MARCH 12, 2026
D I S C L A I M E R
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, most of which being beyond the control of the Group. Therefore actual results could differ, even to a significant extent, with respect to those reported in the statements.
2025 RESULTS 2
2025: A YEAR OF RESILIENT GROWTH AND VALUE CREATION
"2025 was a year in which Safilo demonstrated its ability to grow and create value, even in a complex global environment shaped by geopolitical tensions, market volatility, and tariff pressures. The quality of our brand portfolio, combined with our geographical diversification and adaptability, supported our revenues and the improvement of all key economic and financial indicators."
Angelo Trocchia, CEO
2025 RESULTS 3
2025 HIGHLIGHTS
Steady net sales growth: +1.8% at cFX, +2.6% organic (ex-Lenti)
Europe and North America delivered growth each quarter, driven by resilient demand
for prescription frames across wholesale channels and broad-based strength across the brand portfolio
Gross margin reached ~61%, marking another meaningful step-up
Adjusted EBITDA margin improved to 10.6%, returning profitability to the highest levels of the past decade
Stronger margins and effective working-capital management boosted Cash Flow generation to 68.1 €M (ex investments/disinvestments)
Improved financial structure enabled reduction in net debt to 46.1 €M, after ~18 €M share buyback
2025 RESULTS 4
PERFORMANCE ACROSS HOME BRANDS
David Beckham: exceptional global growth, driven by strong product performance and high-impact retail activations
Blenders: challenging U.S. e-commerce market, but strengthened fundamentals with encouraging gains in the wholesale channel
Polaroid: softer sunglasses season in parts of Europe, while visibility and brand reach increased through the ATP Tour partnership
Carrera: strong, broad-based growth across key markets, boosted by women's expansion and a successful NYC campaign
Smith: healthy, DtC-led growth and continued leadership in U.S. winter sports, with growing traction in Europe
2025 RESULTS 5
PROGRESS IN LICENSED BRANDS
Renewals: Dsquared2, Under Armour, Carolina Herrera, Pierre Cardin
~ 95% licensed portfolio secured through 2030
New 10 - year agreement with Victoria Beckham enhances luxury women's segment
2025 RESULTS 6
SUSTAINABILITY PROGRESS
Emissions reduction roadmap progressing on track
100% renewable electricity achieved across all operations
Safilo included in CDP Leadership List with A- rating
2025 RESULTS 7
TOTAL SALES
983.4 €M, -1.0%
+1.8% @cFX, +2.6% organic
Q4 +0.4% @ cFX, +1.9% organic
Robust prescription frames demand across geographies
Sport, contemporary & lifestyle brands gained traction across key markets, from Carrera, Smith, David Beckham to leading licenses Tommy Hilfiger, Marc Jacobs, BOSS, Kate Spade, and Carolina Herrera
Wholesale mid-single-digit growth; online stable at 16% of sales
2025 RESULTS 8
EUROPE
423.9 €M, +2.3%
+2.7% @cFX
Q4 +0.7% @ cFX, resilient performance despite headwinds: lower product-supply volumes, deconsolidation of Lenti, and phasing of some deliveries pulled forward into Q3
Q4/FY organic growth up mid-single-digit, with France leading the increase and Turkey and Poland among the fastest-growing countries
Broad-based growth across the brand portfolio. Slight softness in Polaroid's sunglasses
Strong customer connection thanks to You&Safilo BtB platform improving service levels and enhancing daily customer interactions
2025 RESULTS 9
NORTH AMERICA
417.6 €M, -2.6%
+1.8% @cFX
Q4 +1.5% @ cFX. Wholesale channel up mid-single-digit every quarter: strong momentum from Tommy Hilfiger, Hugo Boss, Marc Jacobs, David Beckham, and Kate Spade
Sunglasses faced pressure at entry price points due to a highly promotional market, affecting Blenders' e-commerce performance
Smith delivered a solid year, powered by the expansion of its DtC channel, now about 40% of sales
Sales to physical sports shops softened in Q2-Q3 due to temporarily limited imports of winter goods from China. Most volumes recovered in Q4
2025 RESULTS 10
ASIA & PACIFIC
59.3 €M, +1.3%
+4.8% @cFX
Q4 -11.5% @ cFX, normalization after the strong recovery seen through most of the year
FY sales growth was led primarily by distributor-driven markets
Australia delivered double-digit growth, supported by Carrera's performance, with targeted brand-building initiatives, including the successful launch of women's collections
Tommy Hilfiger continued to gain traction and broaden its market footprint in the region
2025 RESULTS 11
2025 RESULTS
REST OF THE WORLD
82.6 €M, -10.0%
-4.5% @cFX
Q4 +3.9% @ cFX, signs of recovery, softening an otherwise difficult year
Slowdown in India and lower sales to distributors in the Middle East, due to geopolitical tensions and more cautious purchasing behavior
Mexico held up well, supported by Carrera and Carolina Herrera, and relatively stable consumer spending
Business in Brazil slowed down, impacted by weaker demand and a less dynamic distribution environment
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GROSS MARGIN
599.3 €M, +1.1%
60.9%, +120 bps
Q4 at 61.9%, +240 bps
Successful mitigation of tariff pressures via pricing and sourcing rebalancing
Lower contribution from lower-margin activities improved mix, especially in Q4
Reduced obsolescence from better planning & lower inventories
FX tailwind from USD weakness, thanks to our dollar-denominated sourcing
2025 RESULTS 13
ADJUSTED1 EBITDA
104.2 €M, +12.0%
10.6%, +120 bps
Q4 at 8.8%, +130 bps
Successful convertion of gross-margin gains into solid operating performance
Selling expenses down 3.5%, driven mainly by a reduction in logistics costs
Marketing investments normalised through the year, returning to a stable ~12.7% of sales
G&A expenses up 4.3%, reflecting higher IT/SaaS investments to strengthen front-end sales-force tools and provisions for doubtful accounts in certain emerging markets
2025 RESULTS 14
ADJUSTED1 NET PROFIT
44.6 €M, +30.4%
4.5%, +110 bps
Financial charges nearly halved, dropping from €16.3M to €8.3M, thanks to both lower net debt and a more favourable trend in exchange-rates differences
Stronger gross margin, disciplined cost management, and a healthier financial structure collectively drove a clear improvement in the bottom line
2025 RESULTS 15
FREE CASH FLOW
55.1 €M vs 16.7 €MRobust economic results and prudent WC management (tight Q2 inventory control following decision to limit imports from China in a high-tariff context) boosted operating cash generation
H1also benefited from €11.9M proceeds from the sale of Lenti S.r.l.
Q4 recorded a 9.1 €M outflow, entirely due to ~24.9 €M purchase of a 25% stake in Inspecs Group. Excluding this, underlying cash generation was positive, at ~16 €M
Net of this purchase and the sale of Lenti, FCF reached 68.1 €M vs 47.8 €M underlying FCF in 2024
2025 RESULTS 16
NET DEBT
46.1 €M vs 82.7 €M6.6 €M pre-IFRS16 vs 40.3 €M
Year-end net debt decreased to 46.1 €M, after 18 €M share-buyback Programme, which brought Safilo's treasury shares to 5.6% of total share capital
Net debt pre-IFRS 16 stood at 6.6 €M, highlighting a structurally stronger balance sheet and improved financial flexibility
2025 RESULTS 17
LOOKING TO 2026
Start of year in line with 2025 exit trends
Geopolitical landscape remains complex, with rising uncertainty in March
Continued focus on brand building, innovation & quality of relationships
Financial discipline and agility remain our core operating principles
2025 RESULTS
18
LOOKING TO 2026
New Share Buyback Programme
Maximum of 10M shares, equal to ~2.5% of the outstanding capital
2025 RESULTS
19
Q & A