Good evening everyone and thank you for joining our call tonight on Moncler Group's first half 2026 financial results. 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.

Before starting our H1 review, I would like to hand over to Leo Rongone, our new Group Chief Executive Officer. As you all know, Leo joined the company just three months ago and he would like to share some first observations and thoughts after his first few weeks into the company.

Leo, over to you.

Thank you, Elena. Good evening everyone.

It's a real honor and a great privilege to speak to you today for the first time as CEO of the Moncler Group. Before handing over to the team for the Q2 results and the Q&A session, I'd like to share a few reflections on my first three months within the company.

An important time for me of listening, learning, and meeting so many talented individuals across the organization, from headquarters to our regional offices, from our stores to our production atelier. These initial months have been critical to gain a deep understanding of the group, to shape my perspective, and to identify where we can continue to evolve and where we will focus our energy from now on.

I have admired Moncler from the outside for many years and always had great respect for what Remo Ruffini and his team have built over the years. Now, experiencing the company from the inside, my admiration has increased even more.

What I've found since joining the group is truly remarkable. An organization that perfectly combines outstanding creativity with strong operational discipline.

You all know this is a rare balance and, to me, one of the key reasons behind the enduring success of this group. I've also been impressed by the uncompromising commitment to product excellence.

Quality, meticulous attention to details, and a constant drive for improvement are not simply processes here; they are deeply rooted in the culture of the company. There is something else: the way we tell our stories.

In an industry that's becoming even more crowded and noisy, our communication is authentic and engaging. We are able to make our voice heard, to build genuine and lasting connections with our communities.

This unique capability is a real competitive advantage. Most importantly, however, is the people who have really inspired me.

Across every function and every region, I found a strong sense of ownership, a deep commitment to excellence, and a true passion. I've also met a solid leadership team that has built two of the most iconic and desirable luxury brands.

This is an asset I deeply value, and I'm fully committed to preserving and strengthening. Looking ahead, I see exciting opportunities for the group.

As far as Moncler is concerned, our strategic priorities are clear: building relevance in regions where we have great potential; cultivating a dialogue with our customers across all seasons; and unlocking the full potential of our three brand dimensions you are already familiar with: Collection, Grenoble, and Genius. The focus now is on a further step-up in execution and making sure each of these priorities translates into tangible and consistent results over time.

To do so, we will explore new ways of pushing creative and technical boundaries. Innovation in materials, for example, will be key to embody the true value of the mountain throughout the entire year, beyond a single season, and to elevate our product experience.

The mountains encourage well-being, intentional living, and a deep human connection, something deeply rooted in our values and identity. Moreover, there is a significant potential to further extend the brand's legitimacy beyond the core outerwear category, always respecting our brand DNA.

Talking about Stone Island, I've found a brand with an exceptionally strong identity, a unique culture of innovation, and one of the most authentic and engaged communities in the luxury sector. The foundations that have been built over these past years are very solid, and the progress we are seeing today reflects disciplined execution of a clear long-term strategy.

Looking at the future, we will continue to focus on product research, strengthen the quality of our global distribution, and invest in consistent, culturally relevant brand communication. By doing so, we'll deepen our relationship with our loyal community while introducing Stone Island to a new generation of clients around the world.

For both brands, the way we engage with our clients represents a clear opportunity. Over the years, we have built a strong platform and a powerful ability to reach and inspire wide audiences.

Now, we want to translate this strength into even more direct, more frequent, and more personal interaction with our VICs, building stronger relationships with them over time. To conclude, these first months have only reinforced my belief that many more remarkable chapters of this group's story have yet to be written.

I'm deeply honored to help writing them alongside Remo. His visionary leadership has been the driving force behind the Moncler extraordinary journey so far.

Together with him and the entire top management team, we will keep working with a long-term perspective, committed to helping this group reach its full potential, always guided by the health and desirability of our brands. I'm very excited by the journey ahead, and I look forward to meeting many of you in person over the coming quarters when there will be the opportunity to share more on my perspective.

Tonight, we are here to talk about our Q2 results. Now let me hand over to Elena, Gino, and Luciano for the H1 review and the Q&A session.

Thank you.

Thank you very much, Leo. For our audience, of course, there will be the opportunity to meet and get to know Leo in the coming quarters and to have proper discussions with him.

Tonight we're here to talk about our Q2 results. I will now move on to host our H1 results presentation and Q&A session, of course, together with Luciano Santel, Chief Corporate and Supply Officer, and Gino Fisanotti, Moncler Chief Brand Officer.

Before handing it over to Gino and Luciano, let me just present the key highlights of today's results on page 4. Group revenues in the first half of the year were €1,219 million, up 9% at constant FX.

In the second quarter, group revenues were up 5% at constant FX. The Moncler brand, accounting for 84% of the group's H1 turnover, was up 9% in H1 and 3% in Q2.

The Stone Island brand, accounting for 16% of the group's H1 turnover, was up 11% both in H1 and in Q2. In the first half of the year, the group also reached an EBIT of €254 million with a margin of 19%.

Net result was €165 million with a 12.8% margin, and our net cash position at the end of June exceeded €1.1 billion. Let me now hand it over to Gino for the key highlights of the Moncler brand in the second quarter.

Gino, over to you.

Okay. Thanks, Leo and Elena.

Ciao and good afternoon or night to everyone connected. Before we go into the details of the presentation with Luciano, I just wanted to take a second to share a bit of the strength we're seeing within the brand in the very first six months of the year.

I think we've seen very robust results, not only in terms of the execution and the quality of the work that we were able with the teams to put out there, but equally robust in terms of the global reach and impact, the community engagement we saw, and, more importantly, the organic brand interest in Moncler brand. In this case, I think the first six months were led by some very special and some first-ever executions for the Moncler brand.

I have to say that the three driven forces of the last six years have been, of course, Aspen with the show of Grenoble, but then our return into the Winter Olympics, that was a very special moment for the brand with the whole story, and then, last but not least, something that we'll start covering now in detail, our first formal spring/summer end-to-end work. If we go to the next slide, that I think is slide number 5, we can start talking about our official first end-to-end work against spring/summer.

I think when I say end-to-end, and this is something we use a lot internally, is about meaning that we make sure that we connect all the different consumer touch points under one single effort and narrative, from product to retail, from marketing to digital platforms, from wholesale to e-commerce, and even from paid media to traditional media, and so on. This is the first time we officially went into spring/summer like this, and I know this is a conversation we have for many seasons with all of you, and hopefully you were able to see what was done in the last few weeks.

