Safilo Eyes Growth Despite Currency Headwinds Reaching Positive Net Financial Position

Safilo Group demonstrated continued growth in the third quarter, navigating an unfavorable exchange rate environment to deliver solid operational results. The Italian eyewear specialist reported revenues of €220.8 million for the period, marking a 2.1% increase at constant exchange rates. However, the depreciation of the dollar against the euro led to a 2.1% decrease in revenue at current exchange rates. Despite this currency headwind, adjusted EBITDA saw a significant rise of 24.3% to €22.1 million, pushing the adjusted EBITDA margin to an impressive 10%.

Geographically, Europe emerged as Safilo’s primary growth engine in Q3, with revenues climbing by 7.7% at constant exchange rates (and 6.7% at current rates) to €90.9 million, largely fueled by robust performance in the sunglasses segment. The Asia-Pacific region also contributed positively, generating €13.8 million in revenue, an increase of 7.8% at constant exchange rates. Conversely, North America experienced a decline, with revenues falling by 6.6% at current rates.

In terms of brand performance, Safilo's contemporary and lifestyle portfolio continued its strong momentum. Key brands such as Carrera, David Beckham, Marc Jacobs, Boss, Kate Spade, and Carolina Herrera were highlighted as particularly successful during the quarter. In contrast, the Blenders brand and the sports-focused Smith brand recorded softer in-store performances.

Looking at the year-to-date performance, from January to September, Safilo’s net revenue reached €758.4 million, reflecting a 2.2% increase at constant exchange rates and a marginal 0.1% rise at current rates. A significant financial achievement was recorded as of September 30, 2025, when the group’s net debt decreased to €30.4 million, culminating in a positive net financial position of €10.7 million.

Angelo Trocchia, CEO of Safilo, commented on the quarter's results, stating, "In the quarter, our operations continued to face pressure from tariffs. However, the effectiveness of our mitigation actions led to a year-on-year gross margin improvement, and a significant increase in our adjusted EBITDA margin to 10% of sales." He further emphasized the company's financial discipline, adding, "Thanks to this solid operational performance and our rigorous management of working capital we have recorded another strong cash-generating quarter, enabling us to achieve, for the first time in our history, a positive net financial position, pre-IFRS 16."

In line with its ongoing buyback programme initiated in June, Safilo Group reported holding a total of 18.8 million ordinary shares as of September 30, 2025. This amount represents approximately 4.5% of the company's total outstanding shares.