H1
2026
RESULTS
AUGUST
4 , 202 6
2
H1 2026 RESULTS
This
presentation
may
contain
forward
looking
statements
based
on
current
expectations
and
projects
of the
Group
in
relation
to
future
events
.
Due to
their
specific
nature,
these
statements
are
subject
to
inherent
risks
and
uncertainties,
as
they
depend
on
certain
circumstances
and
facts,
most
of
which
being
beyond
the
control
of the
Group
.
Therefore
actual
results
could
differ,
even
to a
significant
extent,
with
respect
to
those
reported
in the
statements
.
DISCLAIMER
3
H1 2026 RESULTS
“
After
a
resilient
start
to the
year,
the
second
quarter
developed
within
a
softer
demand
environment
in our
core
markets,
weighing
on our
sales
performance
.
Against
this
backdrop,
we
stayed
focused
on the
levers
under
our
control,
protecting
the
quality
of our
business
through
disciplined
commercial
execution,
a
favourable
price/mix
and
continued
cost
control,
delivering
another
quarter
of
solid
margin
expansion
and
strong
cash
generation
.
This
allowed
us to
continue
to
invest
selectively
in our
strategic
priorities
.
Some
positive
signs
we
observed
towards
the end
of the
second
quarter
and
into
the
beginning
of the
third
give
us
more
confidence
as we
look
to the
second
half
of the
year,
ready
to
capture
the
opportunities
which
may
arise
from
a
gradual
improvement
in
market
trends
.
”
Angelo
Trocchia,
CEO
CONTINUED MARGIN EXPANSION AND CASH
GENERATION IN A WEAK DEMAND ENVIRONMENT
4
H1 2026 RESULTS•
A resilient start to the year followed by mid -
single digit sales decline in Q2, as our core customers in North America and Europe turned more prudent on ordering • Further margin expansion, supported by structural business improvements and tariff refunds •
Solid
cash
flow
generation,
supporting
the
Group’s
strategic
investments,
including
the
acquisition
of
SPY+
and
Serengeti
•
Launch
of new
Buy
Back
Programme
to
continue
an
efficient
capital
allocation
strategy
H1 2026 HIGHLIGHTS
5
H1 2026 RESULTS
TOTAL SALES
512 .
0 €M
-
4.8%
| -
1.9%
@cFX
Q2
239.1
€M |
-
4.5% at
cFX •
Weak market environment from late March and throughout April and May, with trends showing some improvement in June • Sunglasses the most affected category, while prescription
frames decelerated
versus
prior trends
• Premium and luxury generally more resilient. Carrera, Smith, David Beckham and Kate Spade confirming solid momentum across key markets and channels
6
H1 2026 RESULTS
Q2
110.6
€M |
-
2.7% at
cFX •
More challenging trading conditions in France and Germany, on lower store and
online traffic
• Continued growth in Eastern Europe, in particular Turkey and Poland •
Sustained
tourist
flows
in
Italy
supported
opticians
across
both
prescription
frames
and
sunglasses
.
Growth
of
Carrera,
David
Beckham,
Polaroid,
Tommy
Hilfiger,
BOSS,
and
Marc
Jacobs
.
Launch
of
Victoria
Beckham
SALES
in
EUROPA
240 .
5 €M
-
1.0%|
-
0.5%
@cFX
7
H1 2026 RESULTS
SALES
in
NORTH
AMERICA
205 .
6 €M
-
6.9%|
-
0.8%
@cFX
Q2
95.9
€M |
-
4.4% at
cFX •
Weak market for independent opticians, with overall eyewear sales down high single -
digit in May. Department stores and retail chains more supportive in June on stronger
premium demand
• Kate Spade, Carrera, David Beckham, Marc Jacobs, and Carolina Herrera outperformed, while Blenders remained negative • Smith positive, with a solid bike business offsetting weaker winter -
sports pre
-
orders
8
H1 2026 RESULTS
SALES
in
ASIA & PACIFIC
Q2
13.0
€M |
-
17.7% at
cFX •
Demanding comparison base, weak environment in China and timing of optical fair reducing customer attendance • Australia positive, supported by Smith and
Carrera
REST OF THE WORLD
41 .
0 €M
-
5.7 %
| -
5.8%
@cFX
24 .