This spring/summer campaign, to be honest, meant way more than just a seasonal effort for us. This represents the kickoff of a long-term commitment that we have as a brand, and we strongly believe that this kickoff means for us the opportunity to become relevant and meaningful across the entire year.

Then, of course, this campaign was called Have a Puffy Summer, but for us, Have a Puffy Summer means summer the Moncler way. We believe that we with this campaign were able to create a unique opportunity for the brand to tackle this very interesting transition that happened between spring to summer through a solution that we believe is a system of dress which artfully expressed through the power of layering that we showcase in the campaign, and, of course, through the retail experience.

This was an effort to push a different tone for the brand while remaining authentic to who we are despite our strong heritage and, of course, DNA into winter. From very impactful executions across media, pop-ups in Europe or Asia, all the way down to countless press coverage, editorials, and digital retail execution, this was just our very first season and efforts that we will keep building on the back of this very, very important first step.

To be honest and to share with you, and I'm sure we'll go into details later in the Q&A, we are happy to see the level of results we were able to achieve during this period. We're able to experience not only a strong global reach at global scale, but, more importantly, great results in terms of the consumer and community engagement on top of the performance of the collection itself.

Last but not least, we're equally excited about the learnings we were able to capture this season to keep building even stronger plans and execution towards next spring season and the ones to come. With that, I'm happy to go probably into the next slide that has other highlights for Q2.

On the back of the special season and we discussed about spring/summer for Moncler, of course, we did our first efforts as well in spring/summer around Grenoble. If you think about Grenoble, I always think we discuss about this, the reset of this very important brand dimension just started a few years ago, and even our first spring/summer products started very shy less than three years ago.

To be honest, I think we are very excited to see the acceptance and the global acceptance that this collection is having, the performance that this dimension of the brand is having, and, of course, the opportunity for us to keep reaching and inviting new and more customers into the brand. Then, following into the next part of the last few weeks, of course, we just launched our Pre-Fall '26 for Moncler Collection.

We introduced this collection obsessing what we call the language of detail behind this collection, and this is the great attention we paid not only to the layering and the solutions that we are going to, again, in this case, from the transition from summer into fall. Last but not least, a few weeks ago, we hosted at Moncler global headquarters a new season of Studio Ascenti.

For those who doesn't remember what it is, Studio Ascenti is our annual platform where we present the upcoming footwear collection to media, editors, celebrities, and people from the sneaker culture and beyond. I have to say that despite I think I repeat myself that we don't want to become a footwear-led company, I think we're happy with the calculated efforts regarding this category.

We are really happy with the progress we're making in terms of this dimension of footwear this season, introducing new styles like the City Trek and especially new products and collaboration that create some press coverage before launch, like the Clarks Trailgrip or some of the Fragment collaborations that are about to come, on top of new innovations like the Trailgrip Ultra, a new concept that will be launched in 2027. Sorry, one more thing.

I forgot one more. I said last but not least, but one final thing for me to share with you all is I want to take the opportunity to thank, of course, the entire Moncler family for the efforts made, but we are extremely proud to share with you that Moncler was able to win the very first Grand Prix award at Cannes Festival, same for other recognitions like a Gold in the Clio Awards and a Graphite Pencil awards as a great testimony to the work done behind Warmer Together campaign that we launched a few months ago featuring Al Pacino and Robert De Niro.

Clearly, we're not just happy because of the awards or the recognition itself, but, as we mentioned many times to each of you in the past, we strongly believe that we, as a brand, in the power of storytelling and by share our values and DNA in a way that can create emotional connection and long-lasting relationship with our customers out there, something that I think Leo just mentioned a second ago. I think when we get the news and we learn about this, I think Remo Ruffini said that advertising come and go, but emotional connections and creativity remains forever, and we strongly believe that that's the opportunity to keep doing season after season.

That's all from my side. Of course, we'll talk later.

I will pass into Luciano to go into the next part of the presentation. Thank you.

Thank you. Thank you, Gino, and good afternoon and good morning everybody, and thank you for attending our call today.

We are now at page 6 where let me spend a few words—page 7, sorry, where we report some highlights of Stone Island marketing initiatives. One is the No Seasons project that was represented during the Milan Design Week, featuring an iconic outerwear item designed in the early '80s in six of the most iconic fabrics of Stone Island, all of them in the same piombo tone.

A second activity is about the capsule collaboration with New Balance, revisiting the world of football and featuring two professional football players, Endrick playing with Brazil and Bukayo Saka playing for England. Last, still very important, project presented at the end of June that is called Community as a Form of Research, and featuring the world champion table tennis player, Xu Xin, wearing a pinnacle item of the Fall/Winter collection.

Let's move now to page 8 where we report our results for Moncler brand, revenues by geography. In the second quarter, Moncler brand grew 3% positive and a good growth rate, not good as much as in the first quarter, but still something we are happy with, with a very strong contribution of Asian market, plus 12%, good contribution of Americas, 4%, and a weaker, softer Europe, EMEA region, down 8%, mostly due to softer tourism flows, particularly from Asian, but also from Americans, and also a still weak, very weak online performance.

Americas, the plus 4% we present is a weighted average of a percent in the direct channel that is higher, slightly higher than the 4%, and this is something important to highlight because, of course, that channel is very important for us. Let's move now to next page, page 9, where we report the same revenues of Moncler brand by channel.

Both channels grew 3% in the quarter, and with a comp store sales in the first half of the year of 7%. Again, the both channels, and mostly the DTC channel, was affected, mostly in Europe, by the weaker tourism flow.

Wholesale was positive in the first quarter, is positive in the second quarter, better than what we originally expected, also thanks to the good reorders coming from the wholesale market, which represents evidence a good sell-out of our wholesale network. Let's go now to page 10 where we report Stone Island revenues by geography.

Stone Island, as Elena just said, for the fourth quarter in a row reports double-digit growth rate of 11%. Good growth in all the different regions, particularly strong in Asia, very, very strong in Americas, of course on a smaller base, but still very, very encouraging for our projects in the future, and a weaker, but still positive, growth in Europe.

Asia, of course, includes APAC and China, very good, and Japan and Korea both very, very, very strong. You may remember that Korea, until last year, was not particularly good, but now, also in the first quarter, is doing very well and, of course, much, much better than in the past.

Let's move now to page 11, still revenues, Stone Island revenues by channel. Again, behind the average growth rate of 11%, a very nice, remarkable, and encouraging 15% in the DTC channel that, of course, is particularly important and encouraging for the management team, and a good, solid 6% in the wholesale channel.

Next page, page 12, we report our retail network for both brands. We opened three stores in the quarter for Moncler: one in Monterrey, one in Vancouver Oakridge, and the third one in the airport of Osaka, Kansai Airport.

