EarningsQ2 2026 Earnings Report
DE:PPXB Q2 2026 EPS Results
Actual EPS€0.11
Consensus EPS€0.32
Beat/MissMissed by -€0.20
One Year Ago EPS€0.40
DE:PPXB Q2 2026 Revenue Results
Actual Revenue€7.51B
Expected Revenue€3.70B
Beat/MissBeat by +€3.81B
YoY Revenue Growth+1.64%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeDuring Market Hours
Conference CallTuesday, July 28, 2026
DE:PPXB Upcoming Earnings
Kering's next earnings date is estimated for February 17, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:PPXB Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was constructive: management reported tangible progress from their ReconKering actions — return to Q2 growth, margin expansion, strong free cash flow and a large reduction in net debt. High‑quality growth engines (Jewelry and Eyewear) performed exceptionally and operational discipline (OpEx reductions, inventory improvements, store optimization) is taking hold. However, notable challenges remain: FX drag, ongoing weakness in Mainland China, non‑recurring charges and transitional issues at specific houses (Gucci still down in H1 despite sequential improvement; Balenciaga and McQueen undergoing transitions). Overall the positives (cash, margins, tangible operational wins and strong category performance) outweigh the negatives, while management remains cautiously realistic about short‑term volatility.Company Guidance
Return to Growth in Q2
Group revenue for H1 was €7.2bn (up 1% on a comparable basis). After a stable Q1, comparable growth accelerated to +2% in Q2 — the first quarter of growth in 12 quarters — achieved while executing store optimization (84 net closures in H1).
Improved Profitability and Margin Expansion
Recurring operating income reached €921m with a 12.8% margin, up 40 basis points year‑on‑year and up 300 basis points versus H2 2025, driven by better commercial momentum and structural cost discipline.
Very Strong Free Cash Flow and Material Debt Reduction
Free cash flow from operations was €2.6bn (including ~€800m from real estate net proceeds and the Gucci Beauté agreement). Excluding those proceeds FCF was €1.8bn, up 68% versus H1 2025. Net financial debt was €3.3bn at June 30, down €4.7bn from year‑end 2025; net debt to adjusted recurring EBITDA ~1.4x.
Operational Discipline: OpEx and Inventory Progress
Group operating expenses fell 5% to €4.2bn (driven largely by fixed cost reductions) while A&P was maintained at ~9% of revenue. Change in operating working capital improved by €62m in the period, a year‑on‑year improvement of €863m, and management remains on track to meet a €1bn inventory reduction target for Fashion & Leather Goods by year‑end.
Kering Jewelry: Strong Growth Engine
Kering Jewelry revenue reached €521m in H1, up 20% comparable; Q2 was €252m up 18% comparable. Boucheron and Pomellato performed very strongly. Segment recurring operating income was €32m (6.2% margin, up 270 bps YoY).
Kering Eyewear: Consistent Growth and Profitability
Kering Eyewear delivered H1 revenue of €965m, up 8% comparable; Q2 also +8% comparable. Recurring operating income was €222m, representing a 23% margin (up ~290 bps YoY), supported by successful product initiatives and brand debuts.
Gucci Sequential Improvement and Leather Goods Recovery
Gucci H1 sales were €2.8bn (down 5% comparable), but Q2 improved to €1.4bn (down 2%), a c.6‑point sequential improvement versus Q1. Retail trends improved (Luca noted a 7‑point retail improvement in Q2) and leather goods returned to growth with successful launches (e.g., Borsetto, Paparazzo). Gucci recurring operating income was €468m (17% margin, +1 pt vs H1 2025).
Retail Productivity and Network Optimization
Group ended June with 3,005 stores (down 84 since year‑end) and remains on track to deliver at least 100 net closures in 2026. Management emphasized focus on fewer, higher‑quality locations, store refurbishments and increasing sales density.
Confirmed 2026 Guidance
Management reiterated guidance of growth and improved profitability for 2026 vs 2025, signaling confidence in the trajectory created by recent operational actions.
DE:PPXB Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed