Kering reported 2025 results showing sequential improvement through the year, while outlining a strategy to return to growth and improve margins in 2026.

Group revenue fell 13% year-on-year to €14.7 billion, or down 10% on a comparable basis, with fourth-quarter sales down 3% on a comparable basis, indicating a gradual stabilization. Recurring operating income declined 33% to €1.63 billion, with a recurring operating margin of 11.1%. Recurring net income attributable to the Group totaled €532 million, while free cash flow from operations reached €4.4 billion, supported by real estate transactions. Net debt was reduced by €2.5 billion to €8 billion by year-end.

Gucci remained the main drag, with revenue down 19% on a comparable basis, though the fourth quarter showed sequential improvement helped by new collections. Yves Saint Laurent delivered stable fourth-quarter sales and maintained a 20% recurring operating margin. Bottega Veneta stood out with 3% comparable growth in 2025 and a margin improvement to 15.6%. Other Houses returned to comparable growth in the fourth quarter, while Kering Eyewear continued to grow, posting a 15.8% recurring operating margin.

Kering proposed an ordinary dividend of €3.00 per share and an exceptional dividend of €1.00 per share linked to the planned disposal of Kering Beauté. Management said 2026 will focus on reigniting growth, rebuilding margins and strengthening cash generation, with a detailed roadmap to be presented at the Capital Markets Day on April 16, 2026.