THE BOARD OF DIRECTORS OF SAFILO GROUP S.P.A. APPROVES 2024 RESULTS
• GROWTH IN EUROPE MITIGATES CHALLENGES IN NORTH AMERICA
– Net sales at €993.2M, -2.3% at constant exchange rates, including the negative impact of approx. 3% due to the exit of Jimmy Choo
• STRONGER, MORE STABLE AND BALANCED BRAND PORTFOLIO
– Strong growth for Carrera, David Beckham, Tommy Hilfiger and Carolina Herrera
– Perpetual license signed for Eyewear by David Beckham, taking the home brands portfolio to ca. 50% of sales
– Early renewal of all main licenses until 2030/31
• ALL MARGINS ON THE RISE
– Gross margin at 59.7%, +100 bps compared to 58.7%2
– Adj.2 EBITDA margin at 9.4%, +40 bps compared to 9.0%
– Adj.2 Net result of €34.2M compared to €14.0M
• STRONGER CASH GENERATION
– Cash Flow from operating activities at €76.2M compared to €47.7M thanks to careful management of working capital
– Free Cash Flow at €16.7M, including the acquisition of the perpetual license
– Net debt stable at €82.7M, including completion of the Share Buyback Program
• PROGRESS ON SUSTAINABILITY
– Scope 1 and 2 emissions, ca.
-19% vs 2023; Scope 3 emissions, ca.
-5% vs 2023
– Share of new collections made with recycled or bio-based materials to ca. 23% from ca. 17% in 2023
– Commitment to inclusion and vision care: 20 years of partnership with Special Olympics renewed to 2027
• NEW SHARE BUYBACK PROGRAM FOR A MAXIMUM NUMBER OF 15 M SHARES
1
This press release may use ‘alternative performance indicators’ not foreseen by the IFRS-EU accounting standards (EBITDA and Net debt), and whose meaning and
contents are illustrated in the specific section of the press release and in accordance with the CESR/05-178b recommendation published on 3rd November 2005.Press release FY 2024 Results
Padua, March 11, 2025 – Today, the Board of Directors of Safilo Group S.p.A. has approved the Company’s consolidated annual report for the year ended December 31, 20241 and examined the separate financial statements for the year ended December 31, 20241, which will be submitted for approval by the shareholders at the Annual General Meeting to be held in a single call on April 24, 2025.
The Board of Directors has decided not to propose the payment of a dividend at the next Annual General Meeting. The Board has supported a resolution to the subsidiary Safilo S.p.A. to execute a new Share Buyback Program.
Angelo Trocchia, Safilo Chief Executive Officer, commented:
“2024 was a year marked by a complex macroeconomic context, which affected business and consumer confidence, influencing demand dynamics in various sectors, including eyewear. In the face of market challenges, we proved our resilience and adaptability, consolidating our competitive edge through dynamic brand portfolio management and targeted investments. Our steadfast dedication to the quality of services offered to our customers and consumers remains the cornerstone of our strategy.
One particularly important transaction for us was the acquisition of the perpetual license for Eyewear by David Beckham, which represented a further step towards strengthening a high-quality, long-term brand portfolio, now perfectly balanced between home and licensed brands.
Among the brands, Carrera, David Beckham, Tommy Hilfiger and Carolina Herrera stood out as our key strengths of the year, achieving particularly strong growth. On the geographical front, Europe confirmed its solidity and dynamism, driven by the good performance of key markets such as France, Germany, and Eastern European countries.
The performance of total sales for the year, which fell by 2.3% at constant exchange rates, reflected the combination of the conclusion of the Jimmy Choo license and still unfavourable market dynamics for sunglasses and the sports business in North America.
Navigating this business context, we took decisive action on the levers within our control, and we are pleased to report that we concluded the year with improvements across all economic metrics, most notably a gross industrial margin nearing 60% of sales, and an adjusted EBITDA margin that increased to 9.4%.
The year also confirmed our financial solidity and ability to improve cash generation. Cash flow from operating activities rose to over €70 million, while net debt remained stable, despite the acquisition of the perpetual license and the completion of the share buyback program.
In 2024, we stayed strongly committed to our sustainability strategy. We accelerated the decarbonization process, implementing initiatives aimed at reducing environmental impact throughout the entire value chain, in line with Scope 1, 2, and 3 targets, validated at the beginning of the year by SBTi. Among the most significant results, we achieved 95% coverage of our electricity needs through renewable sources, with the consequent reduction of Scope 1 and 2 emissions of approximately 19% compared to 2023. Furthermore, notable progress was made in product sustainability, with the share of new collections made with sustainable materials increasing from 17% in 2023 to approximately 23%.
Looking to 2025, the complexity of the macroeconomic and geopolitical landscape, and the related increasing challenges, will continue to impact the markets in which we operate, making it particularly difficult to predict business trends in the coming months. In this context, we remain focused on strengthening our partnerships, maintaining agility and operational flexibility, with the goal of seizing opportunities to return to revenue growth. Our commitment to continuous margin improvement and consistent cash generation remains steadfast.”
2
This press release may use ‘alternative performance indicators’ not foreseen by the IFRS-EU accounting standards (EBITDA and Net debt), and whose meaning and contents are illustrated in the specific section of the press release and in accordance with the CESR/05-178b recommendation published on 3rd November 2005.Press release FY 2024 Results
NET SALES PERFORMANCE
In 2024, Safilo’s net sales amounted to Euro 993.2 million, recording a decrease of 2.3% at constant exchange rates and 3.1% at current exchange rates compared to 2023. The contraction was driven by the exit of the Jimmy Choo license, the impact of which affected the performance of all geographies. Net of this, the sales trend was slightly positive, thanks to the solidity of Europe, which grew mid-single digits. North America remained slightly contracted, penalized by an election year and the climate of uncertainty that affected business and consumer confidence. In the year, the business benefited from particularly strong growth from Carrera, David Beckham, Tommy Hilfiger and Carolina Herrera, which stood out across all key reference markets.
