Sales and Earnings Development of the Business Segments

EMEA

Sales in the EMEA region (Europe, Middle East, and Africa) were up 2% currency-adjusted in fiscal year 2025. This performance was primarily driven by revenue gains in Germany and France, which more than offset slightly lower sales in the UK.

From a channel perspective, growth in EMEA was driven by currency-adjusted sales increases in the Group’s digital and brick-and-mortar wholesale businesses. At the same time, revenues in brick-and-mortar retail remained at the prior-year level, reflecting muted store traffic in key markets.

At EUR 660 million, segment earnings in EMEA came in 11% above the prior-year level (2024: EUR 593 million). Accordingly, the EBIT margin increased 220 basis points to a level of 24.8% (2024: 22.6%), mainly reflecting operating expense leverage driven by lower own retail expenses and disciplined administrative cost management. Notes to the Consolidated Financial Statements, Note 24

Americas

In the Americas, HUGO BOSS recorded currency-adjusted revenue growth of 3% in 2025. This performance mainly reflects a slight increase in the United States, despite subdued demand from both domestic consumers and international tourists, particularly at the beginning of the year, which resulted in softer mall and store traffic. At the same time, Latin America delivered double-digit growth in 2025, while sales in Canada remained moderately below the prior-year level, impacted by the exit of a local partner from the market.

From a channel perspective, currency-adjusted growth in the Americas was broad-based in 2025, with all touchpoints – brick-and-mortar retail, brick-and-mortar wholesale, and the digital business – contributing to this development.

Segment earnings in the Americas increased by 6% to EUR 106 million (2024: EUR 100 million), corresponding to an EBIT margin of 10.7%, up 90 basis points year over year (2024: 9.8%). This development mainly reflects strict cost management across key business functions, more than offsetting the decline in reported sales. Notes to the Consolidated Financial Statements, Note 24

Asia/Pacific

In the Asia/Pacific region, currency-adjusted revenues remained 5% below the prior year, reflecting persistently subdued demand in China. On the other hand, revenues in Southeast Asia & Pacific increased slightly compared to the prior-year level, supported by a robust performance in Japan.

The challenging market environment in China impacted the sales performance across all channels in Asia/Pacific, with brick-and-mortar retail proving slightly more resilient.

Segment earnings in the Asia/Pacific region amounted to EUR 62 million, 17% below the prior-year level (2024: EUR 74 million), translating into an EBIT margin decline of 140 basis points to 12.1% (2024: 13.5%). This development mainly reflects the softer sales development, which was only partly offset by lower operating expenses. Notes to the Consolidated Financial Statements, Note 24

Licenses

Sales in our license business decreased 5% currency-adjusted to EUR 104 million in fiscal year 2025 (2024: EUR 109 million). This development primarily reflects a tough prior-year comparison, as fiscal year 2024 had benefited from several contract renewals, and was further compounded by the overall challenging market environment in 2025. Earnings Development, Sales by Distribution Channel

Consequently, the license segment earnings decreased by 10% to EUR 86 million (2024: EUR 95 million). Notes to the Consolidated Financial Statements, Note 24

Five-year overview of business segments