The preliminary sales of Safilo Group SpA amounted to 983.4 million euros in the 2025 financial year. This corresponds to currency-adjusted growth of 1.8 percent, after the fourth quarter recorded an increase of 0.4 percent compared to the same period in 2024. At current exchange rates, sales fell by one percent on an annual basis and by 4.6 percent in the quarter. The reason for this was the progressive weakening of the US dollar against the euro over the course of the year.
Yesterday, Thursday, January 29, the Board of Directors of the Padua-based eyewear manufacturer reviewed the most important preliminary key figures for the financial year ended December 31, 2025. The final full year financial and operating results will be approved by the Board of Directors on March 12.
Sales in the fourth quarter reached 225 million euros
Preliminary sales in the fourth quarter amounted to 225 million euros and developed differently depending on the geographical region. In North America, sales increased by 1.5 percent after adjusting for currency effects, but fell by seven percent at current exchange rates. This development was supported by the good performance of the wholesale business. In addition, sales of Smith sports products in stationary retail increased again in the final quarter. At the same time, the negative trend of the Blenders brand in the direct-to-consumer channel continued.
In Europe, sales increased by 0.7 percent on a currency-adjusted basis, while they fell by 0.1 percent at current exchange rates. According to the company statement, it was still a “positive development”. Earnings were impacted by the decline in volumes from the production supply contract. In addition, there was the deconsolidation of the Lenti Srl business, which was sold in June 2025, and the bringing forward of deliveries to some customers into the third quarter.
Overall, Europe experienced a solid organic trend with mid-single-digit growth. This is due to the continued progress in the eyeglass frame business in all major markets.
The Asia-Pacific region, however, weakened, recording a decline of 11.5 percent at constant currency and 17.4 percent at current exchange rates. However, some countries in the rest of the world showed a recovery in the quarter, with an increase of 3.9 percent at constant currency and 0.1 percent at current exchange rates.
Asia-Pacific will also be positive in 2025 with growth of 4.8 percent
For the full year 2025, currency-adjusted sales increased by 1.8 percent both in North America and by 2.7 percent in Europe. At current exchange rates, this corresponded to a decrease of 2.6 percent in North America and an increase of 2.3 percent in Europe. The Asia-Pacific region also developed positively over the course of the year, with growth of 4.8 percent at constant currency and 1.3 percent at current exchange rates. Sales in the rest of the world, however, ended the year with a decline of 4.5 percent at constant currency and ten percent at current exchange rates.
“The market leadership of Smith sports products in the USA was a key growth driver of the year. The continuous strengthening of our contemporary and lifestyle portfolio also contributed to this. The brands Carrera, David Beckham, Tommy Hilfiger, Marc Jacobs, Boss, Kate Spade and Carolina Herrera made a decisive contribution to the growth of the group – both in the most important strategic markets and across the key distribution channels. We are seeing continued improvement in margins and strong cash generation,” explained management in the statement.
In 2025, Safilo took targeted measures to counteract the strong tariff pressure. These included price adjustments on the North American market and the gradual relocation of procurement from China. Combined with favorable price-mix dynamics, these measures enabled continuous improvement in margins and strong cash generation.
On a preliminary basis, the gross profit margin in the fourth quarter was 61.9 percent of sales. This represents an increase of 240 basis points compared to the same quarter last year. On an annual basis, the company closed the 2025 fiscal year with a gross profit margin of 60.9 percent, an increase of 120 basis points compared to 2024.
The earnings before interest, taxes, depreciation and amortization (EBITDA) margin was 6.7 percent in the fourth quarter, 120 basis points higher than the 5.5 percent in the fourth quarter of 2024. For the full year 2025, the EBITDA margin reached 10.8 percent, an improvement of 280 basis points compared to the previous year.
In the investment area, the group also acquired shares in Inspecs Group plc, which represent a total of 25 percent of the company’s share capital, for a total amount of around 21.7 million British pounds (around 24.9 million euros).
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