Thanks to a strong recovery in the fourth quarter, Smith and Polaroid closed 2024 with only a marginal slowdown, despite the year’s challenges stemming from sports retailers’ conservative purchasing and a sunglasses market hampered by uncertain conditions.
The year ended with an almost complete balance between home brands, which now also include the perpetual license of Eyewear by David Beckham, and the licensed portfolio, marking a further strengthening of Safilo’s business model.
In 2024, online channels continued to account for around 16% of the Group’s sales, in a year marked by further growth of Smith’s direct-to-consumer (DtC) business and of European internet pure players. Among physical channels, Safilo continued strengthening its position in independent European optician stores, thanks to the steady growth of the prescription frames business and efforts to build customer loyalty and provide continuous service improvements through the You&Safilo Business-to-Business (BtB) e-commerce platform.
In Q4, sales performance improved compared to the previous quarters of the year, showing a contraction of 1.1% at constant exchange rates and 1.6% at current exchange rates, to which the recovery of emerging markets contributed in particular. Excluding the residual effect of the Jimmy Choo exit, the quarter was positive by almost 2%.
NET SALES PERFORMANCE BY GEOGRAPHY (in Euro million)
% Change
2024 % 2023 % % Change
current forex
constant forex
North America 428.7 43.2 452.9 44.2 -5.3% -5.2%
Europe 414.2 41.7 411.8 40.2 +0.6% +1.6%
Asia Pacific 58.6 5.9 59.9 5.8 -2.3% -2.1%
Rest of the world 91.8 9.2 100.1 9.8 -8.3% -5.9%
Total 993.2 100.0 1,024.7 100.0 -3.1% -2.3%
% Change
Q4 2024 % Q4 2023 % % Change
current forex
constant forex
North America 107.3 45.5 111.9 46.7 -4.1% -4.6%
Europe 90.1 38.2 90.7 37.9 -0.7% -0.1%
Asia Pacific 18.6 7.9 16.2 6.8 +14.4% +12.9%
Rest of the world 19.9 8.4 20.8 8.7 -4.5% +2.4%
Total 235.8 100.0 239.6 100.0 -1.6% -1.1%
3
This press release may use ‘alternative performance indicators’ not foreseen by the IFRS-EU accounting standards (EBITDA and Net debt), and whose meaning and
contents are illustrated in the specific section of the press release and in accordance with the CESR/05-178b recommendation published on 3rd November 2005.Press release FY 2024 Results
In 2024, sales in North America amounted to Euro 428.7 million, down 5.2% at constant exchange rates and 5.3% at current exchange rates compared to Euro 452.9 million in 2023.
The year’s performance was influenced by multiple factors that, over the quarters, impacted different business segments and distribution channels. Smith’s performance was influenced by an unfavourable environment for the sports sector, with a delayed start to the ski season limiting restocking and the bike segment still being somewhat oversized at retail level.
On the eyewear front, sunglasses sales remained largely weak due to cautious purchasing behaviour from key wholesale channels. The prescription frames business instead continued to show solid growth, supporting brands with greater exposure to this category.
Carrera achieved excellent results, also driven by the success of its new women’s collections, which enhanced the brand’s in-store performance and supported its market expansion. Also David Beckham, Tommy Hilfiger and Marc Jacobs recorded solid growth, fuelled by an expansion in distribution.
In Q4, sales in North America declined by 4.6% at constant exchange rates and by 4.1% at current exchange rates, mainly reflecting the drop in sales of Blenders, which, in the same period of 2023, had been boosted by the success of the brand’s first collection in collaboration with Coach Prime. The quarterly performance was also influenced by a still subdued sunglasses business in the wholesale channel, which nevertheless showed signs of improvement in the final weeks of the year.
It was instead a quarter back to growth for Smith’s sports business, which continued to progress in the DtC channel and saw a recovery in physical stores, supported by a strong start to the 2025 ski season and a favourable comparison base.
In 2024, sales in Europe amounted to Euro 414.2 million, up 1.6% at constant exchange rates and 0.6% at current exchange rates compared to Euro 411.8 million recorded in 2023.
The year confirmed the solidity of the European business, with France standing out as one of the most dynamic markets, driven by the expansion of the commercial network and the strong performance of the prescription eyewear segment among independent opticians and chains. The Italian market performed well, while Central and Eastern European markets continued to see strong growth, with Poland and Turkey showing particularly positive results and Germany benefiting from the solid performance of the Internet Pure Players channel.
In 2024, a key driver of success in Europe continued to be the growing adoption of the You&Safilo BtB platform. With constantly evolving content and services, it has further improved operational efficiency and strengthened relationships with clients.
Among the brands, Carrera and David Beckham posted significant growth, strengthening their market position, while the licensed portfolio benefited from the strong performance of Carolina Herrera and DSquared2, the latter of which was recently renewed, as well as the debut of Etro’s eyewear collections.
Among the Group’s product categories, prescription frames continued to outperform sunglasses, whose demand in Europe also partly influenced by adverse weather conditions in May and June.
