Earnings release
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1 PRESS RELEASE Salvatore Ferragamo S.p.A. FY 2025 Group Preliminary Consolidated Revenue1 Figures Q4 2025 DTC3 positive performance across all regions, accelerating sequentially on a challenging comparison base Continued focus on the new action plan also in 2026 Since the second quarter of 2025 , the Group has identified new key business priorities and began implementing the necessary actions to ensure full alignment and coherence across design, product, communication and distribution channels, leveraging its strong heritage and creative capabilities. Regarding the product offer, for shoes we have further strengthened our icons, uplifting the Vara proposition for women and reinforcing the Tramezza line for men. As far as leather goods, we enhanced the Hug line and introduced new best -sellers, such as the Soft bag, while also supporting leather accessories and silk to improve cross-selling and customers’ acquisition. Our narrative and communication strategy was updated to celebrate the Brand’s codes and craftmanship, elevating storytelling and improving targeting and efficiency to maximize ROI. We developed 360 degrees campaigns with curated in -store activations and a strong digital- first approach, enhancing the customer experience also through omnichannel and client acquisition projects and uplifting clienteling through innovative marketing programs. Another focus area has been our retail network, where we improved visual displays and enriched the in-store experience, while progressing with store renovations and strengthening data-driven c lienteling. We also enhanced our online presence through a better user experience. In wholesale, we concentrated on key accounts, aligned with our brand positioning. We continued to execute our strategy with flexibility and operational discipline, through effective cost control, higher collection efficiency and inventory optimization.
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2 The execution of these strategic initiatives supported the positive DTC performance also in the fourth quarter of 2025, which accelerated sequentially despite a tougher comparison base, with all regions posting positive trends. The results benefitted from higher conversion rate and average ticket, improved cross-selling and a continued solid growth of the online business. Wholesale channel continued to decline, as in previous quarters, consistent with our reinforced focus on key accounts aligned with our brand image. Mindful that the geopolitical and macroeconomic environment remains uncertain, and that wholesale is likely to remain challenging, our focus in 2026 will be to sustain current momentum, fully deploy the revised positioning and re-assess our retail distribution network. We look forward to build on these initial positive results, reigniting brand desirability and supporting topline and profitability. Florence, 27 January 202 6 – Salvatore Ferragamo S.p.A. ( EXM: SFER ) released the Group’s Preliminary Consolidated Revenues 1 for Full Year 2025 and Q4 2025. In Q4 2025 Preliminary Consolidated Revenues 1 amounted to 282 million Euros, down 2.0% at constant exchange rates2 and down 3.2% at current exchange rates vs. Q4 2024. The DTC3 registered a 6.3% increase at constant exchange rates 2 in the quarter , accelerating vs. Q3 2025 on a tougher comparison base. The Wholesale channel reported negative results. Consolidated Revenues1 for Full Year 2025 amounted to 977 million Euros down 3.8% at constant exchange rates2 and -5.7% at current exchange rates vs. FY 2024. DTC3 was up 0.4% at constant exchange rates2, while the Wholesale channel remained negative. Net Sales1 by distribution channel In Q4 2025 the DTC3 channel posted consolidated Net Sales1 up 6.3% at constant exchange rates2 (+0.6% at current exchange rates ) vs. the same period of l ast year, with positive trends at constant exchange rates 2 across all the regions and accelerating vs. Q3 2025 despite the tougher comparison base. Also the online channel continued its positive trend, reporting a solid growth also in Q4, with higher traffic, order number and value on our website ferragamo.com. In FY 2025 the DTC3 channel was up 0.4% at constant exchange rates2 (-3.1% at current exchange rates) vs. FY 2024, with the positive performances at constant exchange rates 2 in US, Europe and Latin America, offsetting the weaker results in Asian markets.
