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K E R I N G J u l y 2 8 , 2 0 2 6 2026 FIRST-HALF RESULTS July 28, 2026 1
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K E R I N G J u l y 2 8 , 2 0 2 6 DISCLAIMER 2 This presentation does not constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, in the United States of America or in any other jurisdiction . Certain information contained in this presentation may include perspectives and trends or other forward -looking statements about Kering’s financial situation, operating results and business activities . They are not historical facts and express beliefs, anticipations and expectations based on current assessments and estimates of the Group’s executive management which are subject to numerous factors, risks and uncertainties ; they are not guarantees of future performance . Various factors, risks and uncertainties may cause actual figures to differ materially from those initially anticipated in particular those described in Kering’s Universal Registration Document (document d’enregistrement universel ) filed with the French Autorité des Marchés Financiers on April 21, 2026 , which is available on Kering’s website at www.kering .com. The information contained in this presentation has been selected by the Group’s executive management to present Kering’s H1 2026 results . No representation or warranty, express or implied, is made in relation to, and none of Kering or any of its directors, officers, employees, advisers, affiliates or other representatives shall bear any liability or be liable for any loss arising from or related to, the accuracy or completeness of this presentation or any use of this presentation or its contents or otherwise arising in connection with this presentation . The Group expressly disclaims any and all liability whatsoever which may be based on such information, errors therein or omissions therefrom . Kering does not assume any obligation to update this presentation or provide any additional information, or to correct any inaccuracies in this presentation or any additional information which may become apparent .
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K E R I N G J u l y 2 8 , 2 0 2 6K E R I N G Agenda 1 2 3 Luca de Meo, CEO KEY H1 ACHIEVEMENTS Armelle Poulou, CFO FINANCIAL RESULTS Luca de Meo, CEO CONCLUSION 4 Luca de Meo, CEO Jean-Marc Duplaix, COO Kering & CEO Kering Jewelry Armelle Poulou, CFO Q&A SESSION 3
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K E R I N G J u l y 2 8 , 2 0 2 6 KEY H1 ACHIEVEMENTS Luca de Meo, CEO 4
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K E R I N G J u l y 2 8 , 2 0 2 6 5 EXECUTING WITH DISCIPLINE A STILL ENVIRONMENT CHALLENGING STRONG FOCUS ON EXECUTION, SIMPLIFICATION & DISCIPLINE IMPROVEMENT IN H1: 1ST TANGIBLE STEPS OF THE NEW TRAJECTORY
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K E R I N G J u l y 2 8 , 2 0 2 6K E R I N G SHARPENING BRAND TRAJECTORIES REIGNITING THE DESIRABILITY OF OUR HOUSES ROLL-OUT OF NEW CREATIVE DIRECTIONS POSITIVE SIGNALS ON COLLECTIONS AND CLIENT RECEPTION FOCUS ON RETAIL EXCELLENCE, MERCHANDISING, PRICING AND CLIENT CLEAR POSITIONING FOR EACH HOUSE GUCCI RESET 6 FROM PLAN TO EXECUTION: TURNING STRATEGY INTO ACTION