In Q4, sales in Europe remained stable compared to the same period of 2023 (-0.1% at constant exchange rates and -0.7% at current exchange rates). Weaker demand in Germany was offset by solid growth in France, Italy and Eastern European markets, which continued to be the main drivers of expansion in the region.
In 2024, sales in Asia Pacific amounted to Euro 58.6 million, down 2.1% at constant exchange rates and
2.3% at current exchange rates compared to Euro 59.9 million recorded in 2023.
In 2024, the Asia Pacific area experienced mixed trends, with China standing out as the main positive driver.
The results achieved at major events – such as the Shanghai International Optics Fair in March and the
Beijing International Optics Fair in September – stimulated demand and strengthened the Group’s presence
in the market. In particular, Tommy Hilfiger, Ports and Polaroid drove growth, consolidating their position and
contributing positively to the performance of the area.
The year was more complex in the Southeast Asian markets, where the contraction in sales at distributors
affected overall performance.
In Q4, sales in Asia Pacific increased by 12.9% at constant exchange rates and 14.4% at current exchange
rates, driven by the recovery of the Chinese market after the temporary slowdown in Q3 and the positive
reception of the new collections presented at the Beijing eyewear fair.
4
This press release may use ‘alternative performance indicators’ not foreseen by the IFRS-EU accounting standards (EBITDA and Net debt), and whose meaning and
contents are illustrated in the specific section of the press release and in accordance with the CESR/05-178b recommendation published on 3rd November 2005.Press release FY 2024 Results
In 2024, sales in the Rest of the World amounted to Euro 91.8 million, down 5.9% at constant exchange
rates and 8.3% at current exchange rates compared to Euro 100.1 million recorded in 2023.
The year highlighted contrasting dynamics, with some countries experiencing growth and others being
affected by macroeconomic factors and challenges related to specific distribution channels. In Latin America,
sales slowed down, mainly due to weakness in the travel retail channel. Brazil, however, showed signs of
recovery, particularly in the last quarter, thanks to greater stability in domestic demand. In the IMEA region,
Middle Eastern markets grew, driven by the strong performance of Carrera, Tommy Hilfiger, and David
Beckham, while India experienced a deceleration after a period of sustained growth in 2023.
In Q4, the markets of the region recorded growth of 2.4% at constant exchange rates, while sales at current
exchange rates decreased by 4.5% due to an unfavourable currency environment, with the significant
weakening of the Mexican peso and the Brazilian real.
ECONOMIC PERFORMANCE:
In 2024, Safilo confirmed a very solid economic profile, which translated into the improvement of all economic
metrics. During the year, the gross margin benefitted from the increased efficiency of the supply chain
achieved through the restructuring of the Italian footprint completed in Q4 2023. This was further boosted by
positive pricing effects, while the sales mix was partially affected by the dilutive impact of the phase-out
business and the lower contribution of Blenders’ DtC channel in Q4.
Below the industrial margin, the expected normalization of IT investments, which had increased between
2022 and 2023 to accelerate the Group’s digital transformation, allowed Safilo to limit the revenue pressure
on the operating leverage, also improving the operating performance. Despite the challenging market
environment for revenue recovery, in 2024 the Group continued to strongly support marketing investments,
which remained high and heavily digital oriented, a key channel for efficient targeting and flexibility in quickly
responding to evolving consumer habits. The growth in operating profit, combined with improved financial
management driven by lower rates and a slight reduction in gross debt, led the year to an improvement in
the Group’s net profit.
Key economic data (in Euro million)
2024 % 2023 % % Change
Net sales 993.2 1,024.7 -3.1%
Gross Profit 592.8 59.7% 585.7 57.2% +1.2%
Adjusted2 Gross Profit 601.8 58.7% -1.5%
EBITDA 79.8 8.0% 62.9 6.1% +27.0%
Adjusted2 EBITDA 93.0 9.4% 92.0 9.0% +1.1%
Operating result 39.4 4.0% 7.7 0.7% n..s.
Adjusted2 Operating result 52.6 5.3% 49.6 4.8% +6.1%
Group net result 22.3 2.2% (24.6) (2.4%) n.s.
Adjusted2 Group net result 34.2 3.4% 14.0 1.4% n.s.
IFRS 16 impact on EBITDA 12.4 11.9
on Operating result 1.7 1.5
on Net result (0.1) (0.2)
5
This press release may use ‘alternative performance indicators’ not foreseen by the IFRS-EU accounting standards (EBITDA and Net debt), and whose meaning and
contents are illustrated in the specific section of the press release and in accordance with the CESR/05-178b recommendation published on 3rd November 2005.Press release FY 2024 Results
Q4 2024 % Q4 2023 % % Change
Net sales 235.8 239.6 -1.6%
Gross Profit 140.3 59.5% 134.8 56.2% +4.1%
Ajusted2 Gross Profit 142.6 59.5% -1.6%
EBITDA 12.9 5.5% 4.9 2.0% n.s.
Adjusted2 EBITDA 17.6 7.5% 16.5 6.9% +6.3%
IFRS 16 impact on EBITDA 3.3 3.1
In 2024:
– gross profit amounted to Euro 592.8 million, up 1.2% compared to the profit recorded in 2023, a year
impacted by the restructuring of the Italian footprint, and down 1.5% compared to adjusted2 gross profit.
2024 gross margin grew to 59.7% of sales, an improvement of 250 basis points compared to the previous
year, while the improvement stood at 100 basis points compared to 2023 adjusted2 margin.
