- Total Revenue: EUR 3.13 billion in 2025, driven by strong Q4 performance, with Moncler DTC up 7% and Stone Island DTC up 16%.
- EBIT Margin: Maintained at 29.2%, supported by DTC growth and disciplined cost management, despite 30 bps dilution in Moncler retail.
- Net Cash Position: EUR 1.5 billion, reflecting robust liquidity and financial stability amid strategic investments and expansion.
- Dividend Commitment: Payout ratio exceeding 60% in 2025, with EUR 1.4 per share proposed, signaling confidence in sustained profitability.
- China Growth: Double-digit revenue growth in China (70% domestic, 30% international), with 15% inventory increase linked to raw material procurement.
Revenue Growth and Margin Performance
The company's revenue growth was driven by its brand experiences, such as "Warmer Together" and Grenoble, which contributed to its success. The EBIT margin was 29.2%, indicating a strong margin performance. The net cash position of EUR 1.5 billion provides a solid foundation for future growth.
Valuation Metrics
With a P/E Ratio of 25.26 and an EV/EBITDA of 13.67, the company's valuation appears to be reasonable, considering its strong financial performance. The Dividend Yield of 2.28% and Free Cash Flow Yield of 4.56% also indicate a relatively attractive return for investors.
Product Diversification and Sustainability Efforts
The company seems pleased with its progress in product diversification, having achieved significant growth across various categories and geographies. Its sustainability efforts were also highlighted, with strong results achieved in this area. The company's focus on product innovation, distribution, and marketing is expected to drive future growth.
Regional Performance and Outlook
All regions performed positively, with Asian countries and the U.S. showing strong growth. Korea had a good rebound after a slower Q3. The company expects a low single-digit price increase for both brands in 2026, around 3%. The wholesale business for Moncler is expected to stay stable, while Stone Island's wholesale is expected to improve.
Operational Highlights and Future Plans
The company opened several new stores, including in Seoul, Hainan Island, and the U.S., and plans to maintain a 6% CapEx incidence on revenue for 2026. The retail development of Moncler and Stone Island has changed significantly over the years, with a focus on improving productivity and store experience. The company will provide a refreshed wholesale guidance, but no details were given.
E-commerce and Digital Transformation
Moncler's e-commerce channel has been evolving, with a focus on product-centric experiences and educating customers. The company has seen a strong trend in organic traffic to its website and believes that online channels have great potential. The company is exploring the potential of AI in its e-commerce platform to enhance the online customer experience.