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3 In Q4 2025 the Wholesale channel registered a decrease in Net Sales1 of 30.6% at constant exchange rates2 and -23.5% at current exchange rates vs. Q4 202 4, reflecting the renewed focus on controlled distribution and key accounts, aligned with our brand image. In FY 202 5 the Wholesale channel was down 17.1% at constant exchange rates 2 and -17.5% at current exchange rates vs. FY 2024. Net Sales1 by geographical area The DCT 3 channel in EMEA in Q4 202 5 posted Net Sales 1 up mid -single digit , driven by an increase in conversion rate and average ticket. Wholesale was down double -digit. EMEA T otal Net Sales 1 in Q4 2025 were down 10.9% at constant exchange rates2 (-5.3% at current exchange rates) vs. Q4 2024. In FY 2025 total Net Sales1 in EMEA decreased 6.5% at constant exchange rates2 (-4.4% at current exchange rates) vs. FY 2024, with the DTC3 positive performance offset by the double-digit negative Wholesale result. The DCT3 channel in North America in Q4 2025 was up high-single digit at constant exchange rates2 on a solid comparison base. The Wholesale channel recorded Net Sales 1 double-digit below last year. North America Total Net Sales1 in Q4 2025 increased 2.0% at constant exchange rates2 (-1.9% at current exchange rates) vs. Q4 2024. In FY 2025 total Net Sales1 in North America increased 3.1% at constant exchange rates 2 (-0.9% at current exchange rates) vs. FY 2024 , with the positive DTC3 performance offsetting the Wholesale channel, which was down mid-single digit at constant exchange rates2. Both the DTC 3 and Wholesale channel in Central and South America in Q4 2025 increased mid-single digit at constant exchange rates 2, driving T otal Net Sales1 up 5.1% at constant exchange rates 2 (+1.1% at current exchange rates) vs. Q4 2024. In FY 2025 Total Net Sales1 in Central and South America were up 7.9% at constant exchange rates2 (-1.4% at current exchange rates) vs. FY 2024, with DTC3 double-digit increase at constant exchange rates2 penalized by the negative Wholesale performance. The DCT3 channel in Asia Pacific in Q4 2025 posted a positive performance at constant exchange rates2 across Korea, China and Southeast Asia. Wholesale was down double-digit vs. last year. Q4 2025 Total Net Sales1 in Asia Pacific were down 2.3% at constant exchange rates2 (-8.8% at current exchange rates) vs. Q4 2024. In FY 2025 total Net Sales1 in Asia Pacific decreased 11.5% at constant exchange rates 2 (-15.6% at current exchange rates) vs. FY 2024, mostly penalized by the Wholesale business. The Japanese market in Q 4 2025 registered an increase in total Net Sales 1 of 2.8% at constant exchange rates2 (-6.3% at current exchange rates) vs. Q4 2024.
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4 In FY 2025 total Net Sales1 in Japan decreased 3.0% at constant exchange rates2 (-6.0% at current exchange rates) vs. FY 2024. **** Notes to the press release 1 Preliminary/Non-Audited Revenues and Net Sales drafted according to IAS/IFRS International Accounting Principles. 2 Revenues/Net Sales at “constant exchange rates” are calculated by applying to the Revenue s/Net Sales of the period 2024, not including the “hedging effect”, the average exchange rates of the same period 2025. 3 In our distribution model, the Direct to Consumer (DTC) channel consists of single branded stores managed directly by us (DOS), as well as a directly managed online boutique and other e-commerce platforms through which we sell directly to our customers. **** Governance Following the announcements made to the market on February 3 and March 6, 2025, regarding the establishment of the Chairman Advisory Committee to support Executive Chairman Leonardo Ferragamo — approved by the Board of Directors on March 6, 2025, and compose d of Directors with delegated powers James Ferragamo and Ernesto Greco and Chairman Special Advisor Michele Norsa - it is hereby announced that today the Board of Directors has integrated its composition by appointing the Company's Vice President Angelica Visconti as a member with immediate effect. **** The manager charged to prepare the corporate accounting documents, Paolo La Morgia, pursuant to article 154-bis, paragraph 2, of Legislative Decree no. 58/1998 (Consolidated Financial Law), hereby declares that