In Q4 2024, gross profit amounted to Euro 140.3 million, up 4.1% compared to Q4 2023, and down 1.6%
compared to the adjusted2 result. Q4 gross margin was 59.5%, an improvement of 330 basis points
compared to Q4 2023, but stable compared to the adjusted2 margin;
– among sales and marketing expenses, promotional and advertising costs recorded a slight decrease,
while their incidence on revenues for the year remained almost stable, just under 13%.
General and administrative expenses saw a more significant decline, mainly thanks to the normalization
of SaaS (Software as a Service) costs, which had increased significantly in the previous two years to
strengthen the company’s IT and digital infrastructure;
– adjusted2 EBITDA was Euro 93.0 million, up 1.1% compared to 2023, while the adjusted2 EBITDA margin
improved by 40 basis points, from 9.0% to 9.4%.
In Q4 2024, adjusted2 EBITDA amounted to Euro 17.6 million, up 6.3% compared to the adjusted2 result
of Q4 2023. The adjusted2 EBITDA margin grew to 7.5% of revenues, an improvement of 60 basis points
compared to the same quarter of 2023, thanks to the optimization of some selling and transportation
expenses and lower revenue pressure on operating leverage;
– adjusted2 operating profit was Euro 52.6 million, up 6.1% compared to 2023, while the adjusted2 operating
margin stood at 5.3% of sales, an improvement of 50 basis points compared to 4.8% recorded in 2023;
– the Group’s adjusted2 net profit amounted to Euro 34.2 million, more than doubling the adjusted2 result
recorded in 2023, mainly due to the effect of the valuation of the option liability on minority interests. Net
of this impact, growth for the year was approximately 17%, driven by a 15.3% decline in net financial
charges, from Euro 19.2 million to Euro 16.3 million, thanks to a reduction in interest rates and a slight
decline in gross debt.
6
This press release may use ‘alternative performance indicators’ not foreseen by the IFRS-EU accounting standards (EBITDA and Net debt), and whose meaning and
contents are illustrated in the specific section of the press release and in accordance with the CESR/05-178b recommendation published on 3rd November 2005.Press release FY 2024 Results
FINANCIAL PERFORMANCE:
In 2024, Safilo confirmed a positive cash generation, with a Free Cash Flow of Euro 16.7 million compared
to Euro 29.1 million recorded in 2023. In Q4, positive Free Cash Flow amounted to Euro 18.9 million,
accelerating compared to the Euro 13.3 million recorded in the same period of the previous year.
Free Cash Flow (in Euro million)
2024 2023
Cash Flow from operating activities before change in working capital 62.6 26.2
Change in working capital 13.6 21.5
Cash Flow from operating activities 76.2 47.7
Cash Flow from investment/disinvestment activities (48.9) (8.6)
Cash payments for the principal portion of lease liabilities IFRS 16 (10.6) (10.0)
Free Cash Flow 16.7 29.1
Cash generation for the year was characterised, on the one hand, by the significant improvement in cash
flow from operating activities, amounting to Euro 76.2 million compared to Euro 47.7 million recorded in 2023,
and, on the other hand, by the increase in investment activities. In 2024, cash flow for investments grew to
Euro 48.9 million, mainly due to the Group’s investment to acquire the perpetual license for Eyewear by
David Beckham.
The operating activities of the business reflected the good economic result recorded by the Group throughout
the year, along with efficient net working capital management, which was primarily driven by the reduction
in inventories.
As at 31 December 2024, the Group’s net debt, which also takes into account the completion of the Share
Buyback programme for Euro 11.8 million, remained stable compared to 2023, at Euro 82.7 million (Euro
40.3 million pre-IFRS 16, an improvement of approximately Euro 3 million compared to 2023, with the
financial leverage, also pre-IFRIC SaaS, stable at 0.48x).
The main components of the Group’s net debt at the end of December 2024 were as follows:
– a medium-long-term debt position of Euro 89.7 million, made of bank loans for Euro 57.7 million, related to
the Credit Facility signed in September 2022, and an IFRS-16 effect for Euro 31.9 million;
– a short-term debt position of Euro 40.4 million, made of bank loans for Euro 30.0 million, related to the
Credit Facility, and an IFRS-16 effect for Euro 10.4 million;
– a cash position of Euro 47.4 million.
OUTLOOK
For the current year, amid a complex macroeconomic and business environment, further challenged by
escalating geopolitical uncertainties, Safilo remains focused on strengthening partnerships, maintaining
agility and operational flexibility, with the goal of seizing opportunities to drive a return to revenue growth.
The Group continues to work on improving its economic and financial profile through careful and increasingly
targeted allocation of resources and investments.
7
This press release may use ‘alternative performance indicators’ not foreseen by the IFRS-EU accounting standards (EBITDA and Net debt), and whose meaning and
contents are illustrated in the specific section of the press release and in accordance with the CESR/05-178b recommendation published on 3rd November 2005.Press release FY 2024 Results
OTHER RESOLUTIONS OF THE BOARD OF DIRECTORS
Sustainability Statement
Simultaneously with the annual financial report as of December 31, 2024, the Safilo Board of Directors also
reviewed and approved the Sustainability Statement in accordance with the provisions of Legislative Decree
125/2024. In 2024, the key achievements of the Group’s Sustainability Roadmap were:
– 95% of the Group’s electricity need is covered by renewable sources (compared to about 90% in
2023), resulting in a reduction of Scope 1 and 2 emissions by approximately 19% compared to 2023
and about 72% compared to the 2022 base year.
– The share of new collections made with recycled or bio-based materials increased from 17% in 2023 to
around 23% in 2024. This achievement, along with upstream value chain improvement initiatives,
contributed to a reduction of Scope 3 emissions by 5% compared to 2023 and 10% compared to the
2022 base year.
