highlights
Channel Highlights RETAIL CHANNEL Solid and broadly based growth: revenues increased at around double-digit rates across all geographies, highlighting the strength of the brand and the quality of its positioning Strong Retail performance in the fourth quarter: sales at constant exchange rates grew b
Slide 24: Financials
Financials AA BRUNELLO CUCINELLI
Slide 25: Highlights
Highlights ➢ Strong FY 2025 performance: Revenues at €1,408.0 million (+11.5% at constant exchange rates), exceeding expectations, with double-digit profit growth and reinforced brand positioning ➢ Balanced channel growth: Retail +12.9% cfx (supported by like-for-like performance and selective openi
Slide 26: Income Statement
Income Statement € mln FY 2024 FY 2025 Ch. % Revenues 1,278.5 1408.0 + 10.1% First Margin 953.0 1058.3 + 11.1% % 74.5% 75.2% +70 b.p. SG&A (588.3) (649.9) + 10.5% % 46.0% 46.2% +20 b.p. EBITDA 364.7 408.4 + 12.0% % 28.5% 29.0% + 50 b.p. D&A (153.0) (180.6) + 18.0% % 12.0% 12.8% +80 b.p. FY 2024 FY 2
Slide 27: Income Statement Highlights
Income Statement Highlights First Margin First margin at 75.2%, compared with 74.5% last year, mainly driven by a positive sales mix across: ➢ distribution channels ➢ geographical areas ➢ product mix Operating Cost The evolution of operating costs consistently reflects the company’s growth trajector
Slide 28: Income Statement Highlights
Income Statement Highlights € mln Personnel cost 3,101 Total FTE 3,327 Investments in Communication 118 112 Managers & Middle Mgmt. 971 % on sales 926 Manual 18.3% 18.1% Workers Store 233.5 255.4 2,063 Employees & 2,238 7.2% 6.9% Office Staff 92.3 96.9 FY 24 FY 25 FY 24 FY 25 FY 24 FY 25 Rent cost D
Slide 29: Total Net Financial Expense details
Total Net Financial Expense details € mln FY 24 FY 25 delta Financial charges/(income) from ordinary 3.7 10.1 6.4 operations Financial charges/(income) from lease 20.2 27.0 6.8 operations Financial charges/(income) for adjustment 3.0 5.5 2.5 of derivatives to fair value Financial charges/(income) re
Slide 30: Net Working Capital
Net Working Capital € mln FY 2024 FY 2025 delta Trade Receivables 82.1 101.6 19.5 Inventories 370.0 398.3 28.3 Trade Payables (169.2) (177.1) (7.9) Trade Net Working Capital 282.8 322.9 40.1 Incidence on Revenues 22.1% 22.9% Other Current Credits/(Debts) * (36.5) (9.7) 26.8 Net Working Capital 246.3
Slide 31: Net Working Capital
Net Working Capital € mln INVENTORY TRADE RECEIVABLES Inventory stood at 28.3%* of revenues (vs. 28.9% at year-end The increase mainly reflects wholesale performance, with receivables 2024), below the 2012–2024 historical average of 30.9%, broadly in line with €103.6 million as at 30 June 2025.; the
Slide 32: Investments
Investments € mln % on total sales 6.9% 8.6% 10.4% 146.2 109.5 62.2 Others, including 79.1 61.6 Production/ Logistics/IT/ Digital 47.8 47.9 84.0 Commercial 31.3 FY 23 FY 24 FY 25 ➢ In 2025, the Group completed six months ahead of schedule the 2024–2026 three-year plan dedicated to the development of
Slide 33: Investments and Financial Indebtedness
Investments and Financial Indebtedness € mln Characteristic 198.4 Financial 103.6 Indebtedness Excluded IFRS 16* as of as of 31 Dec. 2024 31 Dec. 2025 ➢ The significant investment plan, together with €68.8 million in dividends paid (50% pay-out), led to a Characteristic Financial Indebtedness of €19
Slide 34: Outlook
Outlook The year 2025 was one of strong continuity: positive results were achieved in all quarters and the sales trend remained consistently solid and well distributed across all geographical areas and distribution channels. This pathway made it possible to end the year with particularly significant
Slide 35: Outlook
Outlook The sell-out of the Spring-Summer 2026 collections is proving particularly interesting, in line with the feedback collected during the launches last September, driving impressive growth in the Retail channel, in line with the already very positive trend of the last part of 2025 At the same t
Slide 36: Annex
BRUNELLO CUCINELLI ANNEX
Slide 37: Detailed Income Statement and Balance Sheet Statement
Detailed Income Statement and Balance Sheet Statement € mln FY 2024 FY 2025 FY 2024 FY 2025 Revenues 1,278.5 1,408.0 Trade receivables 82.1 101.6 Consumption Costs (101.8) (121.1) Inventories 370.0 398.3 Cost of raw material and consumables (174.4) (180.2) Trade payables (-) (169.2) (177.1) Other cu
Slide 38: Board of Directors
Board of Directors Brunello Cucinelli Excutive Chairman and Creative Director Riccardo Stefanelli C.E.O. Luca Lisandroni C.E.O. Camilla Cucinelli Vice Chairman Carolina Cucinelli Vice Chairman Alessio Piastrelli Director Giovanna Manfredi Director Andrea Pontremoli Director Investor Relations & Corp
Slide 39: This presentation may contain forward looking statements
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