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K E R I N G J u l y 2 8 , 2 0 2 6 7K E R I N G QUALITY & PRICING: REBUILDING TRUST AND VALUE REBUILDING DESIRABILITY PRODUCT ARCHITECTURE EXECUTION PLAN PRODUCTIVE NETWORK WITH A REBALANCED GEOGRAPHIC FOOTPRINT RINASCIMENTO GUCCI CORE CRUISE 1st earned media value in fashion show ALPINE/GUCCI PARTNERSHIP Gucci Racing 1st expression starting 2027 season GUCCI MONTE CARLO Campaign & high-end activation PRODUCTS Borsetto & Paparazzo spotlight across show, campaigns and ambassadors 1st ILLUSTRATIONS
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K E R I N G J u l y 2 8 , 2 0 2 6 NOMINATION MEN’s PILLAR ASIA PRODUCTS Anouck Duranteau-Loeper, Deputy CEO in charge of product Successful Men’s spring summer 27 show Dedicated campaign for APAC brand resonance 1st bags from new LG Design team in Spring 27 ART & CULTURAL PARTNERSHIP Bangkok Kunsthalle and Seoul Leeum art museums Biennale sponsorships & activations INNOVATION BEYOND LEATHER GOODS Mycelium line for Men small leather goods PRODUCTS Mini Andiamo, top best-selling bag across all regions New introductions: Barbara & Madison from Louise Trotter ICONIC PRODUCTS LEATHER GOODS & ACCESSORIES MEN’S PILLAR CLIENT BASE EXPANSION POTENTIAL IN ASIA VISIBILITY EMERGING CULTURAL ELITES LEATHER GOODS BEYOND LEATHER GOODS CLIENT BASE EXPANSION 88 1st ILLUSTRATIONS 1st ILLUSTRATIONS DEEP LUXURY AT SCALE MAGNIFYING
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K E R I N G J u l y 2 8 , 2 0 2 6 LEATHER GOODS Fall 26 campaign focused on iconic lines (Le City & Rodeo) WOMEN AUTHORITY Summer 26 first PPP collection repositioning women offer MEN Successful introduction of new sneaker platforms LEATHER GOODS BALANCE MEN- TO-WOMEN MEN’S PILLAR RECRUITMENT & CULTURAL IMPACT GEO. BALANCE WOMEN’S READY- TO-WEAR CLIENTS Launch of grand tour, starting with Asia SHARING WITH KERING Expertise on Men’s ready-to- wear development and production ULTRA LUXURY POSITION EXPERTISE IN TAILORING & CRAFTSMANSHIP GROUP’S BENCHMARK IN SARTORIAL EXCELLENCE NOMINATION Gianfranco D’Attis as CEO REPOSITIONING ON TAILORING & OCCASION WEAR RATIONALIZATION & SIMPLIFICATION EXECUTION DISCIPLINE RETURN TO BREAKEVEN OPTIMIZATION Store network reduction: 20 closures in H1 Right sizing of the organisation 1st ILLUSTRATIONS 1st ILLUSTRATIONS 1st ILLUSTRATIONS SHOW Return to London Fashion week in September 26 99 HAUTE COUTURE SHOW Reaffirming the House's couture authority THE MASTERPIECETHE BRIDGE TO THE NEW GENERATION BACK TO
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10K E R I N G J u l y 2 8 , 2 0 2 6 INDUSTRIAL PLATFORM Advancing the structuring of our industrial platform Delivery of first cost and sourcing synergies COLLECTION Extension of iconic lines like Quatre collection at Boucheron with the success of Quatre XS HIGH IMPACT INTIATIVE Pomellato exhibition in Palais de Tokyo FOR THE SAKE OF RESILIENCE SOLID FOUNDATIONS WITH BOUCHERON, POMELLATO, QEELIN & DODO GROWTH POTENTIAL FOR FASHION HOUSES STRATEGIC INDUSTRIAL PLATFORM WITH RASELLI FRANCO 1st ILLUSTRATIONS FASHION HOUSES POTENTIAL High jewelry collection for Gucci presented in Time Square
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K E R I N G J u l y 2 8 , 2 0 2 6 11 LINDBERG COLLECTION A 40-year anniversary capsule, Lindberg precious collection, and blok titanium collection Maui Jim SS 2026 hero styles and re-launch of the optical category MAUI JIM COLLECTION 1st eyewear collection, fueled by powerful launch. Events in Italy and the US VALENTINO COLLECTION SEEING FURTHER NEXT CHАРТER OF A UNIQUE SUCCESS STORY AN INTEGRATED PLATFORM PROMISING PROSPECTS IN SMART EYEWEAR BALANCED PORTFOLIO OF MAJOR HOUSES PARTNERS AND PROPRIETARY BRANDS 1st ILLUSTRATIONS
