2025 results: sequential improvement, unlocking the next phase of sustainable & profitable growth

Strengthened balance sheet providing strategic flexibility

2026 outlook: return to growth and margin improvement

Capital Markets Day: Kering roadmap to build a leaner, faster Group, focused on enhancing brand desirability to reignite growth

Revenue: €14,675 million
down 13% as reported and 10% on a comparable basis
with Q4 revenue down 9% as reported and 3% on a comparable basis

Recurring operating income: €1,631 million

Recurring net income attributable to the Group: €532 million

Proposed ordinary dividend: €3.00 per share
Proposed exceptional dividend: €1.00 per share

“The performance in 2025 does not reflect the Group’s true potential. In the second half, we took decisive actions – strengthening the balance sheet, tightening costs, and making strategic choices that lay the foundations for our next chapter. On April 16, during our Capital Markets Day, we will present a clear roadmap to boost the desirability of our Luxury Houses and reignite growth, with well-defined brand strategies, a more effective organization and strong financial discipline. As we enter 2026, the entire team is fully committed to delivering a leaner, faster Kering, enhancing brand positioning and sales, rebuilding margins, and strengthening cash generation to ensure sustainable, long-term value creation.”
Luca de Meo, CEO of Kering

- Kering 2025 revenue amounted to €14.7 billion, down 13% as reported and 10% on a comparable basis.
o Sales from the directly operated retail network, including e-commerce, declined by 11% on a comparable basis, remaining uneven across regions and Houses.
o Wholesale revenue declined by 9% on a comparable basis, with the good performance of Kering Eyewear more than offset by the Luxury Houses’ deliberate efforts to sharpen the exclusivity of their distribution.

- In the fourth quarter, revenue was down 9% as reported and 3% on a comparable basis, reflecting a gradual improvement over the course of the year. Sales from the directly operated retail network decreased 4% on a comparable basis. Western Europe and North America were broadly in line with Q3, while trends improved sequentially across all other regions. Wholesale and Other revenue was down 2% overall on a comparable basis, with Wholesale revenue for the Houses declining 9%.

- Recurring operating income totaled €1.6 billion in 2025, down 33% from the 2024 level. Recurring operating margin was 11.1% in 2025 versus 14.5% in 2024, impacted by the decline in revenue.

- Recurring net income from continuing operations attributable to the Group was €532 million. Including non-recurring items mostly related to optimization and restructuring measures, net income from continuing operations attributable to the Group amounted to -€29 million in 2025.

- Free cash flow from operations was €4.4 billion in 2025. Excluding real estate deals in Paris, New York and Tokyo, it amounted to €2.3 billion, a decrease of 35% compared with 2024.

Gucci

Gucci 2025 revenue amounted to €6 billion, down 22% as reported and 19% on a comparable basis. Sales from the directly operated retail network, accounting for 92% of the total, were down 18% on a comparable basis, while Wholesale revenue was down 34%.

In the fourth quarter, the House’s revenue decreased 10% on a comparable basis, showing a new sequential improvement. Sales from the directly operated retail network were also down 10% on a comparable basis. The launch of the collection La Famiglia, presented last September and rolled out progressively since early January, along with newness injection, helped revive interest in the Gucci brand. Wholesale revenue decreased 14% on a comparable basis.

Gucci recurring operating income totaled €966 million in 2025. Recurring operating margin was 16.1%, down 4.9 points compared to 2024. The negative operating leverage resulting from lower sales was partially mitigated by the continued efforts of Gucci to optimize its cost base.

Yves Saint Laurent

Yves Saint Laurent 2025 revenue amounted to €2.6 billion, down 8% as reported and 6% on a comparable basis. Sales from the directly operated retail network were down 6% while Wholesale revenue fell 14% on a comparable basis.

In the fourth quarter, sales were stable on a comparable basis, marking another quarter of improvement. Sales from the directly operated retail network were also stable, supported by another quarter of growth in North America and a return to positive territory in Western Europe. Performance was driven by new product introductions across all categories, particularly benefiting shoes and women’s ready-to-wear. Wholesale revenue rose by 5%, supported by growth in all regions.

Yves Saint Laurent delivered recurring operating income of €529 million in 2025, with a 20.0% recurring operating margin maintained versus 2024 thanks to efficiency measures that offset negative operating leverage, while the House continued to support investments in collections, stores and clienteling.

Bottega Veneta

In 2025, Bottega Veneta revenue amounted to €1.7 billion, stable as reported and up 3% on a comparable basis. Sales from the directly operated retail network rose 4% on a comparable basis. Wholesale revenue was down 6% on a comparable basis, due to the House’s highly selective approach to partners.

In the fourth quarter, sales were up 3% on a comparable basis to their highest-ever level, with a 5% increase in the directly operated retail network, driven – as in the third quarter – by North America and Middle East. Trends in Asia Pacific continued to improve, notably in South Korea, while Japan returned to growth. New collections performed well, with positive leverage from existing and new handbag lines such as Campana and Veneta, and double-digit growth in ready-to-wear and shoes. Wholesale revenue was down 9% on a comparable basis.

