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Moncler: Weak H1 Results, But Encouraging Signs for H2

Group revenues in H1 2025 were EUR 1.226 billion, up 1% at constant FX, with Moncler brand up 1% and Stone Island down 1%. EBIT was EUR 225 million with an 18.3% margin, down from 21% last year due to higher marketing spending. Net result was EUR 153.5 million, and EPS came in at EUR 0.57, beating estimates of EUR 0.4196. The net cash position at the end of June was EUR 981 million.

MONC.MI

EUR 57.06

0.99%

A-Score: 5.2/10

Publication date: July 23, 2025

Full Report

Author: Analystock.ai

📋 Highlights
  • Group Revenues H1 2025 revenues were EUR 1.226 billion, up 1% at constant FX, with Moncler up 1% and Stone Island down 1%.
  • Profitability EBIT was EUR 225 million with an 18.3% margin, lower than last year's 21% due to higher marketing spending.
  • Net Cash Position The group reported a strong net cash position of EUR 981 million after a EUR 345 million dividend distribution.
  • Brand Performance Moncler's Q2 revenues were down 2% year-on-year, while Stone Island saw Q2 revenues up 6%, driven by D2C and Asia.
  • Operating Margin Outlook Operating margin protection is challenging due to weak like-for-like trends, with expenses controlled but outcomes uncertain.

Segment Performance

Moncler's Q2 revenues were down 2% year-on-year, mainly due to a slowdown in the D2C channel, reflecting challenging macroeconomic conditions. In contrast, Stone Island's Q2 revenues were up 6% year-on-year, driven by the D2C channel and Asia. As Roberto Eggs mentioned, "The current trading trend is still weak, with differences in traffic from day-to-day and week to week," indicating a challenging environment.

Operational Highlights

The group has a strong net cash position and a healthy net working capital of 9%. CapEx for the period was higher than last year, with an expected incidence closer to 7% by year-end. The company is also investing in its brands, with Moncler participating in the Met Gala and launching new collaborations, while Stone Island introduced its Autumn Winter 2025 collection.

Outlook and Valuation

Looking ahead, the company expects gross margin expansion for the year-end, driven by the channel mix, with the D2C business expected to grow more in the second half. Analysts estimate next year's revenue growth at 6.7%. With a P/E Ratio of 20.77 and an EV/EBITDA of 12.59, the stock appears reasonably valued. The Dividend Yield of 2.65% and Free Cash Flow Yield of 6.27% are also attractive. ROE stands at 19.15%, indicating good profitability.

Guidance and Store Openings

The company has guided for a medium to high single-digit decline in Moncler's wholesale revenue, while Stone Island's wholesale is expected to improve in H2 compared to H1. The company plans to continue opening stores, with 2/3 of openings between August and December, and a similar plan expected for 2026.

Moncler's A-Score