New Share Buyback Program
In addition, on the basis of the resolution of the Board of Directors of Safilo Group S.p.A. (the “Company”),
exercising its powers of direction and coordination of the operations of its subsidiaries, the sole director of
its subsidiary Safilo S.p.A. resolved today to propose to the Shareholders’ Meeting the authorization to carry
out transactions for the purchase and disposal of ordinary shares of the Company, for a maximum number
of 15,000,000 shares, equal to approximately 3.6% of the shares currently issued by the Company.
This plan represents a strategic step aimed at an efficient management of financial resources while
maintaining flexibility, through the set-up of a reserve of shares, in order to seize any future investment
opportunities, a matter on which the Group remains constantly focused and active.
The authorisation to purchase the shares of the parent company is granted for the maximum duration
permitted by law, in accordance with Article 2359-bis, paragraph 2, and Article 2357, paragraph 2, of the
Italian Civil Code for a period of eighteen months, starting from the approval date of the resolution.
The purchase of shares of the parent company shall be carried out on regulated markets, in compliance with
current legislation and, in particular, with Article 132 of the TUF – with particular reference to the principle of
equal treatment of shareholders – with Article 144-bis and Article 144-bis.1 of the Issuers’ Regulation, with
the EU and national regulations on market abuse applicable from time to time, and in compliance with the
conditions set forth in the market practices permitted under Article 13 of the MAR and in compliance with
Article 5 of the MAR, as well as the applicable provisions of Delegated Regulation (EU) No. 1052 of 8 March
2016. The purchases of the shares shall be carried out at a price that shall be determined from time to time,
in compliance with any regulatory requirements, including those of the European Union, in force at the time,
it being understood that the purchase price per unit shall not be, in any case, 10% lower in minimum and
10% higher in maximum with respect to the reference price of Safilo Group share on the Euronext Milan
market organized and managed by Borsa Italiana S.p.A. on the trading day prior to that on which the
purchase transaction will be carried out. This resolution also proposes to replace the authorization to carry
out transactions for the purchase and disposal of ordinary shares of the Company, issued to the Sole Director
by the Shareholders’ Meeting of Safilo S.p.A. on April 24, 2024. As of today, Safilo S.p.A. holds 11,000,000
shares of the Company, to service the 2023-2025 the Stock Option Plan of Safilo Group S.p.A. and Safilo
S.p.A..
8
This press release may use ‘alternative performance indicators’ not foreseen by the IFRS-EU accounting standards (EBITDA and Net debt), and whose meaning and
contents are illustrated in the specific section of the press release and in accordance with the CESR/05-178b recommendation published on 3rd November 2005.Press release FY 2024 Results
2024 TOP BUSINESS NEWS
• On January 11, 2024 Safilo and HUGO BOSS announce the early renewal of their global licensing
agreement until 2030.
• On January 16, 2024 Safilo and Aeffe announce the early renewal of the global licensing agreement for
Moschino and Love Moschino eyewear collections until 2033.
• On January 18, 2024 Safilo and Levi Strauss CO. announce the renewal of their global licensing agreement
until 2029
• On February 2, 2024 Safilo continues to invest in its digital journey and creates a partnership with Spaarkly.
• On February 8, 2024 Safilo continues its sustainability journey: the near-term science-based targets have
been validated by the Science Based Targets initiative (SBTi).
• On March 11, 2024 Safilo and Missoni announce the renewal of their global licensing agreement until 2029.
• On April 10, 2024 Safilo and Marc Jacobs announce the renewal of their global eyewear licensing
agreement until December 2031.
• On May 2, 2024 Safilo acquires the perpetual license for Eyewear by David Beckham.
• On July 1, 2024 Safilo Group S.p.A. share purchase programme is launched.
• On November 22, 2024, Safilo Group S.p.A. share purchase programme is concluded.
Notes to the press release:
1 In 2024, the adjusted economic results exclude non-recurring costs of Euro 13.2 million at the operating result and
EBITDA level mainly due to costs related to a terminated license agreement and some special and restructuring
projects.
In Q4 2024, adjusted EBITDA excludes non-recurring costs of Euro 4.7 million due to expenses related to certain
restructuring projects.
In 2023, the adjusted economic results exclude non-recurring costs for Euro 41.9 million at the EBIT level, Euro 29.1
million at the EBITDA level and Euro 16.0 million at the gross profit level, mainly related to the disposal of the Longarone
plant, to some other restructuring costs, and in the fourth quarter, also to the termination of activities related to exiting
licensed brands and to a partial write-down of some intangible assets related to a previous acquisition.
In Q4 2023, the adjusted EBITDA and gross profit exclude non-recurring costs for Euro 11.7 million and Euro 7.9 million
respectively.
.
9
This press release may use ‘alternative performance indicators’ not foreseen by the IFRS-EU accounting standards (EBITDA and Net debt), and whose meaning and
contents are illustrated in the specific section of the press release and in accordance with the CESR/05-178b recommendation published on 3rd November 2005.Press release FY 2024 Results
Statement by the manager responsible for the preparation of the company’s financial documents
The manager responsible for the preparation of the company’s financial documents, Mr. Michele Melotti,
hereby declares, in accordance with paragraph 2 article 154 bis of the “Testo Unico della Finanza”, that the
accounting information contained in this press release corresponds to the accounting results, registers and
records.
