Piquadro (PQ) H1 25/26 earnings summary

Executive summary

• Revenues for the half-year ended 30 September 2025 reached €88.4 million, up 0.7% year-over-year, with growth in direct-to-consumer channels and The Bridge and Lancel brands offsetting a decline in Piquadro brand sales and wholesale channels.

• EBITDA increased by 8.2% to €16.0 million, and net profit rose 3.1% to €5.1 million compared to the same period last year.

• Adjusted EBITDA (excluding IFRS 16 effects) was €9.0 million, up 1.3% year-over-year.

• The Group maintained strong direct sales performance, especially in retail and e-commerce channels, despite a volatile macroeconomic environment.

Financial highlights

• EBIT was €7.54 million, nearly flat year-over-year.

• Net financial position deteriorated to negative €54.5 million, mainly due to new and renewed lease agreements; adjusted net financial position was positive at €1.4 million.

• Equity stood at €66.7 million at 30 September 2025.

• Cash and cash equivalents at period end were €26.9 million.

• Return on sales (ROS) was 8.5%, and return on equity (ROE) was 7.7%, both slightly down from the prior year.

Outlook and guidance

• Management expects continued growth by focusing on end customers, product innovation, and leveraging financial and capital strength, despite macroeconomic uncertainties.

• Strategic focus remains on direct-to-consumer channels and selective wholesale distribution to support brand repositioning.

• The Group remains vigilant regarding macroeconomic uncertainties and supply chain disruptions.