Samsonite Group S.A. Announces Results for the Year Ended December 31, 2025

For the fourth quarter ended December 31, 2025:

Consolidated net sales were US$963.3 million, an increase of 2.2% (0.9%⁽¹⁾ on a constant currency basis) year-over-year; and a sequential improvement compared to a year-over-year decrease of 0.6%  (-1.3%⁽¹⁾ on a constant currency basis) in the third quarter of 2025.

Achieved gross profit margin of 60.3% and adjusted EBITDA margin⁽²⁾ of 20.3%; and generated adjusted free cash flow⁽³⁾ of US$170.0 million, up 25.7% year-over-year.

For the year ended December 31, 2025:

Consolidated net sales were US$3,497.6 million, a decrease of 2.5% (-2.6%⁽¹⁾ on a constant currency basis) year-over-year.

Delivered gross profit margin of 59.6% and adjusted EBITDA margin of 17.3%; Generated adjusted free cash flow of US$246.3 million; and returned approximately US$192.9 million to shareholders during the year.

MANSFIELD, Mass. and HONG KONG, March 19, 2026 /PRNewswire/ -- Samsonite Group S.A. (together with its consolidated subsidiaries, the "Company", "Samsonite Group", "our", "us" or "we"; SEHK stock code: 1910), the world's best-known and largest travel luggage company and a leader in global lifestyle bags, today published its final results for the year ended December 31, 2025.

Unless otherwise stated, all net sales growth rates are presented on a constant currency basis.

Overview

Commenting on the results, Mr. Kyle Gendreau, Chief Executive Officer, said, "We are pleased by how we closed out 2025 with a strong performance in the fourth quarter. As I reflect on our full year results, our advantages in product innovation, market leadership, platform, and scale enabled our teams to manage the business well through a highly uncertain demand environment and the impact of U.S. tariffs. Our business quickly adapted to softening consumer sentiment that impacted our net sales, particularly in the first half of 2025. Our teams remained focused and through strong operational execution, year-over-year constant currency net sales growth began to improve in the third quarter of 2025, with a return to positive growth in the fourth quarter of 2025. Successful, innovative new product collections, as well as our teams' effective navigation of our business despite headwinds, particularly in our direct-to-consumer ("DTC") channels and our non-travel product category⁽⁴⁾, were key drivers of our net sales improvement. For the three months ended December 31, 2025, constant currency net sales increased by 0.9%⁽¹⁾ compared to the fourth quarter of 2024, a sequential improvement relative to a 1.3%⁽¹⁾ year-over-year net sales decline in the third quarter of 2025. We will continue to execute on our strategic roadmap and leverage our scale advantages in product innovation and increased marketing spend to enhance consumer engagement and drive our net sales in 2026."

"Our constant currency net sales growth in the fourth quarter of 2025 was driven by a 3.6%⁽¹⁾ increase in TUMI brand net sales, a second consecutive quarter of positive growth for the brand. Net sales of the Samsonite and American Tourister brands both saw sequential improvement. During the fourth quarter of 2025, net sales of the Samsonite brand decreased by 0.4%⁽¹⁾ year-over-year, a meaningful improvement compared to the 4.1%⁽¹⁾ year-over-year decline in the third quarter of 2025. During the fourth quarter of 2025, both Asia and Europe reported positive growth, with net sales increasing by 5.1%⁽¹⁾ and 0.9%⁽¹⁾ year-over-year, respectively, while North America saw continued sequential improvement. We also delivered net sales increases in our DTC channel and non-travel product category. Moreover, we saw a sequential improvement in travel product category net sales in the fourth quarter of 2025, driven by continued strength in global travel and disciplined execution, supported by the success of innovative new luggage collections."

"We delivered strong gross profit margin of 60.3% for the fourth quarter of 2025, 10 basis points higher than the same period in 2024, primarily due to favorable region, brand and channel net sales mix and effective mitigation of U.S. tariff impacts. With a return to positive net sales growth and gross margin expansion, we achieved a significant improvement in year-over-year adjusted EBITDA margin in the fourth quarter of 2025 relative to the third quarter of 2025. Adjusted EBITDA margin was 20.3% for the fourth quarter of 2025, a decrease of 40 basis points year-over-year, which was a substantial improvement compared to a 130-basis point year-over-year decline in the third quarter of 2025. Additionally, the business generated adjusted free cash flow of US$170.0 million in the fourth quarter of 2025, an increase of US$34.8 million year-over-year. This outstanding performance is a testament to effective execution by our nimble, focused and disciplined teams around the world."

"For the year ended December 31, 2025, Samsonite Group delivered solid results driven by continued strength in global travel and strong operational execution, including swift and decisive actions to mitigate the impact from U.S. tariffs and manage through a challenging macroeconomic environment, while we continued to make strategic investments in long-term growth through new store openings and advertising. We reported net sales of US$3,497.6 million for the year ended December 31, 2025, down 2.6%⁽¹⁾ compared to 2024, with net sales in the second half of 2025 improving to be almost flat (down 0.2%⁽¹⁾ year-over-year) from a challenging first half of 2025 during which net sales declined by 5.2%⁽¹⁾ year-over-year. Excluding North America, which was impacted by cautious purchasing by key wholesale customers resulting from soft consumer sentiment and careful management of inventory levels, as well as lower inbound international tourism, net sales decreased by 1.1%⁽¹⁾ in 2025, year-over-year."

