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Safilo Group SpA
(SFL)
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Rating:65Neutral
Price Target:
€2.50
▲(51.52% Upside)
Action:Reiterated
Date:08/05/26
The score is driven mainly by improving financial fundamentals (profit recovery, lower leverage, and strong recent free cash flow). Offsetting this are multi-year revenue declines and earnings/cash-flow volatility, while technical signals are neutral-to-mixed and the latest earnings call highlights that part of the margin uplift was supported by a one-time tariff refund amid slowing sales.
Positive Factors
Underlying margin improvement
Underlying gross-margin expansion (~3.5ppt Q2, ~2.3ppt H1) driven by price/mix, sourcing and less dilutive business supports structurally higher unit economics. Sustained underlying margin gains improve cash conversion and buffer profitability while sales recovery remains gradual.
Negative Factors
Multi-year revenue decline
Persistent revenue contraction undermines the quality of the margin recovery; without sustainable top-line stabilization, positive operating leverage is limited. Continued shrinkage elevates execution risk and could reverse recent cash and profit improvements when one-offs fade.
Read all positive and negative factors
Positive Factors
Negative Factors
Underlying margin improvement
Underlying gross-margin expansion (~3.5ppt Q2, ~2.3ppt H1) driven by price/mix, sourcing and less dilutive business supports structurally higher unit economics. Sustained underlying margin gains improve cash conversion and buffer profitability while sales recovery remains gradual.
Read all positive factors
Safilo Group SpA (SFL) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€930.45M
Dividend YieldN/A
Average Volume (3M)1.40M
Price to Earnings (P/E)17.7
Beta (1Y)1.35
Revenue Growth-4.12%
EPS Growth10.95%
CountryIT
Employees3,278
SectorGeneral
Sector StrengthN/A
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.13
Shares Outstanding416,493,300
10 Day Avg. Volume1,829,853
30 Day Avg. Volume1,402,367
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)2.06
Price to Sales (P/S)0.82
P/FCF Ratio9.96
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.12
Revenue Forecast (FY)€978.01M
Safilo Group SpA Business Overview & Revenue Model
Company Description
Safilo Group S.p.A. is actively involved in the design, manufacture, and both wholesale and retail dissemination of eyewear products. Its operations span North America, Europe, the Asia Pacific region, and numerous other international markets. The...
How the Company Makes Money
Safilo makes money primarily by selling eyewear products (frames and sunglasses) and related accessories through two main routes: (1) wholesale distribution to third-party customers such as opticians/optical chains, retailers, and distributors, an...
Safilo Group SpA Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 16, 2027
Earnings Call Sentiment Positive
Balanced but leaning positive. The call presented meaningful operational and financial improvements: strong margin expansion (partly driven by a one-time EUR 22.2m tariff refund), large YoY uplift in EBITDA and net profit, solid free cash flow and a materially improved net-debt position. Management also completed strategic, self-funded acquisitions and launched a buyback program while committing part of the tariff refund to digital and marketing investments. Offsetting these positives were a tangible sales slowdown (Q2 sales down 4.5% cc, H1 down 1.9% cc), significant weakness in Asia Pacific (-17.7% cc in Q2), ongoing pressure in certain channels and a reliance to some degree on a non-recurring tariff benefit. Management signaled improving trends late in Q2 and early July, and guidance implied H2 should be stronger, particularly in North America.Positive Updates
Strong Margin Expansion
Gross margin rose 11.5 percentage points in Q2 to 73.1% (8.0 ppt from tariff refund, 3.5 ppt underlying improvement). First-half gross margin improved 6.1 ppt to 67.2% (3.8 ppt refund, 2.3 ppt structural). Underlying gross margin improved ~350 bps in Q2 driven by price/mix, lower dilutive business and sourcing.
Negative Updates
Decline in Sales — Softer Demand Environment
Second-quarter net sales were down 4.5% at constant exchange rates; first-half net sales declined 1.9% cc. The business faced a mid-single-digit sales decline in Q2 after a modest Q1 increase (+0.4% cc).
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Margin Expansion
Gross margin rose 11.5 percentage points in Q2 to 73.1% (8.0 ppt from tariff refund, 3.5 ppt underlying improvement). First-half gross margin improved 6.1 ppt to 67.2% (3.8 ppt refund, 2.3 ppt structural). Underlying gross margin improved ~350 bps in Q2 driven by price/mix, lower dilutive business and sourcing.
