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Fope — Earnings Release 2025
Mar 23, 2026
4361_10-k_2026-03-23_1090a43f-b168-4cc5-8b88-fcc1947832d5.pdf
Earnings Release
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VICENZA
TOPE
DAL 1929
INFO
FOPE GROUP APPROVES 2025 RESULTS: NET REVENUES EUR 93.6 M., EBITDA EUR 20.5 M. AND POSITIVE NET CASH POSITION EUR 10.0 M. DIVIDEND OF EUR 1.10 PER SHARE PROPOSED.
☐ Revenues: EUR 93.6 m. (2024: EUR 73.4 m.)
☐ EBITDA: EUR 20.5 m. (2024: EUR 14.8 m.)
☐ EBIT: EUR 17.5 m. (2024: EUR 12.1 m.)
☐ Net profit: EUR 11.4 m. (2024: EUR 8.4 m.)
☐ Net Financial Position: cash positive EUR 10.0 m. (2024: cash positive EUR 3.3 m.)
☐ Equity: EUR 57.6 m. (2024: EUR 45.4 m.)
Vicenza, 23 March 2026
The Board of Directors of FOPE (FPE:IM), a leading Italian goldsmith company in the high-end jewellery sector listed on Euronext Growth Milan, today approved the Consolidated Financial Statements and the draft Financial Statements for the year ended 31 December 2025.
Diego Nardin, CEO of FOPE: "We take a very positive overall view of the results for 2025, which show growth in revenues alongside strong profit margins and financial stability. Sales revenues recorded a significant increase compared with the previous year, confirming the positive trend already evident in the first half of the year. Sales, achieved in a complex macroeconomic environment characterised by instability – in particular new trade rules for the United States and sharply rising raw material prices – were widespread across all the markets where FOPE operates, with growth in established markets for the brand such as Europe, Italy and the United States and, most notably, in emerging markets such as Japan and South Korea. The policy of hedging gold requirements, together with the revision of price lists, neutralised fluctuations in gold prices, thereby preserving operating margins. The net financial position was positive and improved compared to 2024, despite the investments made and the absorption of financial resources generated by the natural increase in working capital resulting from business growth.
In the first few months of 2026, we are pleased to report an increase in the order book compared to the same period in 2025, which allows us to look positively towards business development for the current year and to expect sales to grow. The distinctiveness of the FOPE range and the initial positive feedback from our retail partners regarding the popularity of the collections and the potential trajectory of the partnership, I believe, support these positive estimates."
Main consolidated results as at 31 December 2025
Net revenues amounted to EUR 93.6 m., up 27.4% (an increase of EUR 20.1 m.) compared to EUR 73.4 m. in 2024. Overseas markets contributed more significantly to growth than in the previous year – with particular emphasis on the European, South-East Asian and Asian markets; the Italian market, which remains a key focus, recorded growth and strong performance. The new collections launched during 2025 achieved excellent results, whilst the 'timeless' pieces and collections that have been on the market for several years continue to be highly popular. 87% of turnover was generated in foreign markets, a percentage in line with 2024.
WWW.FOPEGROUP.COM
VICENZA
FOPE
DAL 1929
EBITDA stood at EUR 20.5 m., an increase of EUR 5.7 m. compared with EUR 14.8 m. in 2024. The EBITDA margin remained positive at 21.9%, up from 20.2% in 2024, despite the increase in operating costs associated with projects aimed at improving production efficiency and consolidating the structure through the recruitment of qualified staff at head office and to support the branches.
EBIT was EUR 17.5 m., up from EUR 12.1 m. in 2024. The EBIT margin stood at 18.7% compared to 16.5% in 2024; depreciation and amortisation of technological and commercial investments increased (EUR 3.0 m. compared to EUR 2.7 m. in 2024).
Net profit stood at EUR 11.4 m., compared with EUR 8.4 m. in 2024, after tax of EUR 4.6 m. (EUR 3.1 m. in 2024).
Investments in tangible and intangible fixed assets in 2025 amounted to EUR 3.3 m. Notable commercial investments included the creation of ‘shop-in-shop’ schemes (FOPE-customised furniture corners within dealerships). Fixed assets included the expansion of factory departments with the creation of a new space within the premises, to be used for a phase of the production cycle. In 2025, ancillary and extension work also continued on the project to implement the new IT system, the performance of which the Company is already appreciating in terms of the consistency and completeness of the data base and ease of access.
The Net Financial Position was cash positive by EUR 10.0 m., an improvement on the cash positive NFP of EUR 3.3 m. in 2024.
