Press release First Half of 202 6 Results
1 This press release may use ‘alternative performance indicators’ not foreseen by the IFRS -EU accounting standards (EBITDA and Net debt), and whose meaning and contents are illustrated in the specific section of the press release and in accordance with the CESR/05 -178b recommendation published on 3rd November 2005.
THE BOARD OF DIRECTORS OF SAFILO GROUP S.P.A. APPROVES
FIRST HALF 2026 RESULTS
CONTINUED MARGIN EXPANSION AND CASH FLOW GENERATION IN
A WEAK DEMAND ENVIRONMENT
• Sales softened , affected by customers’ more cautious approach to order ing in the Group’s core markets • Margin s improved markedly , supported by structural business improvements and a one-time benefit from tariff refund s • Cash flow generation remained solid , supporting the Group’s strategic investments, including the acquisition of SPY+ and Serengeti
In the second quarter of 2026:
• Net Sales at €2 39.1 M, -4.5% at constant exchange rates • Gross margin at 73.1%, +11.5 pp compared to 6 1.6% • Adjusted1 EBITDA margin at 20.5%, +9.4 pp compared to 1 1.1% • Free Cash Flow at €2 3.8 M, compared to €29.1 M
In the first half of 2026:
• Net Sales at €5 12.0 M, -1.9% at constant exchange rates • Gross margin at 6 7.2%, +6.1 pp compared to 6 1.1% • Adjusted1 EBITDA margin at 1 6.8%, +5.2 pp compared to 1 1.6% • Adjusted1 Group n et profit at €49.4 M, +46.7% • Free Cash Flow at €36.4 M, compared to € 43.5 M • Net Debt at €5.4 M at the end of June (positive net financial position of €29.6 M pre-IFRS 16 ), compared to €46.1 M at the end of December 2025
Press release First Half of 202 6 Results
2 This press release may use ‘alternative performance indicators’ not foreseen by the IFRS -EU accounting standards (EBITDA and Net debt), and whose meaning and contents are illustrated in the specific section of the press release and in accordance with the CESR/05 -178b recommendation published on 3rd November 2005.
Padua, August 4, 2026 – Today, the Board of Directors of Safilo Group S.p.A. has reviewed and approved the economic and financial results of the first half of 202 62.
Angelo Trocchia, Safilo Chief Executive Officer , commented :
“After a resilient start to the year, the second quarter developed within a softer demand environment in our core markets , as lower visibility and subdued consumer sentiment led our customers to adopt a more prudent approach to ordering .
Against this backdrop, we continued to focus on the levers under our control, protecting the quality of our business through disciplined commercial execution, a favourable price/mix and continued cost control. These actions translated into another quarter of solid margin expansion and strong cash generation, allowing us to further reinforc e our financial flexibility .
In the period, we were able to invest in our strategic priorities, fully funding the acquisition of SPY+ and Serengeti with our own resources. These two brands are highly complementary to our existing portfolio , enhancing our ability to serve the sport segment and high -end eyewear . At the same time, we launched a new share buyback programme in June , as part of a disciplined and efficient capital allocation approach.
While the overall environment remains challenging, 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 .”
NET SALES PERFORMANCE
Safilo closed the first half of 2026 with net sales of Euro 512.0 million, down 1.9% at constant exchange rates and 4.8% at current exchange rates compared to the same period of 2025. The semester reflected a resilient start to the year, followed by a softer second quarter, as customers in the Group’s core markets adopted a more prudent approach to ordering, particularly f rom late March and throughout April and May.
Trends showed some improvement in June, supported by a more stable trading environment and gradually improving c onsumer confidence in selected markets.
In this context, sunglasses continued to be the most affected product category, reflecting their more discretionary nature, while the prescription frames business experienced some deceleration compared with prior trends.
Net sales in the second quarter equalled Euro 239.1 million, down 4. 5% at constant exchange rates and 5.1% at current exchange rates . Some markets showed a degree of polarization, with more resilient performances in premium and luxury segments partially offsetting softer demand in mid -to-low price brands.
Within this context , the quarter continued to highlight areas of strength for Safilo , with Carrera, Smith, David Beckham and Kate Spade confirming solid momentum across key markets and channels .
