This article first appeared on GuruFocus .
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Group Revenue:EUR 1.219 billion in H1 2026, up 9% at constant FX.
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Q2 Revenue Growth:Up 5% at constant FX.
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Moncler Brand Revenue:Up 9% in H1 and 3% in Q2, accounting for 84% of group turnover.
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Stone Island Brand Revenue:Up 11% in both H1 and Q2, accounting for 16% of group turnover.
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EBIT:EUR 254 million with a margin of 19%.
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Net Result:EUR 165 million with a 12.8% margin.
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Net Cash Position:Exceeded EUR 1.1 billion at the end of June.
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Same-Store Sales:7% growth in the first half of the year.
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Retail Network Expansion:Three new stores opened for Moncler in the quarter.
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Gross Profit:EUR 995 million with a margin of 77.2%.
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Net CapEx:EUR 89 million.
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Net Working Capital:10%, higher due to strategic inventory investments.
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Free Cash Flow:EUR 34 million, improved from EUR 15 million last year.
Release Date: July 22, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Moncler SpA ( MONRF ) reported a 9% increase in group revenues for the first half of 2026, reaching EUR 1.219 billion at constant FX.
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The Stone Island brand, which accounts for 16% of the group's turnover, saw an 11% increase in both H1 and Q2.
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The company achieved an EBIT of EUR 254 million with a margin of 19%, and a net result of EUR 165 million with a 12.8% margin.
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Moncler SpA ( MONRF ) has a strong net cash position, exceeding EUR 1.1 billion at the end of June.
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The company is focusing on strategic priorities such as building relevance in high-potential regions and expanding its brand dimensions, including Collection, Renovable, and Genius.
Negative Points
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The Moncler brand's growth in Q2 was only 3%, which is lower than the 9% growth in H1.
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The European market experienced an 8% decline, attributed to softer tourism flows and weak online performance.
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The company noted a 'buy now, wear now' consumer behavior, which may delay purchases of fall/winter collections.
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Online sales performance was weak in Europe, affecting overall digital sales growth.
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The company faces challenges in maintaining profitability due to unpredictable top-line growth and potential cost increases.
Q & A Highlights
Q: Could you provide some color on the performance by cluster for the Moncler brand, particularly in terms of volume and price mix? Also, did you notice any trends throughout the quarter, and what is the current mood in Q3? A: Chinese and American clusters were positive, while Korean and Japanese were flattish, and Europeans were negative. Pricing was predominant in Q2, with volumes slightly negative. The quarter was good overall, with April and May performing well, but June was softer due to a decline in traffic. The "buy now, wear now" behavior is more prevalent, delaying winter season purchases. Despite this, the spring-summer collection performed well, indicating a positive strategic direction.
Q: Can you provide insights into the space contribution in Q2 and expectations for the second half of the year? Also, regarding the U.S. market, is the slight slowdown linked to seasonality, and what are the plans for the New York flagship opening? A: Space contribution for the year is expected to be around 4%. In the U.S., the DTC business performed better than the reported 4% growth, indicating a positive trend. The New York flagship opening in September is part of a broader strategy to unlock market potential, with no single event expected to drive immediate change but rather a series of strategic initiatives.
Q: How does the absence of tourists in Europe impact revenue growth, and can these tourists be recaptured in other regions? Additionally, Leo, after three months as CEO, have you identified any areas for improvement? A: The absence of tourists in Europe has impacted revenue, but many have purchased in their local markets, contributing to strong growth in Asia. Leo sees opportunities in enhancing direct and personal interactions with key clients, which could further nurture global business, especially in high-potential countries.
Q: With a 19% EBIT margin in H1, what is the margin outlook for the full year? Also, regarding current trading, should we assume June trends continue into July? A: Profitability is largely dependent on top-line performance, which is difficult to predict. The first half was strong due to cost control and a good top-line. For the full year, the ambition is to maintain a margin around 29%. Current trading in July started in line with June but improved slightly, with the spring-summer collection performing well.
Q: What percentage of new customers did Moncler and Stone Island acquire in the first half, and what are the expectations for space contribution and price effect in 2027? A: Approximately 50% of revenues come from new customers, with a slight skew towards new customers in terms of numbers. For 2027, space contribution is expected to remain around 4%, with pricing in the low to mid-single digits, depending on production costs and currency levels.
Q: Can you explain the weaker online performance and plans for the spring/summer collection? A: Online performance was weaker in Europe but solid in the U.S. and Asia. The spring/summer collection was a first-time effort, with a focus on learning and improving for next year. The goal is to extend the offering and ensure relevance throughout the season.
Q: How does the New York flagship opening impact costs, and what is the significance of Korea in Asia's growth? A: The New York flagship will have a significant cost impact, but expectations are high for its performance. Korea represents about 10% of the business and continues to grow strongly, driven by local demand and a strong brand presence.
Q: What explains Stone Island's strong performance, and are there plans to accelerate store openings? Also, regarding the fragrance licensing agreement, is there a decision on renewal? A: Stone Island's growth is driven by a shift towards higher-value categories like outerwear. There are no immediate plans for significant store openings, focusing instead on organic growth. The fragrance licensing agreement is under review, with a focus on maintaining a high-level market proposition.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