Shareholders’ equity stood at EUR 57.6 m., an increase from EUR 45.4 m. in 2024.
Allocation of profit for the year
The Board of Directors resolved to propose to the Shareholders’ Meeting the following allocation of the profit for the year of the parent company FOPE S.p.A., amounting to EUR 9,994,572:
- EUR 4,016,503 to the extraordinary reserve,
- EUR 5,978,069 as a dividend through the distribution of a gross dividend of EUR 1.10 per share on the 5,434,608 ordinary shares in issue.
In view of the ordinary dividend to be paid from 6 May 2026 – ex-dividend date no.9, 4 May 2026 and record date 5 May 2026 – the dividend yield is 2.8%¹, while the payout ratio is 59.8%.
Outlook
In light of the positive results recorded during 2025 and the ongoing business development activities, while not ruling out the possibility of critical future developments in the macroeconomic situation characterised by ongoing conflicts, the business is expected to perform well in 2026 as well.
In particular, with regard to the geopolitical scenario involving the conflict between Russia and Ukraine and the conflict affecting the Middle East and the Gulf states, it should be noted that the share of the Company’s sales volumes realised in the Gulf states has a negligible impact on the achievement of budget targets, while the Company has no presence in the Russian and Iranian markets. While we cannot rule out any indirect negative effects in the event of a general economic downturn due to the protracted nature of the crises, there are no direct factors that could affect the positive development of the Group’s activities forecast for the current year.
¹ Dividend yield calculated on the basis of the closing price of FOPE shares on 23 March 2026.
WWW.FOPEGROUP.COM
VICENZA
FOPE
DAL 1929
Based on the forecasts prepared by the Company for 2026, an increase in sales volume and a positive operating result are estimated. The results achieved in the first few months of 2026 confirm these forecasts and, consequently, the aforementioned expectations.
Notice of Ordinary Shareholders' Meeting
The Board of Directors has resolved to convene the Ordinary Shareholders' Meeting, in a single call, on 23 April 2026 at 10.30 am for the approval of the financial statements as at 31 December 2025, the allocation of the profit for the year and the presentation of the consolidated financial statements as at 31 December 2025.
The Notice of Call of the Ordinary Shareholders' Meeting, which will be published in accordance with the law and the Articles of Association, will also set out the procedures for participating in the meeting. The documentation relating to the items on the agenda will be made available to the public at the Company's registered office and on the website www.fopegroup.com, under the Investor/Minutes section, as well as on the website www.borsaitaliana.it, under the "Stocks/Documents" section, in accordance with the terms set out in current legislation.
FOPE (FPE:IM; ISIN IT0005203424) is a historic Italian jewelry company founded in Vicenza in 1929, a leading player in the high-end jewelry sector. With over 100 employees and a strong international focus (approximately 90% of revenues generated abroad), the company pursues a strategic development plan aimed at growth and brand consolidation in the international luxury market, leveraging four competitive advantages: product quality, a perfect synthesis of craftsmanship and Made-in-Italy technology, recognizable design, and long-standing customer relationships.
FOPE operates globally through a consolidated and carefully selected network of over 700 points of sale worldwide (direct presence through its subsidiaries FOPE USA Inc., for the American market; FOPE Jewellery Limited, for the UK market; Fope Deutschland GmbH, for the German market; Fope Japan G.K.; and FOPE SpA DMCC Branch in Dubai). The business model relies on direct commercial relationships with multi-brand jewelry stores (either independent or part of larger groups) specializing in luxury products such as high-end watches and jewelry; there are no intermediary distributors, but partnerships that ensure customer loyalty, trust, and excellent after-sales service.
In 2015, the company opened its first single-brand store in Piazza San Marco in Venice, followed in 2019 by boutiques in the prestigious Old Bond Street in London and in Ginza, Tokyo. The entire production process takes place in-house at the Vicenza headquarters, from prototyping to manufacturing and shipping. Investments in R&D have led to a high level of standardization and automation, with proprietary technologies designed to optimize processes and timings while guaranteeing the highest product quality.
FOPE jewelry ranges from timeless classics, based on the iconic Novecento mesh, to the recent Flex'it lines, which include original bracelets made flexible through a patented system of tiny hidden gold springs within the links: collections that are elegant, comfortable, and wearable. FOPE is a certified member of the Responsible Jewellery Council and has been producing a Sustainability Report since 2017, adopting the European Sustainability Reporting Standards (ESRS) as its reference framework.
