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Piquadro S p A : 426cs piquadro bod approves financial statement as of march 31 2025
Piquadro S p A : 426cs piquadro bod approves financial statement as of march 31
About this update from Piquadro S.p.a
Press Release TURNOVER AT 183.6 MILLION EUROS (+1.9%) - NET PROFIT @ 11.6 MILLION EUROS (+10.0%) Board of Directors of Piquadro S.p.A. Approval of the Draft Financial Statements and the Consolidated Financial Statements for the Year ended 31 March 2025 Consolidated revenues for the fiscal year as of March 31, 2025 : € 183.6 million ( 1.9% more than the year ended 31 March 2024); EBITDA: 31.4 million versus 32.0 million Euro as of March 31, 2024; Adjusted EBITDA 1 : 19.3 million versus 19.6 million Euro as of March 31, 2024; EBIT: € 16.4 million improved by about 1.5 million Euro versus 14.8 million Euro as of March 31, 2024 (+10.4%); Consolidated Net Result: 11.6 million with 10.0% increase versus 10.5 million Euro as of March 31, 2024; Net Financial Position: negative and equal to € (30.2) million including approximately €43.1 million of financial payables due to impact of adoption of IFRS 16; Adjusted Net Financial Position 1 : positive and equal to € 12.9 million (positive and equal to € 16.8 million as of March 31, 2024). Silla di Gaggio Montano, June 16, 2025 - Piquadro S.p.A., Parent Company which designs, manufactures, and distributes professional and travel leather goods, though the brands Piquadro, The Bridge and Lancel, today approved the draft financial statements for the year 1 April 2024 - 31 March 2025 and the consolidated financial statements for the same period. The consolidated turnover recorded by the Piquadro Group for the financial year 2024/2025, is equal to Euro 183.6 million, with a 1.9% increase compared to the same period of the previous year ended March 31, 2024, and equal to Euro 180.3 million. The table below reports the breakdown of consolidated revenues from sales by brand, expressed in thousands of Euros, for the financial year ended 31 March 2025 and compared to the financial year ended 31 March 2024: Breakdown of revenues by brand Revenues from (in thousands of Euro) sales at 31 March 2025 %(*) Revenues from sales at 31 March 2024 %(*) Var. % 25 vs 24 PIQUADRO 79,649 43.4% 81,492 45.2% (2.3)% THE BRIDGE 35,109 19.1% 34,124 18.9% 2.9% LANCEL 68.852 37,5% 64.653 35,9% 6.5% Total 183,610 100.0% 180,269 100.0% 1.9% (*) Percentage impact compared to revenues from sales 1 With the introduction of the new accounting standard IFRS 16, starting from April 1 st , 2019, a new accounting treatment of leases is introduced, which generates a significant effect on EBITDA, EBIT, net invested capital, net financial position, and cash flow generated from operational activity. For this reason, in this press release the "adjusted" balances of the amounts are also reported to make the figures for March 31 st , 2025, comparable with those of previous periods. With reference to the Piquadro brand, the revenues recorded in the financial year 2024/2025, amount to Euro 79.6 million , with a (2.3)% decrease compared to the same period ended on March 31, 2024. The DOS channel recorded an increase of 0.9% and e-commerce channel recorded a growth of 2.2% . The wholesale channel recorded a decrease of (4.5)% affected by maritime transport difficulties that have led to delays in the supply chain. With reference to The Bridge brand, the revenues recorded in the financial year 2024/2025 an amount to Euro 35.1 million, with a 2.9% increase compared to the same period ended on March 31, 2024. The wholesale channel recorded an increase of 2.3% and DOS channel recorded a growth of 6.5%. The sales revenues achieved by the Maison Lancel in the financial year 2024/2025 amount to Euro 68.8 million, with a 6.5% increase compared to the same period ended on March 31, 2024. The wholesale channel recorded an increase of 2.8% and DOS channel recorded a growth of 8.7% ( +12.8% growth for the same number of shops). The table below reports the breakdown of net revenues by geographical area (in thousands of Euro): Breakdown of revenues by geographical area (in thousands of Euro) Revenues from sales at 31 March 2025 %(*) Revenues from sales %(*) at 31 March 2024 Var. % 25 vs 24 Italy 84,275 45.9% 86,112 47.8% (2.1)% Europe 93,438 50.9% 87,030 48.3% 7.4% Rest of the World 5,897 3.2% 7,127 4.0% (17.2)% Totale 183.610 100.0% 180,269 100% 1.9% (*) Percentage impact compared to revenues from sales From a geographical standpoint, Piquadro Group sales in the Italian market , amounted to Euro 84.3 million, in the financial year 2024/25 ended on March 31, 2025, and they stand at 45.9% of the Group's total sales (47.8% of consolidated sales as of March 31, 2024) with a (2.1)% decrease compared to the same period of fiscal year 2023-2024. In the European market, the Group registered sales of Euro 93.4 million, equal to 50.9% of consolidated sales (48.3% of consolidated sales as of March 31, 2024), with a 7 . 