Hugo Boss Model Update post Q2/H1 Results – we raise EBIT forecasts by 1%

Research evidence excerpt

Hugo Boss Model Update post Q2/H1 Results – we raise EBIT forecasts by 1%

J P M O R G A N Europe Equity Research

04 August 2026

Hugo Boss Neutral

BOSSn.DE, BOSS GR

Model Update post Q2/H1 Results – we raise EBIT Price (03 Aug 26):€37.99

forecasts by 1% Price Target (Dec-27):€40.00

We have updated our Hugo Boss model following the release of the Q2/H1 26 European Luxury & Sporting Goods

ACresults this morning (see our first take). Overall, we lowered our sales estimates by Chiara Battistini

1% but increased our EBIT forecasts by 1%, accounting for the new regional sales (39-02) 8895-2700

guidance, better gross margin progress and tighter opex control. On our updated chiara.x.battistini@jpmorgan.com

estimates, we now expect Q3 sales to be down 8% (vs -5% prior) and the EBIT J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

margin at 9.6% (in line with 9.6% prior). Our assumptions leave us with FY26 sales

Wendy Liu

-9% ex-FX (vs guide of -MSD/HSD%) and FY26 adj. EBIT at €312m (vs guide (44-20) 3493-9733

at €300-350m), -20% yoy. Given the continued challenging consumer wendy.liu@jpmorgan.com

environment, and still early days in the brand repositioning and elevation, we think J.P. Morgan Securities plc

visibility on this turnaround journey remains low at this stage, leaving us with little Apurva Vishwaraj

catalysts on which to turn more constructive for the time being. At the same time, apurva.vishwaraj@jpmchase.com

the stock should continue to have technical support and a floor in the context of the J.P. Morgan Securities plc

Fraser Group’s offer of €38/share. We remain Neutral. Victoria Saden

(44-20) 3493-0435

victoria.saden@jpmorgan.com

J.P. Morgan Securities plc

Specialist Sales contact details:

Olivia Petronilho - Specialist Sales -

European Consumer