Disclaimer
This document contains forward-looking statements, relating to future events and operating, economic and
financial results for Safilo Group. Such forecasts, due to their nature, imply a component of risk and
uncertainty due to the fact that they depend on the occurrence of certain future events and developments.
The actual results may therefore vary even significantly to those announced in relation to a multitude of
factors.
Alternative Performance Indicators
The definitions of the “Alternative Performance Indicators”, not foreseen by the IFRS-EU accounting
principles and used in this press release to allow for an improved evaluation of the trend of economic-financial
management of the Group, are provided below:
• EBITDA (gross operating profit) is calculated by Safilo by adding to the Operating profit, depreciation
and amortization;
• The Net Debt is for Safilo the sum of bank borrowings and short, medium and long-term loans, net
of cash on hand and at bank. Such indicator does not include the valuation at the reporting date of
derivative financial instruments and the liability for options on non-controlling interests.
• The Free Cash Flow for Safilo is the sum of the cash flow from/(for) operating activities and the cash
flow from /(for) investing activities and the cash payments for the principal portion of IFRS 16 lease
liabilities.
Conference Call and Webcast
Today, at 6:15 pm CET (5:15pm GMT; 1.15pm EST) a conference call will be held with the financial
community during which 2024 Results will be discussed.
It is possible to follow the event by registering at the following link to receive the details of the conference
call/audio webcast (Dial-in numbers, personal passcode/PIN and webcast link)
https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=3933626&li
nkSecurityString=917820f96. The presentation will be available and downloadable from the company’s
website, https://www.safilogroup.com/en/investors.
A recording of the conference call will be available from March 11 to 13, 2025 by dialing +39 02 802 0987 –
passcode: 700712# – pin: 712#.
10
This press release may use ‘alternative performance indicators’ not foreseen by the IFRS-EU accounting standards (EBITDA and Net debt), and whose meaning and
contents are illustrated in the specific section of the press release and in accordance with the CESR/05-178b recommendation published on 3rd November 2005.Press release FY 2024 Results
Sàfilo Group S.p.A.
Consolidated income statement
(Euro/000) 2024 2023 Change %
Net sales 993,219 1,024,732 -3.1%
Cost of sales (400,435) (438,997) 8.8%
Gross profit 592,784 585,735 1.2%
Selling and marketing expenses (423,590) (428,780) 1.2%
General and administrative expenses (120,965) (138,080) 12.4%
Other operating income/(expenses) (8,839) (11,214) 21.2%
Operating profit/(loss) 39,389 7,661 n.s.
Gains/(losses) on liabilities for options on non-controlling interests 8,613 (7,895) n.s.
Financial charges, net (16,281) (19,223) 15.3%
Profit/(Loss) before taxation 31,722 (19,456) n.s.
Income taxes (9,898) (6,633) -49.2%
Profit/(Loss) of the period 21,824 (26,089) n.s.
Non-controlling interests (472) (1,440) 67.2%
Net profit/(loss) attributable to the Group 22,296 (24,649) n.s.
Earnings/(Losses) per share – basic (Euro) 0.054 (0.060)
Earnings/(Losses) per share – diluted (Euro) 0.054 (0.059)
11
This press release may use ‘alternative performance indicators’ not foreseen by the IFRS-EU accounting standards (EBITDA and Net debt), and whose meaning and
contents are illustrated in the specific section of the press release and in accordance with the CESR/05-178b recommendation published on 3rd November 2005.Press release FY 2024 Results
Sàfilo Group S.p.A.
Consolidated Balance sheet
December 31,
December 31,
(Euro/000)
2024
2023 Change
ASSETS
Current assets
Cash and cash equivalents 47,421 74,898 (27,477)
Trade receivables 211,862 203,075 8,788
Inventory 210,173 228,991 (18,818)
Derivative financial instruments 6,553 585 5,968
Other current assets 34,555 40,119 (5,564)
Total current assets 510,564 547,667 (37,104)
Non-current assets
Tangible assets 86,875 88,750 (1,875)
Right of Use assets 37,079 33,988 3,091
Intangible assets 135,231 108,117 27,114
Goodwill 35,825 33,682 2,143
Investments in other companies 250 – 250
Deferred tax assets 35,204 35,320 (116)
Derivative financial instruments – 271 (271)
Other non-current assets 1,312 7,668 (6,356)
Total non-current assets 331,775 307,795 23,980
Non-current assets held for sale – – –
Total assets 842,339 855,462 (13,123)
12
This press release may use ‘alternative performance indicators’ not foreseen by the IFRS-EU accounting standards (EBITDA and Net debt), and whose meaning and
contents are illustrated in the specific section of the press release and in accordance with the CESR/05-178b recommendation published on 3rd November 2005.Press release FY 2024 Results
Sàfilo Group S.p.A.
