Core Insights - Kering's 2025 financial results show a significant decline in revenue and operating income, with a reported revenue of €14.7 billion, down 13% year-over-year, and a recurring operating income of €1.6 billion, down 33% from 2024 [1][6][7]. Financial Performance - Revenue for 2025 was €14,675 million, a decrease of 13% as reported and 10% on a comparable basis [1][6]. - Recurring operating income was €1,631 million, down 33% from €2,440 million in 2024, resulting in a recurring operating margin of 11.1%, down from 14.5% [2][6][8]. - Recurring net income attributable to the Group was €532 million, a decline of 56% from €1,206 million in 2024 [2][8]. - Free cash flow from operations was €4.4 billion, with a decrease of 35% to €2.3 billion when excluding real estate deals [7][27]. Segment Performance - Gucci's revenue fell to €5.99 billion, down 22% as reported and 19% on a comparable basis, with a recurring operating income of €966 million [9][11][13]. - Yves Saint Laurent generated €2.64 billion in revenue, down 8% as reported and 6% on a comparable basis, maintaining a recurring operating margin of 20% [14][16]. - Bottega Veneta's revenue was stable at €1.7 billion, up 3% on a comparable basis, with a recurring operating income of €267 million [17][19]. - Revenue from Other Houses was €2.9 billion, down 10% as reported and 6% on a comparable basis, with a recurring operating income of -€112 million [20][22]. Strategic Developments - Kering announced a strategic partnership with L'Oréal for the sale of Kering Beauté, which will be classified as discontinued operations [5][50]. - The company plans to present a roadmap for growth and margin improvement during the Capital Markets Day on April 16, 2026 [3][30]. Dividend Information - The Board of Directors proposed an ordinary dividend of €3.00 per share and an exceptional dividend of €1.00 per share related to the Kering Beauté sale [2][28].

Core Insights - Kering's 2025 financial results show a significant decline in revenue and operating income, with a reported revenue of €14.7 billion, down 13% year-over-year, and a recurring operating income of €1.6 billion, down 33% from 2024 [2][7][8]. Financial Performance - Revenue for 2025 was €14,675 million, reflecting a 13% decrease as reported and a 10% decrease on a comparable basis [2][8]. - Recurring operating income was €1,631 million, representing a 33% decline from €2,440 million in 2024, with a recurring operating margin of 11.1% compared to 14.5% in 2024 [7][8][10]. - Recurring net income attributable to the Group was €532 million, down 56% from €1,206 million in 2024 [9][26]. - Free cash flow from operations was €4.4 billion, with a decrease of 35% to €2.3 billion when excluding real estate deals [27]. Segment Performance - Gucci's revenue was €5.99 billion, down 22% as reported and 19% on a comparable basis, with a recurring operating income of €966 million [11][13]. - Yves Saint Laurent generated €2.64 billion in revenue, down 8% as reported and 6% on a comparable basis, maintaining a recurring operating margin of 20% [14][16]. - Bottega Veneta's revenue was stable at €1.7 billion, up 3% on a comparable basis, with a recurring operating income of €267 million [17][19]. - Revenue from Other Houses was €2.9 billion, down 10% as reported and 6% on a comparable basis, with a recurring operating income of -€112 million [20][22]. - Kering Eyewear and Corporate segment revenue was €1.6 billion, up 1% as reported and 3% on a comparable basis, with a recurring operating income of €252 million [23][24]. Strategic Outlook - Kering aims to return to growth and improve margins in 2026, focusing on enhancing brand desirability and operational efficiency [4][30]. - A roadmap for this transformation will be presented during the Capital Markets Day on April 16, 2026 [4][30]. Dividend Proposal - The Board of Directors proposed an ordinary dividend of €3.00 per share and an exceptional dividend of €1.00 per share related to the sale of Kering Beauté [3][28].