Safilo Group S.p.a. · MIL:SFL
Safilo — H1 2025 Earnings Presentation
27 slides from Safilo's earnings presentation, Jul 31, 2025
Slide 1: H1 2025 Results
H1 2025 RESULTS JULY 31, 2025
Slide 2: Disclaimer
DISCLAIMER This presentation may contain forward looking statements based on current expectations and projects of the Group in relation to future events. Due to their specific nature, these statements are subject to inherent risks and uncertainties, as they depend on certain circumstances and facts,
Slide 3: Resilient Sales Drive Record Margins and Cash Flow
RESILIENT SALES DRIVE RECORD MARGINS AND CASH FLOW “Throughout the second quarter we proved our ability to adapt in a highly uncertain environment, keeping sales at constant exchange rates solid across key regions. This performance, supported by our operational agility and long-term customer focus,
Slide 4: Q2/H1 2025 Highlights
Q2/H1 2025 HIGHLIGHTS • Sales growth at constant exchange rates was in line with Q1, driven by sustained momentum in North America and a resilient European market, with France as our top- performing market. • Mixed picture in emerging markets, with growth in Asia and continued weakness in IMEA. • Co
Slide 5: Total Sales Performance
TOTAL SALES PERFORMANCE Q2 2025 H1 2025 251.9 €M, -1.1% 537.6 €M, +1.1% +2.3% @cFX +2.3% @cFX • 5% US dollar depreciation vs. euro, impacting Q2 performance at current forex. • Strong momentum continued for Carrera, David Beckham, Tommy Hilfiger, BOSS, Carolina Herrera and Marc Jacobs. • Solid deman
Slide 6: Europe
EUROPE Q2 2025 H1 2025 +0.5% @cFX +1.7% @cFX • Resilient European market, despite softer consumer spending. • Sunglasses sales remained stable, with growth of internet pure players offsetting softer trends in physical stores; prescription frames delivered low-single digit growth, fueled by rising ad
Slide 7: North America
NORTH AMERICA Q2 2025 H1 2025 +4.8% @cFX +2.8% @cFX • Continued recovery of the U.S. market, driven by contemporary and lifestyle brands across core wholesale channels. • Double digit growth of Carrera, David Beckham, BOSS, Marc Jacobs and Carolina Herrera fuelled strong upside in optical frames and
Slide 8: Asia & Pacific
ASIA & PACIFIC Q2 2025 H1 2025 +11.5% @cFX +14.7% @cFX • Asia Pacific maintained a positive trajectory, with Q2 growth supported by solid demand in China and distributor-led markets. • Despite isolated market volatility, consumer interest across the brand portfolio helped ensure engagement and conti
Slide 9: Rest of the World
REST OF THE WORLD Q2 2025 H1 2025 -5.2% @cFX -3.8% @cFX • IMEA and Latin America showed contrasting trends in Q2. • Middle East performance impacted by ongoing political tensions and operational restrictions, affecting distributor sell-in and reducing overall business visibility. • Positive performa
Slide 10: Gross Margin Performance
GROSS MARGIN PERFORMANCE Q2 2025 H1 2025 61.6%, +150 bps 61.1% ,+110 bps • Gross margin reached a new high in both Q2 and H1. • Negative tariff impact mitigated by optimized inventory management, pricing adjustments and supplier negotiations. • Positive price/mix effect driven by lower contribution
Slide 11: Adjusted EBITDA Margin
ADJUSTED1 EBITDA MARGIN Q2 2025 H1 2025 11.1%, +100 bps 11.6% ,+80 bps • Strongest operating performance of the past decade, while maintaining a high level of marketing investments to support home brands development. • H1 SG&A expenses up ca 1%, but stable as a % of sales thanks to improved operatin
Slide 12: Adjusted Net Profit H1 2025
ADJUSTED1 NET PROFIT H1 2025 33.7 €M,+39.4% Below the operating line, key contributors to the adjusted net profit growth included: • Lower net financial charges driven by reduced net debt and positive net exchange rate differences. • Higher gain from the devaluation of the option liability on minori
Slide 13: Financial Performance
FINANCIAL PERFORMANCE Free Cash Flow Net Debt asat June 30 29.1 €M in Q2 42.4 €M, -48.7% vs Dec.24 43.5 €M in H1 • Strong Q2 Free Cash Flow driven by tight control over inventory levels, favored by a planned slowdown in Chinese imports. • Positive cash flow from investing activities, reflecting the
