Piquadro (PQ) H1 25/26 earnings summary

Executive summary

• Revenues for the half-year ended 30 September 2025 reached €88.4 million, up 0.7% year-over-year, with growth in The Bridge and Lancel brands offsetting a decline in Piquadro brand sales.

• Consolidated revenue for the first nine months ended December 31, 2025, was €136.8 million, up 1.7% year-over-year, with third quarter revenue growing 3.4% mainly due to Lancel's strong performance.

• EBITDA increased by 8.2% to €16.0 million, and net profit rose 3.1% to €5.1 million compared to the same period last year.

• Management highlights strategic actions, selective distribution, and direct sales performance as key to sustainable growth.

Financial highlights

• Adjusted EBITDA was €9.0 million, up 1.3% year-over-year.

• EBIT was €7.54 million, nearly flat year-over-year.

• Net financial position deteriorated to negative €54.5 million, mainly due to new and renewed lease agreements.

• Equity stood at €66.7 million at 30 September 2025.

• Cash and cash equivalents at period end were €26.9 million.

• Italian market revenue rose 2.5% to €63.4 million; European market up 1.7% to €70.3 million.

• Revenue outside Europe declined by about €0.5 million, mainly due to store closures in China.

Outlook and guidance

• Management expects to continue growth by focusing on end customers, product innovation, and leveraging financial and capital strength.

• The Group remains vigilant regarding macroeconomic uncertainties and supply chain disruptions.