Read all positive updates
Company Guidance
The company guided that, despite a mid-single-digit Q2 sales slowdown (net sales Q2 -4.5% cc, H1 -1.9% cc) the outlook for H2 is cautiously constructive with signs of improvement late in June/July and a stronger recovery expected in North America than in Europe; management nevertheless expects the tariff-related benefit to be largely behind them after receiving EUR 22.2m of U.S. refunds (EUR 20m in P&L and EUR 2.2m to inventory) and said any additional refunds would be “fairly residual.” They will deploy about one‑third of the refund (≈EUR 7–8m) into IT/digital (Smith D2C, Rx) and one‑off media support behind Smith, Carrera and David Beckham (mainly Q4), while acquisitions (SPY+/Serengeti funded with EUR 21.5m of cash) are only slightly dilutive to gross margin and not expected to materially affect H2 margins. Key metrics reiterated: Q2 gross margin rose 11.5pp to 73.1% (8pp from refund, 3.5pp underlying), H1 gross margin 67.2% (+6.1pp), Q2 adjusted EBITDA EUR 49m (20.5% margin; ex‑refund 12.1%), H1 adjusted EBITDA EUR 86m (16.8%); adjusted group net profit H1 EUR 49.4m (net margin 9.6%, ex‑refund net margin 6.6%), strong cash generation (FCF Q2 EUR 23.8m, H1 EUR 36.4m; normalized ex‑refunds/investments Q2 EUR 29.4m, H1 EUR 46.9m) and a net debt reduction to EUR 5.4m (positive pre‑IFRS16 NFP EUR 29.6m), with a new buyback already including EUR 2.4m of share purchases.Safilo Group SpA Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 957.72M | 983.38M | 993.22M | 1.02B | 1.08B | 969.58M |
| Gross Profit | 571.84M | 570.03M | 561.73M | 601.74M | 597.45M | 445.64M |
| EBITDA | 120.96M | 101.82M | 90.49M | 56.35M | 129.10M | 109.37M |
| Net Income | 51.80M | 49.07M | 22.30M | -24.65M | 54.16M | 21.27M |
Balance Sheet | ||||||
| Total Assets | 815.77M | 758.95M | 842.34M | 855.46M | 960.27M | 937.77M |
| Cash, Cash Equivalents and Short-Term Investments | 73.68M | 52.15M | 47.42M | 74.90M | 77.71M | 99.00M |
| Total Debt | 79.08M | 98.27M | 140.54M | 157.60M | 191.11M | 192.96M |
| Total Liabilities | 339.83M | 355.90M | 414.88M | 459.68M | 521.35M | 571.68M |
| Stockholders Equity | 475.94M | 392.45M | 413.07M | 379.20M | 409.92M | 326.74M |
Cash Flow | ||||||
| Free Cash Flow | 118.92M | 81.28M | 64.65M | 34.50M | -6.71M | -2.66M |
| Operating Cash Flow | 127.80M | 89.68M | 76.22M | 47.71M | 9.16M | 17.30M |
| Investing Cash Flow | -68.36M | -23.56M | -48.87M | -8.65M | -15.67M | -9.76M |
| Financing Cash Flow | -59.52M | -58.58M | -54.83M | -40.47M | -16.81M | 2.07M |
Safilo Group SpA Technical Analysis
Positive
1.65
Price Trends
1.73
Positive
1.69
Positive
1.79
Positive
Market Momentum
0.07
Negative
82.12
Negative
85.53
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:SFL, the sentiment is Positive. The current price of 1.65 is below the 20-day moving average (MA) of 1.76, below the 50-day MA of 1.73, and below the 200-day MA of 1.79, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 82.12 is Negative, neither overbought nor oversold. The STOCH value of 85.53 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:SFL.
