Brunello Cucinelli (BC) H1 2025 earnings summary

Executive summary

• Revenues for H1 2025 reached €684.1 million, up 10.2% year-over-year, with balanced growth across all geographies and channels, and strong prior-year base.

• EBIT rose 8.8% to €113.8 million (16.6% margin); net profit increased 16.0% to €76.7 million (11.2% margin).

• Significant investments completed ahead of schedule, including doubling of Solomeo factory and expansions in Penne and Gubbio, supporting long-term production capacity.

• Retail network expanded to 130 boutiques, with new openings and relocations in key cities.

• Brand maintained top-tier luxury positioning, with strong product innovation, customer engagement, and exclusive global events.

Financial highlights

• Revenues: €684.1 million (+10.2% YoY); EBIT: €113.8 million (+8.8% YoY); EBITDA: €200.6 million (+12.9% YoY); Net profit: €76.7 million (+16.0% YoY).

• Retail sales: €435.8 million (63.7% of revenues, +10.3% YoY); Wholesale: €248.3 million (+10.1% YoY).

• Gross margin stable at 74.5% of revenues.

• Net financial debt (excluding leases): €197.2 million, up from €102.3 million at end-2024, reflecting investments and €68.8 million dividend payout.

• Total investments in H1 2025: €63.5 million, focused on production, logistics, IT/digital, and commercial expansion.

Outlook and guidance

• Full-year 2025 revenue growth expected at ~10% with healthy, balanced profits and slightly improved margins.

• 2026 revenue growth also projected at ~10%, supported by strong Spring-Summer sales campaigns and positive feedback.

• Investments to normalize to ~7% of revenues in 2026 and 2027 after elevated levels in 2024-2025.

• Sales in July and August continued the positive trend, reinforcing confidence in guidance.

• June net financial position seen as a good proxy for year-end.