Moncler Spa Unsp/Adr

Good evening, this is the conference call conference operator. Welcome and thank you for joining the Moncler First Quarter 2026 Interim Management Statement Conference Call. As a reminder, all participants are in listen-only mode, and after the presentation there will be an opportunity to ask questions. Should anyone need assistance during the conference call, then they signal an operator by pressing star M0 on their telephone. At this time, I would like to turn the conference over to Ms. Elena Mariani, Group Strategic Planning and Investor Relations Director. Please go ahead, Madam.

Thank you, Operator, and thank you all for joining our call tonight. I will host this Interim Management Statement Call together with Luciano Santel, Chief Corporate and Supply Officer. I will start providing a brief overview of our results, and then Luciano and I will be happy to take your questions. Before starting, I need to remind you that this presentation may contain certain statements that are neither reported financial results nor other historical information. Any forward-looking statements are based on group current expectations and projections about future events. By their nature, forward-looking statements are subject to risks, uncertainties, and other factors that could cause results to differ even materially from those expressed in or implied by these statements, many of which are beyond the ability of the group to control or estimate. Let me also highlight that given the nature of our business, interim results can be influenced by seasonal effects and therefore cannot be taken as a proxy for full-year trends or results. Finally, I remind you that the press has been invited to participate to this conference in a listen-only mode. So, starting with an overview of our Q1 results on page 3, I'm delighted to announce that as a group, we achieved revenues of €881 million, up 12% year-on-year at constant effects. and up 6% in reported terms, reflecting 6 percentage points of negative impact from currencies. These results reflect double-digit sales growth achieved at both brands. Moncler brand revenues of €767 million up 12% year-on-year at constant effects and Stone Island brand revenues of €114 million up 11% year-on-year at constant effects. Now, if you move to page four, we're going to briefly touch upon the key highlights related to the Montclair brand. This has been an amazing quarter for the brand, probably the best we have ever seen in terms of brand impact and engagement, particularly when it comes to Montclair Grenoble. Starting last December, we had embarked on an intense 100-day journey of storytelling and activations related to this brand dimension. We have started back then with the launch of Montclair-Renault's latest campaign and then in Q1 we unveiled the Fall-Winter 2026 collection in Aston within the Rocky Mountains during a unique two-day brand experience with the Montclair-Renault global community and during this experience we opened our second Montclair-Renault-only store in Aston after St. Moritz two years ago, so obviously the first Renault flagship in America. But this 100-day journey extended well beyond Aspen. As shown on page five, it included several other activations. Just after the Aspen event during Milan Session Week, we unveiled the Beyond Performance exhibit in Milan, an immersive experience on the Moncler-Renaud universe and identity in the Courtyard of Portraits Milano. Also importantly, we returned to the Winter Olympics for the first time since 1968. We co-created with Brazilian designer Oscar Matzabat the ceremonial uniform of Team Brazil. This was announced just 24 hours before the opening ceremony and it quickly became the most relevant news of the day for both the luxury fashion world and the sports industry. The uniform and the moment itself became an iconic image of the 2026 Winter Olympics and the impact on media and social media has been beyond any expectation on our side. We were also incredibly lucky to be represented at the Olympics by our Moncler Grenoble Global Ambassador, Lucas Pinheiro Brassen, who won the first ever Olympic gold medal for Brazil. I'm sure many of you had the chance to see these very emotional images from Lucas. And on the back of his incredible journey, we launched the South Star, a campaign to celebrate Lucas' fantastic achievements, but also his personal story and values. Together, all these initiatives delivered exceptional visibility and engagement, generating over six billion in potential global reach, 435 million in digital engagement, and over 3,200 press articles worldwide, making this the most impactful Montclair Grenoble brand chapter to date. But this quarter was not just about Montclair Grenoble. Moving to page six, you can see a selection of other brand highlights related to Montclair Collection and Montclair Genius. First, we launched the first ever spring-summer collection developed in collaboration with Rick Owens, marking an evolution of a creative partnership that was historically mainly and just focused on fall-winter. Second, we presented Moncler Collection Spring 2026, supported by a global campaign shot in Rome, featuring actors Francesco Sciana and Celeste Della Porta, which generated 182 million potential reach worldwide and 2 million global engagement just within the first 30 days. Finally, Moncler further expanded its footwear offering with the introduction of the new Trail Grip LP. This model represents the lightest technical sneaker developed by Moncler to date, supporting the continued evolution of our footwear pillar. Let's now move to Stone Island on page seven. Also for Stone, this was an incredibly eventful quarter marked by a series of initiatives that further reinforced the brand's positioning around community, research and innovation, and increased the visibility of the brand worldwide. From a product and innovation standpoint, Sun Island continued to push the boundaries of material research and fabrication with the launch of prototype research series nine, where for the first time Nictor became the subject of prototype experimentation. We also continued Stone Island's global partnership with Frieze returning to the Los Angeles edition of Frieze Focus and reaffirming the brand's longstanding commitment to supporting emerging galleries and artistic experimentation. As part of this initiative, the brand collaborated with American