9 €M
-
17.6%|
-
15.8%
@cFX
Q2
19.5
€M |
-
5.1% at
cFX •
S till impacted by the Middle East conflict, but stabilizing through the
quarter
• India improving, Latin America muted
9
H1 2026 RESULTS
GROSS MARGIN
Q2
174.8
€M, +12.6%
73.1%, +11.5 pp |
65.1%
2 , +3.5 pp • Tariff refunds largely booked as a reduction of cost of goods sold • Structural business improvement, driven by
favourable
price/mix effects and lower tariffs 344 .
0 €M
,+4.8%
67.2%, +6.1 pp |
63.4%
2 , +2.3 pp 2 Excluding tariff refunds
10
H1 2026 RESULTS
ADJUSTED
1
EBITDA
MARGIN
86 .
0 €M
, +38.1%
16.8%, +5.2 pp |
12.9%
2 , +1.3 pp Q2
49.0
€M, +75.2%
20.5%, +9.4 pp |
12.1%
2 , +1.0 pp •
Gross
-
margin increase converted into solid operating performance, partially offset by lower operating leverage in a weaker sales environment • Cost inflation pressures and continued investments behind the Group's brands 2 Excluding tariff refunds
11
H1 2026 RESULTS
ADJUSTED
1
NET PROFIT
49 .
4 €M
, +46.7%
9.6%, +3.3 pp |
6.6%
2 , +0.3 pp
H1 adjusted
1
operating profit
68.3
€M, +57.7%
13.3% ,+5.2 pp |
9.4%
2
,+1.3 pp
• Net financial charges 5.6 €M from 2.9 €M, on a neutral FX effect versus a prior -
year gain
• 0.8
€M loss on options related to non -
controlling interests, following final adjustment on the purchase of the remaining 20% stake in Blenders 2 Excluding tariff refunds
12
H1 2026 RESULTS
Q2
23.8
€M vs 29.1 €M in Q2 2025 |
29.4
€M 2
vs 17.2
€M •
H1 cash flow from operating activities up to 78.8 €M vs 40.7 €M, benefiting from a solid economic performance and from tariff refunds • Group’s strategic investments:
additional
Inspecs
Group shares (5
€M),
acquisition
of SPY+ and Serengeti (21.5 €M ), and
remaining
20% of Blenders (6.3 €M )
FREE CASH FLOW
36 .
4 €M
vs 43.5
€M |
46.9
€M 2
vs 31.6
€M 2
Excluding tariff refunds and strategic investments/disinvestments
13
H1 2026 RESULTS•
Including the execution of the new Share Purchase
Programme
, launched on June 8, 2026, for 2.4
€M as
at June 30, 2026
GROUP NET DEBT
5 .
4 €M
vs 46.1
€M as
at
Dec.31, 2025
Net
financial
position pre
-
IFRS16
+29.6
€M vs
-
6.6 €M
as at
Dec.31, 2025
14
H1 2026 RESULTS
ACQUISITION OF SPY+ & SERENGETI
Two iconic, complementary eyewear brands joining Safilo, expanding our reach across Technical Luxury and Sport & Outdoor
SERENGETI
AMERICAN HERITAGE • PREMIUM MINERAL LENSES
Safilo’s gateway into the Technical Luxury arena: authentic heritage in high -
end
products
SPY+
CALIFORNIA ACTION SPORTS • DISRUPTIVE
A boost to the Sport & Outdoor portfolio: authentic action -
sports credibility, fully complementary to Smith and Blenders.
Q&A
Appendices
17
H1 2026 RESULTS
NOTES TO THE
PRESENTATION
1 In
the
first
half
of
2026
, the
adjusted
economic
results
exclude
non -
recurring
costs
of
Euro
6 .
6
million
due to
special
projects
and
some
restructuring
expenses
.
In the
second
quarter
of
2026
, the
adjusted
EBITDA
excludes
non -
recurring
costs
of
Euro
3 .
6
million
.
In the
first
half
and in
the
second
quarter
of
2026
, the
adjusted
economic
results
include
Euro
20 .
0
million
of
refunds
for
duties
previously
paid
in the
United
States,
recognized
in
P&L,
mostly
as a
reduction
of
costs
of
goods
sold
.
In H
1
2025
, the
adjusted
economic
results
excluded
a net
non -
recurring
income
of
around
Euro
8 .
0
million
due to
a
gain
of
Euro
9 .
7
million
from
the
disposal
of the
subsidiary
Lenti
S .
r .
l .
, and
some
restructuring
expenses
for
Euro
1 .
8
million
.
In Q
2
2025
, the
adjusted
EBITDA
excluded
a net
non -
recurring
income
of
around
Euro
9 .
0
million
due to
a
gain
of
Euro
9 .