Let's move now to page 13 where we report, as usual, our profit and loss for the first half of the year. Elena anticipated some important numbers.

Of course, top line, we already gave you some comments, total of €1,219 million. We were slightly below €1 billion in gross profit, €995 [million?]

with 77.2%, better than last year, slightly better, due to a positive channel mix. A very good contribution of selling expenses, below last year, and a good contribution of G&A that have been affected by a one-off €8 million related to the new governance structure.

€8 million in the first half of the year that will be, at the end of the year, less or slightly less than €10 million. Most of this one-off has been reported in the first half of the year.

Marketing expenses, in line with last year, 9.5%, with our usual expectation we didn't change of a 7% contribution of our marketing budget for the year-end. At the end, an operating margin of 19%, better than the 18.3% we reported last year.

Just a comment on net financial expenses that are higher than last year due to higher interest expenses on lease liabilities. At the end, group net result, 12.8%, slightly better than last year.

Let's move now to page 14 where we report net CapEx, €89 million, with the distribution between infrastructure and distribution in line with last year, slightly higher in percent on revenues, but still with an expectation for this year to go back to the 6% incidence by the year-end. To go back because last year, due to some important investments we made last year, the incidence was close to 7%, as you see, 6.9%.

Many projects on the distribution side, including the upcoming new opening of our store in New York, Fifth Avenue, but also many projects on our infrastructure. Let's move now to page 15 where we report net working capital at 10%, higher than last year due to a higher inventory level, due to a strategic decision in investing in some strategic raw materials, particularly in down, for several different reasons, but everything under strict control, nothing to highlight, and still with a plan for the year-end to go back to a percent substantially in line with what we reported last year that was 9.7%.

Net financial position at page 16: okay, €1,112 million at the end of June, as compared to the €981 million last year, end of June last year. Just a comment about our lease liabilities that are equal to €1,199 million, as compared with €1,109 [million?]

last year. Let's go quickly to page 18 where we report cash flow statement.

I don't make comments on balance sheet, but, of course, please if you have any questions, don't hesitate to ask. Cash flow statement: the free cash flow, very good, much better than last year, €34 million versus €15 million last year, mostly due to the better operating margin, better EBIT, than last year.

Important to highlight that net cash flow was negative, but after the payment of €374 million of dividends. We are done with the presentation now.

Thank you for your attention, and ready to answer your questions.

Yes, we will now hand it over to the operator for your questions. I kindly ask you to stick to a maximum of two questions per person.

Operator, you can now open the Q&A line. Thank you.

Hi, good evening and thank you for taking my questions. The first one would be, could you please give us some color on the performances by cluster for the Moncler brand, but also in terms of volume price mix, because I believe pricing was low single-digit in Q2?

Then the second one, did you see any difference in trends throughout the quarter per month, and anything you can give us on current trends you've seen so far, what's the mood like in Q3 for these first few weeks? Thank you very much.

Thank you for your question. About the cluster, of course nationalities, I can tell you that Chinese and Americans were positive, Koreans and Japanese flattish, and Europeans of course negative, single-digit negative.

About the contribution of price, volumes, in the second quarter pricing was predominant, volumes were flattish, slightly negative in the second quarter. In the first quarter, as you may remember, they were positive, but second quarter we reported slightly negative volumes.

Something about the quarter. The quarter has been good, not great, but good, very good in the first two months of the quarter.

Honestly, April and May were both very good, very good months of the quarter; June softer, much, much softer, due to an evident and clear decline in traffic in all the different regions. Something we observed in June was a behavior of customers, of people, that is more and more a buy now, wear now.

This is something different from the past that we started seeing a couple of years ago, last year, and this year even higher than last year, that, of course, implies a delay in purchasing of the Fall/Winter season. On the other hand, the good news, not visible in the results, but strategically very good for us, for the management team, is that in all the three months of the quarter, equally April, May, but also June, the Spring/Summer collection performed well, performed very well.

Of course, the very good performance of Spring/Summer collection in June was not enough to offset the decline in the Fall/Winter collection, but again, it is still a very good and encouraging sign because, as as Gino said, the effort and the investment we made for this collection was only the first, but a very important step of a long journey project that, of course, we see Moncler more intentional, even more intentional, next year. Something I said during the presentation that of course impacted the slowdown in traffic, mostly in June, was the evident, significant decline in tourism that, of course, impacted Europe, EMEA, more than the other regions, but, of course, this is an explanation not only of the softer results in EMEA, but also of the softer results overall.

This is something we saw again, mostly in June. Remember that our business, historically, with tourists was and still is very important in second quarter, mostly in third quarter, much less in Q4 and in Q1, but this year, even more than last year, we face a decline in tourism coming from Asia and from America to Europe.

Thank you.

Yes, hi. Good evening, thank you for taking my question.

My first question is on the split between space and like-for-like in Q2. Would it be possible to have an indication of what was the space contribution in Q2, and how should we think about it in the second half of the year and for the full year?

Then my second question is about the US. We have seen strong performance across the few companies that have already reported.

For Moncler, it's a slight sequential slowdown. Is it only linked to the normal seasonality of the business, and how the Spring/Summer campaign was received in the US?

Maybe a last one still about the US. When you have the big flagship opening in New York in September, and given we haven't had any Genius event since October 2024, should we expect a Genius-format event linked to that opening, or any other different concepts that you will deploy around that opening?

Thank you very much.

Anne-Laure, thank you for your question. First question, of course you know that we don't report this information by quarter, not because we have something to hide, but because the space contribution in one quarter is honestly not particularly meaningful.

I can tell you that for the year-end we plan for this year, in line with what we said and I'm sure you remember, in about 4% space contribution. Of course, in the quarter was slightly below, but again, nothing particularly important, honestly.

About the performance in America, again, I wanted to highlight that the 4% we report, of course, is the weighted average between wholesale and DTC. Why is that?

Needless to say, wholesale is driven by our deliveries plan. Of course, in America our wholesale business is with department stores with what was Saks Global, now is out of the Chapter 11, but, long story short, of course, we delivered less than what we could deliver.

What is very important to highlight is that the DTC business was higher than that 4%. Overall, I do know, but is meaningless to compare Moncler with other brands that for sure have become more relevant in that region than what Moncler is now, but, in any event, I can tell you that our growth rate in North America, and in the US specifically, is something we are happy with and encouraging to keep investing in that country.

Anne-Laure, good to hear from you. Just to add a few words to what Luciano said, I think we discussed this probably in the last few calls as well about the journey the brand is into the US, right?

