Hugo Boss: Q2 26 Results First Take: A large EBIT beat

Research evidence excerpt

Hugo Boss: Q2 26 Results First Take: A large EBIT beat

J P M O R G A N Europe Equity Research

04 August 2026

Hugo Boss Neutral

BOSSn.DE, BOSS GR

Q2 26 Results First Take: A large EBIT beat Price (03 Aug 26):€37.99

Price Target (Dec-27):€40.00

Our Take: Hugo Boss just reported Q2 sales broadly in line with our expectations, European Luxury & Sporting Goods

ACand a very strong beat on EBIT, 13% better than our forecasts (around 17% better Chiara Battistini

excluding one-off costs). Q2 sales were soft, down 9% ex-FX, at €905m (JPMe (39-02) 8895-2700

€908m), including DTC -8% (in line with our expectations), dragged by soft traffic chiara.x.battistini@jpmorgan.com

trends and space closures (impacting by -4%) and wholesale a tad worse at -10%. J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

All regions declined in Q2, with, in particular, very tough trends in EMEA of -13%

Wendy Liu

“reflecting softer local demand in key markets such as Germany, the UK and (44-20) 3493-9733

France, as well as lower tourism flows across the region. In the Middle East, sales wendy.liu@jpmorgan.com

declined at a double-digit rate amid lower store traffic following geopolitical J.P. Morgan Securities plc

developments”; APAC was down 5% and Americas was better but still at -1%. The Apurva Vishwaraj

profit beat was driven by gross margin, +200bps yoy (JPM +70bps) to apurva.vishwaraj@jpmchase.com

64.9%,thanks to sourcing efficiencies, improved pricing, and a higher share of full- J.P. Morgan Securities plc

price sales, while opex was in line (albeit including a €MSD one off cost). Overall, Victoria Saden

EBIT declined by 28% to €59m in Q2 (in the low-60s ex-one off JPMe €52m). (44-20) 3493-0435

victoria.saden@jpmorgan.com

Hugo Boss confirmed its FY guidance.