Stable revenues and improved profitability, supported by the optical segment and more efficient operations.
Safilo closed 2025 with improved profitability in a year marked by geopolitical uncertainty and challenging market dynamics. The group showed resilience, with broadly stable revenues and stronger financial indicators.
Net sales reached €983.4 million, down 1% at current exchange rates but up 1.8% at constant exchange rates, with organic growth of 2.6% excluding the deconsolidation of the Lenti business completed in June.
In the fourth quarter, revenues totaled €225 million, up 0.4% at constant exchange rates and 1.9% on an organic basis, while declining 4.6% at current exchange rates due to unfavorable currency effects.
Growth during the year was primarily driven by the optical frames segment, which continued to show solid demand across key regions, offsetting weaker performance in sunglasses. The latter was impacted by more cautious consumer spending and a highly promotional environment in the United States.
Profitability improved significantly over the year. Adjusted EBITDA rose to €104.2 million, up 12% compared to 2024, with the margin increasing from 9.4% to 10.6%. In the fourth quarter, adjusted EBITDA reached €19.7 million, up 12.3%, with the margin improving from 7.5% to 8.8%.
Adjusted operating profit amounted to €66.5 million, up 26.6%, with a margin of 6.8% of sales. Adjusted net profit reached €44.6 million, an increase of 30.4%, supported in part by a nearly 50% reduction in net financial charges compared to the previous year.
The 2025 performance also includes a €9.7 million capital gain from the disposal of the Lenti subsidiary, which is excluded from adjusted results.
On the financial side, Safilo reported free cash flow of €55.1 million, a significant increase from €16.7 million in 2024. The figure rises to €68.1 million when excluding the acquisition of a stake in Inspecs and the disposal of Lenti.
Net financial debt decreased to €46.1 million, compared with €82.7 million in 2024, further strengthening the group’s financial position.
During the year, Safilo continued to actively manage its brand portfolio, renewing key licensing agreements and signing a ten-year deal for Victoria Beckham eyewear, while also acquiring a 25% stake in Inspecs.
Looking ahead to 2026, the group expects the macroeconomic and geopolitical environment to remain challenging. However, Safilo intends to stay focused on its strategic priorities, both organically and through selective acquisitions, with the aim of further improving profitability and cash generation over the long term.