Safilo Group (SFL) Q4 2025 earnings summary

Executive summary

• Achieved resilient sales and financial progress in 2025 despite global volatility, forex headwinds, and tariff pressures.

• Brand portfolio strength and geographic diversification supported steady growth and value creation.

• Sustainability advanced with 100% renewable electricity and CDP A- rating.

• No dividend proposed; share buyback program increased treasury shares to 5.6% of capital.

• Key brand renewals and a ten-year licensing agreement for Victoria Beckham eyewear were secured.

Financial highlights

• Net sales reached €983.4 million, up 1.8% at constant rates and 2.6% organically; revenue down 1% at current rates due to USD weakness.

• Gross margin improved to 60.9% (up 120 bps); Q4 gross margin at 61.9%.

• Adjusted EBITDA rose 12% to €104.2 million; margin increased to 10.6% of sales.

• Adjusted net profit up 30.4% to €44.6 million; margin at 4.5%.

• Free cash flow reached €68.1 million underlying, reported at €55.1 million, up from €16.7 million in 2024.

• Net debt reduced to €46.1 million from €82.7 million in 2024.

Outlook and guidance

• Early 2026 trends in line with late 2025; geopolitical risks in Middle East and India affect performance.

• Continued focus on financial discipline, brand investment, innovation, and selective M&A.

• New share buyback program for up to 10 million shares (2.5% of capital) in 2026.

• CapEx expected to remain between €12–15 million annually.

• Marketing investment to stabilize at a high but optimized level.