4% increase compared to the same period of fiscal year 2023-2024. In the extra-European geographical area (called "Rest of the world"), the Group recorded sales of Euro 5.9 million with around 1.2 million decrease compared to the same period ended on March 31, 2024. The decrease is largely attributable to extra-European market dynamics and Maison Lancel stores closures in China (impact of around 600 thousand Euros). In terms of profitability, the Piquadro Group recorded an EBITDA of around €31.4 million as of March 31, 2025, compared to the € 32.0 million recorded in the previous fiscal year ended March 31, 2024. The adjusted EBITDA 1 , defined as EBITDA net of the impacts deriving from the application of IFRS 16, is equal to € 19.3 million compared to € 19.6 million recorded in the previous fiscal year ended March 31, 2024. The adjusted EBITDA 1 of the Piquadro brand as of March 31, 2025, is positive and equal to € 9.9 million versus 14.6 million Euro registered in financial year 2023/2024 ended March 31, 2024. The reduction is primarily attributable to the decrease in revenues, particularly within the wholesale channel, as a result of disruptions in maritime transport that adversely affected the supply chain. Additional contributing factors include higher logistics costs associated with the importation of finished goods, increased marketing expenditures, and a rise in labor-related costs. The adjusted EBITDA 1 of The Bridge as of March 31, 2025, is positive and equal to € 6.0 million versus amount of 5.6 million Euro registered in financial year 2023/2024 ended March 31, 2024 ( +8.0% ).This improvement is largely driven by the positive performance in revenues.; The adjusted EBITDA 1 of the Maison Lancel as of March 31, 2025, is positive and equal to €3.5 million and compares with the amount of € (0.6) million recorded on March 31, 2024. This improvement is mainly attributable to the increase in revenues-particularly in the retail channel-as well as the completion of cost-efficiency measures implemented within the Maison's operational structure. Piquadro Group recorded an EBIT positive and around € 16.4 million as of March 31, 2025, improved by around 1.5 million Euro compared to the amount € 14.8 million Euro recorded in the previous fiscal year ended March 31, 2024 (+10.4%) . Piquadro Group recorded a Consolidated Net Result of around € 11.6 million as of March 31, 2025, improved by around € 1.1 million Euro compared to the amount recorded in the previous fiscal year ended March 31, 2024. Below are reported the Group's main economic-financial indicators as of 31 March 2025: Main economic-financial indicators 31 March 31 March Var. % 2025 vs (Euro thousands) 2025 2024 2024 Revenues from sales 180,610 180,269 +1.9% EBITDA 31,370 31,987 (1.9)% Adjusted 1 EBITDA Group 19,262 19,622 (1.8)% EBIT 16,371 14,883 +10.4% Profit (loss) before tax 15,265 14,599 +4.8% Profit (loss) for the period (including third parties) 11,584 10,528 +10.0% Amortisation and depreciation of fixed assets and 15,494 18,001 (13.9)% write-downs of receivables Adjusted 1 Net Financial Position* 12,898 16,817 (23.3)% Net Financial Position* (30,156) (23,774) (26.8)% Shareholders' Equity 68,838 64,715 +6.4% * positive variance means improved Net Financial Position. Below are reported the Group's main profitability ratios as of 31 March 2025 compared to 31 March 2024: Profitability ratios Composition of the ratio 31 March 2025 31 March 2024 var % Return on sales (R.O.S.) EBIT/Net revenues from sales 8.92% 8.23% +8.36% Return on Investment (R.O.I.) EBIT/Net invested capital 16.54% 16.76% (1.34)% Return on Equity (R.O.E.) Profit of the year/Equity 16.83% 16.27% +3.44% Piquadro Group, facing 1.9% increase in consolidated sales, succeeded in improving the return on sales (R.O.S) which grew by approximately 8%, rising from 8.23% as of March 31, 2024, to around 9% as of March 31, 2025, while also achieving an increase of about 3% in return on equity (R.O.E.) and maintaining operational efficiency (R.O.I.) essentially stable at 17% as of March 31, 2025. The Net Financial Position of the Piquadro Group was negative and equal to € (30.2) million. The impact of the application of the accounting standard IFRS 16 was equal to approximately € 43.1 million with a minus sign compared to approximately €40.6 million with a negative sign as of March 31, 2024. This increase is primarily attributable to the renewal and signing of certain lease agreements related to stores managed by the Group. The adjusted Net Financial Position 1 of the Piquadro Group, was positive and equal to approximately €12.9 million , compared to the Group's positive figure of approximately €16.8 million recorded on March 31, 2024. The variation in the adjusted Net Financial Position of the Piquadro Group on March 31, 2025, compared to the Net Financial Position recorded around the same period of the previous year, is explained investments of € 5.0 million in fixed, intangible, and financial assets, of € 0.7 million in treasury shares buy back, € 7.0 million in dividends paid by Piquadro S.p.A. in August 2024 and by € 13.6 million of positive free-cash flow net of taxes and by temporary uses of working capital for growth of EUR 4.9 million. The table below reports the breakdown of the Net Financial Position, which includes the net financial debt determined according to the ESMA criteria (based on the schedule set out in CONSOB Call for attention notice no. 5/2021 of 29 April 2021): NFP as of 31 March 2025 NFP Adj 1 as of 31 March 2025 NFP as of 31 March 2024 NFP Adj 1 as of March 2024 (in thousands of Euro) (A) Cash 32,612 35,093 35,093 35,093 (B) Cash equivalents 0 0 0 0 (C) Other current financial assets 63 392 392 392 (D) Liquidity (A) + (B) + (C) 32,675 32,675 35,485 35,485 (E) Current financial debt (25,949) 0 (20,983) 0 (11,804) (11,804) (9,708) (9,708) (87) (87) 0 0 Current portion of non-current financial