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5 the information contained in this Press Release faithfully represents the content of documents, financial books and accounting records. This document may contain forecasts, relating to future events and operating results, which by their very nature are uncertain, in that they depend on future events and developments that cannot be predicted with certainty. Actual results may therefore differ with those forecasted, due to a variety of factors. **** Salvatore Ferragamo S.p.A. Salvatore Ferragamo S.p.A. is the parent Company of the Salvatore Ferragamo Group, one of the leaders in the luxury industry, and whose origins date back to 1927. Salvatore Ferragamo is renowned for the creation, production, and worldwide distribution of luxury collections of shoes, leather goods, apparel, silk products and other accessories for men and women, also including eyewear, watches and fragrances under license. Embedding the spirit of its Founder, Ferragamo reinterprets its heritage with creativity, innovation and sustainable thinking. Uniqueness and exclusivity, along with the blend of style and exquisite 'Made in Italy' savoir-faire, are the hallmarks of all Ferragamo's products. **** For further information: Salvatore Ferragamo S.p.A. Paola Pecciarini Group Investor Relations Tel. (+39) 055 3562230 investor.relations@ferragamo.com Image Building Giuliana Paoletti, Mara Baldessari Media Relations Tel. (+39) 02 89011300 ferragamo@imagebuilding.it This Press Release is also available on the website http://group.ferragamo.com, in the section “Investor Relations/Financial Press Releases”. ****
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6 On the following pages, a more detailed analysis of Revenues/Net Sales1 of the Salvatore Ferragamo Group as of 31 December 2025. Revenues1 by distribution channel as of 31 December 2025 (In thousands of Euro) 2025 % on Revenues 2024 % on Revenues % Change % Change at constant exchange rates DTC* 752,302 77.0% 776,700 75.0% (3.1%) 0.4% Wholesale 191,917 19.7% 232,579 22.5% (17.5%) (17.1%) Net sales 944,219 96.7% 1,009,279 97.5% (6.4%) (3.7%) Cash flow hedging effect 12,982 1.3% 4,842 0.5% 168.1% na Licenses and services 16,267 1.7% 17,530 1.7% (7.2%) (7.2%) Rental income investment properties 3,063 0.3% 3,455 0.3% (11.3%) (7.4%) Revenues 976,531 100.0% 1,035,106 100.0% (5.7%) (3.8%) * Direct To Consumer (DTC) channel consists of single branded stores managed directly by us (DOS), as well as a directly managed online boutique and other e-commerce platforms through which we sell directly to our customers. Net Sales1 by geographic area as of 31 December 2025 (In thousands of Euro) 2025 % on Net sales 2024 % on Net sales % Change % Change at constant exchange rates Europe 235,601 25.0% 246,472 24.4% (4.4%) (6.5%) North America 304,846 32.3% 307,591 30.5% (0.9%) 3.1% Japan 77,970 8.3% 82,918 8.2% (6.0%) (3.0%) Asia Pacific 246,014 26.0% 291,385 28.9% (15.6%) (11.5%) Central and South America 79,788 8.4% 80,913 8.0% (1.4%) 7.9% Net sales 944,219 100.0% 1,009,279 100.0% (6.4%) (3.7%) Net Sales1 by product category as of 31 December 2025 (In thousands of Euro) 2025 % on Net sales 2024 % on Net sales % Change % Change at constant exchange rates Footwear 409,601 43.4% 461,001 45.7% (11.1%) (8.1%) Leather goods 399,590 42.3% 412,841 40.9% (3.2%) (0.6%) Apparel 59,020 6.3% 60,459 6.0% (2.4%) 0.2% Silk & Other 76,008 8.0% 74,978 7.4% 1.4% 3.2% Net sales 944,219 100.0% 1,009,279 100.0% (6.4%) (3.7%)