Moncler (MONRY) Q2 2026 Earnings Report

The call featured solid first‑half operating and financial performance: broad revenue growth (group +9% H1), strong Stone Island momentum, healthy margins (19% EBIT) and a robust net cash position (~EUR 1.112bn). Management highlighted successful strategic and creative initiatives (first end‑to‑end Spring/Summer, major awards) and improving free cash flow. Offsetting these positives were a June slowdown driven by weaker tourism and traffic (EMEA -8%), flat to slightly negative volumes in Q2, weaker online in Europe, higher inventory/working capital and some one‑off costs. Given the strength of the headline metrics and momentum across brands, balanced against the clear execution and demand headwinds mainly concentrated in Q2/EMEA, the tone is cautiously positive.

The management reiterated modest near-term guidance and flagged key operating targets alongside H1 metrics: Group H1 revenues were €1.29bn (+9% at constant FX; Q2 +5%), with Moncler accounting for 84% of turnover (Moncler H1 +9%, Q2 +3%; by region Q2: Asia +12%, Americas +4%, EMEA -8%) and Stone Island 16% of turnover (H1 & Q2 +11%; DTC +15%, wholesale +6%). H1 EBIT was €245.4m (19% margin), net income €165m (12.8% margin), gross profit €995m (77.2%), net cash €1.112bn, free cash flow €34m (vs €15m LY) after a €374m dividend, net CapEx €89m (capex incidence expected to revert to ~6% by year‑end), net working capital ~10% higher vs LY with a plan to return toward ~9.7%, and lease liabilities €1.199bn. For the medium term they reiterated an approximate 4% space contribution target and indicated pricing should remain low‑ to mid‑single digit (noting 2027 commentary), while marketing spend was in line with H1 and the full‑year marketing budget target was left unchanged.