7
million
from
the
disposal
of the
subsidiary
Lenti
S .
r .
l .
, and
some
restructuring
expenses
for
Euro
0 .
7
million
.
2
Following
the
implementation
by U
.
S .
Customs
and
Border
Protection
of the
refund
mechanism
established
after
the
February
2026
U .
S .
Supreme
Court
ruling
on
IEEPA
tariffs,
Safilo
filed
claims
for
duties
previously
paid
in the
United
States
and
received
refunds
for
Euro
22 .
2
million
.
Of
this
amount,
Euro
20 .
0
million
was
recognized
in
P&L,
mostly
as a
reduction
of
costs
of
goods
sold,
while
Euro
2 .
2
million
was
recorded
as a
reduction
of
inventory
as of
June
30 ,
2026
.
This
one -
time
benefit
will
be
partially
used
for
future
investments
to
further
strengthen
the
Group’s
infrastructures
and
accelerate
marketing
activities
across
key
markets
.
18
H1 2026 RESULTS
H1 2026
%
H1 2025
%
% Change
constant forex
Europe
240,5
47,0
243,1
45,2
-1,0%
-0,5%
North America
205,6
40,2
220,9
41,1
-6,9%
-0,8%
Asia Pacific
24,9
4,9
30,2
5,6
-17,6%
-15,8%
Rest of the world
41,0
8,0
43,5
8,1
-5,7%
-5,8%
Total
512,0
100,0
537,6
100,0
-4,8%
-1,9%
Q2 2026
%
Q2 2026
%
% Change
constant forex
Europe
110,6
46,3
114,2
45,4
-3,2%
-2,7%
North America
95,9
40,1
102,1
40,5
-6,1%
-4,4%
Asia Pacific
13,0
5,5
15,7
6,2
-17,1%
-17,7%
Rest of the world
19,5
8,2
19,8
7,9
-1,5%
-5,1%
Total
239,1
100,0
251,9
100,0
-5,1%
-4,5%
% Change
current forex
% Change
current forex
NET SALES BY
GEOGRAPHY
(in
Euro
million
and %
on
total
sales)
Q1 2026
%
Q1 2025
%
% Change
constant forex
Europe
129.9
47.6
128.9
45.1
+0.8%
+1.4%
North America
109.7
40.2
118.8
41.6
-7.7%
+2.3%
Asia Pacific
11.8
4.3
14.4
5.1
-18.0%
-13.6%
Rest of the world
21.5
7.9
23.7
8.3
-9.1%
-6.3%
Total
272.9
100.0
285.8
100.0
-4.5%
+0.4%
% Change
current forex
Q2 2026
%
Q2 2025
%
% Change
constant forex
Europe
110.6
46.3
114.2
45.4
-3.2%
-2.7%
North America
95.9
40.1
102.1
40.5
-6.1%
-4.4%
Asia Pacific
13.0
5.5
15.7
6.2
-17.2%
-17.7%
Rest of the world
19.5
8.2
19.8
7.9
-1.5%
-5.1%
Total
239.1
100.0
251.9
100.0
-5.1%
-4.5%
% Change
current forex
19
H1 2026 RESULTS
ECONOMIC
HIGHLIGHTS
(in Euro million and % on total sales)
H1 2026
%
H1 2025
%
% Change
Net sales
512.0
537.6
-4.8%
Gross Profit
344.0
67.2%
328.2
61.1%
+4.8%
EBITDA
79.5
15.5%
70.2
13.1%
+13.2%
Adjusted
1
EBITDA
86.0
16.8%
62.3
11.6%
+38.1%
Operating profit
61.8
12.1%
51.3
9.5%
+20.4%
Adjusted
1
Operating profit
68.3
13.3%
43.3
8.1%
+57.7%
Group net profit
44.4
8.7%
41.7
7.8%
+6.5%
Adjusted
1 Group net profit
49.4
9.6%
33.7
6.3%
+46.7%
Q2 2026
%
Q2 2025
%
% Change
Net sales
239.1
251.9
-5.1%
Gross Profit
174.8
73.1%
155.3
61.6%
+12.6%
EBITDA
45.3
19.0%
37.0
14.7%
+22.7%
Adjusted
1
EBITDA
49.0
20.5%
27.9
11.1%
+75.2%
Q1 2026
%
Q1 2025
%
% Change
Net sales
272.9
285.8
-4.5%
Gross Profit
169.2
62.0%
173.0
60.5%
-2.2%
EBITDA
34.1
12.5%
33.3
11.6%
+2.6%
Adjusted
1
EBITDA
37.1
13.6%
34.3
12.0%
+7.9%
20
H1 2026 RESULTS
BALANCE
SHEET
AS OF
JUNE
30,2026