Press release available on www.fopegroup.com and
FOPE
INVESTOR RELATIONS MANAGER
Diego Nardin, [email protected] | T +39 0444 286911
IR TOP CONSULTING
INVESTOR RELATIONS
Maria Antonietta Pireddu, [email protected] | T +39 0245473884
FINANCIAL MEDIA RELATIONS
Domenico Gentile, [email protected] | Antonio Buozzi, [email protected] | T +39 0245473884
INTEGRAE SIM
EURONEXT GROWTH ADVISOR | T +39 0280506160 | Piazza Castello 24, Milano
WWW.FOPEGROUP.COM
VICENZA
FOPE
DAL 1929
CONSOLIDATED INCOME STATEMENT
| Euro | 31/12/2025 | 31/12/2024 | Change |
|---|---|---|---|
| Net revenues | 93,578,260 | 73,433,504 | 20,144,756 |
| Other income | 875,032 | 888,264 | (13,232) |
| External costs | 65,316,358 | 52,658,341 | 12,658,017 |
| Added value | 29,136,934 | 21,663,427 | 7,473,507 |
| Labour costs | 8,620,661 | 6,862,730 | 1,757,931 |
| EBITDA | 20,516,273 | 14,800,697 | 5,715,576 |
| Depreciation and amortisation | 3,043,712 | 2,686,392 | 357,320 |
| EBIT | 17,472,561 | 12,114,305 | 5,358,256 |
| Financial income and charges | (1,390,723) | (613,445) | (777,278) |
| Pre-tax profit/(loss) | 16,081,838 | 11,500,860 | 4,580,978 |
| Income tax | 4,633,602 | 3,117,072 | 1,516,530 |
| Net profit/(loss) | 11,448,236 | 8,383,788 | 3,064,448 |
WWW.FOPEGROUP.COM
VICENZA
FOPE
DAL 1929
CONSOLIDATED BALANCE SHEET
| Euro | 31/12/2025 | 31/12/2024 | Change |
|---|---|---|---|
| Net intangible fixed assets | 2,421,985 | 3,054,343 | (632,358) |
| Net tangible fixed assets | 12,817,139 | 11,499,737 | 1,317,402 |
| Equity investments and other financial fixed assets | 59,972 | 813,142 | (753,170) |
| Non-current assets | 15,299,096 | 15,367,222 | (68,126) |
| Changes in inventories | 18,712,414 | 15,746,887 | 2,965,527 |
| Trade receivables | 16,166,965 | 17,255,853 | (1,088,888) |
| Other receivables | 3,608,101 | 2,830,346 | 777,755 |
| Expected cash flow hedging trans. cr. position | 10,744,235 | 3,152,137 | 7,592,098 |
| Short-term assets for the year | 49,231,715 | 38,985,223 | 10,246,492 |
| Trade payables | (5,851,435) | (5,565,634) | (285,801) |
| Other payables | (7,721,920) | (3,777,111) | (3,944,809) |
| Short-term liabilities for the year | (13,573,355) | (9,342,745) | (4,230,610) |
| Net working capital | 35,658,360 | 29,642,478 | 6,015,882 |
| Provision for Employee Severance Pay | (1,477,323) | (1,411,589) | (65,734) |
| Provision for Agent Severance Pay and other provisions | (1,572,106) | (1,038,820) | (533,286) |
| Provision for expected cash flow hedging transactions | (363,660) | (460,095) | 96,435 |
| Total provisions | (3,413,089) | (2,910,504) | (502,585) |
| NET INVESTED CAPITAL | 47,544,367 | 42,099,196 | 5,445,171 |
| Share capital and shareholders' equity reserve | (50,120,491) | (43,431,964) | (6,688,527) |
| Reserve for expected cash flow hedging transactions | (7,460,268) | (1,926,917) | (5,533,351) |
| Shareholders' equity | (57,580,759) | (45,358,881) | (12,221,878) |
| Medium/long-term financial position | (6,207,954) | (4,000,999) | (2,206,955) |
| Short-term financial position | 16,244,345 | 7,260,684 | 8,983,661 |
| Net Financial Position | 10,036,391 | 3,259,685 | 6,776,706 |
| SHAREHOLDERS' EQUITY AND NET FINANCIAL POSITION | 47,544,368 | 42,099,196 | 5,445,172 |
WWW.FOPEGROUP.COM
VICENZA
FOPE
DAL 1929
CONSOLIDATED CASH FLOW STATEMENT
| Euro | 31/12/2025 | 31/12/2024 | Change |
|---|---|---|---|
| Net Profit | 11,448,236 | 8,383,788 | 3,064,448 |