Safilo Group SpA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | €13.71B | 21.93 | 17.62% | 2.92% | 2.96% | 3.85% | |
65 Neutral | €930.45M | 17.69 | 12.37% | ― | -4.12% | 10.95% | |
63 Neutral | €1.61B | 32.41 | 5.48% | 2.28% | 6.99% | -5.00% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | €1.67B | -34.83 | -8.32% | ― | -1.57% | ― |
* General Sector Average
IT:SFL
Safilo Group SpA
2.23
0.98
77.71%
IT:BAN
BasicNet SPA
6.37
-0.11
-1.68%
IT:MONC
Moncler S.p.A.
51.06
6.39
14.29%
IT:OVS
OVS S.p.A.
6.30
2.70
75.10%
IT:PQ
Piquadro SpA
2.65
0.40
17.99%
IT:SFER
Salvatore Ferragamo S.p.A.
10.13
5.69
128.05%
Safilo Group SpA Corporate Events
Safilo manager exercises stock options, subscribes 150,000 shares
Aug 10, 2026
Safilo Group disclosed that manager Vladimiro Baldin subscribed to 150,000 ordinary shares following the exercise of stock options granted under the company’s 2023‑2025 stock option plan. The transaction, executed off‑market on 6...
Safilo publishes 2026 half-year report as global eyewear business expands
Aug 6, 2026
Safilo Group S.p.A., a leading global eyewear player with integrated production and distribution capabilities and a wide mix of owned and licensed brands, has reinforced its market positioning through a data-driven approach and omnichannel strateg...
Safilo Publishes Updated Articles of Association for Investor Access
Aug 6, 2026
Safilo Group has published its updated Articles of Association, making the new governance document available at its registered office, through the 1INFO regulated information system and on its corporate website, in line with disclosure requirement...
Safilo Publishes Updated Articles of Association, Underscoring Governance Focus
Aug 6, 2026
Safilo Group has published its updated Articles of Association, making the new governance document available at its registered office, via the 1INFO storage system and on its corporate website, in line with disclosure requirements for listed compa...
Safilo allocates 300,000 treasury shares for stock option exercises
Aug 6, 2026
Safilo Group S.p.A., the Italian-listed eyewear manufacturer and distributor headquartered in Padova, operates through the design, production and sale of optical frames and sunglasses. The company serves international eyewear markets and manages i...
Safilo Updates Share Capital After Partial Execution of Stock Option Plan
Aug 5, 2026
Safilo Group S.p.A., a global eyewear producer and distributor with integrated design, manufacturing and multi-channel distribution, manages a wide portfolio of proprietary and licensed brands and reported net sales of €983.4 million in 2025...
Safilo Boosts Margins and Cash Flow Despite Softer First-Half 2026 Sales
Aug 4, 2026
Safilo Group reported first-half 2026 results marked by softer sales but significantly stronger profitability and improved balance sheet metrics. Net sales fell 1.9% at constant exchange rates to €512.0 million as weak consumer sentiment and...
Safilo lifts treasury stake to 6.13% as buyback programme advances
Aug 4, 2026
Safilo Group S.p.A. has continued to execute its share buyback programme authorised by shareholders in April 2026 and launched in June, purchasing 400,000 ordinary shares on Euronext Milan between 27 and 31 July for a total outlay of about €...
Safilo lifts treasury stake to just over 6% with latest share buyback
Jul 28, 2026
Safilo Group has continued executing its share buyback program, repurchasing 400,000 ordinary shares on Euronext Milan between 20 and 24 July 2026 at a weighted average price of €1.73, for a total outlay of about €690,000. Including th...
Safilo lifts treasury stake to nearly 6% as buyback program advances
Jul 21, 2026
Safilo Group S.p.A. has continued to execute its share buyback program authorized in April 2026, purchasing 400,000 ordinary shares on Euronext Milan between 13 and 17 July 2026. The trades were carried out via intermediary Kepler Cheuvreux at a w...
Safilo lifts treasury stake to nearly 6% as buyback program advances
Jul 14, 2026
Safilo Group S.p.A. has continued executing its share buyback program authorized by shareholders in April 2026, purchasing 400,000 ordinary shares on Euronext Milan between 6 and 10 July for a total consideration of about €685,000 at an aver...
Kepler Cheuvreux ramps up institutional trading in Safilo Group shares on Euronext Milan
Jul 8, 2026
Safilo Group disclosed a series of transactions in its shares executed by Kepler Cheuvreux SA on Euronext Milan during June 2026. The trades involved 80,000 Safilo shares per day over multiple sessions, at average prices ranging roughly from ̈́...