Press release First Half of 202 6 Results
3 This press release may use ‘alternative performance indicators’ not foreseen by the IFRS -EU accounting standards (EBITDA and Net debt), and whose meaning and contents are illustrated in the specific section of the press release and in accordance with the CESR/05 -178b recommendation published on 3rd November 2005.
NET SALES PERFORMANCE BY GEOGRAPHY (in Euro million)
In Europe , Q2 2026 sales amounted to Euro 110.6 million, down 2.7% at constant exchange rates and 3.2% at current exchange rates.
Performance in the region was mainly affected by more challenging trading conditions in France and Germany, where lower traffic across physical stores and online channels weighed on Safilo’s sales development.
In France, the optical market decline was broad -based across distribution channels and product categories, while in Germany, Group ’s sales softened particularly in the internet pure players channel.
By contrast, sales continued to grow in Eastern Europe , in particular in T urkey and Poland, as well as in Italy, where sustained tourist flows support ed opticians’ performance across both prescription frames and sunglasses. In the Italian market, the growth of Carrera, David Beckham, Polaroid , Tommy Hilfiger, BOSS and Marc Jacobs , together with the launch of Victoria Beck ham, more than offset the deconsolidation effect from the disposal of Lenti S.r.l. and the reduc tion in the product suppl y business .
In the first half of 2026, sales in Europe totalled Euro 240.5 million, slightly contracting compared to the same period of 2025 (-0.5% at constant exchange rates and -1.0% at current exchange rates ).
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
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%% Change
current forex
Press release First Half of 202 6 Results
4 This press release may use ‘alternative performance indicators’ not foreseen by the IFRS -EU accounting standards (EBITDA and Net debt), and whose meaning and contents are illustrated in the specific section of the press release and in accordance with the CESR/05 -178b recommendation published on 3rd November 2005.
In North America , Q2 2026 sales amounted to Euro 95.9 million, down 4.4% at constant exchange rates and 6.1% at current exchange rates.
Safilo’s performance reflected a weak market environment, particularly in the independent opticians channel , where overall eyewear sales recorded a high single -digit decline in May .
Department stores and retail chains showed more supportive trends, in particular in June, drive n by stronger demand for premium brands.
At brand level, Kate Spade, Carrera, David Beckham, Marc Jacobs, and Carolina Herrera continued to outperform, while Blenders remained in negative territory , still reflecting a challenging trading environment .
In the sports channel, Smith delivered a positive performance , driven by solid momentum in the bike business , which continued to perform well across both direct -to-consumer and physical wholesale channels .
This offset weaker pre -orders for winter sports products, which were affected by the uneven performance of the previous season.
In the first half of 2026, sales in North America totalled Euro 205.6 million, contracting by 0.8% at constant exchange rates and 6.9% at current exchange rates compared to the same period of 2025.
In Asia and Pacific , Q2 2026 sales amounted to Euro 13.0 million, down 17.7% at constant exchange rates and 17.2% at current exchange rates .
Performance in Asia , already pe nalized by a particularly challenging comparison with the strong growth recorded in the second quarter of 2025, was also held back by weak market conditions in China and the rescheduling of the Xiamen optical fair from its usual timing later in the year to June. This resulted in weaker -
than-expected customer attendance and reduced commercial traction during the period.
Elsewhere in the region, Australia continued to deliver positive results, supported by a solid contribution from Smith and Carrera.
These latest trends, combined with ongoing initiatives to further strengthen commercial execution across core geographies, should provide a basis for the region’s gradual normalization .
In the first half of 2026, sales in Asia -Pacific totalled Euro 24.9 million, down 15.8% at constant exchange rates and 17.6% at current exchange rates compared to the same period of 2025.
In the Rest of the World , Q2 2026 sales amounted to Euro 19.5 million, down 5.1% at constant exchange rates and 1.5% at current exchange rate s.
Performance in the period continued to be impacted by the effects of the conflict in the Middle East, although the region showed some signs of stabilization as the quarter progressed .
In India, business performance improved, supported by a more focused go -to-market strategy , while sales in Latin America remained overall muted, as eyewear retail market growth, particularly in Brazil, continued to be driven mainly by low -price segments.
In the first half of 2026, sales in the Rest of the World totalled Euro 41.0 million, down 5.8% at constant exchange rates and 5.7% at current exchange rates compared to the same period of 2025.
