Geox S.p.a.MIL: GEO

1Q 26 Financial Results

· Issued by Geox S.p.a.

1Q 2026 Financial Results

May 13th 2026



Speakers

Francesco Di Giovanni

CEO

Andrea Maldi



CFO

Agenda

1.Executive summary

  1. Business Review
  2. Financial Review
  3. Outlook
  4. Q&A




Executive summary

Business Overview

Retail 3m26 sales below expectations:

  • Retail: negative performance due to drop of traffic affecting all markets.

    Wholesale and Web 3m26 sales in line with the trend of sales campaign:

  • Wholesale: remained under pressure with weak performance, reflecting softer sell-in for SS26 campaign across key geographies.

  • Web: weak performance of wholesale and marketplace platforms, only partially offset by positive LFL of the

owned website.

Results 1Q 2026

NET SALES amount to €165.3m (-12.5% vs LY or -12.6% c.Fx); on a comparable basis the decline is 10.3%.

BANK DEBT at Mar '26 amounts to -€106.5m vs -€92.6m at Dec '25 and vs -€108.6m at Mar '25.

NET WORKING CAPITAL amounts to €140.8m or 24.1% as % of Net Sales (€135.7m or 22.3% at Dec '25 and

€144.6m or 21.9% at Mar '25).

Agenda 1.Executive summary

2.Business Review

  1. Financial Review
  2. Outlook
  3. Q&A


WHOLESALE: (8.1%) YoY

High single digit decrease mainly driven by:

  • Softer sell-in for SS26 campaign across key geographies.

  • Negative performance, mainly in Italy, France, Dach area, Russia and MEA.

Net sales by channel

Negative performance in all channels

€m

189

3m25

3m26

165

75

69

61

56

53

40

RETAIL: (8.1%) YoY

High single digit decrease mainly driven by:

  • Negative DOS B&M LFL performance (-8.6% vs 3m25) due to drop of traffic affecting all markets.

  • LFL Franchising In Deal performance declined by 1.3% vs 3m25.

  • Negative perimeter effect, amounting to around -€1.8 million due to

    network rationalization.

  • Negative performance effect, amounting to around -€3.5 million due

to the aforementioned decline in store traffic.



WEB: (23.8%) YoY

Decrease mainly driven by:

  • Weak performance of wholesale web, only partially offset by the positive contribution of the owned website. Marketplace platforms deliver positive performance effect amounting to +€0.4 million and negative perimeter effect amounting to -€2.4 million due to network rationalization.

  • DOS Web LFL up 11.7% vs 3m25, driven by the performance of GEOX

directly managed WEB site (LFL +8.8%).

WHOLESALE RETAIL WEB TOTAL

(8.1%)

(7.8%) c.Fx

(8.1%)

(8.2%) c.Fx

(23.8%)

(24.4%) c.Fx

(12.5%)

(12.6%) c.Fx



NET SALES BREAKDOWN

WHS 42% | RETAIL 34% | WEB 24%

Net sales by region

Slo er performance across all regions impacted by a deteriorating market environment

ITALY: (4.6%) YoY

  • Negative performance in all channels, only partially offset by DOS Web LFL performance increasing by 14.7%.

€m

3m25 3m26

189

165

86

75

55

53

48

37

(4.6%)

(4.6%) c.Fx



(11.7%)

(11.5%) c.Fx



(23.1%)

(23.8%) c.Fx



(12.5%)

(12.6%) c.Fx



NET SALES BREAKDOWN

ITALY 32% | EUROPE 46% | ROW 22%

ROW: (23.1%) YoY

  • RoW delivered negative performance specifically in the MEA regions and Russia, due to the ongoing instability related to the conflicts.

  • Positive performance in the Hellenic region in all channels.

EUROPE: (11.7%) YoY

  • Overall negative performance.

  • DACH area confirms negative trend and France delivers deteriorating performance across all channels.

  • Iberian region delivers positive performance in Wholesale channel.

  • Positive DOS Web LFL performance in all countries, except France.

ITALY EUROPE ROW TOTAL

Net sales by product

Stable breakdon by product

€m

NET SALES

BREAKDOWN

FOOTWEAR 90%

_______

APPAREL 10%

3m25 3m26

189

171

165

149

18

16



FOOTWEAR APPAREL TOTAL

(12.5%)

(12.6%) c.Fx

(12.4%)

(12.9%) c.Fx

(12.5%)

(12.6%) c.Fx



Footwear and Apparel underperformed 3m26 by 12.5% (-12.6% c.Fx) and by 12.4% (-12.9% c.Fx) respectively.



