Safilo Group: sales down 1.9 percent in H1

In the second quarter of 2026, Safilo Group recorded net sales of 239.1 million euros (275.7 million dollars), down 4.5 percent at constant exchange rates. The gross industrial margin was 73.1 percent, up 11.5 percentage points from 61.6 percent. The adjusted EBITDA margin was 20.5 percent, up 9.4 percentage points from 11.1 percent in the same period last year. Free cash flow amounted to 23.8 million euros, compared to 29.1 million euros.

In the first half of 2026, net sales stood at 512 million euros, down 1.9 percent at constant exchange rates and 4.8 percent at current exchange rates compared to the same period in 2025. The gross industrial margin was 67.2 percent, up 6.1 percentage points from 61.1 percent. The adjusted EBITDA margin was 16.8 percent, up 5.2 percentage points from 11.6 percent, and the group's adjusted net profit was 49.4 million euros, up 46.7 percent.

Free cash flow amounted to 36.4 million euros, compared to 43.5 million euros in the same period last year.

Net debt was 5.4 million euros at the end of June, compared to 46.1 million euros at the end of December 2025. “After a resilient start to the year, the second quarter was affected by a weakening of demand in our main markets. Lower visibility and more subdued consumer sentiment led our customers to adopt a more cautious approach to ordering,” said the company's chief executive officer, Angelo Trocchia, in a note.

“In this scenario, we continued to focus on the levers we could control, preserving the quality of the business through a disciplined commercial action plan, a favourable sales price/mix and constant cost control. These actions resulted in another quarter of solid margin expansion and strong cash generation, which allowed us to further strengthen our financial flexibility,” added the CEO.

Sunglasses confirmed as most affected product category

Safilo, as previously mentioned, closed the first half of 2026 with net sales of 512 million euros, down 1.9 percent at constant exchange rates and 4.8 percent at current exchange rates compared to the same period in 2025. The half-year showed a resilient start, followed by a weaker second quarter. This was characterised by a cautious approach to ordering from customers in the group's main markets, particularly from the end of March and throughout April and May.

The trend began to show signs of improvement in June. This was supported by initial indications of a stabilising business environment and a gradual recovery in consumer confidence in some markets.

In this context, sunglasses were confirmed as the most affected product category, given their more discretionary nature, while optical frames experienced a slowdown compared to previous trends.

Safilo benefited from positive contribution from Carrera, Smith, David Beckham and Kate Spade

Net sales for the second quarter were 239.1 million euros, down 4.5 percent at constant exchange rates and 5.1 percent at current exchange rates. Some markets showed a degree of polarisation, with more resilient performances in the premium and luxury segments that partially offset weaker demand for mid-to-low-end brands. In this scenario, Safilo continued to benefit from the positive contribution of several key brands, with Carrera, Smith, David Beckham and Kate Spade maintaining a solid performance in key markets and channels.