(in Euro million) Net working capital
215.8
213.3
2.4 Tangible, Right of Use, and Intangible fixed assets
218.3
227.6
(9.3)
Goodwill
31.9
31.0
1.0 Other assets/(liabilities), net
15.4
(22.7)
38.1
Net invested capital
481.3
449.2
32.2
Net financial position
(5.4)
(46.1)
40.7
Group Shareholders' equity
(475.9)
(392.5)
(83.5)
Non-controlling interests
0.0
(10.6)
10.6
June 30, 2026 December 31, 2025
Change
21
H1 2026 RESULTS
WORKING CAPITAL
AS OF
JUNE
30,2026
(in Euro million) June 30, 2026 December 31, 2025
Change
Trade receivables
215.6
186.6
29.0
Inventories
146.3
171.2
(24.9)
Trade payables
(146.1)
(144.5)
(1.6)
Net working capital
215.8
213.3
2.4 % on net sales
22.5%
21.7%
22
H1 2026 RESULTS
FREE CASH FLOW
(in Euro million) Free Cash Flow (in Euro million)
H1 2026
H1 2025
Cash Flow from operating activities before change in working capital
78.2
36.8
Change in working capital 0.6 3.9 Cash Flow from operating activities
78.8
40.7
Cash Flow for/from (investment)/disinvestment activities
(36.4)
8.4 Cash payments for the principal portion of lease liabilities IFRS 16
(6.0)
(5.6)
Free Cash Flow
36.4
43.5
23
H1 2026 RESULTS
EXCHANGE RATES
(Appreciation)/
Depreciation
(Appreciation)/
Depreciation
Currency
Code
June 30, 2026 December 31, 2025 %
H1 2026
H1 2025
%
US Dollar
USD
1.1394
1.1750
-3.0%
1.1666
1.0928
6.8%
Hong-Kong Dollar
HKD
8.9350
9.1464
-2.3%
9.1274
8.5168
7.2%
Swiss Franc
CHF
0.9224
0.9314
-1.0%
0.9179
0.9414
-2.5%
Canadian Dollar
CAD
1.6220
1.6088
0.8%
1.6073
1.5400
4.4%
Japanese Yen
YEN
185.0800
184.0900
0.5%
184.4456
162.1195
13.8%
British Pound
GBP
0.8618
0.8726
-1.2%
0.8672
0.8423
3.0%
Swedish Krown
SEK
11.0935
10.8215
2.5%
10.7892
11.0961
-2.8%
Australian Dollar
AUD
1.6544
1.7581
-5.9%
1.6615
1.7229
-3.6%
South-African Rand
ZAR
18.6544
19.4439
-4.1%
19.1417
20.0823
-4.7%
Russian Ruble
RUB
89.5402
92.8517
-3.6%
89.2173
95.1595
-6.2%
Brasilian Real
BRL
5.9003
6.4364
-8.3%
6.0142
6.2913
-4.4%
Indian Rupee
INR
107.8565
105.5965
2.1%
108.5752
94.0693
15.4%
Singapore Dollar
SGD
1.4754
1.5105
-2.3%
1.4907
1.4461
3.1%
Malaysian Ringgit
MYR
4.6544
4.7682
-2.4%
4.6450
4.7798
-2.8%
Chinese Renminbi
CNY
7.7314
8.2262
-6.0%
8.0084
7.9238
1.1%
Mexican Peso
MXN
19.9030
21.1180
-5.8%
20.3774
21.8035
-6.5%
Turkish Lira
TRY
53.1642
50.4838
5.3%
52.0541
41.0912
26.7%
Dirham UAE
AED
4.1844
4.3152
-3.0%
4.2844
4.0131
6.8%
Polish Zloty
PLN
4.2955
4.2210
1.8%
4.2423
4.2313
0.3%
As of
Average for
24
H1 2026 RESULTS•
The right offer for all distribution channels, for all customer types • Centered on contemporary segment where the highest demand of
eyewear is
• Broad based offer across genders, ages, categories & price segments • Appealing to the most fashion -
driven consumers and functional for the more traditional ones • Assuring trends (sustainability, outdoor, celebrities and digital) and service (size, fit, optician -
friendly
features)
STRONG BRAND PORTFOLIO
* * * from July 1, 2026