Consolidated Balance sheet
December 31,
December 31,
(Euro/000)
2024
2023 Change
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Borrowings 30,000 30,250 (250)
Lease liabilities 10,438 9,643 795
Trade payables 165,262 172,107 (6,845)
Tax payables 13,856 23,382 (9,526)
Derivative financial instruments 1,682 3,909 (2,228)
Other current liabilities 47,813 40,772 7,041
Provisions 8,394 9,017 (623)
Total current liabilities 277,444 289,081 (11,636)
Non-current liabilities
Borrowings 57,725 88,345 (30,620)
Lease liabilities 31,937 29,359 2,578
Employees benefits obligations 9,365 9,734 (369)
Provisions 7,376 9,443 (2,067)
Deferred tax liabilities 10,377 10,291 86
Derivative financial instruments – – –
Liabilities for options on non-controlling interests 13,118 20,770 (7,653)
Other non-current liabilities 7,535 2,653 4,882
Total non-current liabilities 137,433 170,596 (33,162)
Total liabilities 414,878 459,676 (44,798)
Shareholders’ equity
Share capital 384,873 384,858 15
Share premium reserve 27,737 27,388 349
Retained earnings and other reserves (21,789) (8,669) (13,121)
Cash flow hedge reserve (46) 271 (317)
Income/(Loss) attributable to the Group 22,296 (24,649) 46,945
Total shareholders’ equity attributable to the
Group 413,070 379,200 33,871
Non-controlling interests 14,391 16,586 (2,196)
Total shareholders’ equity 427,461 395,786 31,675
Total liabilities and shareholders’ equity 842,339 855,462 (13,124)
13
This press release may use ‘alternative performance indicators’ not foreseen by the IFRS-EU accounting standards (EBITDA and Net debt), and whose meaning and
contents are illustrated in the specific section of the press release and in accordance with the CESR/05-178b recommendation published on 3rd November 2005.Press release FY 2024 Results
Sàfilo Group S.p.A.
Consolidated statement of cash flows
(Euro/000) 2024 2023
A – Opening net cash and cash equivalents
74,898 77,710
B – Cash flow from (for) operating activities
Net profit/(loss) for the period (including minority interests) 21,824 (26,089)
Depreciation and amortization 29,816 44,877
Right of Use amortization IFRS 16 10,642 10,345
Non-monetary changes related to liabilities for options on non-
controlling interests (8,613) 7,895
Other items 4,334 (9,662)
Interest expenses, net 6,505 8,974
Interest expenses on lease liabilities IFRS 16 1,820 1,745
Income tax expenses 9,898 6,633
Flow from operating activities prior
to movements in working capital 76,225 44,718
(Increase) Decrease in trade receivables (5,857) 6,335
(Increase) Decrease in inventory, net 25,718 22,652
Increase (Decrease) in trade payables (9,545) (5,751)
(Increase) Decrease in other receivables (5,794) 7,702
Increase (Decrease) in other payables 9,067 (9,432)
Interest expenses paid (5,926) (8,050)
Interest expenses paid on lease liabilities IFRS 16 (1,820) (1,745)
Income taxes paid (5,851) (8,717)
Total (B) 76,217 47,712
C – Cash flow from (for) investing activities
Investments in property, plant and equipment (11,570) (10,527)
Net disposals of property, plant and equipment and assets held for sale 94 10,513
Acquisition of minorities (in subsidiaries) – (5,948)
Purchase of intangible assets, net of disposals (37,139) (2,686)
Total (C) (48,865) (8,648)
D – Cash flow from (for) financing activities
Repayment of borrowings (32,000) (30,000)
Repayment of principal portion of lease liabilities IFRS 16 (10,639) Increase in share capital, net of transaction costs 363 (9,956)
39
(Purchase)/sale of treasury shares (11,794) –
Dividends paid (763) (552)
Total (D) (54,832) (40,469)
E – Cash flow for the period (B+C+D) (27,480) (1,405)
Translation exchange differences 3 (1,407)
Total (F) 3 (1,407)
G – Closing net cash and cash equivalents
(A+E+F) 47,421 74,898
14
This press release may use ‘alternative performance indicators’ not foreseen by the IFRS-EU accounting standards (EBITDA and Net debt), and whose meaning and
contents are illustrated in the specific section of the press release and in accordance with the CESR/05-178b recommendation published on 3rd November 2005.Press release FY 2024 Results
Sàfilo Group S.p.A.
Separate income statement
(Euro) 2024 2023 Change %
Net sales 1,108,947 996,457 11%
Gross profit 1,108,947 996,457 11%
General and administrative expenses (10,604,347) (9,212,192) -15%
Other operating income/(expenses) (1,061,571) (13,428) -7806%
Operating (loss) (10,556,971) (8,229,163) -28%
Financial charges, net (9,692) (12,861) 25%
(Loss) before taxation (10,566,663) (8,242,024) -28%
Income taxes 8,010 728,880 -99%
Net (loss) of the period (10,558,653) (7,513,144) -41%
15
This press release may use ‘alternative performance indicators’ not foreseen by the IFRS-EU accounting standards (EBITDA and Net debt), and whose meaning and
contents are illustrated in the specific section of the press release and in accordance with the CESR/05-178b recommendation published on 3rd November 2005.Press release FY 2024 Results
Sàfilo Group S.p.A.
Separate Balance sheet
December 31,
December 31,
(Euro)
2024
2023 Change
ASSETS
Current assets
Cash and cash equivalents 379,578 852,292 (472,714)
Trade receivables 1,067,681 1,343,208 (275,527)
Other current assets 20,835,539 26,484,223 (5,648,684)
Total current assets 22,282,798 28,679,723 (6,396,925)
Non-current assets
Right of Use 315,536 226,532 89,004
Investments in subsidiaries 415,632,471 414,473,273 1,159,198
Other non-current assets 1,159,460 737,880 421,580
Total non-current assets 417,107,467 415,437,685 1,669,782
Total assets 439,390,265 444,117,408 (4,727,143)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Lease liabilities 150,111 106,494 43,617
Trade payables 4,246,047 4,196,545 49,502
Tax payables 418,733 304,818 113,915
Other current liabilities 33,634,828 28,984,609 4,650,219
Provisions – 2,250,000 (2,250,000)
Total current liabilities 38,449,719 35,842,466 2,607,253
Non-current liabilities
Lease liabilities 174,030 131,963 42,067
Employee benefit obligations 158,204 150,308 7,896
Provisions 1,250,000 – 1,250,000
Total non-current liabilities 1,582,234 282,271 1,299,963
Total liabilities 40,031,953 36,124,737 3,907,216
Shareholders’ equity
Share capital 384,872,713 384,857,848 14,865
Share premium reserve 27,736,991 27,388,371 348,620
Retained earnings (losses) and other reserves (2,692,739) 3,259,596 (5,952,335)
Net (loss) of the period (10,558,653) (7,513,144) (3,045,509)
Total shareholders’ equity 399,358,312 407,992,671 (8,634,359)
Total liabilities and shareholders’ equity 439,390,265 444,117,408 (4,727,143)
16
This press release may use ‘alternative performance indicators’ not foreseen by the IFRS-EU accounting standards (EBITDA and Net debt), and whose meaning and
contents are illustrated in the specific section of the press release and in accordance with the CESR/05-178b recommendation published on 3rd November 2005.Press release FY 2024 Results
Sàfilo Group S.p.A.