I think we can even correlate these to probably the last two calls we have. I think Luciano said, we are happy with the results we have.

That said, I think it's important to keep reminding ourselves that this journey, in terms of the level of maturity and awareness that we have in the US, is very different from what we have in Europe and in Asia. Therefore, we keep seeing this as the opportunity and the challenge in terms of the execution.

I would say you mentioned something especially about spring/summer of the campaign. I think I will reinforce what Luciano said.

We're happy. I think things work well for us.

Of course, sometimes we expect more to go through into that potential. I think, as we discussed at the beginning of the year, we just come at the first three months of the year with execution we did in Aspen, the opening of the new Grenoble store, and, of course, we're going to September when we'll open Fifth Avenue and Moncler biggest store in the world.

Of course, the expectation here is again building blocks towards that opportunity to unlock that market. Again, we don't believe in today's world that there's a silver bullet that will unlock everything in one go.

I think what we're doing right now is, of course, working heavily in terms of leveraging the opening of this store in the context of something that is an offensive altogether for the US across all the different touch points. In a nutshell, I think I could understand more or less some comments about is this a type of Genius or something?

Again, we will open the store as I mentioned before in September. We are working to that for a few months now.

We are excited about what's to come, but personally, I would say on behalf of the team, we're equally excited about the journey we're embarking into, and something we started on the back of last year, beginning of this year. Of course, results are positive.

We expect more, we all want more, but we have to do the work and build a stronger foundation, and this will come as a consequence season after season.

Thank you.

Yes, hello. Good evening.

Maybe a stupid question, but you do have a global retail network and I would like you to maybe help me understand, how is it that tourists not coming to Europe cause you a dent in revenue growth? How come that these tourists cannot be recaptured elsewhere in Asia or in America?

Is it because maybe they exploit the big geographic price differences and so that you continue to have a significant price gap between Europe and Asia? I wonder.

My second question, given that we have the pleasure of having Leo on the call, I was wondering if Leo, after three months, on top of appreciating the great strengths that the Moncler Group has, if you had identified any specific areas where you could potentially bring your experience and improve how the company performs and which would be these areas? Thank you very much indeed.

Hi, Luca. Your first question is a very, very good and right question.

Actually, I may have been not precise, but my comment about tourism flow was mainly related to Europe to explain the soft performance of Europe that, unfortunately, is something we have been facing for a while because also previous quarters were not particularly good for Europe. You are right.

I think that people that did not come to Europe purchased in their local markets, but I think that this is also the reason why Asia was so good because plus 12%, honestly, I believe is quite remarkable. It's not the over 20% of the first quarter, but I think that nobody expected to replicate that, let me say, unusual number due to the Chinese New Year, whatever.

So 12%, mostly driven again by China, Korea, and to a lower extent, but still positive single-digit, by Japan. The same for the US.

Again, you are right, in part, because, of course, it's difficult to provide a scientific answer, but I think you are right.

Thank you, Luciano. Yes,

on the second question, of course, Leo will share some thoughts. Clearly, there will be then, Luca, dedicated opportunities in the coming quarters to meet him and discuss all these broader topics with the time and attention that they deserve.

Here tonight we will focus on Q2, but, Leo, over to you for some thoughts.

Yes, of course, I can share a bit of color, and thank you for the question, Luca. As was mentioned before, together with extraordinary abilities that are very clear in this group, I've also noticed a few opportunities we're going to develop.

Based on your question, I'm going to stick to your curiosity, let's say, on the clients, and I would say that, for sure, Moncler client, let's say, frequently rank among top spenders in other brands in luxury industry. We have demonstrated in the past years to be able to talk to large audiences, wide audiences.

A clear opportunity I see, and for sure would be a key focus starting for both brands on this, is that we can translate this ability into something which is more curated, let's say allowing this strength into more direct, more frequent, and personal interactions with our VICs. I'm sure that this dedication to key clients will further nurture our business globally, especially in those countries where we see today high potential to express our abilities.

Grazie mille.

Thank you very much.

Hi, this is Daria from Bank of America and thank you for taking my questions. I have two.

First one would be on profitability. With 19% EBIT margin in 1H and actually 60 basis points higher excluding the one-off, could you please share any comment on margin outlook for the full year considering the cost control that you have exhibited?

Consensus currently models just 10 basis points improvement on the year. My second one, sorry for this question, but can I please quickly follow up on the current trading?

You have very helpfully answered on the shape of the quarter. Should we assume June trends continuing into July, or has there been any sort of inflection since?

Thank you very much.

Thank you, Daria, for your question. About profitability, I'm sorry, but our usual answer is that we don't know, but simply because operating profitability is mostly dependent and driven by the top line, which is difficult to predict.

Of course, first half of the year profitability was good for two main reasons. One is what you said because our attention to cost control is quite high, and we all work to become more and more efficient in everything we do.

The other important point is that the top line in the second quarter was fairly good, but it was much better and very good in the first quarter that also is much more relevant than the second quarter. This is what made operating profitability very good that, as you pointed out, taking out the one-off, would have been significantly higher than last year.

What might be for the year-end is difficult to say. Of course, as we have not a target, but an ambition, a goal to protect our profitability that over the past years has been in the region of 29, 29-plus percent, and this is still our ambition.

Honestly, difficult to predict now what may be. It will totally depend, again, on the top line in the second half of the year that, of course, needless to tell you, is the most important half of the year.

About current trading, nothing to highlight more than what I said. June was softer than the first two months of the quarter.

July, we have only two weeks behind us. Beginning was in line with June and then a little bit better, but, please, don't make me comment business results of yesterday or the current trend of today because it would be totally, totally meaningless.

Again, from the qualitative point of view, we see, and let me say again, there are two factors. One is negative for the results of this period of the year, that is the buy now, wear now behavior of customers.

The other that is very positive because strategically is extremely important for the brand and for the future and for our projects, is the very good performance in April, May, June, and also, for what is worth, the first two weeks of July, of our Spring/Summer collection. This is something that we are very happy with, okay?

Thank you very much.

Good evening. Thank you for taking my two questions.

The first one concerns the share of new customers within the overall customer base. What percentage of the total did new customer represent for Moncler and Stone Island in the first half of the year?

Should the strong momentum for Stone Island be attributed to the acquisition of new customers or to an increase in the value of existing customers? The second question is on space contribution and price effect.

Could you already provide some guidance regarding these two drivers for 2027 in particular? What are your expectations regarding the price increases for next year?

Thank you very much.

Good evening, Oriana. On your first question about customers, I didn't get it if you were asking specifically about Stone Island or both brands.

Maybe I can just give you some color on Moncler. I think this is a figure that we provide typically on a yearly basis.

