Moncler shares fall following the results, with a slowdown in sales and a cautious outlook weighing on the share price

(Il Sole 24 Ore Radiocor) - Moncler shares have fallen sharply on the Milan Stock Exchange following the publication of its half-year results. Despite rising profits, investors are selling the stock (Moncler), concerned by the slowdown in sales during the second quarter and management’s cautious outlook for the second half of the year.

The group closed the first half of the year with consolidated revenue of €1.29 billion, up 9% at constant exchange rates and 5% at current exchange rates. In detail, the Moncler brand recorded revenue of €1.09 billion (+9% at constant exchange rates and +5% at current exchange rates), whilst Stone Island reached €200.3 million (+11% and +7%, respectively). Group EBIT rose to €245.4 million, up from 224.8 million in the same period of 2025, whilst net profit increased to 164.7 million, from 153.5 million the previous year, representing 12.5% of revenue. At the end of June, the net financial position stood at a positive €1.11 billion, compared with €1.46 billion at the end of 2025 and €980.8 million a year earlier.

Whilst the results were deemed solid overall, analysts highlighted a slowdown in business between April and June. In particular, sales through the direct-to-consumer (DTC) channel for the Moncler brand grew by just 3 per cent, falling short of market expectations, which had forecast growth of at least 4 per cent. The main factor weighing on results was the decline in tourist numbers in Europe, the geographical region that posted the weakest performance during the quarter.

During the conference call with the financial community, the Corporate and Supply Officer, Luciano Santel, maintained a cautious stance on the outlook for the second half of the year, citing the still complex macroeconomic environment. The executive, who did not provide guidance on margins for 2026, nevertheless emphasised that the group stands to benefit from a number of commercial and marketing initiatives, including the opening of the new flagship store in New York.

Among the investment banks, Equita reaffirms its ‘Buy’ recommendation, with a target price of 65 euros. According to analysts, “despite the share’s weak performance and the typically slow summer months, we believe that the weakness in current trading may outweigh the greater visibility on margins for the whole of 2026”. Deutsche Bank and Jefferies are more cautious. The German bank maintains its ‘Hold’ rating, with a target price of 58 euros, highlighting the slowdown in sales during the second quarter.