Separate statement of cash flows
(Euro) 2024 2023
A – Opening net cash and cash equivalents
852,292 865,512
B – Cash flow from (for) operating activities
Net (loss) for the period Depreciation IFRS 16 Stock Options figurative cost Net changes in provision for risks Other non-monetary P&L items Interest expenses on lease liability IFRS 16 Income tax expenses Income (loss) from (for) operating activities prior
to movements in working capital (10,558,653) (7,513,144)
138,648 121,125
404,878 185,580
1,250,000 1,000,000
1,362 66,241
11,597 11,634
(8,010) (728,879)
(8,760,178) (6,857,444)
(Increase) Decrease in trade receivables 275,527 (334,645)
(Increase) Decrease in other receivables 5,002,962 4,134,242
Increase (Decrease) in trade payables 49,502 280,325
Increase (Decrease) in other payables 4,999,553 2,858,410
Use provision for risks (2,250,000) –
Interests expenses paid (11,597) (11,634)
Total (B) (694,231) 69,254
C – Cash flow from (for) investing activities
(Investments) disinvestments in subsidiaries – –
Total (C) – –
(141,968) D – Cash flow from (for) financing activities
Repayment of principal portion lease liabilities IFRS 16 Share capital increase, net of transaction costs Total (D) 221,517 (82,474)
(121,470)
363,485 38,996
E – Cash flow for the period (B+C+D) (472,714) (13,220)
F – Closing net cash and cash equivalents
(A+E) 379,578 852,292
17
This press release may use ‘alternative performance indicators’ not foreseen by the IFRS-EU accounting standards (EBITDA and Net debt), and whose meaning and
contents are illustrated in the specific section of the press release and in accordance with the CESR/05-178b recommendation published on 3rd November 2005.Press release FY 2024 Results
About Safilo Group
Safilo is a global player in the eyewear industry that has been creating, producing, and distributing for over 90 years
sunglasses, prescription frames, outdoor eyewear, goggles and helmets. Thanks to a data-driven approach, Safilo goes
beyond the traditional boundaries of the eyewear industry: in just one company it brings together Italian design, stylistic,
technical and industrial innovation, and state-of-the-art digital platforms, developed in its digital hubs in Padua and
Portland, and made available to Opticians and Clients for an unmatched customer experience. Guided by its purpose,
See the world at its best, Safilo is leading its Group legacy, founded on innovation and responsibility, onwards towards
the future.
With an extensive global presence, Safilo’s business model enables it to monitor its entire production and distribution
chain. From research and development in five prestigious design studios, located in Padua, Milan, New York, Hong Kong
and Portland, to its company-owned production facilities and network of qualified manufacturing partners, Safilo Group
ensures that every product offers the perfect fit and meets high quality standards. Reaching approximately 100,000
selected points of sale worldwide with an extensive wholly owned network of subsidiaries in 40 countries and more than
40 partners in 70 countries, Safilo’s well-established traditional wholesale distribution model, which encompasses
eyecare retailers, chains, department stores, specialized retailers, boutiques, duty free shops and sporting goods stores,
is complemented by Direct-to-Consumer and Internet pure player sales platforms, in line with the Group’s development
strategies.
Safilo Group’s portfolio encompasses home brands – Carrera, Polaroid, Smith, Blenders, Privé Revaux and Seventh
Street. The perpetual license Eyewear by David Beckham. Licensed brands include: BOSS, Carolina Herrera,
Dsquared2, Etro, Fossil, HUGO, Isabel Marant, Juicy Couture, Kate Spade New York, Kurt Geiger, Levi’s, Liz Claiborne,
Love Moschino, Marc Jacobs, Missoni, Moschino, Pierre Cardin, PORTS, Stuart Weitzman, Tommy Hilfiger, Tommy
Jeans and Under Armour.
The parent company, Safilo Group S.p.A., is listed on the Euronext Milan organized and managed by Borsa Italiana
(ISIN code IT0004604762, Bloomberg SFL.IM, Reuters SFLG.MI). In 2024, Safilo Group recorded net revenues for Euro
993.4 million.
Contacts:
Safilo Group Investor Relations
Barbara Ferrante
barbara.ferrante@safilo.com
Ph. +39 049 6985766
https://www.safilogroup.com/en/investors
Safilo Group Press Office
Elena Todisco
elena.todisco@safilo.com
Mob. +39 339 1919562
Barabino&Partners S.p.A.
Pietro Cavallera
p.cavallera@barabino.it
Ph. +39 02 72023535
Mob. +39 338 9350534