Kering | Europe Off the call

研报英文原文证据摘录

Kering | Europe Off the call

Update

July 28, 2026 10:35 PM GMT

Morgan Stanley & Co. International plc+MKering | Europe Edouard Aubin

Equity Analyst

Off the call Edouard.Aubin@morganstanley.comNatasha Bonnet +44 20 7425-3160

Natasha.Bonnet@morganstanley.com +44 20 7677-5723

AlphaSignals Earnings Reaction Grace Smalley, CFA

Unchanged Meaningful upside Meaningful revision higher Grace.Smalley@morganstanley.com +44 20 7425-9629

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

consensus EPS

Research Associate

Source: Company data, Morgan Stanley Research Cedric.Norest@morganstanley.com +44 20 7425-1462

Kering (PRTP.PA, KER FP)

Brands | France

Bottom line. Overall, we expect the stock to be up HSD tomorrow, in line with the Stock Rating Equal-weight

magnitude of the EPS revision for 2026. 1H EBIT came in 11% above VA consensus, Industry View In-Line

Price target €320.00

as Kering posted an operating margin of 12.8%, up +40 bps YoY. Despite a Shr price, close (Jul 28, 2026) €250.50

contracting gross margin in 1H, strong cost control led to the margin beat. On the 52-Week Range €352.77-207.06

Mkt cap, curr (mn) €30,744

call, management reiterated that the 2H26 EBIT margin should come in higher than Net debt (12/26e) (mn)* €3,707

1H26. On the back of tonight's release, we expect consensus to model a sequential EV, curr (mn)* €39,592

improvement of approximately +50 bps to ~13.3% (or +340 bps YoY), as gross * = GAAP or approximated based on GAAP

margin should be more or less flat YoY in 2H26 vs. 2H25, while profitability should Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

benefit from the powerful rightsizing of the cost base. All in all, we think consensus Sales / Revenue 14,675 14,829 16,053 18,030

(€mn)**