Investment Rating - The report assigns a "Buy" rating for the textile and apparel industry, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [28]. Core Insights - Moncler achieved a revenue of €3.132 billion in FY2025, a year-on-year increase of 3%, with Q4 revenue reaching €1.291 billion, up 7% year-on-year [4]. - The company's net profit for FY2025 was €627 million, a decrease of 2.02% compared to the previous year, primarily due to increased net financial expenses [4]. - The net profit margin for FY2025 was 20.01%, down 0.56 percentage points year-on-year, while the gross margin remained stable at 78.10% [4]. - The report highlights strong performance in the Asian market, with revenue of €1.532 billion, accounting for 48.92% of total revenue, and a 7% increase in Moncler's revenue in this region [4]. Summary by Category Financial Performance - FY2025 revenue: €3.132 billion, +3% YoY; Q4 revenue: €1.291 billion, +7% YoY [4] - FY2025 net profit: €627 million, -2.02% YoY; net profit margin: 20.01%, -0.56pct YoY [4] - FY2025 gross margin: 78.10%, stable YoY; operating profit margin: 29.16%, -1.02pct YoY [4] Brand Performance - Moncler revenue: €2.721 billion, +3% YoY; Q4 revenue: €1.168 billion, +6% YoY [4] - Stone Island revenue: €411 million, +4% YoY; Q4 revenue: €123 million, +16% YoY [4] Regional Performance - Asia: €1.532 billion revenue, 48.92% of total; Moncler: €1.416 billion, +7% YoY; Stone Island: €116 million, +16% YoY [4] - EMEA: €1.182 billion revenue, 37.75% of total; Moncler: €914 million, -3% YoY; Stone Island: €269 million, stable YoY [4] - Americas: €417 million revenue, 13.32% of total; Moncler: €391 million, +5% YoY; Stone Island: €26 million, -2% YoY [4] Channel Performance - Direct sales: €2.589 billion, 82.56% of total; Moncler: €2.360 billion, +4% YoY; Stone Island: €226 million, +11% YoY [4] - Wholesale: €546 million, 17.44% of total; Moncler: €361 million, -4% YoY; Stone Island: €185 million, -4% YoY [4] Store Count - Moncler: 344 stores (295 direct, 49 wholesale), +9/-7 YoY [4] - Stone Island: 106 stores (95 direct, 11 wholesale), +5/+2 YoY [4] Future Outlook - Moncler aims to strengthen its leadership in the luxury outdoor segment through customized marketing and a year-round product matrix [4]. - Stone Island focuses on product innovation and enhancing the omni-channel consumer experience [4]. - The company is advancing its "SIDE by SIDE" three-year plan to increase the use of low-carbon materials and enhance supply chain sustainability [4].

Core Insights - Moncler Group reported a consolidated revenue of €3.1321 billion for the fiscal year 2025, reflecting a 3% increase year-over-year at constant exchange rates and a 1% increase at current exchange rates [1] - The Moncler brand generated €2.7209 billion in revenue, with a 3% increase year-over-year at constant exchange rates and a 1% increase at current exchange rates; the fourth quarter saw a strong sequential growth across sales channels, with a 6% year-over-year increase at constant exchange rates [1] - Stone Island brand revenue reached €411.2 million, marking a 4% increase year-over-year at constant exchange rates and a 2% increase at current exchange rates; the fourth quarter experienced a 16% year-over-year increase at constant exchange rates [1] Financial Performance - The group's EBIT for 2025 was €913.4 million, slightly down from €916.3 million in 2024, with an EBIT margin of 29.2% compared to 29.5% in 2024 [2] - Net profit for the group was €626.7 million, resulting in a profit margin of 20.0% [2] - After paying a dividend of €353.2 million, the group's net cash stood at €1.458 billion, showing a year-over-year increase [2] Strategic Developments - The board approved a dividend distribution proposal of €1.40 per share and adopted a sustainability statement in line with the management report attached to the 2025 consolidated financial statements [2] - The CEO highlighted that the robust performance in 2025 was driven by a clear strategic direction, excellent execution capabilities, and flexible market responsiveness, showcasing brand strength and business model advantages [2] - The organizational structure will continue to strengthen, with Leo Rongone set to become the CEO in April, aiming to inject new momentum into future development [2]

Core Viewpoint - Moncler Group's revenue for the first three quarters of 2025 remained stable year-on-year at €1.8413 billion, with a slight decline of 1% when calculated at current exchange rates [1] Group Performance - The overall revenue of the Moncler brand was €1.5532 billion, showing no change year-on-year at constant exchange rates, while a 1% decline was noted at current exchange rates [1] - Direct-to-Consumer (DTC) channels showed slight improvement, remaining stable year-on-year at constant exchange rates, with strong performance in the Americas and China, while Europe, the Middle East, Africa, and Japan struggled due to a downturn in tourism [1] - The wholesale channel also saw a slight improvement, but due to the brand's ongoing efforts to enhance channel quality, this led to a 4% decline year-on-year at constant exchange rates [1] Brand Performance - Stone Island brand revenue reached €288.1 million, reflecting a 1% decline year-on-year at constant exchange rates, with a similar decline noted at current exchange rates [1] - The DTC channel for Stone Island accelerated with double-digit growth, achieving an 11% increase year-on-year at constant exchange rates, although adjustments in delivery schedules between the third and fourth quarters compared to the previous year led to a decline of 8% in the wholesale channel [1]

Group 1 - The core financial performance of Moncler Group for the first half of 2025 includes a consolidated revenue of €1.2257 billion, reflecting a 1% increase at constant exchange rates and flat growth at current exchange rates [1] - The group's EBIT for the first half of 2025 was €224.8 million, with an EBIT margin of 18.3%, compared to €258.7 million and a margin of 21.0% in the same period of 2024, primarily due to adjustments in marketing expenses [1] - The net profit for the group was €153.5 million, resulting in a profit margin of 12.5% [1] Group 2 - Moncler brand revenue for the first half of 2025 was €1.039 billion, showing a 1% increase at constant exchange rates and flat growth at current exchange rates; the second quarter saw a 2% decline at constant exchange rates, mainly due to a slowdown in DTC channel growth [1] - Stone Island brand revenue was €186.7 million, with a 1% decline at constant and current exchange rates; however, the second quarter saw a 6% increase at constant exchange rates, driven by growth in DTC and wholesale channels [1] Group 3 - The CEO of Moncler Group, Remo Ruffini, emphasized the importance of creative design and community engagement to strengthen brand power while maintaining resilience and stable operations in response to external challenges [2]