Salvatore Ferragamo: 1Q26 - Off the call / updating estimates

Research evidence excerpt

Salvatore Ferragamo: 1Q26 - Off the call / updating estimates

Update

May 14, 2026 06:44 PM GMT

Morgan Stanley & Co. International plc+MSalvatore Ferragamo | Europe Natasha Bonnet

Equity Analyst

1Q26 - Off the call / updating Natasha.Bonnet@morganstanley.comEdouard Aubin +44 20 7677-5723

Edouard.Aubin@morganstanley.com +44 20 7425-3160

estimates Grace Smalley, CFA

Grace.Smalley@morganstanley.com +44 20 7425-9629

Reaction to earnings Cedric Norest

Research Associate

Unchanged In-line Largely unchanged Cedric.Norest@morganstanley.com +44 20 7425-1462

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Salvatore Ferragamo Spa (SFER.MI, SFER IM)

Source: Company data, Morgan Stanley Research

Brands | Italy

Stock Rating Underweight

Industry View In-Line

Price target €5.50

Ferragamo reported 1Q26 sales at -1.2% CER (below css +0.1% CER) with DTC sales Shr price, close (May 14, 2026) €8.12

52-Week Range €8.92-4.35

up +5.5% CER (=css +5.2%) while wholesale was down -19% CER (vs. css -15%) - a Mkt cap, curr (mn) €1,345

channel they are still rationalizing (FY guided to -MSD/HSD% vs. css at -5.1%). Net debt (12/26e) (mn)* €(52)

EV, curr (mn)* €1,293

Regarding the +5.5% growth in DTC (of which LFL were noted at ~ +6.5-7% while

space was a drag given closures), Ferragamo posted +DD% in all of North America, * = GAAP or approximated based on GAAP

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Latin America and in Korea, while Europe and SEA DTC were also positive. Mgmt

Sales / Revenue 977 971 1,012 1,053

noted that given the strength in the US, they have decided to renovate 2 of their (€mn)**

most important stores (the NYC 5th Ave flagship and the Los Angeles Beverly Hills EBITDA (€mn)** 196 195 212 231

EBIT (€mn)** 22 32 54 68