artist Jamal Cyrus on the latest iteration of its Frieze uniform t-shirt series. In parallel, Stone unveiled the next chapter of its community as a form of research project presenting the Spring-Summer 26th Collection. We further expanded the brand dialogue with its global community with this new chapter bringing together a varied group of individuals sharing Stone Island's values such as former football icon Paolo Malvini, an amazing brand ambassador whom you can see on the page. Finally, the quarter included the opening of a new flagship store in Naples on one of the city's most prominent streets, once again developed in collaboration with the Oma Amo Studio. And then for the occasion, Stone Island released a surprise, a short documentary exploring the unique relationship between the brand and the city of Naples. Talking about numbers, we're going to start with the Moncler brand on page 8. We're very happy to say that in the first quarter of the year, the brand grew by 12% at constant currencies. And looking first at the performance by geography, Asia was the best performing region, growing by 22%. All countries grew year on year in this quarter and improved sequentially compared to Q4. China and Korea in particular were very strong and outperformed the rest of the region. Overall, local consumption was positive, but it also registered very good tourist flows within the region. So both locals and tourists contributed positively to the growth of Asia. Growth was also good in the Americas region, which was up 7%. Here we continue to observe very solid growth in local consumption in the DTC channel, but the wholesale channel also registered a positive performance in the quarter. EMEA revenues instead were down 1%, underperforming the other regions. And here I would highlight two factors in particular that affected the performance of the region. First, still subdued tourism trends from customers overseas, while local consumption has been holding up. And second, a relatively weak performance of the online channel in the region. Looking at Moncler revenues by channel on page nine, we're very pleased to say that in Q1 Moncler, DTC revenues were up 14% at constant currencies. We have registered very good retail KPIs and positive traffic into the physical channel. So physical retail has continued to outperform the online channel, which instead remains a bit more subdued in the quarter, even if it has improved substantially versus Q4. Wholesale revenues were up 3% year on year, This was due to a good reception of our Spring Summer 2026 collection, which resulted in higher reorders. And it is also important to highlight that this positive performance in the wholesale channel was achieved despite the ongoing efforts to upgrade the quality of our distribution, given that in the quarter we have continued to optimize our third-classy network. Let me remind you that for fiscal year 2026, we continue to expect wholesale revenues for Montclair to get close to flattish, so no change in our yearly outlook for this channel. Moving now to Stone Island on page 10, Q1 revenues were up 11% for the brand, boosted by continued solid double-digit growth in the DTC channel. But looking specifically at the trends by region, Asia was the strongest region, up 25%. All the main countries registered strong double-digit growth. So I'm talking about Korea, Japan, China, and the rest of APAC as well. So very much a broad-based growth within this region. The Americas region was also up 24%. The region is still small for Sun Island, but it grew at a double-digit pace both in the DTC channel and in the wholesale channel, so very encouraging signs. In-year revenues were up 3%. Also here, both channels were positive. And when it comes to the single countries, what I can tell you is that Italy, the largest single country in the region, slightly outperformed the rest of India. Looking more specifically at Stone Island Trends by channel on page 11, the DPC channel, which is now representing the majority of sales, grew by a strong 17% in Q1. We were very pleased by the development of all the retail metrics, particularly given that this performance is entirely organic, with no contribution coming from new space. All regions were positive in this channel, but as I have just mentioned, Americas and Asia in particular outperformed. And also for Sun Island, the physical channel continued to outperform the online channel across all regions. Finally, in wholesale, revenues were up 4%. Even for Stone Island, we continue to be extremely selective with our third-party partners, so we're very happy to say that growth was driven by a positive reception of the spring-summer 2026 collection. In terms of fiscal year 2026 indication, also for Stone, our ambition for this channel is to get close to Flattish, with trends in the first half of the year expected to be better than those in the second half of the year. Last but not least, let's briefly look at our store network on page 12. As of 31st of March 2026, the network of Moncler Monobrand boutiques counted 295 directly operated stores, net-net unchanged compared with December 2025. However, I would like to stress again an important development during the quarter, which was the previously mentioned opening of our second Moncler Grenoble-only store in Aspen. in correspondence of the event we had at the end of January. A beautiful store, definitely one of a kind, as you can see on page 13. Looking at Stone, the network of monobrand stores counted 94 directly operated stores, a net decrease of one unit compared with last December. But also for Stone, I would like to flag the opening of our store in Naples, which I've just mentioned, and of which you can see some nice pictures on page 14. So we reached the end of the presentation. I will now hand it over to the operator for your questions. I kindly ask you as usual to speak to a maximum of two questions per person to give all participants the opportunity to ask questions. Operator, you can now open the Q&A line. Thank you.

Thank you. This is the conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch point telephone. To remove yourself from the question queue, please press star N2. Please pick up the receiver when asking questions. Anyone who has a question may press star N1 at this time. We will pause for a moment as participants are turning the queue. First question is from Melania Grippo, BNP Paribas.