| Depreciation and Amortization | 3,043,712 | 2,686,392 | 357,320 |
| Change in TFR and TFM Provisions | 155,798 | 232,079 | (76,281) |
| Gross Self-Financing | 14,647,746 | 11,302,259 | 3,345,487 |
| Change in Trade Receivables | 1,088,888 | (2,645,339) | 3,734,227 |
| Change in Other Short-Term Receivables | (800,899) | 598,735 | (1,399,634) |
| Change in Inventory | (2,965,526) | (28,659) | (2,936,867) |
| Change in Short-Term Payables | 2,538,862 | 1,972,923 | 565,939 |
| Change in Net Working Capital | (138,675) | (102,340) | (36,335) |
| Cash Flow from Operations | 14,509,071 | 11,199,919 | 3,309,152 |
| Change in Tangible and Intangible Fixed Assets | (3,728,756) | (3,359,825) | (368,931) |
| Change in Financial Fixed Assets | 756,101 | 31,951 | 724,150 |
| Repayment of Medium/Long-Term Loans | (8,531,520) | (5,398,577) | (3,132,943) |
| Uses of Funds | (11,504,175) | (8,726,451) | (2,777,724) |
| New Financing Raised | 8,500,000 | 6,000,000 | 2,500,000 |
| Issuance of Convertible Bonds | 0 | 0 | 0 |
| Changes in Equity Reserves | (4,759,711) | (4,582,656) | (177,055) |
| Sources of Funds | 3,740,289 | 1,417,344 | 2,322,945 |
| Change in Positions for Cash Flow Hedge Transactions | (7,595,028) | (2,419,580) | (5,175,448) |
| Change in Cash Flow Hedge Funds | (96,435) | 311,250 | (407,685) |
| Change in Cash Flow Hedge Reserves | 5,533,351 | 1,506,418 | 4,026,933 |
| Tax Effect of Changes in Cash Flow Hedge Transactions | 2,158,112 | 601,912 | 1,556,200 |
| Change in Cash Flow Hedge Positions | 0 | 0 | 0 |
| Net Cash Flow | 6,745,185 | 3,890,812 | 2,854,373 |
| Net Bank Position Credit/(Debt) as of 31/12/2025 | 21,890,655 | 21,890,655 | |
| Net Bank Position Credit/(Debt) as of 31/12/2024 | 15,145,470 | 15,145,470 | 0 |
| Net Bank Position Credit/(Debt) as of 31/12/2023 | 11,254,658 | (11,254,658) | |
| Net Cash Flow | 6,745,185 | 3,890,812 | 2,854,373 |
WWW.FOPEGROUP.COM
VICENZA
FOPE
DAL 1929
FOPE SPA INCOME STATEMENT
| Euro | 31/12/2025 | 31/12/2024 | Change |
|---|---|---|---|
| Net revenues | 84,008,740 | 66,641,496 | 17,367,244 |
| Other income | 619,521 | 631,298 | (11,777) |
| External costs | (59,571,711) | (48,110,405) | (11,461,306) |
| Added value | 25,056,550 | 19,162,389 | 5,894,161 |
| Labour costs | (6,479,152) | (5,164,200) | (1,314,951) |
| EBITDA | 18,577,398 | 13,998,190 | 4,579,209 |
| Depreciation and amortisation | (2,776,979) | (2,535,077) | (241,902) |
| EBIT | 15,800,420 | 11,463,112 | 4,337,308 |
| Financial income and charges | (1,802,817) | (382,295) | (1,420,522) |
| Pre-tax profit/(loss) | 13,997,602 | 11,080,817 | 2,916,785 |
| Income tax | (4,003,030) | (3,020,975) | (982,055) |
| Net profit/(loss) | 9,994,572 | 8,059,842 | 1,934,730 |
WWW.FOPEGROUP.COM
VICENZA
FOPE
DAL 1929
FOPE SPA BALANCE SHEET
| Euro | 31/12/2025 | 31/12/2024 | Change |
|---|---|---|---|
| Net intangible fixed assets | 2,327,044 | 2,933,566 | (606,522) |
| Net tangible fixed assets | 11,581,182 | 10,585,742 | 995,440 |
| Holdings/equity and other financial fixed assets | 993,183 | 1,843,239 | (850,056) |
| Non-current assets | 14,901,409 | 15,362,547 | (461,138) |
| Warehouse stock | 14,913,139 | 12,387,707 | 2,525,432 |
| Trade receivables | 8,399,275 | 8,292,477 | 106,798 |
| Receivables form subsidiaries | 10,709,982 | 12,588,786 | (1,878,804) |
| Current receivables | 2,419,623 | 1,601,812 | 817,811 |
