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Kering
Kering (KER) investor relations material
Kering Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
Revenue for 2025 was €14.7 billion, down 13% as reported and 10% on a comparable basis, with Q4 showing sequential improvement; all major brands except Bottega Veneta and Kering Eyewear posted declines.
Recurring operating income fell 33% to €1.6 billion, with margin down to 11.1% from 14.5% the previous year.
Strategic actions included cost optimization, 75 net store closures, 8–9% reduction in group operating expenses, and partnerships such as the L'Oréal deal and Raselli Franco acquisition.
Sustainability remains a core advantage, with a CDP AAA rating for the third consecutive year.
Creative and leadership renewal is underway, with new appointments and product strategies at key houses.
Financial highlights
Free cash flow from operations reached €4.4 billion, including €2.1 billion from real estate transactions; net financial debt reduced by €2.5 billion to €8 billion.
Capex (excluding real estate) was €792–800 million, representing a 5.4% capex-to-sales ratio.
Proposed ordinary dividend of €3.00 per share and exceptional dividend of €1.00 per share linked to the Kering Beauté transaction.
Forex was a 3-point headwind, mainly due to euro strength.
Retail accounted for 76% of revenue, down 11% comparable; e-commerce was 11% of retail sales, down 12%.
Outlook and guidance
2026 is expected to be a year of growth and margin improvement, with a focus on brand strategy, efficiency, and execution.
Store rationalization will continue, with at least 100 net closures planned in 2026.
Net debt is expected to decrease further with the L'Oréal deal, targeting a leverage ratio of 1–1.5.
Ambition to resume dividend increases in 2026, with a proposed €3 per share dividend and €1 exceptional dividend.
Capital Markets Day in April 2026 will detail the roadmap for transformation and growth.
Real estate strategy's long-term impact?
Gucci/Balenciaga creative changes impact?
Kering Beauté disposal: future portfolio focus?
McQueen's path to profitability?
Reduce fashion cycle dependence
Chief Commercial Officer's role
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Next Kering earnings date
CMD 202616 Apr, 2026
Kering
Next Kering earnings date
CMD 202616 Apr, 2026
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Frequently asked questions
The Kering Luxury Conglomerate
Kering Group is a French company with global operations that owns and operates various brands focusing on luxury goods. Through companies like Gucci, Balenciaga, and Alexander McQueen, the company sells apparel, accessories, jewelry, and other related products to a global consumer base. The company focuses on enabling its subsidiaries to act with creativity and modernity while also being mindful of their heritage, a strategy that is not uncommon for luxury brands. Kering is headquartered in Paris and is listed on the city’s Euronext Exchange.
Timber Trading and Expansion
What is today one of the largest luxury conglomerates in the world started down an unconventional path when compared to competitors like LVMH and Hermès. What is today the Kering Group was started by François Pinault as a timber trading company called Établissements Pinault in Rennes, France. The company quickly found success and made several acquisitions, rapidly expanding and eventually listing on the Paris Stock Exchange in 1988 under the name Pinault S.A.
Moving Into Luxury
It was after going public that the shift away from timber trading started in earnest after the company went public. François Pinault made several acquisitions of retail companies and department stores. Between 1999 and 2004, the transformation into a luxury conglomerate started to take place as the company acquired Gucci, Bottega Veneta, and Yves Saint Laurent, as well as signing several large partnerships. Pinault’s son, François-Henri, took over the reins of the company in 2005 and has served as its CEO and chairman since. Kering got its current name in 2013.
Further reading: Kering's Rise to Power: The Epic Battle for Gucci
The Brands
Kering operates a family of brands, including some of the most recognizable in the fashion industry. These companies, Gucci being a prime example, often have a long and storied history and incredibly strong brands and followings behind them. The company operates in the luxury sector, offering a variety of high-end products. Its portfolio includes fashion apparel for both men and women, covering a range from haute couture to ready-to-wear. In addition, the company produces leather goods like handbags, wallets, and luggage. Its product range also extends to footwear, fine jewelry, and watches. Besides LVMH, Richemont is a company that operates in a very similar fashion to Kering and its business model.
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