Press release First Half of 202 6 Results
5 This press release may use ‘alternative performance indicators’ not foreseen by the IFRS -EU accounting standards (EBITDA and Net debt), and whose meaning and contents are illustrated in the specific section of the press release and in accordance with the CESR/05 -178b recommendation published on 3rd November 2005.
ECONOMIC AND FINANCIAL PERFORMANCE
In the first half of 2026, Safilo delivered a marked improvement in its economic and financial performance, under pinned by the ongoing structural progress of the business and the refunds of tariffs .
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 cost s 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 G roup’s infrastructure s and accelerate marketing activities across key markets .
Q2 2026 ECONOMIC TRADING UPDATE (in Euro million and % on net sales )
In the second quarter of 2026 :
- Gross Profit totalled Euro 174.8 million, up 12.6% compared to Euro 155.3 million in the second quarter of 2025. The g ross margin increased by 11.5 percentage points, from 61.6% to 73.1%, benefiting for 8.0 percentage points from tariff refunds and for 3.5 percentage points from structural business improvements .
The lat ter were primarily driven by continued favourable price/mix effect s, and by a positive year-on-year impact from lower tariffs.
- Adjusted¹ EBITDA totalled Euro 49.0 million, up 75.2% compared to Euro 27.9 million in the second quarter of 2025. The a djusted¹ EBITDA margin increased by 9.4 percentage points , from 11.1% to 20.5%, driven by the significant increase in gross margin described above , partially offset by lower operating leverage in a weaker sales environment , cost inflation pressures and continued investments behind the Group’s brands. Excluding tariff refunds, the adjusted1 EBITDA margin stood at 12.1% , up 1.0 percentage points .
Q2 2026 % Q2 2025 % % Change Net sales 239.1 251.9 -5.1% Gross Profit174.8 73.1% 155.3 61.6% +12.6%
EBITDA 45.3 19.0% 37.0 14.7% +22.7%
Adjusted1 EBITDA 49.0 20.5% 27.9 11.1% +75.2%
Press release First Half of 202 6 Results
6 This press release may use ‘alternative performance indicators’ not foreseen by the IFRS -EU accounting standards (EBITDA and Net debt), and whose meaning and contents are illustrated in the specific section of the press release and in accordance with the CESR/05 -178b recommendation published on 3rd November 2005.
H1 2026 KEY ECONOMIC PERFORMANCE (in Euro million and % on net sales )
In the first half of 2026:
- Gross profit totalled Euro 344.0 million, up 4.8% compared to Euro 328.2 million in the first half of 2025.
The g ross margin increased by 6.1 percentage points, from 61.1% to 67.2%, benefiting for 3.8 percentage points from tariff refunds and for 2.3 percentage point s from favourable price/mix dynamics , positive foreign exchange effects , mainly concentrated in the first quarter , and a reduced impact from tariffs starting from the second quarter .
- Adjusted ¹ EBITDA totalled Euro 86.0 million, up 38.1% compared to Euro 62.3 million in the first half of 2025 . The a djusted¹ EBITDA margin increased by 5.2 percentage points , from 11.6% to 16.8% , driven by the significant increase in gross margin described above , partially offset by lower operating leverage in a weaker sales environment, cost inflation pressures and continued investments behind the Group’s brands.
Excluding tariff refunds , the adjusted1 EBITDA margin stood at 12.9%, up 1 .3 percentage points .
- Adjusted¹ Operating profit totalled Euro 68.3 million, up 57.7% compared to Euro 43.3 million in the first half of 2025. The a djusted¹ Operating margin increased by 5.2 percentage points , from 8 .1% to 13.3%, benefiting from the same dynamics that supported the improvement in the adjusted1 EBITDA . Excluding tariff refunds, the adjusted1 Operating margin stood at 9.4%, up 1 .3 percentage points.
- Adjusted ¹ Group net profit totalled Euro 49.4 million, up 46.7% compared to Euro 33.7 million in the first half of 2025 . The a djusted¹ Group net margin increased by 3.3 percentage points , from 6.3% to 9.6%.
Excluding tariff refunds, the adjusted ¹ Group net margin stood at 6. 6%, up 0.3 percentage points.