| Cash flow hedging op. cr. position | 10,744,235 | 3,152,137 | 7,592,098 |
| Short-term assets for the year | 47,186,254 | 38,022,919 | 9,163,335 |
| Trade payables | 4,686,621 | 4,184,115 | 502,506 |
| Payables form subsidiaries | 231,679 | 348,643 | (116,964) |
| Current liabilities | 6,792,997 | 2,777,051 | 4,015,946 |
| Short-term liabilities for the year | 11,711,297 | 7,309,809 | 4,401,488 |
| Net working capital | 35,474,957 | 30,713,110 | 4,761,847 |
| Severance pay fund | (1,477,323) | (1,411,589) | (65,734) |
| End-of-mandate indemnity fund | (1,063,847) | (987,363) | (76,484) |
| Expected cash flow hedging op. fund | (363,660) | (460,095) | 96,435 |
| Total assets | 47,471,536 | 43,216,610 | 4,254,926 |
| Share capital and equity reserve | (47,251,974) | (41,683,933) | (5,568,041) |
| Expected cash flow hedging op. reserve | (7,460,269) | (1,926,916) | (5,533,353) |
| Shareholders' equity | (54,712,243) | (43,610,849) | (11,101,394) |
| Medium to long-term financial position | (6,207,954) | (4,000,999) | (2,206,955) |
| Short-term financial position | 13,448,661 | 4,395,238 | 9,053,423 |
| Net financial position | 7,240,707 | 394,239 | 6,846,468 |
| Equity and net financial position | 47,471,536 | 43,216,610 | 4,254,926 |
WWW.FOPEGROUP.COM
VICENZA
FOPE
DAL 1929
FOPE SPA CASH FLOW STATEMENT
| Euro | 31/12/2025 | 31/12/2024 | Change |
|---|---|---|---|
| Net Profit | 9,994,572 | 8,059,842 | 1,934,730 |
| Depreciation, Amortization and Impairment | 2,776,979 | 2,535,077 | 241,902 |
| Change in TFR and TFM Provisions | 142,218 | 232,079 | (89,861) |
| Gross Self-Financing | 12,913,769 | 10,826,998 | 2,086,771 |
| Change in Trade Receivables | (106,798) | 197,677 | (304,475) |
| Change in Receivables from Subsidiaries | 1,878,805 | (3,879,422) | 5,758,227 |
| Change in Other Short-Term Receivables | (840,956) | 972,919 | (1,813,875) |
| Change in Inventory | (2,525,432) | 1,118,538 | (3,643,970) |
| Change in Short-Term Payables | 2,266,521 | 1,508,686 | 757,835 |
| Change in Net Working Capital | 672,140 | (81,602) | 753,742 |
| Cash Flow from Operations | 13,585,909 | 10,745,396 | 2,840,513 |
| Change in Tangible and Intangible Fixed Assets | (3,165,896) | (2,779,791) | (386,105) |
| Change in Financial Fixed Assets | 852,986 | (972,700) | 1,825,686 |
| Repayment of Medium/Long-Term Debt | (8,531,520) | (5,398,576) | (3,132,944) |
| Uses of Funds | (10,844,430) | (9,151,067) | (1,693,363) |
| New Medium/Long-Term Borrowings | 8,500,000 | 6,000,000 | 2,500,000 |
| Issuance of Convertible Bonds | 0 | 0 | 0 |
| Changes in Equity Reserves | (4,426,531) | (4,660,952) | 234,421 |
| Sources of Funds | 4,073,469 | 1,339,048 | 2,734,421 |
| Change in Cash Flow Hedge Asset Positions | (7,595,028) | (2,419,580) | (5,175,448) |
| Change in Cash Flow Hedge Funds | (96,435) | 311,250 | (407,685) |
| Change in Cash Flow Hedge Reserves | 5,533,351 | 1,506,418 | 4,026,933 |
| Tax Effect of Changes in Cash Flow Hedge Transactions | 2,158,112 | 601,912 | 1,556,200 |
| Change in Cash Flow Hedge Positions | 0 | 0 | 0 |
| Net Cash Flow | 6,814,948 | 2,933,377 | 3,881,571 |
| Net Bank Position Credit/(Debt) as of 31/12/2025 | 19,094,971 | ||
| Net Bank Position Credit/(Debt) as of 31/12/2024 | 12,280,023 | 12,280,023 | |
| Net Bank Position Credit/(Debt) as of 31/12/2023 | 9,346,646 | ||
| Net Cash Flow | 6,814,948 | 2,933,377 | 3,881,571 |
WWW.FOPEGROUP.COM