Brunello Cucinelli (AO) | Hold | A well-expected double-digit print in Q2 (preview)

研报英文原文证据摘录

Brunello Cucinelli (AO) | Hold | A well-expected double-digit print in Q2 (preview)

#EarningsPreview

Release date: 15 June 2026

Charles-Louis Scotti

Head of Luxury Goods

+33 1 70 98 85 16

cscotti@keplercheuvreux.com

Marco Baccaglio, CFA

Co-Head of Institutional & Head of Primary Research

Hold +39 02 80 62 83 20Brunello Cucinelli

mbaccaglio@keplercheuvreux.com

Italy | Luxury goods Beta Profile: MCap: EUR5.8bn

Target Price: EUR95.00 Bloomberg: BC IM Reuters: BCU.MI

Current Price: EUR85.42 Free float 50%

Up/downside: 11.2% Avg. daily volume (EURm) 38.0

YTD abs performance -13.2% Market data: 12 June 2026

52-week high/low (EUR) 109.20/70.34

A well-expected double-digit print in Q2 (preview)

Key points:

Q2 sales growth should remain double-digit (+11% cFX), led by retail, with 40bps EBIT margin expansion seen in H1.

Yet, growth is set to slow sequentially compared to +14% in Q1, mainly due to ongoing weakness in the Middle East.

H1 earnings should reinforce confidence in FY earnings estimates. The group remains a good proxy on wealth creation.

Expectations already appear fully priced in, while lower leverage to a Middle East recovery than peers supports our Hold.

Reporting date Thursday 30 July

Conference call Post market close

Dial in number TBA

H1 preview: double-digit cFX growth in Q2 and 40bps margin improvement

Brunello Cucinelli will report its H1 2026 earnings on Thursday, 30 July, after market close. We expect another quarter of double-

digit cFX sales growth in Q2 (in line with consensus), coupled with a 40bps improvement in adjusted EBIT margin (10bps below

consensus).

In detail, we forecast H1 sales of EUR745m (+12% cFX), including +11% cFX growth in Q2. The channel mix should continue to