Below the operating line, net financial charges increased from Euro 2.9 million to Euro 5.6 million, mainly due to a neutral impact from foreign exchange differen ces compared to the net positive ef fect recorded in the first half of 2025 . Finally , the Group accounted for a Euro 0.8 million loss on liabilities related to options on non‑controlling interests, following the final adjustment related to the purchase of the remaining stake in Blenders , which brought Safilo’s ownership to 100%.
H1 2026 % H1 2025 % % Change Net sales 512.0 537.6 -4.8% Gross Profit344.0 67.2% 328.2 61.1% +4.8%
EBITDA 79.5 15.5% 70.2 13.1% +13.2%
Adjusted1 EBITDA 86.0 16.8% 62.3 11.6% +38.1% Operating profit61.8 12.1% 51.3 9.5% +20.4% Adjusted1 Operating profit 68.3 13.3% 43.3 8.1% +57.7% Group net profit44.4 8.7% 41.7 7.8% +6.5% Adjusted1 Group net profit 49.4 9.6% 33.7 6.3% +46.7%
Press release First Half of 202 6 Results
7 This press release may use ‘alternative performance indicators’ not foreseen by the IFRS -EU accounting standards (EBITDA and Net debt), and whose meaning and contents are illustrated in the specific section of the press release and in accordance with the CESR/05 -178b recommendation published on 3rd November 2005.
FREE CASH FLOW
In the second quarter of 2026, Safilo confirmed solid cash generation, with Free Cash Flow of Euro 23.8 million, bringing the total for the first half to Euro 36.4 million, compared to Euro 43.5 million in the first half of 2025.
In the first half, Cash Flow from operating activities increased to Euro 78.8 million, compared to Euro 40.7 million in the first half of 2025, benefiting from a solid economic performance and from tariff refunds.
During the period, the Group also recorded cash outflows related to strategic investments, namely Euro 5 million for the additional shares in Inspecs Group, Euro 21. 5 million for the acquisition of SPY+ and Serengeti and Euro 6.3 million for the purchase of the remaining 20% stake in Blenders, which brought Safilo’s ownership to 100%.
Excluding the impact of the tariff refunds and the strategic investments mentioned above, Free Cash Flow amounted to Euro 29. 4 million in the second quarter of 2026 and Euro 4 6.9 million in the first half of 2026, compared to Euro 17.2 million and Euro 31.6 million in the corresponding periods of 2025, excluding the Euro 11.9 million proceeds from the disposal of Lenti S.r.l. .
GROUP’S NET DEBT
As of June 30, 202 6, the Group’s net debt decreased to Euro 5.4 million , equal to a positive net financial position of Euro 29.6 million pre -IFRS 16. This result, which includes the impact of the execution of the Share Purchase Programme for Euro 2. 4 million , compares to Euro 46.1 million (Euro 6.6 million pre -IFRS 16) at the end of December 202 5, and to Euro 42.4 million (Euro 0.7 million pre -IFRS 16) at the end of June 2025.
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 capital0.6 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
Press release First Half of 202 6 Results
8 This press release may use ‘alternative performance indicators’ not foreseen by the IFRS -EU accounting standards (EBITDA and Net debt), and whose meaning and contents are illustrated in the specific section of the press release and in accordance with the CESR/05 -178b recommendation published on 3rd November 2005.
SHARE PURCHASE PROGRAMME
Based on the Share Purchase Programme launched on June 8, 202 6, as of June 30, 202 6 Safilo S.p.A. had purchased 1,360,000 Safilo Group ordinary shares, equal to approximately 0.33% of the outstanding shares , for a total transaction amount of Euro 2.4 million.
As of July 31, 202 6, Safilo S.p.A. had purchased, since the launch of the Programme, a total number of 3,200,000 of Safilo Group ordinary shares . Taking into consideration the shares already owned, at the above date, Safilo S.p.A. held a total number of 25,536,585 of Safilo Group ordinary shares, equal to approximately 6.13% of the outstanding shares.
2026 TOP BUSINESS NEWS
• On February 2, 2026 Safilo announced the purchase of additional shares in Inspecs Group plc representing around 5% of the Company’s share capital. Following these transactions, Safilo’s total shareholding in Inspecs increased to 29.99%.
