Group Revenue Growth and Retail Momentum
Net revenues of EUR 5.7 billion, up 9% versus FY24 at constant FX (organic +8% Y/Y). Retail sales totaled EUR 5.1 billion, up 8% organic versus FY24 and up 28% versus FY23 at constant FX. Fourth quarter retail sales grew 6% despite a tough comparison base.
Fifth Consecutive Year of Group Growth
2025 marks the fifth consecutive year of group-level revenue growth, driven primarily by like‑for‑like full-price retail sales, with positive contribution from both average price and full-price volumes.
Strong Brand Performance — Miu Miu
Miu Miu retail sales grew 35% to EUR 1.6 billion (Q4 +20% vs +84% in 2024). Miu Miu increased its contribution to group retail sales to 31% (from 25% in FY24) and the company expects continued growth (management said double digit possible if conditions allow).
Solid Profitability and Operating Efficiency
EBIT adjusted reached EUR 1.32 billion with an adjusted EBITA margin of 23.2% (including one month of Versace); pre‑Versace EBITA margin was steady versus 2024 and improved on a constant currency basis. Gross margin improved by 50 basis points to 8.3% driven by operating leverage and channel mix.
Healthy Cash Position and Balance Sheet
Net debt closed at EUR 466 million after FY25 cash outflows including approximately EUR 617–620 million of CapEx, the EUR 1.2 billion Versace acquisition and EUR 420 million of dividends. Board proposed dividend of EUR 0.166 per share (total EUR 425 million, payout ratio ~50%).
Operational Investments and Digital/AI Upgrades
Continued over‑proportionate investment in people, desirability, store upgrades, digital technology and AI tools while maintaining steady profitability, and management expects CapEx as a percentage of sales to begin declining from FY26.
Geographic and Channel Highlights
All regions reported growth: Asia Pacific +11% (10% organic), Americas +18% (15% organic), Europe +5% (4% organic), Middle East +15%, Japan +3%. Wholesale +4% (3% organic) and royalties +19% (14% organic) supported by eyewear and fragrances.
ESG and Cultural Milestones
Exceeded approved science‑based targets for Scope 1 & 2 emissions; achieved gender equality certification in Italy; launched Ocean Literacy Center in Venice and other sustainability and cultural initiatives demonstrating progress across planet, people and culture pillars.