1) Leadership Transition and Strategic Focus
- Leo Rongone, the new CEO, emphasized his admiration for Moncler's culture of creativity and operational discipline.
- The strategic priorities include enhancing brand relevance in high-potential regions, fostering customer dialogue across seasons, and maximizing the potential of the Moncler brand dimensions: Collection, Grenoble, and Genius.
- There is a commitment to innovation in materials and extending brand legitimacy beyond outerwear while maintaining brand DNA.

2) Financial Performance Overview
- Group revenues for H1 2026 reached EUR 1.29 billion, a 9% increase at constant FX.
- Q2 revenues grew 5% at constant FX, with Moncler brand contributing 84% of turnover (up 3% in Q2) and Stone Island at 16% (up 11%).
- EBIT for H1 was EUR 245.4 million, yielding a 19% margin, while the net result was EUR 165 million with a 12.8% margin.
- The net cash position exceeded EUR 1.1 billion at the end of June.

3) Market Challenges and Headwinds
- The EMEA region faced a downturn of 8% in Q2, attributed to weaker tourism flows, particularly from Asia and the Americas.
- The online performance was notably weak, impacting overall sales, especially in Europe.
- The "buy now, wear now" trend has shifted consumer purchasing behavior, resulting in delayed purchases for Fall/Winter collections.

4) Operational Initiatives and Product Development
- Moncler launched its first formal Spring/Summer campaign, "Have A Puffy Summer," aiming to create a year-round relevance.
- The Spring/Summer collection performed well, with strong community engagement and brand interest.
- Stone Island's DTC channel saw 15% growth, driven by a shift towards higher-value outerwear and knitwear categories.
- The company plans to open three new stores, including a flagship in New York, and is focused on enhancing customer experience and engagement.

5) Outlook and Guidance
- The company aims to maintain a 19% EBIT margin for the full year, with a focus on cost control and operational efficiency.
- Future guidance on pricing and space contribution for 2027 remains cautious, with expectations of low to mid-single-digit price increases.
- The upcoming Q3 results will be released on October 21, 2026, with a quiet period starting September 22.

Bottom line: Moncler is navigating a transitional phase under new leadership, with a solid financial performance and strategic focus on innovation and customer engagement. However, challenges in tourism and shifting consumer behaviors present headwinds that the company must address to sustain growth.