• On April 21, 2026 Safilo announced the signing of an exclusivity agreement with Bollé Brands aimed at the acquisition of SPY+ and Serengeti
• On May 11, 2026 Safilo sign ed a binding agreement to acquire Spy+ and Serengeti
• On June 8, 2026 Safilo launch ed Safilo Group S.p.A. shares purchase programme
• On July 1, 2026 Safilo complete d the acquisition of SPY+ and SERENGETI
Notes to the press release:
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, t he 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 the first half of 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 second quarter of 2025, the adjusted EBITDA exclude d 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 The auditing process on the 202 6 first half report is still ongoing.
Press release First Half of 202 6 Results
9 This press release may use ‘alternative performance indicators’ not foreseen by the IFRS -EU accounting standards (EBITDA and Net debt), and whose meaning and contents are illustrated in the specific section of the press release and in accordance with the CESR/05 -178b recommendation published on 3rd November 2005.
Statement by the manager responsible for the preparation of the company’s financial documents
The manager responsible for the preparation of the company’s financial documents, Mr. Michele Melotti, hereby declares, in accordance with paragraph 2 article 154 bis of the “Testo Unico della Finanza”, that the accounting information contained in this pre ss release corresponds to the accounting results, registers and records.
Disclaimer
This document contains forward -looking statements, relating to future events and operating, economic and financial results for Safilo Group. Such forecasts, due to their nature, imply a component of risk and uncertainty due to the fact that they depend on the occurrence of certain future events and developments.
The actual results may therefore vary even significantly to those announced in relation to a multitude of factors.
Alternative Performance Indicators
The definitions of the “Alternative Performance Indicators”, not foreseen by the IFRS -EU accounting principles and used in this press release to allow for an improved evaluation of the trend of economic -financial management of the Group, are provided below :
• EBITDA (gross operating profit) is calculated by Safilo by adding to the Operating profit, depreciation
and amortization;
• The Net Debt is for Safilo the sum of bank borrowings and short, medium and long -term loans, net of cash on hand and at bank. Such indicator does not include the valuation at the reporting date of derivative financial instruments and the liability for options on non -controlling interests.
• The Free Cash Flow for Safilo is the sum of the cash flow from/(for) operating activities and the cash flow from /(for) investing activities and the cash payments for the principal portion of IFRS 16 lease liabilities.
Conference Call and Webcast
Today, at 6:15 pm CE ST (5:15 pm BST; 12.15 pm EST) a conference call will be held with the financial community during which the results for the first half of 202 6 will be discussed.
It is possible to follow the event by registering at the following link to receive the details of the conference call/audio webcast (Dial -in numbers, personal passcode/PIN and webcast link) SAFILO H1 2026 RESULTS .
The presentation will be available and downloadable from the company's website, https://www.safilogroup.com/en/investors .
A recording of the conference call will be available from August 4 to August 6, 202 6 by dialing +39 02 802 0987 – passcode: 700 888# - pin: 888#.
Press release First Half of 202 6 Results
10 This press release may use ‘alternative performance indicators’ not foreseen by the IFRS -EU accounting standards (EBITDA and Net debt), and whose meaning and contents are illustrated in the specific section of the press release and in accordance with the CESR/05 -178b recommendation published on 3rd November 2005.
SAFILO GROUP S.p.A. - CONSOLIDATED INCOME STATEMENT
(Euro/000) First
semester
2026 of which
related
parties First
semester
2025 of which
related
parties
Net sales 511,962 631 537,626 497 Cost of sales (167,975) (209,391) Gross profit 343,987 328,234 Selling and marketing expenses (212,715) (10) (220,995) (28) General and administrative expenses (64,538) - (64,342) (40) Other operating income/(expenses) (4,977) 8,379
Operating profit 61,758 51,276 Gains/(Losses) on liabilities for options on non -
controlling interests (832) 3,078 Financial charges, net (5,640) (2,876) Profit/(Loss) before taxation 55,286 51,478 Income taxes (10,850) (9,811) Profit/(Loss) of the period 44,436 41,668 Profit/(Loss) attributable to:
Owners of the parent 44,436 41,710 Non-controlling interests - (42)
Earnings/(Losses) per share - basic (Euro) 0.107 0.101
Earnings/(Losses) per share - diluted (Euro) 0.104 0.100
Press release First Half of 202 6 Results
11 This press release may use ‘alternative performance indicators’ not foreseen by the IFRS -EU accounting standards (EBITDA and Net debt), and whose meaning and contents are illustrated in the specific section of the press release and in accordance with the CESR/05 -178b recommendation published on 3rd November 2005.