We don't give Q1, H1, but what we have been seeing over the past few years, and it's been pretty stable, is that about 50% of our revenues are coming from new customers, about 50% of our revenues is coming from existing customers that are already loyal to the brand. From the point of view of numbers, we are slightly more skewed towards new customers, is about 60/40, 60% new, 40% existing.

Of course, this means that the loyal customers, the existing ones, are spending a little bit more, but the share of revenues is equally split. Gino, maybe you want to add?

No, I think, Oriana, the only color commentary there is beyond the factual data that Elena shared with you, of course, the opportunity regarding new customers around spring/summer is a real opportunity. I think, as we were mentioning before, this is something that, as a reminder, this spring/summer was executed deeply in few doors of our entire network.

We will keep increasing this. This is driving a new interest and a new customers into the brand.

Spring/summer, again, if you were referring to this Q2, we have a good reception from existing clients, but, of course, it's allowing us to start capturing new demand and new clients into the brand, and even some specifics that hopefully we'll start sharing later about gender behavior, etc., regarding the product proposition we have around spring/summer.

On Stone Island, as you can see from our numbers, it's a very nice balance between capturing new customers and also keep cultivating our loyal family. I think that for Stone this is very consistent with the strategy that we have, keep a very strong connection with our loyal audience, but also recruiting new customers into the brand.

On the results, as are very organic. All the retail KPIs on Stone Island are positive, very encouragingly.

It's a very high quality growth coming from just the underlying development of the brand. As there is no space, and so we are seeing both type of customers buying into the brand.

Oriana, about your question about space and pricing, I understand that you are talking about Moncler. Moncler for 2027, honestly, is quite premature and early to give you precise number.

I can tell you, as rough indication, that we expect space to be still in the region of 4%, and pricing, based on the current production cost increase and the current level of currencies, of course, should remain low- to mid- single-digit. Of course, any more precise indication will be provided in the next future when we have a better understanding of what may happen next year.

Understood. Thank you very much.

Good evening everyone. This is Melania Grippo from BNP Paribas.

Thanks for taking my questions and congratulations to Mr. Rongone on your appointment.

My first question is on online. I understand this is a bit weak and I remember it was also the case in Q1.

Is there anything specific happening to this channel? Is there anything that you can say around it?

My other questions is on the Spring/Summer collection. I actually had the opportunity to visit some of your stores in the past week and it seemed to me that, yes, there were not many products that could be worn immediately.

I was wondering whether you intend to change the cadence of the deliveries to give more floor space to spring/summer products. Thank you.

Melania, thank you for the questions. I think on the first one, online, Luciano mentioned a bit this before, but I think the reality of the picture of online, I will almost tail it in two-half.

I think we have a weaker performance in Europe from the beginning of the year. This is something we saw in Q1 and Q2, while the other regions have been performing in pair or even, in some cases, better than physical retail.

I think this is a bit of the context. I think we have a good performance in the US, in Americas, solid performance in all the different Asian markets.

I think in Europe specifically, we are seeing a bit of a softer demand and a bit of a softer traffic, while the other regions is exactly the opposite. Right now, as you can imagine, we're working through those details.

We understand that there's opportunities for us to do better in certain markets within Europe, but again, I would say the overall picture is almost two-half: is Europe and the rest of the world with very despair performances between Europe and the rest. Regarding spring/summer, I think it's a great question, and I think I want to go back to few comments we make at the beginning.

This spring/summer for us was, as I mentioned before, the first ever, right, effort. I think the other important reminder is when we execute this initiative, we literally use a small percentage of our retail network to fully deploy the collection and everything we have done around summer because we really wanted to learn about this, as I mentioned before, was the very first step.

In some cases, we found out that some of the styles and the new products were performing pretty well, better than we were expecting, and then, of course, as you mentioned before, I think as you were going to June, we already having Pre-Fall and in some of the stores started to have a more fall type of assortment versus a bit more of a spring/summer. I think, as you mentioned before, this is when I mentioned today, we are taking the learnings of this spring/summer as we go to next year as well.

One of the areas where focusing more is to make sure that our offering will be not only relevant, as we believe we have the product, but even extended to make sure that we can cover the season entirely and not having a specific push on the very beginning of the season and then run back into old behavior. Again, take it as we said at the beginning: we are happy.

At the same time, we are the first one to know that we have tons to do and tons to improve, and this is part of the process.

Thank you.

Of course.

Hi. Good evening everyone, and welcome to Leo Rongone and thanks for your enthusiasm.

Two questions on my side. First, given the magnitude of the New York opening and potential events around, maybe, Luciano, can you mention what influence it has, will it be visible on the cost base and do you have any other major openings that are planned in H2 that could weigh on the cost base?

Then secondly, can you talk maybe about Korea, South Korea, how relevant it is in terms of Asia growth given the wealth creation we've seen recently, what is the weight of Korea, is it relevant, is it a real stand-out or is the growth in Asia really broad-based? Thank you.

Thank you for your question. Starting from Korea, Korea represents about 10% of our business overall.

It is still growing very nicely. Remember that Korea has been very strong for Moncler since many, many years ago, even during COVID.

Korea was the only region that was growing and kept growing in 2020, 2021, and so, again, last year there was some kind of slowdown in Korea, but this year is still growing with a very, very high sales density. Again, I'm saying that because we keep growing, but, of course, we have a base of comparison that is quite important.

About New York, Fifth Avenue, cost impact, let me see if I understand the question because, of course, there will be an important cost impact associated with the cost of the store, with the rent and with the cost of people that will operate that store. We don't disclose the cost, but let me say again that for sure it is an important cost.

Of course, what we expect from that store is to perform very well. This may not be 100% the case in the first three months after opening of 2026, but, of course, we have a great expectations for that store in the next years.

Please, tell me if I understood correctly your question.

No, I was wondering if it had an impact in terms of the weight of H1 versus H2 in terms of your cost base relative to a normal year. I was also wondering if you had other big projects that were lined up for H2 outside of this New York opening.

Yes, there are other projects, but for sure this is the most important one. Of course, all the expenses associated with the New York as well as all the stores are reported in selling expenses.

Again, it will depend how much will be the top line and, as a result, how much will be the productivity of the store. There might be some dilution, maybe, but I don't know honestly.

Nothing I need to highlight right now because I don't know. Also again, I expect the first weeks after opening to be good, I hope, but for sure not as much as we expect the store to perform after one year, after two years, okay?

Very clear, thank you.

Thank you.

Yes, hello. Good evening.

Thank you for taking my questions. I have two.

