Financials Kering

Equities

Real-time Euronext Paris Other stock markets 12:57:12 15/07/2025 pm IST			5-day change	1st Jan Change
198.24 ^EUR	+0.64%		+0.07%	-16.84%

14/07	KERING : Gets a Neutral rating from Deutsche Bank	ZD
14/07	Hermès, the fair price is 50 times earnings

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	13,100	17,645	20,351	19,566	17,194	15,252	15,889	16,926
Change	-	34.69%	15.33%	-3.86%	-12.12%	-11.3%	4.18%	6.52%
EBITDA ¹	4,574	6,470	7,255	6,569	4,667	3,704	4,082	4,499
Change	-	41.45%	12.13%	-9.46%	-28.95%	-20.63%	10.2%	10.21%
EBIT ¹	3,135	5,017	5,589	4,746	2,554	1,817	2,178	2,580
Change	-	60.03%	11.4%	-15.08%	-46.19%	-28.86%	19.9%	18.43%
Interest Paid ¹	-341.7	-273.2	-260	-410	-614	-582.8	-538.4	-537.5
Earnings before Tax (EBT) ¹	2,956	4,524	5,135	4,233	1,698	1,145	1,564	1,913
Change	-	53.03%	13.5%	-17.57%	-59.89%	-32.57%	36.56%	22.35%
Net income ¹	2,150	3,176	3,614	2,983	1,133	767.2	1,008	1,269
Change	-	47.68%	13.8%	-17.46%	-62.02%	-32.29%	31.44%	25.81%
Announcement Date	17/02/21	17/02/22	15/02/23	08/02/24	11/02/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	3,203	2,175	3,718	4,004	3,890	4,157	4,188	5,410	4,956	4,974	5,137	5,284	5,077	5,058	4,464	4,294	4,504	4,514	3,786	4,390	3,883	3,732	3,447	4,092
Change	-	-32.1%	70.92%	7.71%	-2.85%	6.87%	0.74%	29.19%	-8.4%	0.37%	3.27%	2.86%	-3.92%	-0.37%	-11.74%	-3.81%	4.89%	0.22%	-16.13%	15.95%	-11.55%	-3.89%	-7.64%	18.71%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	21/04/20	28/07/20	22/10/20	17/02/21	20/04/21	27/07/21	19/10/21	17/02/22	21/04/22	27/07/22	20/10/22	15/02/23	27/04/23	27/07/23	24/10/23	08/02/24	23/04/24	24/07/24	23/10/24	11/02/25	23/04/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	7,722	8,047	9,598	9,930	10,421	10,135	9,431	9,018	8,176	7,637	7,471
Change	-	4.21%	19.27%	3.46%	4.94%	-2.74%	-6.95%	-4.38%	-9.34%	-6.59%	-2.18%
EBITDA ¹	-	2,951	3,520	-	3,638	-	2,952	2,595	2,072	1,724	1,362
Change	-	-	19.27%	-	-	-	-	-12.09%	-20.15%	-16.8%	-21%
EBIT ¹	2,183	2,237	2,780	2,820	2,769	2,739	2,007	1,582	972	943.8	852
Change	-	2.48%	24.28%	1.43%	-1.81%	-1.08%	-26.73%	-21.18%	-38.56%	-2.9%	-9.73%
Charge d'intérêts ¹	-196.8	-125.6	-147.6	-19	-241	-204	-206	-288	-326	-288	-288
Earnings before Tax (EBT) ¹	2,469	2,094	2,430	2,788	2,347	2,535	1,698	1,281	417	655	401
Change	-	-15.17%	16.05%	14.73%	-15.82%	8.01%	-33.02%	-24.56%	-67.45%	57.07%	-38.78%
Net income ¹	1,878	1,479	1,697	1,988	1,626	1,785	1,198	878	255	482	278
Change	-	-21.24%	14.72%	17.17%	-18.21%	9.78%	-32.89%	-26.71%	-70.96%	89.02%	-42.32%
Announcement Date	17/02/21	27/07/21	17/02/22	27/07/22	15/02/23	27/07/23	08/02/24	24/07/24	11/02/25	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	6,075	4,670	2,306	8,504	10,500	10,907	10,448	9,949
Change	-	-23.13%	-50.62%	268.78%	23.47%	3.88%	-4.21%	-4.78%
Announcement Date	17/02/21	17/02/22	15/02/23	08/02/24	11/02/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	786.9	934	1,071	2,611	3,309	950.7	962.7	1,010
Change	-	18.69%	14.67%	143.79%	26.73%	-71.27%	1.27%	4.88%
Free Cash Flow (FCF) ¹	2,102	3,942	3,208	1,983	1,400	2,383	2,247	2,374
Change	-	87.54%	-18.61%	-38.19%	-29.4%	70.25%	-5.71%	5.65%
Announcement Date	17/02/21	17/02/22	15/02/23	08/02/24	11/02/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	34.92%	36.67%	35.65%	33.57%	27.14%	24.29%	25.69%	26.58%
EBIT Margin (%)	23.93%	28.43%	27.46%	24.26%	14.85%	11.91%	13.71%	15.24%
EBT Margin (%)	22.57%	25.64%	25.23%	21.63%	9.88%	7.51%	9.84%	11.3%
Net margin (%)	16.42%	18%	17.76%	15.25%	6.59%	5.03%	6.35%	7.5%
FCF margin (%)	16.04%	22.34%	15.76%	10.13%	8.14%	15.63%	14.14%	14.03%
FCF / Net Income (%)	97.74%	124.11%	88.77%	66.48%	123.57%	310.67%	222.87%	187.16%
Profitability
ROA	7.15%	10.75%	11.12%	7.92%	2.67%	2.06%	2.86%	3.37%
ROE	17.85%	25.24%	25.34%	19.37%	7.52%	5.21%	6.96%	8.45%
Financial Health
Leverage (Debt/EBITDA)	1.33x	0.72x	0.32x	1.29x	2.25x	2.94x	2.56x	2.21x
Debt / Free cash flow	2.89x	1.18x	0.72x	4.29x	7.5x	4.58x	4.65x	4.19x
Capital Intensity
CAPEX / Current Assets (%)	6.01%	5.29%	5.26%	13.34%	19.25%	6.23%	6.06%	5.97%
CAPEX / EBITDA (%)	17.2%	14.43%	14.76%	39.75%	70.9%	25.67%	23.58%	22.44%
CAPEX / FCF (%)	37.44%	23.7%	33.39%	131.67%	236.36%	39.89%	42.84%	42.52%
Items per share
Cash flow per share ¹	23.11	39.13	34.7	36.43	38.4	26.05	28.18	25.49
Change	-	69.35%	-11.34%	5.01%	5.4%	-32.16%	8.17%	-9.54%
Dividend per Share ¹	8	12	14	14	6	3.905	4.765	5.992
Change	-	50%	16.67%	0%	-57.14%	-34.92%	22.04%	25.73%
Book Value Per Share ¹	94.63	107.6	114.5	124.1	121.6	122.8	128.4	135.3
Change	-	13.68%	6.47%	8.35%	-2.04%	1.02%	4.54%	5.37%
EPS ¹	17.2	25.49	29.31	24.37	9.24	6.314	8.452	10.6
Change	-	48.2%	14.99%	-16.85%	-62.08%	-31.67%	33.86%	25.42%
Nbr of stocks (in thousands)	1,24,937	1,23,744	1,22,233	1,21,646	1,22,587	1,22,602	1,22,602	1,22,602
Announcement Date	17/02/21	17/02/22	15/02/23	08/02/24	11/02/25	-	-	-