High Gross MarginA near-65% gross margin reflects persistent pricing power and a premium brand that supports product-level profitability. This margin buffer helps absorb cost inflation and supports reinvestment in DTC, wholesale balance, and product development over the medium term.
Strong Free Cash FlowConsistent free cash flow growth funds operations, debt reduction, and strategic investments without reliance on external capital. Good cash conversion despite lower net income increases financial flexibility and supports sustained investment in stores, e‑commerce, and product ranges.
Reduced Net Debt / Manageable LeverageMaterial year-on-year net debt reduction and a net bank debt position provide more headroom. Lower leverage (net debt-to-EBITDA ~2.1x) improves resilience to demand cycles, reduces interest strain, and increases capacity for capex, marketing and selective expansion.