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K E R I N G J u l y 2 8 , 2 0 2 6 RESTORING OPERATIONAL RIGOR ACROSS AN EFFICIENT GROUP 12 OPERATIONAL EXCELLENCE RIGHT SIZING OF THE RETAIL NETWORK CONTROL ON INVENTORY A MORE AGILE GROUP GOVERNANCE & TEAM EVOLUTION SIMPLIFICATION OF THE ORGANIZATION OPEX DISCIPLINE
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K E R I N G J u l y 2 8 , 2 0 2 6 1313 ASSET MUTUALIZATION & SUPPLIER BASE REVIEW LAUNCH OF GROUP PLATFORM 1ST MUTUALIZATION OPPORTUNITIES FOR PRODUCTION GLOBAL SOURCING & RATIONALIZATION DEPLOYMENT OF AUGMENTED DOMAIN AUGMENTED SALES & OPERATIONS PLANNING (S&OP) FOR INVENTORY MANAGEMENT & REPLENISHMENT ONE GROUP PLATFORM, ADVANCES ALREADY UNDERWAY SOME ILLUSTRATIONS (1/2) FASTER EXECUTION, BETTER DECISIONS AND ULTIMATELY STRONGER DESIRABILITY ACROSS OUR HOUSES INDUSTRY TECH SUSTAINABILITY SUPPORT FUNCTIONSCLIENT
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K E R I N G J u l y 2 8 , 2 0 2 6 FASTER EXECUTION, BETTER DECISIONS AND ULTIMATELY STRONGER DESIRABILITY ACROSS OUR HOUSES 1414 MATERIAL INNOVATION LAB SCOPE EXTENSION TO NON-LEATHER MATERIALS FOR LEATHER GOOD APPLICATIONS CLIENT ENGAGEMENT ENHANCEMENT OF LUCE APP WITH AI-DRIVEN TOOLS FOR CLIENT ADVISORS ONE GROUP PLATFORM, ADVANCES ALREADY UNDERWAY SOME ILLUSTRATIONS (2/2) INDUSTRY TECH SUSTAINABILITY SUPPORT FUNCTIONSCLIENT
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FINANCIAL RESULTS Armelle Poulou, CFO 15
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K E R I N G J u l y 2 8 , 2 0 2 6 16 H1 2026 | KEY FIGURES FCF FROM OPERATIONS €2.6bn incl. €0.8bn from real estate and Gucci Beauty agreement RECURRING OPERATING INCOME €921m 12.8% margin (+40bps) REVENUE €7.2bn +1% comparable NET FINANCIAL DEBT (excl. lease liabilities) €3.3bn -€4.7bn vs. YE 25 PEOPLE* 41,147 CAPEX €419m €260m (excl. real estate) 3.6% of revenue Notes: * Headcount as of June 30, 2026
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K E R I N G J u l y 2 8 , 2 0 2 6 17 (% of H1 revenue | comparable change YoY H1 revenue) H1 REVENUE BREAKDOWN BY REGION H1 2026 | GROUP REVENUE Western Europe 30% | -2% Asia Pacific 30% | +0% RoW 9% | -8% Japan 7% | +2% North America 24% | +9% H1 REVENUE CHANGE +2%o/w Q2 26 - -1% +1% reported H1 25 Comparable Scope FX H1 26 7,439 +1% -0% -4% 7,220 -3% reported (in €m and comparable change YoY) All figures exclude Kering Beauté (IFRS 5). 2025 P&L figures have been restated accordingly. % comparable change: at constant scope and exchange rates.
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K E R I N G J u l y 2 8 , 2 0 2 6 Q2 AN D H 1 2 02 6 | G R OUP R EV EN UE 18 Q1 26 YoY Q2 Change (%) YoY H1 Change (%) Reported Comp. H1 26 Reported Comp.Q2 26 KERING FASHION & LEATHER GOODS 2,852 2,948 -1% +0% 5,800 -5% -1% O/W GUCCI 1,347 1,410 -3% -2% 2,757 -9% -5% KERING JEWELRY 269 252 +15% +18% 521 +14% +20% KERING EYEWEAR 489 476 +7% +8% 965 +5% +8% CORPORATE & OTHER 30 35 -7% -6% 65 -7% +1% ELIMINATIONS (72) (59) N/A N/A (131) N/A N/A KERING 3,568 3,652 +1% +2% 7,220 -3% +1% (in €m) REVENUE BREAKDOWN BY SEGMENT All figures exclude Kering Beauté (IFRS 5). 2025 P&L figures have been restated accordingly.