B&M Distribution network evolution

The network rationalization: 32 net closures vs 3m2025

- 32 Net Closures

Distribution agreements

616 594 570 562

127 128 127 127

Franchising OOD - WHS

Franchising In Deal - Retail

108

141

100 102 102

240

233

235

126 106 100

DOS - Retail

240

Retail 366

Retail

341

Retail 333

FY24 3m25 FY25 3m26

Footprint as of 31 Mar '26 reduced by 32 doors in respect to 31 Mar '25:

  • 7 net closures of DOS, most related to the HK subsidiary.

  • 26 net closures of Franchising In Deal stores mainly in European countries following the network rationalization.

  • 1 net opening of Franchising OOD and Distribution agreements.

10



Agenda
  1. Executive summary
  2. Business Review

3.Financial Review

  1. Outlook
  2. Q&A


Financials - Working capital & Bank Debt

Operating Working Capital

Bank Debt

Operating Working Capital as % of sales



21.9% 22.3% 24.1%

144.6 135.7 140.8



31 mar 25 2025 31 mar 26



  • (*) Bank Debt: Debt excluding IFRS 16 and derivatives accounting



  • (**) Net Debt: Debt excluding IFRS 16

    180

    160

    140

    120

    100

    80

    60

    40

    20

    -

    FY24 FY25 FY26



    • Bank Debt (*) as of 31 Mar '26 amounts to -€106.5 million, increased by €13.9 million vs 31 Dec '25, as a result of cash absorption from operations capex and financial activities.

    • Net Debt (**) as of 31 Mar '26 amounts to -€107.9 million (-€101.5 million at

      Dec '25). The fair value of hedging instruments is negative at €1.4m (negative

      at €9.0 million at Dec '25).

    • OWC represents 24.1% of LTM Net sales at 31 Mar '26, higher than 31 Dec '25 (22.3%).

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Agenda
  1. Executive summary
  2. Business Review
  3. Financial Review

4.Outlook

5.Q&A

Outlook

Given: the persistent uncertainty and volatility of the international environment, which continue to significantly affect the market dynamics and consumer behavior, all forward-looking statements and estimates regarding Group's performance and reference market remain subject to the instability of the current geopolitical, economic and inflationary environment.

Based on the performance recorded in 3m2026 and 2026 Budget, the Company forecasts:

  • FY2026 sales to decline in the mid to high single digit area compared to FY2025.

  • FY2026 EBIT margin Adj estimates to remain unchanged (2-3% on sales) thanks to cost efficiency initiatives.

  • Bank Debt for the end of FY2026 in the range of € 60-70 million also supported by the

    planned optimization of inventory management and working capital cash flows.

  • Business Plan 2026-2029 update to be finalized in the coming months.



PLEASE NOTE: FORECAST UNCERTAINTY REMAINS VERY HIGH DUE TO THE GEOPOLITICAL SITUATION AND INFLATIONARY PRESSURES.



Agenda
  1. Executive summary
  2. Business Review
  3. Financial Review
  4. Outlook

5.Q&A



Annexes



Governance & Contacts

SHAREHOLDERS

BOARD OF DIRECTORS



CHAIRMAN

MARIO MORETTI POLEGATO

CEO

FRANCESCO DI GIOVANNI

DEPUTY CHAIRMAN

ENRICO MORETTI POLEGATO

DIRECTOR

CLAUDIA BAGGIO

DIRECTOR

ALESSANDRO GIUSTI

DIRECTOR

UBALDO LIVOLSI

INDIPENDENT DIRECTOR

CLELIA LEONELLO

INDIPENDENT DIRECTOR

GAUDIANA GIUSTI

INDIPENDENT DIRECTOR

SILVIA ZAMPERONI

MARKET 28.64%

TREASURY SHARES; 0.20%

*MORETTI POLEGATO'S FAMILY

LIR*; 71.16%

INVESTOR RELATIONS - CONTACTS

FINANCIAL CALENDAR

MASSIMO NAI

investor.relations@geox.com Tel: +39 0423 282840

Mobile +39 335 1312641

GEOX S.P.A.

VIA FELTRINA CENTRO, 16

31044 BIADENE DI MONTEBELLUNA, TREVISO (ITALY)

JULY 29, 2026: 1H26 RESULTS

NOVEMBER 11, 2026: 9M26 SALES RESULTS



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