Moncler S.p.A.

Group revenue in H1 2026 was EUR 1.29 billion, up 9% at constant FX, with Q2 revenue up 5% at constant FX. Moncler brand revenue was up 9% in H1 and 3% in Q2; Stone Island was up 11% in H1 and 11% in Q2. Reported H1 EBIT was EUR 245.4 million with a 19% margin versus 18.3% last year; gross profit was EUR 995 million with a 77.2% margin, and net result was EUR 165 million with a 12.8% margin. Net cash at end-June exceeded EUR 1.1 billion (EUR 1.112 billion), CapEx was EUR 89 million, and free cash flow was EUR 34 million versus EUR 15 million last year. For the year, management still expects space contribution of about 4% and low-to-mid-single-digit pricing; they also reiterated that Spring/Summer was about 25% of full-year sales last year and said the full-year mix has been gradually increasing.

New CEO Bartolomeo Rongone used his first call to emphasize what he sees as Moncler Group’s core strengths: creativity paired with operational discipline, product quality, authentic storytelling, and strong teams. Strategically, he pointed to three priorities for Moncler: strengthening relevance in underpenetrated regions, building year-round customer dialogue, and unlocking the full potential of Collection, Grenoble, and Genius. For Stone Island, he highlighted disciplined execution, product research, better distribution, and culturally relevant communication, while also stressing more direct and personal engagement with VICs.

Luciano Santel gave the most concrete financial readout: H1 gross profit of EUR 995 million at a 77.2% margin, EBIT margin of 19%, and net cash of EUR 1.112 billion at June 30. He said the margin improvement reflected cost control, a better top line in Q1, and slightly better channel mix, while G&A included a one-off EUR 8 million tied to the new governance structure, with most of that impact already booked in H1. He also noted net financial expenses were higher because of lease liabilities, CapEx was EUR 89 million with an expected year-end CapEx intensity back toward 6% of sales, and working capital was higher due to strategic raw material inventory, especially down. On outlook, he said 2027 pricing should remain low-to-mid-single digit and space contribution around 4%, but he would not give a precise profitability target because it depends on second-half sales.

Analysts focused on why Europe softened, whether the quarter’s weakness was mostly a June issue, and how much of Moncler’s growth came from price versus volume. Management said April and May were very strong, June was softer because traffic fell and tourists from Asia and America declined, and the trend of customers buying what they can wear now has been more visible than before. Questions also centered on U.S. momentum, the New York Fifth Avenue opening, and whether a new Genius event would accompany it; management said the U.S. is still earlier in its maturity curve, the store opening is part of a broader offensive, and no specific Genius format was confirmed. On Stone Island, management said Europe was held back by a tougher wholesale environment and selective distribution, while growth remained broad-based elsewhere. Leo Rongone added that one area he sees to develop is a more curated, more direct, and more frequent relationship with VICs.