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K E R I N G J u l y 2 8 , 2 0 2 6 H 1 2 02 6 | G R O UP R E V E N UE B Y C H AN N E L 19 DIRECTLY OPERATED STORES ROYALTIES & OTHER WHOLESALE KERING FASHION & LEATHER GOODS WHOLESALE KERING EYEWEAR 27%73%RETAIL INCL. E -COMMERCE WHOLESALE AND OTHER Q1 Q2 H1 -2% +2% -0% Q1 Q2 H1 +6% +3% +5% Q1 Q2 H1 +7% +8% +8% Q1 Q2 H1 +4% -2% +1% WHOLESALE KERING JEWELRY Q1 Q2 H1 +14% -0% +7% Q1 Q2 H1 +2% -1% +1% RETAIL KERING FASHION & LEATHER GOODS 1,635 -84 NET VS. YE 25 RETAIL KERING JEWELRY Q1 Q2 H1 +28% +28% +28% Q1 Q2 H1 -4% +0% -2% All figures exclude Kering Beauté (IFRS 5). 2025 P&L figures have been restated accordingly. % weight and % comparable change, based on revenue before eliminations.
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K E R I N G J u l y 2 8 , 2 0 2 6 25% 33%10% 8% 24% 20 • Strong improvement thanks to the outstanding momentum of our Jewelry Houses and the good performance of Bottega Veneta and Saint Laurent • More favorable tourism dynamic vs. Q1 JAPAN H1: +2% | Q1: -3%, Q2: +9% • Favorable contribution from most of our Houses, including Gucci, where brand equity is resonating particularly well with American consumers • Traffic improvement NORTH AMERICA H1: +10% | Q1: +9%, Q2: +10% • Sequential improvement QoQ due to firmer local demand offsetting still-soft tourism flows even if improving over the quarter • Strong improvement at Gucci, Saint Laurent and Bottega Veneta WESTERN EUROPE H1: -4% | Q1: -7%, Q2: -1% • Impact of the Middle East conflict • Sequential improvement month after month in Q2 ROW H1: -8% | Q1: -8%, Q2: -8% • Sequential improvement QoQ mainly driven by Boucheron and Bottega Veneta • Strong momentum for South Korea due to supportive market environment • On-going plan to turnaround in Mainland China ASIA PACIFIC H1: -3% | Q1: -4%, Q2: -1% H1 26 RETAIL REVENUE BY REGION: €5,351m H 1 2 02 6 | R E T AIL R E V E N UE B Y R E G IO N (% of H1 retail revenue; Q2 comments) All figures exclude Kering Beauté (IFRS 5). 2025 P&L figures have been restated accordingly. % comparable change: at constant scope and exchange rates.
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K E R I N G J u l y 2 8 , 2 0 2 6 H1 2 02 6 | R E C UR R IN G O P E R AT IN G IN C O ME 21 GROUP RECURRING OPERATING INCOME & MARGIN 14.9% 920 711 921 H1 25 H2 25 H1 26 12.8% SUSTAINED COST OPTIMIZATION RIGHTSIZING STORE NETWORK AND EXPENSES OPTIMIZING OTHER EXPENSES Renegotiation | Downsizing | Restructuring GROUP OPEX: €4.2bn reported in H1 26 -5% vs. H1 2025 (in €m and %) 84 net store closures (DOS) 9.8% 12.4% +40bps +300bps H1 change H1 vs. H2 change All figures exclude Kering Beauté (IFRS 5). 2025 P&L figures have been restated accordingly.