SAFILO GROUP S.p.A. - CONSOLIDATED BALANCE SHEET
(Euro/000) June 30, 2026 of which
related
parties December
31, 2025 of which
related
parties
ASSETS
Current assets
Cash and cash equivalents 73,684 52,145 Trade receivables 215,596 222 186,607 314 Inventory 146,304 171,250 Derivative financial instruments 18 740 Other current assets 39,077 37,584 Total current assets 474,679 448,325
Non-current assets
Tangible assets 75,211 77,417 Right of Use assets 30,437 34,615 Intangible assets 112,640 115,541 Goodwill 31,919 30,952 Investments in other companies 34,582 21,127 Deferred tax assets 33,185 29,192 Derivative financial instruments - -
Other non -current assets 23,119 1,784 Total non -current assets 341,091 310,626
TOTAL ASSETS 815,771 758,951
Press release First Half of 202 6 Results
12 This press release may use ‘alternative performance indicators’ not foreseen by the IFRS -EU accounting standards (EBITDA and Net debt), and whose meaning and contents are illustrated in the specific section of the press release and in accordance with the CESR/05 -178b recommendation published on 3rd November 2005.
(Euro/000) June 30, 2026 of which
related
parties December
31, 2025 of which
related
parties
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Borrowings 30,000 30,000 Lease liabilities 10,200 10,612 Trade payables 146,127 15 144,518 46 Tax payables 17,816 13,164 Derivative financial instruments 956 1,535 Liability for options on non -controlling interests - 2,771 Other current liabilities 49,935 51,394 Provisions 11,731 8,452 Total current liabilities 266,765 262,445
Non-current liabilities
Borrowings 14,125 28,702 Lease liabilities 24,759 28,956 Employee benefit obligations 8,136 7,991 Provisions 8,563 8,156 Deferred tax liabilities 7,880 7,537 Derivative financial instruments - -
Liability for options on non -controlling interests - 2,616 Other non -current liabilities 9,600 9,501 Total non -current liabilities 73,063 93,458
TOTAL LIABILITIES 339,828 355,903
Shareholders' equity
Share capital 384,951 384,906 Share premium reserve 29,358 28,393 Retained earnings and other reserves 17,199 (69,484) Income/(Loss) attributable to the Group 44,436 48,639 Total shareholders' equity attributable to the Group 475,943 392,454
Non-controlling interests - 10,595
TOTAL SHAREHOLDERS' EQUITY 475,943 403,049
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 815,771 758,951
Press release First Half of 202 6 Results
13 This press release may use ‘alternative performance indicators’ not foreseen by the IFRS -EU accounting standards (EBITDA and Net debt), and whose meaning and contents are illustrated in the specific section of the press release and in accordance with the CESR/05 -178b recommendation published on 3rd November 2005.
SAFILO GROUP S.p.A. - CONSOLIDATED STATEMENT OF CASH FLOWS
(Euro/000) First
semester
2026 First
semester
2025
A - Opening net cash and cash equivalents 52,145 47,421
B - Cash flow from (for) operating activities Net profit/(loss) for the period (including minority interests) 44,436 41,668 Depreciation and amortization 12,250 13,541 Right of Use depreciation IFRS 16 5,472 5,415 Gains on disposal of subsidiaries - (9,726) Non-monetary changes related to liabilities for options on non -
controlling interests 832 (3,078) Other items 11,860 (15,322) Interest expenses, net 1,216 2,640 Interest expenses on lease liabilities IFRS 16 812 909 Income tax expenses 10,850 9,811
Flow from operating activities prior to movements in working capital 87,728 45,858
(Increase) Decrease in trade receivables (24,677) (23,576) (Increase) Decrease in inventory, net 28,898 24,081 Increase (Decrease) in trade payables (388) (1,395) (Increase) Decrease in other receivables 3,456 (4,461) Increase (Decrease) in other payables (6,651) 9,279 Interest expenses paid (770) (2,108) Interest expenses paid on lease liabilities IFRS 16 (812) (909) Income taxes paid (7,989) (6,089) Total (B) 78,794 40,679
C - Cash flow from (for) investing activities Investments in property, plant and equipment (3,377) (2,901) Net disposals of property, plant and equipment and assets held for sale 744 59 (Purchase)/Disposal of subsidiaries (net of cash acquired/disposed) - 11,869 Escrow deposits paid for acquisitions (21,494) -
Acquisition of minorities (in subsidiaries) (6,257) -
(Acquisition) Disposal of investments (4,976) -
Purchase of intangible assets, net of disposals (1,040) (624) Total (C) (36,400) 8,403
D - Cash flow from (for) financing activities Repayment of borrowings (15,000) (15,000) Repayment of principal portion of lease liabilities IFRS 16 (6,031) (5,591) Increase in share capital, net of transaction costs 1,010 -
Net (Purchase)/sale of treasury shares (1,883) (383) Total (D) (21,905) (20,974)
Press release First Half of 202 6 Results
14 This press release may use ‘alternative performance indicators’ not foreseen by the IFRS -EU accounting standards (EBITDA and Net debt), and whose meaning and contents are illustrated in the specific section of the press release and in accordance with the CESR/05 -178b recommendation published on 3rd November 2005.
