Moncler S.p.A. Q2 2026 Earnings Recap

Shares fell 7.8% as investors were likely disappointed by the marked deceleration in the core Moncler brand growth and cautious outlook implied by slowing momentum, despite stable revenue growth and maintained profitability.

Key Takeaways

• Group revenues grew 9% in H1 2026 at constant FX, but slowed to 5% growth in Q2.
• Moncler brand, comprising 84% of sales, grew 9% in H1 but decelerated sharply to 3% in Q2.
• Stone Island brand maintained a consistent 11% growth in both H1 and Q2.
• EBIT margin held steady at 19% with reported operating profit of approximately EUR 245 million.
• Strong net cash position of over EUR 1.1 billion at the end of June supports balance sheet flexibility.