Bottega Veneta recurring operating income totaled €267 million in 2025, resulting in a recurring operating margin of 15.6%, up 0.7 points compared to 2024. This performance was driven by the strong contribution of directly operated stores and disciplined cost management, despite sustained investment to support the House’s development.

Other Houses

In 2025, revenue from the Other Houses amounted to €2.9 billion, down 10% as reported and down 6% on a comparable basis. On a comparable basis, sales from the directly operated retail network were down 4%, while Wholesale revenue was down 15%.

In the fourth quarter, sales from the Other Houses rose 3% on a comparable basis, with retail sales up 6% and wholesale down 9%. Retail performance at Balenciaga turned positive, driven by leather goods, Alexander McQueen continued its restructuring, and Brioni maintained strong traction. The Jewelry Houses recorded a dynamic expansion, with Boucheron delivering a double-digit growth, Pomellato maintaining a steady trajectory, DoDo accelerating and Qeelin continuing to enjoy solid momentum.

The recurring operating income of the Other Houses amounted to -€112 million in 2025 after -€9 million in 2024, as soft performance at Balenciaga and losses at Alexander McQueen weighed on profitability despite ongoing deep restructuring efforts.

Kering Eyewear and Corporate

In 2025, total revenue in the Kering Eyewear and Corporate segment amounted to €1.6 billion, up 1% as reported and up 3% on a comparable basis.

Kering Eyewear generated revenue of €1.6 billion in 2025, up 3% on a comparable basis. In the fourth quarter, sales totaled €319 million, down 2% as reported and up 3% on a comparable basis, driven by Western Europe, as well as the optical category.

Kering Eyewear recurring operating income amounted to €252 million in 2025, with a 15.8% recurring operating margin.

Taking into account Corporate costs, the Kering Eyewear and Corporate segment made a recurring operating income of -€17 million.

Financial performance

In 2025, the Group’s net financial expense totaled €594 million.

The effective tax rate on recurring income was 36.1%, up from 28.3% in 2024, mainly due to the 2025 losses generated in the United Kingdom by Alexander McQueen and the one-off impact of the reclassification of Kering Beauté into discontinued operations.

Recurring net income from continuing operations attributable to the Group was €532 million, equivalent to €4.34 per share.

Cash flow and financial position

The Group’s free cash flow from operations was €4.4 billion in 2025. Excluding real estate deals in Paris, New York and Tokyo, it was €2.3 billion, down 35% compared with 2024.

As of December 31, 2025, the Group’s net debt amounted to €8 billion, down €2.5 billion compared with December 31, 2024.

Dividend

At its February 9, 2026 meeting, the Board of Directors of Kering decided to propose a cash ordinary dividend of €3.00 per share at the Annual General Meeting on May 28, 2026, which will vote on the financial statements for the year ended December 31, 2025.

An ordinary interim dividend of €1.25 per share was paid on January 15, 2026. Subject to shareholder approval, the final ordinary dividend of €1.75 per share will be paid on June 4, 2026, based on positions recorded on the evening of June 3, 2026. The ex-dividend date will be the morning of June 2, 2026.

In addition, an exceptional dividend of €1.00 per share will be proposed related to the disposal of Kering Beauté to L'Oréal, expected to be closed in the first semester of 2026.

The exceptional dividend will be paid once the closing of Kering Beauté is completed and not before June 4, 2026, subject to shareholder approval at the Annual General Meeting.

Outlook

Kering enters 2026 with a clear objective: to return to growth and improve margins this year.

In a still uncertain macroeconomic environment, the Group prioritizes flawless execution, equipping each House with sharper, more sustainable brand strategies and the operational support required to accelerate progress.

The Capital Markets Day on April 16, 2026, will present in detail the roadmap that will guide this next phase in Kering transformation.

About Kering

Kering is a global, family-led luxury group, home to people whose passion and expertise nurture creative Houses across couture and ready-to-wear, leather goods, jewelry, eyewear and beauty: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté. Inspired by their creative heritage, Kering Houses design and craft exceptional products and experiences that reflect the Group’s commitment to excellence, sustainability and culture. This vision is expressed in our signature: Creativity is our Legacy. In 2025, Kering employed 44,000 people and generated revenue of €14.7 billion.

Contacts
Press
Emilie Gargatte          +33 (0)1 45 64 61 20          emilie.gargatte@kering.com 
Caroline Bruel          +33 (0)1 45 64 62 53          caroline.bruel-ext@kering.com 

Analysts/investors
Philippine de Schonen          +33 (0)6 13 45 68 39           philippine.deschonen@kering.com 
Aurélie Husson-Dumoutier           +33 (0)1 45 64 60 45             aurelie.husson-dumoutier@kering.com