Moncler S.p.A. reported sales in the first half grew 9 percent on a currency-neutral (c-n) basis while EBIT (earnings before interest and taxes) advanced 9.2 percent and net profits gained 7.2 percent. The flagship Moncler brand saw 9 percent c-n growth with gains in Asia and the Americas offsetting a decline in EMEA. Stone Island’s sales grew 11 percent on a c-n basis, led by a 35 percent gain in the Americas.
Remo Ruffini, executive chairman of Moncler S.p.A., commented, “In a global landscape defined by rapid and disruptive change, what makes our Group resilient is not only how quickly we react, but how true we stay to who we are and how close we remain to the communities we speak to. In the first half of the year we delivered solid growth and profitability across both our brands, by staying focused on what matters most: our products, the creativity that defines our brands, and the collective energy we share with our audiences. At the same time, we continue to find new and more engaging ways to be relevant throughout the year, well beyond our core season.
“The operating environment remains complex and hard to predict. These are moments that test our ability to be sharper and bolder, while remaining disciplined and grounded. It is with this same spirit, and with a clear sense of direction, that we approach the second half of the year and the opportunities ahead.”
In the first half of 2026, consolidated revenues reached €1,289.9 million, up 9 percent c-n compared with the same period of 2025. These results include Moncler brand revenues of €1,089.6 million and Stone Island brand revenues of €200.3 million. In the second quarter, Group revenues were €409.3 million, up 5 percent c-n compared with the same period of 2025. The Moncler and Stone Island brands recorded revenues of €323.1 million and €86.3 million respectively in Q2.
Moncler Brand
In the first six months of 2026, Moncler brand revenues were €1,089.6 million, an increase of 9 percent c-n compared with the first half of 2025.
In the second quarter, revenues for the brand amounted to €323.1 million, up 3 percent c-n YoY, “supported by the positive contribution of both channels, despite a persistently challenging macroeconomic environment.”
In the first half of 2026, revenues in Asia (which includes APAC, Japan and Korea) were €592.9 million, up 19 percent c-n compared with the same period of 2025. In the second quarter, revenues in the region were up 12 percent YoY at constant exchange rates. All countries delivered positive growth in the quarter, with China and Korea outperforming the rest of the region.
EMEA recorded revenues of €349.7 million, down 4 percent c-n compared with H1 2025. In the second quarter, revenues in the region were down 8 percent c-n YoY, “mainly due to softer tourist flows, particularly from Asian customers, and a weak online performance.”
Revenues in the Americas increased by 6 percent c-n compared with H1 2025 to €147.0 million. In the second quarter, revenues in the region were up 4 percent c-n YoY, “supported by the continued solid performance of the DTC channel, benefiting from robust local consumption.”
In the first half of 2026, the DTC channel recorded revenues of €933.2 million, up 10 percent c-n compared with the first half of 2025. Revenues in the second quarter of 2026 were up 3 percent c-n YoY, “despite ongoing macroeconomic headwinds and weaker tourist flows, particularly affecting the EMEA region. Asia and the Americas continued to deliver solid growth. The physical channel continued to outperform the online channel.”
In H1 2026, revenues from stores open for at least 12 months (comparable store sales growth) were up 7 percent compared with H1 2025. The wholesale channel recorded revenues of €156.4 million, an increase of 3 percent c-n compared with H1 2025. In the second quarter, revenues in this channel were up 3 percent c-n YoY, in line with the previous quarter, notwithstanding the ongoing efforts to upgrade the quality of the distribution through further
network optimization. As of June 30, the network of Moncler mono-brand boutiques counted 298 directly operated stores (DOS), a net increase of 3 units compared with March 31, 2026. Relevant activities included the opening of the Sydney Chatswood store in Australia and the relocation of the store in Geneva. The Moncler brand also operated 44 mono-brand wholesale stores, a net decrease of 3 units compared with March 31, 2026.
Stone Island Brand
In the first six months of 2026, Stone Island brand revenues reached €200.3 million, an increase of 11 percent c-n compared with the first half of 2025.
In the second quarter, revenues for the brand amounted to €86.3 million, up 11 percent c-n YoY, “mainly driven by the continued solid double-digit growth of the DTC channel.”
In the first six months of 2026, Asia (which includes APAC, Japan and Korea) reached €60.4 million revenues, growing 25 percent c-n compared with the same period of 2025. In the second quarter, the region grew by 25 percent c-n YoY, in line with the previous quarter, with “all main countries delivering continued strong double-digit growth.”
EMEA recorded revenues of €125.8 million, an increase of 3 percent c-n compared with H1 2025. In the second quarter, revenues were up 2 percent c-n YoY, supported by a positive performance registered both in the DTC and in the wholesale channel.