The first one on Stone Island, which delivered a very strong performance in the first half. Could you please elaborate on what explains the relative underperformance in EMEA?

I would assume the brand is less exposed to tourist flows than Moncler. Also now that the wholesale to retail transition has largely been completed and the brand momentum appears particularly strong, does this give you greater confidence to accelerate store openings in line with the ambitions you initially outlined at your Capital Markets Day a few years ago?

Secondly, on licensing, if I'm not mistaken, your fragrance licensing agreement with Interparfums expires in December this year. There is apparently an option to extend it for another five years.

Has a decision already been made regarding the renewal? More broadly, would you consider entering into a long-term licensing agreement with a bigger player such as L'Oréal, for example, and adopting maybe a less selective distribution strategy in order to build a much larger beauty business as many of your peers have done?

Thank you very much.

Hi, Charles-Louis, thank you for your question. About Stone Island, Stone Island performance was very good.

To your point, in Europe less than in other regions, for sure. Europe is, for sure, at this time, we discussed a lot about Moncler, but I think for all the brands Europe right now is not a particularly strong region.

There is a slowdown in demand, and this is what makes the growth rate of Stone Island good, but not so strong, not as much as in other regions. Also, in the region, in Europe, there is a very important and relevant wholesale business that is under scrutiny, because we keep selecting that channel.

We keep selecting the best wholesale doors, and, of course, this implies a negative impact in terms of wholesale doors. Overall, the organic growth even in Europe is good, is very good.

Talking about the future and how much the current momentum may imply, let me say, a distribution growth over the next years, I believe that, for the time being, to the best of our knowledge, we don't have very important plans of new openings for 2027, and so our approach, strategic approach, will still be to make that channel to grow organically. Of course, maybe next year, during next year, and hopefully the year after, we may start to open still on a selective basis some additional stores.

We want first to make sure that the brand achieves a relevant top line and a significant sales density. Other question is?

Yeah. Charles-Louis, thank you for your question.

I think, yes, it's true, our license expired regarding fragrances. I think we decided together to put a pause for a second and decide our next step.

I think this is the process we are in right now in full transparency, and I think for us as a brand, in this case, is being extremely selective in terms of the strategy we have and try to make sure that we have a relevant proposition at the highest level in the market. More to come, but thank you for the question.

We're in the process of reevaluating the best next step forward. Thank you.

Thank you.

Hi, yes. Good evening.

A couple of questions for me as well, please. The first one on spring/summer, can you come back on how much of your offering in store in Q2 was spring/summer compared to being your classic fall/winter offering, and how should we think about the split evolving in the years to come?

Second question, similar question still on spring/summer, any comment on the economics of the spring/summer versus fall/winter in terms of basket size, sales density, anything to keep in mind here around that? Last quick question, to come back on your comment on see now, buy now, what do you think is the reason behind this trend?

Have you seen it across all the key markets, or is it maybe a bit more influenced in Europe where there was really hot weather in June? Any comment around this see now, buy now trend, and how long you think it can last going forward could be interesting.

Thank you.

Thank you for your question. The first one, about spring/summer impact in terms of product in second quarter, for sure April, very important, May, very important.

In June, we started to deliver to our stores the Pre-Fall, or the first delivery of the Fall/Winter season. Overall, spring/summer is predominant in the second quarter, but in June, as I said before, Fall/Winter season is important too.

About economics, some of your questions something that we don't look at, honestly. I can tell you that Spring/Summer collection did very well in terms of conversion rate because this is something that we monitor and we looked at specifically for spring/summer, also in terms of basket, in terms of of UPT.

In terms of sales density, honestly, is quite premature to give you numbers, also because, again, this was this year the very first, let me say, intentional investment we made in in the for this season. About, you said see now, buy now.

Actually, what I said is slightly different: is buy now, wear now. See now, buy now is the behavior we saw in the past, honestly, when some people, coming to the store, wanted to buy prematurely a product of Fall/Winter season because they saw them, they liked them, and they bought them even though they knew that they could wear them in September, October, November.

What I said is a buy now, wear now. They may see the collection, but they prefer to buy the collection in season, and so they buy now what they can wear now, and so product that for sure is lighter, again spring/summer product, and this is one component of the good results of spring/summer, and, of course, Fall/Winter product too, but to a lower extent as compared to to the past.

Yes,

sorry, I meant just what you said, buy now, wear now. Do you see this trend across all the key markets, or just in some particular region?

Yes. No,

this is a trend we saw in all the markets. Honestly, this is across the markets.

Of course, in some markets less than others, and this is demonstrated by the results. In Asia, we do see this approach, this behavior, but, of course, results are very good and much better than in other regions.

Of course, in Europe, this together with, as I said before, the decline in tourism, made the number of Europe negative. The buy now, wear now behavior is something we see across the different regions.

Thank you.

Hi management, thanks for taking my question. I have two.

My first question is also about the buy now, wear now behavior. Just wondering if the consumer behavior will continue, does it mean that more demand of your fall/winter products will shift from June to the second half of the year, maybe in the winter?

If that would be the case, for your store-level plans, events, what could be your plan ahead of your peak season to better drive the sales? Also, would you do something in terms of your supply to make sure when people come to buy now, wear now during a peak season, you have enough of the inventory to supply so that you won't see the shortage of supply?

This is the first question. My second question is regarding Stone Island.

We have been seeing a very strong DTC growth here, could you help us break down a little bit about the contribution of volume, mix, pricing at the back of the strong DTC growth? Also, how should we look at the mid-term EBIT margin trajectory?

How will it contribute to the group EBIT margin elevation?

Thank you.

Chris, I will take the first one. Good to hear your voice.

I think, again, a few things. I don't think we need to overdo what we are discussing about buy now, wear now.

Of course, we're obsessed about trying to understand customer behavior, right? That's what we do every single day and try to understand what's going on.

I think, as Luciano said, we see a bit of this starting last year and this year. This doesn't mean for us a radical change in the way we do business, right?

I think, of course, we still have customers who come to us and buy when we launch Pre-Fall and when we launch Fall and Winter later in September, etc., etc. Of course, opportunity for us, as we discussed already, is to expand our offering as we go into spring/summer, have that opportunity to understand that spring/summer can be even a bit longer than we originally planned, but then, of course, we'll keep leveraging the core of our business as we have been doing and improving it every time we come.

I think what we are trying to do in the context of this conversation is to share a bit of the behavior we're seeing right now, but again, none of those things will radically change today the way we are doing business, but of course what we do is try to monitor day by day the learnings we can get from customers and see if there's a certain slight delay in terms of weeks, but not a dramatical change there.