E - Cash flow for the period (B+C+D) 20,488 28,108
F - Translation exchange differences 1,051 (2,956) Total (F) 1,051 (2,956)
G - Closing net cash and cash equivalents (A+E+F) 73,684 72,574
Press release First Half of 202 6 Results
15 This press release may use ‘alternative performance indicators’ not foreseen by the IFRS -EU accounting standards (EBITDA and Net debt), and whose meaning and contents are illustrated in the specific section of the press release and in accordance with the CESR/05 -178b recommendation published on 3rd November 2005.
About Safilo Group Safilo is a global player in the eyewear industry that has been creating, producing, and distributing for over 90 years sunglasses, prescription frames, outdoor eyewear, goggles and helmets. Thanks to a data -driven approach, Safilo goes beyond the traditional boundaries of the eyewear industry: in just one company it brings together Italian design, stylistic, technical and industrial innovation, and state -of-the-art digital platforms, developed in its digital hubs in Padua and Portland, and made available to Opticians and Clients for an unmatched customer experience. Guided by its purpose, See the world at its best, Safilo is leading its Group legacy, founded on innovation and responsibility, onwards towards the future.
With an extensive global presence, Safilo’s business model enables it to monitor its entire production and distribution chain. From research and development in five prestigious design studios, located in Padua, Milan, New York, Hong Kong and Portland, to i ts company -owned production facilities and network of qualified manufacturing partners, Safilo Group ensures that every product offers the perfect fit and meets high quality standards. Reaching approximately 100,000 selected points of sale worldwide with a n extensive wholly owned network of subsidiaries in 40 countries and more than 40 partners in 70 countries, Safilo’s well -established traditional wholesale distribution model, which encompasses eyecare retailers, chains, department stores, specialized retailers, boutiques, duty free shops and sporting goods stores, is complemented by D irect-to-Consumer and Internet pure player sales platforms, in line with the Group’s development strategies.
Safilo Group’s portfolio encompasses home brands - Carrera, Polaroid, Smith, SPY+, Serengeti, Blenders, Privé Revaux and Seventh Street. The perpetual license Eyewear by David Beckham. Licensed brands include: BOSS, Carolina Herrera, Dsquared2, Etro, Fossil, HUGO, Isabel Marant, Juicy Couture, Kate Spade New York, Kurt Geiger, Levi’s, Liz Claiborne , Love Moschino, Marc Jacobs, Missoni, Moschino, Pierre Cardin, PORTS, Stuart Weitzman, Tommy Hilfiger, Tommy Jeans, Under Armour and Victoria Beckham.
The parent company, Safilo Group S.p.A., is listed on the Euronext Milan organized and managed by Borsa Italiana (ISIN code IT0004604762, Bloomberg SFL.IM, Reuters SFLG.MI). In 202 5, Safilo Group recorded net revenues for Euro 983,4 million.
Contacts:
Safilo Group Investor Relations
Barbara Ferrante
barbara.ferrante@safilo.com
Ph. +39 049 6985766 Mob. +39 335 5753588
https://www.safilogroup.com/en/investors
Safilo Group Press Office
Elena Todisco
elena.todisco@safilo.com
Mob. +39 339 1919562
Barabino&Partners S.p.A.
Pietro Cavallera
p.cavallera@barabino.it
Ph. +39 02 72023535 Mob. +39 338 9350534