debt Trade payables and other current payables (H) Current financial debt (E) + (F) + (G) (37,840) (11,891) (30,691) (9,708) (I) Current Net Financial Position (H) - (D) (5,165) 20,784 4,794 25,777 (J) Non-current financial debt (21,847) (4,742) (25,337) (5,729) (K) Debt instruments 0 0 0 0 (3,144) (3,144) (3,231) (3,231) (24,991) (7,886) (28,568) (8,960) (30,156) 12,898 (23,774) 16,817 Trade payables and other non-current payables Non-current Net Financial Position (J) + (K) + (L) Total Net Financial Position (I) + (M) "In a complex and uncertainty economic and geopolitical context, the Piquadro Group has once again demonstrated its resilience. We are pleased to close the fiscal year ending March 31, 2025, with a 1.9% growth on sales and a net profit increase of approximately 10%, results that clearly reflect the effectiveness our medium- to long-term strategies". states Marco Palmieri, President and CEO of Piquadro Group. " Particularly noteworthy is Maison Lancel that has delivered the first time the return to profit which highlights the positive turnaround, the repositioning and rationalization process undertaken. Likewise, The Bridge reported excellent profit performance, confirming the strength of the brand and the effectiveness of its management model. Piquadro, despite a contraction in profitability, has firmly addressed challenges related to geopolitical tensions that have impacted logistics and some strategic areas of the value chain. These effects were amplified by a deep industrial and commercial restructuring process, as well as by increased costs in the digital area, necessary investments to equip ourselves with a more robust IT infrastructure, ready to face the challenges of the coming years. The first two months of the current fiscal year, although marked by high variability and exceptional uncertainty, are showing encouraging signs, particularly in the business-to-consumer channel, where we are seeing interesting growth in both physical retail and e-commerce. The Group therefore continues with confidence along its path of evolution, with the aim of strengthening the positioning of its brands and increasing value creation for all stakeholders." Results of parent company Piquadro S.p.A. The parent company generated net sales of € 77.0 million in the year ended 31 March 2025, compared to € 79.0 million recorded in the year end 31 March 2024. Parent company EBITDA reached € 13.9 million in the year ended 31 March 2025, (€ 17.8 million in the year ended 31 March 2024). Parent company EBIT was positive and equal to € 8.0 million in the year ended 31 March 2025 (€ 12.8 million as of March 31, 2024). Parent company Net Result was positive and equal to € 5.9 million in the year ended 31 March 2025, (€ 10.7 million as of March 31, 2024). The Net financial Position of the parent company on 31 March 2025, was negative and equal to €21.3 million, with a negative variation of about € 11.1 million (negative and equal to € 10.2 million as of 31 March 2024), mostly attributable to the increase in the impact of the financial debt generated by the application of IFRS 16. The adjusted Net Financial Position 1 of the parent company as of March 31, 2025, was negative and equal to approximately €(2.3) million, compared to the indebtedness reported on March 31, 2023, positive and equal to € 4.4 million. Outlook 2025-26 The fiscal year ended March 31, 2025, once again demonstrated the strength of the Group in a context of significant volatility, such as that which characterized the past year. The Group successfully completed the turnaround of Maison Lancel, which, for the first time since its acquisition, recorded fully positive financial results, and continued the strategic enhancement of the Piquadro and The Bridge brands. In the current economic environment the Group's management believes it can continue to achieve growth rates exceeding those recorded in the past year by leveraging the distinctive strengths of all three brands, with a strong focus on research and development as well as ongoing attention to consumer needs. The management therefore expects to deliver improved performance in terms of profitability and cash generation, also thanks to the Group's solid financial and capital position. The Board of Directors of Piquadro S.p.A. will propose to the upcoming Shareholders' Meeting, scheduled for July 28, 2025 at 11:00 a.m. in first call at the Company's registered office, and, if necessary, in second call on July 29, 2025 at the same time and place, to: (i) allocate the entire net profit for the year, amounting to €5,885,529, for the payment of a dividend, the per-share amount of which will be determined based on the number of outstanding shares, net of treasury shares; and (ii) distribute an extraordinary dividend, by allocating a portion of the "undistributed earnings reserve" amounting to €1,114,471, the per-share amount of which will likewise be determined based on the number of outstanding shares, net of treasury shares, for a total distribution of €7 million. The dividend will be paid starting from August 6, 2025 (record date: August 5, 2025), with coupon no. 16 detachment on August 4, 2025. This press release includes certain alternative performance indicators to facilitate a better understanding of the Group's financial and operating performance. These indicators should not be considered as a substitute for the conventional indicators required by IFRS. In particular, the