Hi Chris, about your question on Stone Island, the growth rate, of course, implies a growth in volumes for sure, but also the second component is price mix, not price itself because we didn't increase prices significantly. Again, about low single-digit, but what it was and still is quite important is the price mix impact due to a continuing shift in the categories we sell.

You may remember the long story that in the recent past, at the time of the acquisition, business was doing very very well, but mostly driven by entry-price categories like sweatshirts, like t-shirts, pants. The day after the acquisition, we decided strategically to reinvest in the categories that made the origin, the identity of the brand, that are outerwear and knitwear.

These categories now are performing very well, and the contribution of outerwear is way higher than what it was a few years ago, and this, of course, implies higher average selling price. Talking about profitability, needless to tell you that growing organically as Stone Island is doing implies a better operating profitability and a higher opportunity to increase that profitability.

Having said that, of course, it is still a long journey, also because operating profitability, as is driven by the sales density. Sales density for Stone Island is much better than one year ago, that was better than the year before, but still not at the level we want and we believe that the brand can achieve.

In any event, yes, with such organic growth rate, if this will continue as we hope, profitability will improve.

Thank you, very helpful.

Thank you. Good evening.

I wanted to come back of a point raised by Carole on the mix between spring/summer and Pre-Fall and Fall/Winter during Q2 and Q3. Could you tell us historically how much of the sales in Q2, Q3 were driven by Fall/Winter compared to Spring/Summer, and I suppose this mix must be shifting pretty rapidly?

I understand your question. We don't disclose in details this kind of information, honestly.

I can tell you that in Q2 Spring/Summer is extremely important, more important than Fall/Winter. In Q3, Spring/Summer is less important than Fall/Winter simply because we sell Spring/Summer in July.

In August, in September, our most relevant sales start to be with Fall/Winter season. Again, this is the pattern of our business: April, May, Spring/Summer; June, we start with the Fall/Winter; July, still a mix of the two; August, more or less the same; September, predominantly Fall/Winter season.

Jean-Daniel, just as a reminder, we provide an indication for the full year in terms of sales. Last year, we had about 25% spring/summer sales versus 75% fall/winter.

I've mentioned this in the past, but it's worth reminding everyone that actually the share of spring/summer has slightly increased sequentially over the past few years. The only thing that I would add to what has already been disclosed is that, as you might imagine, particularly in Europe, when you have tourists coming to buy, often, not all the time, but of course, if you have Asian customers coming to Europe sometimes in July, August, given that we have pre-delivered Fall/Winter, in the past perhaps they were anticipating the purchase.

Given that we are perceiving and feeling this lack of tourists in Europe, this has been felt a bit more in this region.

Thank you.

Thank you. Good evening all, and congratulations also from me to Leo on his appointment.

I just had a quick one, particularly given the time. Gino, really on your point that only a small percentage of the retail network carried the full spring/summer offering in Q2, can you perhaps share what proportion exactly of the retail network did have the full assortment?

I'm wondering, are there any constraints on merchandising the full offer really driven by average store size that you're looking to overcome maybe for next year? Thank you.

Thank you for the question because you allow me to clarify something. What I meant is, of course, the full collection was spread out across the entire network.

When I talk about a certain part of the network was the full experience around spring/summer. I think if you look about this, this is not a collection that we put a specific jacket, a specific knitwear, a specific cut-and-sewn.

This was almost around 20 24 looks full of layering. What we try to do was, while the collection was spread out everywhere, is in this X amount of stores that we have in a percentage of these stores was the full execution, and again, is where you were able to see the whole layering system, where you were able to see the whole collection, we're having not only windows, but in-store execution, where the whole customer experience was regarding this layering system in the way was approaching the retail experience.

That's what I meant when we said, for us, it's very important that we are, as always, trying to learn from what we do, knowing that this is entering a different behavior for us as a company and a different behavior that we're asking customer to start looking at ourselves. That's why for us is, while the product was spread out and available in the entire network, for us was very important to take the lessons and learn from the stores that we went full execution.

This is something that you will see gradually as we go season after season. Not only the product and the offering will get better, but in terms of the experience we will provide for customers, and I think this is something that when Luca was asking Leo about opportunities there, I think he was mentioning about how we can even elevate our experience at retail, especially into VICs.

This is something that we will keep evolving, not only in terms of the network and the amount of doors we have, but even in the experience we will provide around that.

Makes sense. Thanks for the clarification.

Next question is from Paola Carboni, Equita SIM.

Yes, hello. Good afternoon, good evening everybody.

Just two follow-ups for me. The first one is about Korea, which was mentioned as one of the main drivers for the DTC performance of Moncler in APAC, but at the same time the Korean cluster was mentioned as flat.

If you can comment a little bit here about the different behavior of tourists in the country and local customers and the different weight this have in your revenues there and what you expect, what you see as a future evolution of this region. A second question is about the initiatives for Q4.

You have surprised ourselves in the last few years with different events or the very powerful marketing campaign of last year. I was wondering if you can spoiler us something, if not in detail, but at least let us understand the magnitude of your effort we should expect for the core winter season going forward.

Thank you very much.

Yes, Paola. Your first question about Korea, you are totally right.

Korean cluster is flattish, but Korea market performed very well, which implies that apparently they didn't travel as much as in the past. Honestly, I don't know why.

I can tell you that this is a trend I saw also in some publication, if I remember correctly, Global Blue, but in any event, Korea business with the Korean in Europe is significantly down as compared to last year, but business with them in their local market is good. At the end, the cluster is more or less stable, but with this peculiarities I told you.

The only thing I wanted to add is that, of course, we've captured Asian tourists into Korea, and so the fact that Korea was the strongest market that we've had in Asia is reflecting both good local consumption, but also tourists going into the country, and a lot of the explanation, as comes down to FX.

Can you please add the exposure to local demand in Korea versus inbound tourism? Thanks.

Of course, I'm not providing numbers, Paola, but I can tell you that in Q1 the inbound tourism from China was quite relevant. In second quarter, much less, but in any event, demand in Korea from locals is good, is very good.

This is common to other brands, as and as far as I know, as I understand, and this is due to several different factors, including, let me say, the wealth effect, but also the fact that Moncler brand in Korea has been since ever and of course it is now very, very strong, very strong. Again, long story short, very strong demand in Korea, let me say mostly from locals in the second quarter, and a much weaker, significantly weaker business with Korean customers in Europe.

Thanks.

Paola, I will quickly answer your second question regarding Q4. I was happy to hear that you said that we keep surprising you every year in the past few years in Q4.

We will try to keep that promise up. We will try to keep surprising you with the work we will deliver.

