PADUA, Italy—Safilo Group reported financial results yesterday for the second quarter and first-half of 2026. Net sales in the second quarter were €239.1 million, down 4.5 percent at constant exchange rates and 5.1 percent at current exchange rates year-over-year. The company closed the first half of 2026 with net sales of €512.0 million, down 1.9 percent at constant exchange rates and 4.8 percent at current exchange rates compared with the same year ago period, according to an announcement from Safilo.
Angelo Trocchia, Safilo CEO
“After a resilient start to the year, the second quarter developed within a softer demand environment in our core markets, as lower visibility and subdued consumer sentiment led our customers to adopt a more prudent approach to ordering,” said Angelo Trocchia, Safilo CEO. “Against this backdrop, we continued to focus on the levers under our control, protecting the quality of our business through disciplined commercial execution, a favorable price/mix and continued cost control. These actions translated into another quarter of solid margin expansion and strong cash generation, allowing us to further reinforce our financial flexibility.”
In North America, Q2 2026 sales amounted to €95.9 million, down 4.4 percent at constant exchange rates and 6.1 percent at current exchange rates, compared with the year ago period. Safilo said the company’s performance reflected a weak market environment, particularly in the independent opticians channel, where overall eyewear sales recorded a high single-digit decline in May. Department stores and retail chains showed more supportive trends, in particular in June, driven by a stronger demand for premium brands.
At the brand level, Safilo reported Kate Spade, Carrera, David Beckham, Marc Jacobs, and Carolina Herrera continued to perform well in Q2, while Blenders remained down, reflecting a challenging trading environment. In the sports channel, Smith delivered a positive performance, driven by momentum in the bike business, which continued to perform well across both direct-to-consumer and physical wholesale channels. This offset weaker pre-orders for winter sports products, which were affected by the uneven performance of the previous season, the company noted.
In the first half of 2026, sales in North America totaled €205.6 million, contracting by 0.8 percent at constant exchange rates and 6.9 percent at current exchange rates compared with the same period of 2025.
In Europe, Q2 2026 sales amounted to €110.6 million, down 2.7 percent at constant exchange rates and 3.2 percent at current exchange rates. Performance in the region was mainly affected by challenging trading conditions in France and Germany, the company maintained, where lower traffic across physical stores and online channels weighed on Safilo’s sales development. During the first half of 2026, European sales experienced a minor contraction relative to the corresponding timeframe in 2025, reaching a total of €240.5 million.
In Asia and Pacific, Q2 2026 sales amounted to €13.0 million, down 17.7 percent at constant exchange rates and 17.2 percent at current exchange rates compared with the same period of 2025. Performance in Asia, already penalized by a particularly challenging comparison with the strong growth recorded in the second quarter of 2025, was also held back by weak market conditions in China and the rescheduling of the Xiamen optical fair from its usual timing later in the year to June. In the first half of 2026, sales in Asia-Pacific totaled €24.9 million, down 15.8 percent at constant exchange rates and 17.6 percent at current exchange rates compared with the same period of 2025.
In the Rest of the World, Q2 2026 sales amounted to €19.5 million, down 5.1 percent at constant exchange rates and 1.5 percent at current exchange rates. Performance in the period continued to be impacted by the effects of the conflict in the Middle East, although the region showed some signs of stabilization as the quarter progressed, the company stated. In the first half of 2026, sales in the Rest of the World totaled €41.0 million, down 5.8 percent at constant exchange rates and 5.7 percent at current exchange rates compared with the same period of 2025.
Gross profit in Q2 totaled €174.8 million, up 12.6 percent compared with €155.3 million in the second quarter of 2025. The gross margin increased by 11.5 percentage points, from 61.6 percent to 73.1 percent, benefiting 8.0 percentage points from tariff refunds and 3.5 percentage points from structural business improvements. Gross profit for the first half of 2026 totaled €344.0 million, up 4.8 percent compared with €328.2 million in the first half of 2025, Safilo reported.
Net debt stood at €5.4 million at the end of June (positive net financial position of €29.6 million pre-IFRS 16), compared with €46.1 million at the end of December 2025, the announcement said.
Cash flow generation remained solid over the first half of the year at €36.4 million, supporting the group’s strategic investments, including the acquisition of SPY+ and Serengeti in May, Safilo said.
“In the period, we were able to invest in our strategic priorities, fully funding the acquisition of SPY+ and Serengeti with our own resources. These two brands are highly complementary to our existing portfolio, enhancing our ability to serve the sport segment and high-end eyewear,” said Trocchia. “At the same time, we launched a new share buyback program in June, as part of a disciplined and efficient capital allocation approach. While the overall environment remains challenging, some positive signs we observed toward the end of the second quarter and into the beginning of the third give us more confidence as we look to the second half of the year, ready to capture the opportunities which may arise from a gradual improvement in market trends.”
