Safilo Group S.p.A. (Group), the parent of Smith Optics Belnders Eyewear, and the eyewear licensee for Carrera, Havaianas, Under Armour, Levi’s, David Beckham, Boss, Tommy Hilfiger, Liz Claiborne, and Fossil brands, reported third quarter (Q3) net sales totaled €220.8 million, up 2.1 percent year-over-year (y/y) at constant exchange rates, said to be broadly in line with performance recorded in the first half of the year.
As in the first half and second quarter, the further weakening of the U.S. dollar against the euro reportedly served as the main headwind to reported sales, which declined by 2.1 percent at current exchange rates.
Prescription frames continued to grow across all regions, while sales of sunglasses supported acceleration in Europe, reflecting improved sell-through dynamics. Carrera, David Beckham, Marc Jacobs, Boss, Kate Spade, and Carolina Herrera reportedly led the positive performance, confirming the momentum of Safilo’s contemporary and lifestyle brands across key markets.
The quarter remained muted for Blenders and for Smith’s sports products in stores.
Safilo closed the first 9 months of 2025 with net sales of €758.4 million, up 2.2 percent at constant exchange rates, and in line with the first nine months of 2024 at current exchange rates (+0.1 percent).
Third Quarter Regional Sales Performance
(in € million)
North America
In North America, Q3 sales totaled €96.9 million, remaining in line with the same period last year at constant exchange rates. At current exchange rates, revenues declined by 6.6 percent y/y, reflecting the significant depreciation of the U.S. dollar against the euro. Performance in the U.S. was said to be shaped by differing trends and dynamics, both across Eyewear and Sport product channels.
In the Sports segment, Smith reportedly delivered “solid growth” in its direct-to-consumer (DTC) business, benefiting from positive demand and effective online engagement. Sales to physical sport shops were instead affected by the ongoing recovery of sport products shipments from China.
In the Eyewear segment, the Group’s Wholesale business posted a mid-single-digit y/y increase, supported by solid sales to chains and independent opticians, with Tommy Hilfiger, Marc Jacobs, BOSS, Kate Spade, and David Beckham serving as key drivers for Safilo.
The quarter reportedly remained challenging for Blenders’ e-commerce, penalized by intense promotional campaigns run by several players in the value-for-money segment.
Sales in North America totaled €317.8 million in the first nine months of 2025, up 1.9 percent y/y at constant exchange rates and down 1.1 percent y/y at current exchange rates compared to the first nine months of 2024.
Europe
Europe sales reached €90.9 million in the third quarter, up 7.7 percent y/y at constant exchange rates and growing 6.7 percent y/y at current exchange rates. Growth in the region was attributed to the continued outperformance of the prescription frames business, which was also supported by a favorable phasing of deliveries to certain clients, as well as a rebound in sunglasses sales, particularly in Italy, following the weak performance recorded in May. Positive momentum was reportedly supported by sustained demand from independent opticians and chains, further enhanced by the ongoing adoption of the You & Safilo B2B platform. Growth was broad-based across the Group’s brand portfolio, with Carrera, David Beckham, Marc Jacobs, Tommy Hilfiger, Boss, and Carolina Herrera further strengthening their competitive position.
France continued to make the strongest contribution, benefiting from an expanding customer base and dynamic commercial and marketing efforts. The country’s growth was again fueled by the Group’s leading international brands as well as regional successes such as Isabel Marant, which continued to gain traction among French consumers. Safilo maintained solid momentum in Germany among independent opticians and pure internet players, while again delivering strong growth in Poland and Turkey, its largest markets in Eastern Europe.
In the first nine months of 2025, sales in Europe totaled €334.0 million, up 3.2 percent y/y at constant exchange rates and up 3.0 percent y/y at current exchange rates compared to the same period of 2024.
Asia/Pacific
In the Asia/Pacific region, third-quarter sales totaled €13.8 million, representing a 7.8 percent y/y increase at constant exchange rates and a 1.9 percent y/y increase at current exchange rates. The region reportedly sustained its positive momentum, supported by distributor-led markets and Australia’s strong performance.
Australia growth was said to be driven by Carrera’s ongoing brand-building activities, including the successful launch of its women’s collection earlier this year, and further enhanced by Smith’s continued development in the market.
In the first nine months of 2025, sales in the Asia/Pacific region totaled €44.0 million, representing a 12.4 percent y/y increase at constant exchange rates and a 9.9 percent y/y increase at current exchange rates compared to the first nine months of 2024.
Rest of the World
In the Rest of the World (ROW) region, Q3 sales reached €19.2 million, down 13.0 percent y/y at constant exchange rates and down 16.7 percent y/y at current exchange rates. The region reportedly faced continued challenges during the quarter, with performance impacted by persistent headwinds in India and a difficult market environment for Middle Eastern distributors.
Among Latin American markets, Mexico “demonstrated resilience,” said to be supported by positive sales to independent opticians. Tommy Hilfiger, Boss and David Beckham emerged as top-performing brands, helping to partially offset broader market pressures.
In the first nine months of 2025, sales in the ROW region totaled €62.7 million, down 6.8 percent y/y at constant exchange rates and 12.7 percent y/y at current exchange rates compared to the first nine months of 2024.
Third Quarter Financial Performance
(in € million and percent of net sales)
Reduced logistic costs and the gradual normalization of marketing investments after the peak recorded in the first half of the year supported a significant upside at the EBITDA level, confirming the Group’s ability to deliver solid results in a complex external environment.
Gross Profit totaled €131.7 million, or 59.7 percent of net sales in Q3, a decrease of 1.2 percent compared to the gross margin recorded in Q3 2024. Gross margin increased by 60 basis points y/y.
Adjusted EBITDA tallied €22.1 million in the quarter, up 24.3 percent compared to Q3 2024, with the Adjusted EBITDA margin increasing by 210 basis points, from 7.9 percent of net sales to 10.0 percent of net sales.
Financial Performance
The third quarter “solid operating performance, combined with disciplined working capital management,” was said to result in a positive free cash flow of €20.7 million, compared to €16.9 million in Q3 2024.
This brought the total cash generation for the first nine months of 2025 to €64.2 million, including the net proceeds of €11.9 million from the disposal of Lenti S.r.l..
As of September 30, 2025, the Group’s net debt decreased to €30.4 million, equal to a positive net financial position of €10.7 million pre-IFRS 16. This result, which includes the impact of the execution of the Share Purchase Programe, compares to the net debt of €42.4 million recorded at the end of June 2025 (€0.7 million pre-IFRS) and €82.7 million (€40.3 million pre-IFRS-16) at the end of December 2024.
Share Repurchase Program
Based on the Share Purchase Program launched on June 24, 2025, and started on June 25, 2025, as of September 30, 2025, Safilo S.p.A. had purchased ~7.8 million of Safilo Group ordinary shares, equal to approximately 1.9 percent of the outstanding shares, for a total transaction amount of €10.2 million. The purchase of shares is planned to amount to a maximum of 15 million shares, equal to approximately 3.6 percent of the outstanding shares, for a total maximum consideration of up to €18 million.
Image courtesy Smith Optics/Safilo Group S.p.A.