I think, as you know well, I think we are talking today a lot about the work we're doing spring/summer and all the different initiatives we have. That is always an add-on on top of what we will do always around Q4 and our core season.

I think it's important to remind ourselves. Of course, I cannot share details, but we feel confident about what we have planned for the second half of the year.

I would say, just to tease a bit more if you like, is I just mentioned that in September we'll be opening the flagship store in New York, and from there on, you will see kind of a relentless approach towards the end of the year and beginning of 2027. Count on us again on trying to surprise you again, and then you will tell me.

Good. Thank you very much.

Thank you. Good evening everybody.

My first question is just on the gross margin, please. Could you help us walk through the main moving parts?

We would have thought that maybe there was a bit more margin optionality given the positive regional mix, the positive channel mix, and likely Grenoble outperforming the mainline collection. Could you just help us understand where those headwinds come from?

I imagine it's probably to do with raw materials and inflation, but any help there would be useful. My second question is just coming back to spring/summer and the way you set the business up.

If we read between the lines, is it fair to say that perhaps the inventory availability and the risk-taking wasn't as high as it could have been and therefore there was a kind of a product availability issue for some customers in store, which impacted conversion, and that's something that you'll address with perhaps better or higher inventory levels next year? Is that the right way to think about what you've been saying this evening?

Thank you.

About gross margin, the improvement of gross margin is totally driven by channel mix. Gross margin overall, there are several different factors impacting a gross margin.

Honestly, nothing material to highlight. Of course, mark-up was substantially in line with last year.

The need of reserve for obsolescence was substantially in line with last year. Some negative impact of FX, of course, but again, honestly nothing particularly relevant to highlight.

Of course, when I'm talking about channel mix, that was positive, this implies both brands because, again, at this point, not only channel mix of Moncler, but also the impact of channel mix of Stone Island that has been growing in the first half of the year mostly in the DTC business. About your?

I'm happy just to give you a short answer there. I think the question just Luciano for all of us was more about there was a feeling, a sensation that we were maybe short on inventory on certain things, if we didn't take the enough risk.

I would say the answer is, for me, is a bit the opposite. I think there was a risk that we took, but it was a calculated risk.

I think I want to go back in perspective. I think when you think about it, is the very first real effort against spring/summer in almost 75 years of the company.

Again, wasn't easy for us to think that on the communication, on the message, on the approach, on styling, on the amount of different classifications is not that simple to put all that together and then go full on into an uncalculated risk. The risk was there.

I strongly believe that we like to be on this scenario versus the opposite of scenario of having a lot of inventory and not able to connect with customers. I think what we having saying for the entire call is we're very happy with results.

We have a good results, not only in terms of the performance of the collection, but even as a brand overall, that give us the confidence to keep building into this. For us, I think we always said from day one, this is a building block.

We don't have a silver bullet that can make us spring/summer relevant in the first season. Again, as I mentioned before, we feel more confident being on this side of maybe we were short of certain items and we didn't have enough inventory than being on the other side of this conversation.

Thank you for clarifying.

Good evening. Can you hear me?

Yes,

yes of course.

Sorry for the bad connectivity earlier. Hope you can hear me.

If not, I'll take this offline. Two quick questions, please.

Firstly, coming back to the DTC growth by nationality, the Chinese cohort was up over 20% in Q1. Luciano, you said the cluster was positive in Q2.

Can you be a bit more specific? Was it still up double-digit and how did domestic versus offshore compare?

Secondly, could you come back to the reasons behind the softer performance in June versus April and May, especially as you started delivering the Pre-Fall into stores? Thank you.

Yes, hi Thomas. Nice to hear you again.

About nationalities, Chinese cluster was up. Again, let me say yes, yes, double-digit.

The other nationalities, as I said, Americans also were up, and Korean and Japanese flattish, and the Europeans, unfortunately, negative. Let me know if I answered your question.

Yes or not?

Yes, yes. Was the Chinese cohort better offshore than onshore?

You talked about Chinese in Korea.

No, I think it was good both onshore and offshore for us, there was no particular difference. Let me also take this chance to take the second question because I believe we've been quite clear about the performance over the quarter, June and the reason behind it.

I don't know if you were able to follow the entire call, but otherwise happy to take it offline.

We'll take it offline, it's quite late. I did follow the call, but I wanted some clarification.

We can discuss that in a few moments, Elena. Thank you.

Good evening everyone. Thank you for taking my questions.

I have just two very quick follow-up questions, actually. The first one on profitability on the second half of the year.

Rather than talking about profitability, thinking about the OpEx development in H2, you delivered very tight cost control in H1. Should we extrapolate that into H2, or should we think about an acceleration of OpEx?

To that, when thinking about the New York opening, I'm guessing that the rents are already in the OpEx space, it would be an acceleration of employees, but not rents. Am I correct?

The second question, just to come back on the like-for-like very quickly on Q2, I know you don't comment on quarterly like-for-likes, but just trying to square the 7% for H1, is it fair to assume that like-for-like in Q2 was positive and actually space was negatively impacted by online? Thank you very much.

Yes, hi Chiara. About OpEx in the second half of the year, we don't see any material significant element to highlight.

As I said before, the one-off will be much, much smaller, it will be about €2 million, slightly less than €2 million, as compared to the €8 million we reported in the first half. Talking about selling expenses, you are totally right about rents for New York.

For any store we open, we start report in our results the rent cost at the time we take over the store, and so independently on when we open the store. Of course, something I didn't highlight, but the rents without revenues is a metric we monitor, and in the first half of the year was quite important and higher than last year.

Honestly, at this point, to the best of my knowledge, in the second half of the year I don't see any significant element. Of course, there might be elements that are very volatile, and so very difficult to predict, associated with the cost of energy, because, honestly right now apparently is better than what we expected just a couple of months ago, but this is a completely open issue, but this may be a risk.

Right now we don't assess that risk as particularly material. The other question?

I think you've asked about the like-for-like in the second quarter.

Like-for-like in the second quarter, yeah, of course we don't disclose this number, but let me give you a qualitative answer. First quarter was very, very good, and so 7% is the weighted average of a very, very good comp in the first quarter and much less in the second quarter.

This is and was also the

No, I think it was the last one, yes, slightly positive is a good assumption. We are generous today.

Thank you very much.

Thanks.

All right, thank you very much to everyone. Just a quick reminder of the next release.

Our Q3 2026 results will be released on October 21st post-market close, and our quiet period will start on September 22nd. Thank you again.

For any follow-up questions as usual, you can contact me anytime. Have a great evening, and for those of you going on holiday, we wish you a wonderful summer break.

Thank you.