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K E R I N G J u l y 2 8 , 2 0 2 6 22 KERING FASHION & LEATHER GOODS Q2 RETAIL REVENUE FLAT COMP • Saint Laurent delivered a strong quarter, accelerating in nearly all regions supported by strong client demand as the new collections continued to gain traction • Bottega Veneta once again outperformed, also accelerating across nearly all regions, except for Mainland China • Balenciaga faced a more challenging quarter, as the House continued to work through its creative transition and rebalance its business • McQueen accelerated the execution of its repositioning while Brioni delivered another quarter of strong performance Q2 WHOLESALE REVENUE DOWN 1% COMP H1 26 REVENUE PER GEOGRAPHY H1 Change (%) H1 26 H1 25 Report. Comp. Revenue 5,800 6,115 -5% -1% o/w Retail 4,961 5,276 -6% -2% o/w Wholesale 644 652 -1% +1% o/w Royalties & other 195 187 +5% +5% Recurring operating income 828 832 -1% N/A Margin (in %) 14.3% 13.6% +0.7pt N/A H1 26 REVENUE, RECURRING OPERATING INCOME & MARGIN (% of H1 revenue | comparable change YoY H1 revenue) RECURRING OPERATING MARGIN AT 14.3% • Continued cost discipline DISTRIBUTION UPDATE • On -track on the rationalization of our store network with 88 net closures as of end of June 2026 (in €m) Western Europe 28% | -4% Asia Pacific 31% | -3% RoW 9% | -9% Japan 7% | -7% North America 25% | +10%
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K E R I N G J u l y 2 8 , 2 0 2 6 23 Q2 RETAIL REVENUE DOWN 2% COMP • New collections bringing brand visibility and positive trends, supported by successful launches of the new Borsetto and Paparazzo lines • All regions improved in the quarter with the strongest growth in North America Q2 WHOLESALE REVENUE UP 13% COMP H1 26 REVENUE PER GEOGRAPHY H1 Change (%) H1 26 H1 25 Report. Comp. Revenue 2 757 3 027 -9% -5% o/w Retail 2 476 2 751 -10% -6% o/w Wholesale 213 202 +5% +7% o/w Royalties & other 68 74 -8% -7% Recurring operating income 468 486 -4% N/A Margin (in %) 17.0% 16.0% +1.0pt N/A H1 26 REVENUE, RECURRING OPERATING INCOME & MARGIN RECURRING OPERATING MARGIN AT 17.0% • Continued cost discipline DISTRIBUTION UPDATE • 19 net closures for Gucci in the first half of which GUCCI Western Europe 27% | -6% Asia Pacific 31% | -8% RoW 8% | -15% Japan 7% | -16% North America 27% | +7% (% of H1 revenue | comparable change YoY H1 revenue)(in €m)
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K E R I N G J u l y 2 8 , 2 0 2 6 24 KERING JEWELRY Q2 REVENUE UP 18% COMP • Strong performance from Boucheron reaching new record levels, with particular strong growth in Japan and Asia Pacific • Strong momentum from Pomellato driven by Japan and North America • A more challenging quarter for DoDo and moderate growth for Qeelin • Conversion of some franchised locations to directly operated stores H1 26 REVENUE PER GEOGRAPHY H1 Change (%) H1 26 H1 25 Report. Comp. Revenue 521 455 +14% +20% o/w Retail 375 313 +20% +28% o/w Wholesale 142 136 +5% +7% o/w Royalties & other 4 7 -44% -44% Recurring operating income 32 16 +106% N/A Margin (in %) 6.2% 3.5% +2.7pt N/A H1 26 REVENUE, RECURRING OPERATING INCOME & MARGIN RECURRING OPERATING MARGIN AT 6.2% DISTRIBUTION UPDATE • 4 net openings in Asia Pacific, 2 net openings in Japan and 2 net closures in Western Europe Western Europe 23% | -5% Asia Pacific 43% | +26% RoW 7% | -3% Japan 23% | +60% North America 4% | +25% (% of H1 revenue | comparable change YoY H1 revenue)(in €m)