Safilo lifts treasury stake to 5.86% as buyback program advances
Jul 7, 2026
Safilo Group S.p.A. has continued to execute its share buyback program on Euronext Milan, repurchasing 400,000 ordinary shares between 29 June and 3 July 2026 for a total consideration of about €682,700 at an average price of roughly €...
Safilo Manager Exercises 150,000 Stock Options Under 2023–2025 Plan
Jul 1, 2026
Safilo Group has disclosed a management share transaction involving Vladimiro Baldin, who holds a managerial position within the company. Baldin subscribed to 150,000 Safilo ordinary shares at a price of €0.97 each, in a move tied to the com...
Safilo strengthens brand portfolio with acquisition of SPY+ and Serengeti
Jul 1, 2026
Safilo Group has completed the acquisition of SPY+ and Serengeti from Bollé Brands, securing selected assets in Europe and full ownership of dedicated entities in the U.S. and Canada. The $24.6 million deal, funded with existing financial res...
Safilo lifts treasury stake to 5.8% through June share buybacks
Jun 30, 2026
Safilo Group S.p.A., listed on Euronext Milan, is executing a share buyback program authorized by shareholders in April 2026 to repurchase its ordinary shares on the market. The initiative adds to the company’s existing treasury stock and re...
Safilo Manager Exercises Stock Options, Subscribes Over 121,000 Shares
Jun 25, 2026
Safilo Group has disclosed that manager Vladimiro Baldin subscribed to 121,868 Safilo ordinary shares through the exercise of stock options granted under the company’s 2020–2022 stock option plan. The transaction, executed off-exchange...
Safilo lifts treasury stake to 5.7% as share buyback accelerates
Jun 23, 2026
Safilo Group has continued its share buyback program on Euronext Milan, purchasing 400,000 ordinary shares between 15 and 19 June 2026 at a weighted average price of about €1.81, for a total outlay of roughly €723,000. Including these ...
Safilo Executive Exercises Stock Options, Subscribes Over 61,000 Shares
Jun 18, 2026
Safilo Group has disclosed a manager transaction involving the subscription of its ordinary shares by a person performing management functions, Baldin Vladimiro, following the exercise of stock options granted under the company’s 2017–...
Safilo Lifts Treasury Stake to 5.61% Through June Share Buybacks
Jun 16, 2026
Safilo Group has continued the execution of its share buyback programme launched on 8 June 2026, repurchasing 400,000 ordinary shares on Euronext Milan between 8 and 12 June for a total outlay of about €690,000 at an average price of €...
Safilo Updates Share Capital After Stock Option Exercises
Jun 10, 2026
Safilo Group S.p.A. has updated its share capital structure following the exercise of stock options under three incentive plans approved between 2017 and 2023, resulting in the issuance of 527,882 new ordinary shares between 12 May and 27 May 2026...
Safilo launches €20 million share buyback to boost strategic flexibility
Jun 8, 2026
Safilo Group’s subsidiary Safilo S.p.A. has launched a new share buyback program on Euronext Milan, appointing Kepler Cheuvreux as independent intermediary to repurchase up to 10 million shares, or around 2.5% of its free float, for a maximu...
Safilo Publishes Minutes of 2026 Shareholders’ Meeting
May 27, 2026
Safilo Group S.p.A. has disclosed that the minutes of its Ordinary and Extraordinary Shareholders’ Meeting held on 28 April 2026 are now publicly available at its registered office, via the 1INFO storage mechanism and on the company’s ...
Safilo CEO Angelo Trocchia Exercises Stock Options, Subscribes 135,000 Shares
May 21, 2026
Safilo Group has disclosed a transaction involving Angelo Trocchia, who holds administrative functions within the company and has exercised stock options under the group’s 2020–2022 stock option plan. Trocchia subscribed to 135,000 ord...
Safilo moves to acquire SPY+ and Serengeti in $26 million deal
May 11, 2026
Safilo Group, the Italian‑listed eyewear company with brands such as Carrera, Polaroid and Smith, integrates traditional wholesale with direct‑to‑consumer and online channels, leveraging design hubs in Europe, North America and A...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.