Ferragamo: Q2/H1 26 results preview and changes to estimates

研报英文原文证据摘录

Ferragamo: Q2/H1 26 results preview and changes to estimates

J P M O R G A N Europe Equity Research

01 July 2026

Ferragamo Neutral

SFER.MI, SFER IM

Q2/H1 26 results preview and changes to estimates Price (30 Jun 26):€10.89

▲Price Target (Dec-27):€8.50

Prior (Dec-27):€8.00

Ahead of the H1 26 results (scheduled for 3rd August), we fine-tune our estimates

on the back of recent industry data, the latest FX moves, and discussions with the European Luxury & Sporting Goods

IR team. Overall, we have left our topline forecasts largely unchanged but have Chiara Battistini AC

raised EBIT estimates by 12% for FY26 (on small numbers – we move our EBIT (39-02) 8895-2700

estimate from €29m to €33m) and by 2-4% for the outer years, thanks to ongoing chiara.x.battistini@jpmorgan.com

J.P. Morgan Securities plc/ J.P. Morgan Securities

solid trends in DTC providing better absorption of fixed costs. These changes to (Asia Pacific) Limited

estimates, and a slightly lower WACC (from 9.1% to 8.8%) on increasingly Wendy Liu

consistent execution and delivery, lead us to raise our Dec-27 price target to €8.5 (44-20) 3493-9733

(from €8.0). wendy.liu@jpmorgan.com

J.P. Morgan Securities plc

For Q2 26 specifically, we look for Group Q2 26 sales +6% ex-FX (vs Q1 -1%) and Apurva Vishwaraj

+3% reported to €261m. By channel, we model DTC trends accelerating apurva.vishwaraj@jpmchase.com

sequentially (JPMe +7.5% ex-FX vs Q1 +5.5%) on slightly easier comps, mainly J.P. Morgan Securities plc

driven by an improvement in Europe, Japan, and Asia on easier comps, better Victoria Saden

tourism spend with Americans and sustained momentum in South Korea. We also (44-20) 3493-0435

victoria.saden@jpmorgan.com

model a sequential improvement in the wholesale channel, largely stable in Q2 on J.P. Morgan Securities plc