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K E R I N G J u l y 2 8 , 2 0 2 6 25 H1 26 REVENUE: +5% REPORTED, +8% COMPARABLE KERING EYEWEAR • Q2 growth supported by all major regions • Performance benefitting from high-profile product initiatives driving to an increasing margin H1 Change (%) €m H1 26 H1 25 Report. Comp. Revenue 965 921 +5% +8% Recurring operating income Margin (% in revenue) 222 23.0% 186 20.1% +19% +2.9pt N/A N/A H1 25 Comparable FX H1 26 921 +8% -3% 965 H1 26 RECURRING OPERATING INCOME & MARGIN (in €m)
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K E R I N G J u l y 2 8 , 2 0 2 6 26 H1 26 REVENUE: -7% REPORTED, +1% COMPARABLE CORPORATE & OTHER % % H1 Change (%) €m H1 26 H1 25 Report. Comp. Revenue 65 71 -7% +1% Recurring operating income (152) (111) N/A N/A H1 25 Comparable Scope FX H1 26 71 +1% -6% -2% 65 (in €m) H1 26 RECURRING OPERATING INCOME & MARGIN • Strong performance from Ginori 1735 with double-digit growth
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K E R I N G J u l y 2 8 , 2 0 2 6 FINANCIAL PERFORMANCE 27 In €m H1 26 H1 25 Revenue 7,220 7,439 Gross margin 5,170 5,409 Recurring earnings before interest, taxes, depreciation, and amortization 1,935 1,955 Recurring operating income 921 920 Other non-recurring operating income and expenses Financial result Income tax expense Share in earnings of equity-accounted companies (223) (280) (204) (23) 34 (277) (200) 1 Net income from continuing operations Net income from discontinued operations 191 53 478 45 Net income of consolidated companies of which net income, Group share 244 189 523 474 Net income, Group share, from continuing operations excluding non-recurring items 355 404 Net income, Group share, per share (in €) Net income per share from continuing operations, Group share, excluding non-recurring items (in €) 1.54 2.89 3.86 3.29 All figures exclude Kering Beauté (IFRS 5). 2025 P&L figures have been restated accordingly.
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K E R I N G J u l y 2 8 , 2 0 2 6 H1 2 02 6 |F C F F R O M O P E R AT IO N S AN D C AP E X 28 14.9% H1 25 excl. real estate H1 25 H1 26 excl. real estate and Gucci Beauty agreement H1 26 1,083 2,383 1,816 2,613 • FCF at €2.6bn, incl. real estate net proceeds and Gucci Beauty agreement • An increase of 68% vs. H1 25 for FCF excl. real estate and Gucci Beauty agreement FCF FROM OPERATIONSCAPEX • Group capex at € 260m excl. real estate, representing 3.6 % of revenue (vs. 5.3% in H1 25) 211 166 182 94 159 38 H1 25 H1 26 Real Estate Store Non-Store 431 419 (in €m)(in €m) Note: excluding lease liabilities
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K E R I N G J u l y 2 8 , 2 0 2 6 FREE CASH FLOW FROM OPERATIONS 29 in €m H1 26 H1 25 Cash flow before taxes, dividends and interests Change in working capital requirement Income tax paid 1,822 602 (100) 1,895 (261) (162) Net cash flow from operating activities 2,324 1,472 Acquisitions of property, plant and equipment and intangible assets (419) (431) Disposals of property, plant and equipment and intangible assets 708 1,342 Free cash flow from operations 2,613 2,383 Free cash flow from operations excl. real estate and Gucci Beauty agreement 1,816 1,083