Slide 14: Advancing Our Strategic Priorities
ADVANCING OUR STRATEGIC PRIORITIES The early renewal of Carolina Herrera through 2031 secures long-term visibility across all key partnerships. “We are pleased to extend our fruitful collaboration with a global womenswear brand such as Carolina Herrera and to continue strengthening its brand identit
Slide 15: Advancing Our Strategic Priorities: Share Purchase Programme
ADVANCING OUR STRATEGIC PRIORITIES Launch of Safilo Group S.p.A. shares purchase programme A strategic step aimed at an efficient management of financial resources while maintaining flexibility, through the set-up of a reserve of shares, in order to seize any future investment opportunities, a matte
Slide 16: Advancing Our Strategic Priorities: Victoria Beckham Licence
ADVANCING OUR STRATEGIC PRIORITIES Ten-year global licensing agreement with Victoria Beckham, with the first S/S 26 optical and sun eyewear collection hitting the market in Jan.26. “We are excited to welcome to our portfolio one of the industry’s most iconic creative directors. Together, we aim to s
Slide 17: Q&A
Q&A
Slide 18: Appendices
Appendices
Slide 19: Notes to the Presentation
NOTES TO THE PRESENTATION 1 In H1 2025, the adjusted economic results excluded a net non-recurring income of around Euro 8.0 million due to a gain of Euro 9.7 million from the disposal of the subsidiary Lenti S.r.l., and some restructuring expenses for Euro 1.8 million. In Q2 2025, the adjusted EBIT
Slide 20: Sales by Geographical Area
SALES BY GEOGRAPHICAL AREA % Change % Change H1 2025 % H1 2024 % current forex constant forex North America 220.9 41.1 217.6 40.9 +1.5% +2.8% Europe 243.1 45.2 239.1 44.9 +1.7% +1.7% Asia Pacific 30.2 5.6 26.4 5.0 +14.1% +14.7% Rest of the world 43.5 8.1 48.8 9.2 -10.8% -3.8% Total 537.6 100.0 532.0
Slide 21: Q2 2025 Trading Update
Q2 2025 TRADING UPDATE Q2 2025 % Q2 2024 % % Change Net sales 251,9 254,8 -1,1% Gross Profit 155,3 61,6% 153,0 60,1% +1,5% EBITDA 37,0 14,7% 22,5 8,8% +64,2% Adjusted1 EBITDA 27,9 11,1% 25,6 10,1% +9,0% IFRS 16 impact on EBITDA 3,2 3,0 H1 2025 RESULTS 21
Slide 22: H1 2025 Income Statement
H1 2025 INCOME STATEMENT H1 2025 % H1 2024 % % Change Net sales 537.6 532.0 +1.1% Gross Profit 328.2 61.1% 319.2 60.0% +2.8% EBITDA 70.2 13.1% 50.6 9.5% +38.8% Adjusted1 EBITDA 62.3 11.6% 57.6 10.8% +8.1% Operating profit 51.3 9.5% 30.6 5.7% +67.7% Adjusted1 Operating profit 43.3 8.1% 37.6 7.1% +15.
Slide 23: Balance Sheet as of June 30, 2025
BALANCE SHEET AS OF JUNE 30, 2025 June 30, 2025 December 31, 2024 Change Net working capital 234.9 256.8 (21.9) Tangible, Right of Use, and Intangible fixed assets 235.7 259.2 (23.5) Goodwill 31.0 35.8 (4.8) Other assets/(liabilities), net (45.5) (41.6) (3.8) Net invested capital 456.2 510.1 (54.0)
Slide 24: Working Capital as of June 30, 2025
WORKING CAPITAL AS OF JUNE 30, 2025 June 30, 2025 December 31, 2024 Change Trade receivables 220.4 211.9 8.5 Inventories 170.1 210.2 (40.1) Trade payables (155.6) (165.3) 9.7 Net working capital 234.9 256.8 (21.9) % on net sales 23.5% 25.9% H1 2025 RESULTS 24
Slide 25: H1 2025 Free Cash Flow
H1 2025 FREE CASH FLOW Free Cash Flow (in Euro million) H1 2025 H1 2024 Cash Flow from operating activities before change in working capital 36.8 37.4 Change in working capital 3.9 (10.1) Cash Flow from operating activities 40.7 27.3 Cash Flow for/from (investment)/disinvestment activities 8.4 (41.1
Slide 26: Exchange Rates
EXCHANGE RATES (Appreciation)/ (Appreciation)/ As of Average for Depreciation Depreciation June 30, December 31, Currency Code % HY 2025 HY 2024 % 2025 2024 US Dollar USD 1.1720 1.0389 12.8% 1.0928 1.0813 1.1% Hong-Kong Dollar HKD 9.2001 8.0686 14.0% 8.5168 8.4540 0.7% Swiss Franc CHF 0.9347 0.9412
Slide 27: Strong Brand Portfolio
STRONG BRAND PORTFOLIO • The right offer for all distribution channels, for all customer types • Centered on contemporary segment where the highest demand of eyewear is • Broad based offer across genders, ages, categories & price segments • Appealing to the most fashion- driven consumers and functio