Revenues in the Americas were up 35 percent c-n compared with H1 2025. In the second quarter, revenues accelerated to 49 percent c-n YoY growth, “driven by strong double-digit growth in both the DTC and the wholesale channel.”
In the first six months of 2026, the DTC channel grew by 16 percent c-n compared with H1 2025 to €109.2 million. In the second quarter, revenues in this channel were up 15 percent c-n YoY, maintaining the solid double-digit growth trend of previous quarters, with the Americas and Asia outperforming. The physical channel continued to outperform the online channel, although the latter improved sequentially. The wholesale channel recorded revenues of €91.1 million, up 5 percent c-n compared with H1 2025. In the second quarter, revenues increased by 6 percent c-n YoY, improving sequentially, while the Group continued its efforts to upgrade the quality of the distribution network.
As of June 30, 2026, the network of Stone Island mono-brand stores comprised 95 directly operated stores (DOS), a net increase of 1 unit compared with March 31, 2026. During the quarter, a notable development was the opening of the store in Changsha, China. The Stone Island brand also operated 11 mono-brand wholesale stores, unchanged compared with March 31, 2026.
Group Consolidated Profitability and Expenses
In the first six months of 2026, consolidated gross profit was €995.2 million, with a margin of 77.2 percent compared with 76.9 percent in the same period of 2025. The increase in margin is primarily driven by the positive channel mix, with a higher incidence of the DTC channel at both Moncler and Stone Island.
Selling expenses in the first half of 2026 were €446.3 million, compared with €429.5 million in H1 2025, with a 34.6 percent incidence on revenues, lower than in the same period of 2025 (35.0 percent) thanks to positive operating leverage. General and administrative expenses were €180.4 million, with a 14.0 percent incidence on revenues, compared with €170.4 million in H1 2025 (13.9 percent on revenues). In the first half of 2026, general and administrative expenses included one-off charges equal to €8.0 million related to the new governance structure (expected to be approximately €10.0 million in FY26).
Marketing expenses were €123.1 million, representing 9.5 percent of revenues, compared with 9.6 percent in the first half of 2025. Management continues to expect an incidence of marketing expenses on revenues of around 7 percent at year-end, in line with the previous fiscal year.
Group EBIT was €245.4 million with a margin of 19.0 percent, compared with €224.8 million in H1 2025 with a margin of 18.3 percent, despite a negative impact of approximately 60 basis points from the abovementioned one-off charges.
In H1 2026, net financial expenses were €12.1 million, compared with €6.5 million in the first half of 2025, with the increase mainly driven by higher interest expenses on lease liabilities.
The tax rate in the first half of 2026 was equal to 29.4 percent, compared with 29.7 percent in H1 2025.
The Group net result was €164.7 million (12.8 percent margin), compared with €153.5 million in H1 2025 (12.5 percent margin).
Group Net Result
Group Consolidated Balance Sheet and Cash Flow Summary
As of June 30, 2026, the net financial position (excluding the effect related to IFRS 16) was positive and equal to €1,112.4 million compared with €1,458.0 million of net cash as of 31 December 2025 and €980.8 million as of June 30, 2025. As required by the IFRS 16 accounting standard, the Group accounted lease liabilities equal to €1,198.6 million as of June 30, 2026 compared with €1,109.1 million as of 31 December 2025 and with €940.8 million as of June 30, 2025.
Free cash flow in H1 2026 was equal to €34.0 million compared with €15.0 million in H1 2025, with the increase mainly driven by higher EBIT.
Net cash flow in H1 2026 was negative and equal to €345.6 million, after the payment of €374.1 million of dividends (out of the approved dividend distribution of €380.2 million), compared with a negative net cash flow of €328.0 million in H1 2025.
Net consolidated working capital as of June 30, 2026 was €319.6 million compared with €283.7 million as of June 30, 2025, equal to 10.0 percent of the last-twelve-months revenues (9.1 percent as of June 30, 2025), reflecting the continuous and rigorous control of working capital levels. The YoY increase was primarily attributable to higher inventory levels, following the strategic decision to front-load purchases of key raw materials, as well as a different phasing of production compared to the previous year to better serve all global markets.
In the first half of 2026, net capital expenditures were €89.2 million (6.9 percent of revenues) compared with €82.0 million in H1 2025 (6.7 percent of revenues). Investments related to the distribution network were equal to €55.1 million, while investments related to infrastructure were equal to €34.1 million. Management expects an incidence of capital expenditure on revenues in the region of 6 percent at year-end.
Image courtesy Moncler