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K E R I N G J u l y 2 8 , 2 0 2 6 CHANGE IN NET FINANCIAL DEBT 30 in €bn and Net Debt / EBITDA ratio (*) Net debt at Dec. 31, 2025 FCF from operations excl. real estate and Gucci Beauty agreement Lease repayment and related interests Dividends paid Net dividends received and interest paid Kering Beauté Real estate Raselli investment Other Net debt at June 30, 2026 8.0 -1.8 +0.7 +0.5 +0.1 -4.0 -0.5 +0.1 +0.2 3.3 3.4x* 1.4x* Note: *Pre IFRS 16 , i.e. net financial debt excluding lease liabilities / adjusted recurring EBITDA (Last twelve months)
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K E R I N G J u l y 2 8 , 2 0 2 6 CONCLUSION 31 Luca de Meo, CEO
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K E R I N G J u l y 2 8 , 2 0 2 6 ‐ Set a lean organization ‐ Deploy brand strategies & growth playbook ‐ Boost efficiency ‐ Focus on execution PRIORITIES & OUTLOOK FOR 2026 32 ‐ Return to growth ‐ Margin improvement KEY PRIORITIES OUTLOOK
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K E R I N G J u l y 2 8 , 2 0 2 6 Q&A 33
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K E R I N G J u l y 2 8 , 2 0 2 6 APPENDICES 34
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K E R I N G J u l y 2 8 , 2 0 2 6 35 €5,800m, -5% REPORTED, -1% COMPARABLE H1 2026 REVENUE KERING FASHION & LEATHER GOODS QUARTERLY PERFORMANCE DIRECTLY OPERATED STORES As of June 30, 2026 (net change vs. YE 2025) €m % comp. % report. Q1’26 Q2’26 2,852 2,948 -3% +0% -9% -1% YoY change Q2 26 H1 26 Western Europe North America Japan Asia Pacific RoW Total Retail -1% +10% -1% -3% -10% +0% -4% +10% -8% -5% -10% -2% YoY comparable change Western Europe 291 (-13 net) North America 280 (-20 net) Japan 172 (-16 net) 1,415 -88 net RoW 141 (-8 net) Asia Pacific 531 (-31 net) Retail by geography
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K E R I N G J u l y 2 8 , 2 0 2 6 36 €2,757m, -9% REPORTED, -5% COMPARABLE H1 2026 REVENUE of which GUCCI QUARTERLY PERFORMANCE DIRECTLY OPERATED STORES As of June 30, 2026 (net change vs. YE 2025) €m % comp. % report. Q1’26 Q2’26 1,347 1,410 -8% -2% -14% -3% YoY change Q2 26 H1 26 Western Europe North America Japan Asia Pacific RoW Total Retail -5% +9% -8% -5% -14% -2% -8% +8% -17% -10% -15% -6% YoY comparable change Western Europe 94 (-3 net) North America 101 (-10 net) Japan 61 (=) 478 -19 net RoW 61 (-1 net) Asia Pacific 161 (-5 net) Retail by geography
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K E R I N G J u l y 2 8 , 2 0 2 6 37 €521m, +14 % REPORTED, +20 % COMPARABLE H1 2026 REVENUE KERING JEWELRY QUARTERLY PERFORMANCE DIRECTLY OPERATED STORES As of June 30, 2026 (net change vs. YE 2025) €m % comp. % report. Q1’26 Q2’26 269 252 +22% +18% +14% +15% YoY change Q2 26 H1 26 Western Europe North America Japan Asia Pacific RoW Total Retail -2% +10% +67% +18% +411% +28% -4% +22% +61% +19% +259% +28% YoY comparable change Western Europe 48 (-2 net) North America 8 (=) Japan 32 (+2 net) 206 +4 net RoW 10 (=) Asia Pacific 108 (+4 net) Retail by geography
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K E R I N G J u l y 2 8 , 2 0 2 6 in €m H1 26 H1 25 Reported change % Kering Fashion & Leather goods 1,617 1,652 -2% o/w Gucci 830 855 -3% Kering Jewelry 79 59 +36% Kering Eyewear 258 217 +19% Corporate & Other (10) 30 N/A Elimination (9) (3) N/A KERING – RECURRING EBITDA 1,935 1,955 -1% Repayment of leases* (683) (666) -3% KERING – ADJUSTED RECURRING EBITDA 1,252 1,289 -3% R E C UR R IN G E B IT DA & ADJUS T E D R E C UR R IN G E B IT DA 38 All figures exclude Kering Beauté (IFRS 5). 2025 P&L figures have been restated accordingly. * Repayment of lease liabilities and interest expense on lease liabilities.
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K E R I N G J u l y 2 8 , 2 0 2 6 R E C UR R IN G O P E R AT IN G IN C O ME 39 in €m H1 26 H1 25 Reported change % Kering Fashion & Leather goods 828 832 -1% o/w Gucci 468 486 -4% Kering Jewelry 32 16 +106% Kering Eyewear 222 186 +19% Corporate & Other (152) (111) N/A Elimination (9) (3) N/A KERING – RECURRING OPERATING INCOME 921 920 +0% All figures exclude Kering Beauté (IFRS 5). 2025 P&L figures have been restated accordingly.
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K E R I N G J u l y 2 8 , 2 0 2 6 in €m H1 26 H1 25 Cost of net debt Other financial income and expenses (122) (38) (164) 4 Total financial result (excluding leases) (160) (160) Interest expense on lease liabilities (120) (117) FINANCIAL RESULT (280) (277) in €m H1 26 H1 25 Current tax expense Deferred tax income (expense) (145) (59) (296) 96 Income tax expense (204) (200) Effective tax rate 48.8% 29.5% Tax rate on recurring income 32.5% 29.5% N E T F IN AN C IAL C O ST S AN D IN C O ME T AX 40 All figures exclude Kering Beauté (IFRS 5). 2025 P&L figures have been restated accordingly.
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K E R I N G J u l y 2 8 , 2 0 2 6 BALANCE SHEET AND FINANCIAL STRUCTURE 41 CONDENSED BALANCE SHEET 15,362 17,415 7,044 Liabilities Equity Non-current liabilities Current liabilities 39,821 25,404 3,385 8,480 2,552 Assets Non-current assets Inventories Cash and cash equivalents Other current assets 39,821 Operating working capital at 32.6% of sales (in €m)
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K E R I N G J u l y 2 8 , 2 0 2 6 B AL AN C E SH E E T 42 in €m June 30, 2026 Dec. 31, 2025 Goodwill, brands and intangible assets Lease right-of-use assets Property, plant and equipment Investments in equity-accounted companies Net other non-currentassets (liabilities) Non-current lease liabilities Total net non-current assets (liabilities) Operating working capital Net other current assets (liabilities) Current lease liabilities Total net current assets (liabilities) Net assets held for sale Provisions 11,533 5,517 3,367 2,279 428 (4,976) 18,148 2,356 (315) (1,127) 914 - (376) 11,628 5,647 3,546 2,080 313 (5,032) 18,182 2,603 (459) (1,180) 964 4,926 (518) CAPITAL EMPLOYED 18,686 23,554 Equity Net debt 15,362 3,324 15,515 8,039 TOTAL SOURCES 18,686 23,554
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K E R I N G J u l y 2 8 , 2 0 2 6 DE F IN IT IO N S 43 Net Debt Net debt is one of the Group’s main financial indicators, and is defined as borrowings less cash and cash equivalents. Lease liabilities are not included in the calculation of this indicator. Borrowings include put options granted to minority interests. The cost of net debt corresponds to all financial income and expenses associated with these items, including the impact of derivative instruments used to hedge the fair value of borrowings. Recurring EBITDA and Adjusted recurring EBITDA The Group uses recurring EBITDA as an alternative performance indicator to monitor its operating performance. This financial indicator corresponds to recurring operating income plus net charges to depreciation, amortization and provisions on non-current operating assets recognized in recurring operating income. The adjusted recurring EBITDA corresponds to recurring EBITDA adjusted for IFRS 16 items and is an accurate proxy of pre-IFRS 16 recurring EBITDA. This indicator is used to improve comparability when calculating a net debt ratio consisting of net debt (as defined above) divided by adjusted recurring EBITDA.
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G U C C I | S A I N T L A U R E N T | B O T T E G A V E N E T A | B A L E N C I A G A | M c Q U E E N | B R I O N I B O U C H E R O N | P O M E L L A T O | D O D O | Q E E L I N | G I N O R I 1 7 3 5 K E R I N G E Y E W E A R