"Supported by favorable region, brand and channel net sales mix, our gross profit margin remained strong at 59.6% for 2025, down just 40 basis points from 2024, despite U.S. tariff pressure and increased strategic promotional initiatives to drive sales volume in 2025. During the year, our net sales mix continued to shift in favor of higher gross profit margin regions, DTC channels and the TUMI brand compared to 2024. Additionally, our gross profit margin was supported by our ability to effectively navigate uncertain trade policies, driven by our capable sourcing teams, our scale advantages, and our close partnerships with our long-standing suppliers. After normalizing from the two highest margin years on record in 2023⁽⁵⁾ and 2024⁽⁵⁾, our adjusted EBITDA margin remained a robust 17.3% for 2025, despite a challenging macroeconomic environment and tariff pressure in the U.S., even as we continued to invest in strategic new store openings to support our long-term growth. We added 31 net new company-operated retail stores during 2025 to bring the total number of company-operated retail stores to 1,150 as of December 31, 2025."

"Our balance sheet remains healthy, and we believe it positions us well to capitalize on anticipated long-term growth opportunities. With continued financial discipline, we generated adjusted free cash flow of US$246.3 million in 2025 and kept net debt⁽⁶⁾ at approximately US$1.1 billion as of December 31, 2025, virtually unchanged compared to December 31, 2024, even as we returned approximately US$192.9 million to shareholders through a US$150.0 million cash dividend and US$42.9 million in share buybacks during the year."

"Considering our resilient performance and financial position, the Board recommended a dividend in the amount of US$140.0 million to be paid to the Company's shareholders in 2026, subject to approval by shareholders at the forthcoming annual general meeting of the Company."

"We continued to make progress on 'Our Responsible Journey' to further embed sustainability and resilience across our global business while continuing to strengthen our commitment to sustainable growth. In 2025, we achieved a significant milestone with the successful global launch of Samsonite brand's Paralux™ collection, our first collection to incorporate many of our leading product sustainability initiatives at scale in a global offering: industry-leading durability, easy repairability and increased use of recycled materials. This collection received two Red Dot Awards for overall Design and Sustainability Design, and its sales have exceeded our expectations. In 2025, approximately 40% of our net sales came from products incorporating some recycled materials. We look forward to sharing our accomplishments with the publication of our 2025 report on Our Responsible Journey in April 2026."

"As we look ahead, our strategic priorities to drive profitable growth are clear. We will focus on amplifying and elevating awareness of our iconic, consumer-centric brands, becoming the clear winner in digital to further support multi-channel growth, seizing whitespace opportunities in lifestyle bags and accessories, and continuing to win with products that resonate globally."

"To help execute on our strategic priorities, we have established a new Global Marketing & E-commerce Office, led by our new Global Vice President of Marketing and E-commerce, to coordinate and enhance our brand-building efforts around the world. This office's focus is to strengthen global brand consistency and awareness while ensuring regional flexibility for local relevance, and to drive higher-impact storytelling across channels to elevate awareness and brand perception."

Mr. Gendreau continued, "We are confident in the long-term tailwinds supporting our business, including continued growth in travel demand⁽⁷⁾ and tourism⁽⁸⁾, as well as our ability to execute on our strategic priorities to accelerate growth. Further, as the industry leader, we expect to benefit significantly from renewed consumer demand for luggage and travel bags over the next several years, following a recent period of more moderate growth after the "revenge travel" surge in 2021-2023."

"Nearer-term, we expected a continuation of our net sales growth momentum during the first quarter of 2026 prior to the onset of the conflict in the Middle East, but as the conflict continues, we now expect the first quarter of 2026 to be approximately flat on a constant currency basis compared to the first quarter of 2025. We believe we have an opportunity to achieve sequential constant currency net sales growth as 2026 progresses, however, inherent uncertainty about the duration and potential impact of the conflict makes it impractical to provide a specific outlook for the full year."

"We believe that our scale advantages, supplier relationships, and ability to effectively navigate through uncertain geopolitical and macroeconomic conditions will continue to enable us to maintain a strong gross profit margin profile in 2026 and beyond despite the uncertainty in our markets. Marketing spend is expected to increase to approximately 6.5% of net sales in 2026 from 5.9% in 2025 as we make investments to elevate awareness of our iconic brands to drive long-term growth. That said, we maintain flexibility to adjust our marketing spend depending on market conditions."

"I take this opportunity to welcome our new CFO Tom Pizzuti to our team. As Samsonite Group embarks on its next phase of growth, having a seasoned financial leader and strategic partner like Tom is crucial to guiding our most important initiatives. We are focused on continuing to leverage our asset-light business model to invest in growth, return cash to our shareholders, and further deleverage our balance sheet going forward while continuously evaluating strategic acquisition opportunities that align with our long-term value creation goals."

Mr. Gendreau concluded, "Lastly, I'm very pleased to note that preparations for a potential dual listing of the Company's securities in the United States are progressing, and with the continued improvement in our business, we intend to complete our dual listing in 2026. Our Board of Directors and management firmly believe a dual listing will enhance shareholder value creation over time."

Table 1: Key Financial Highlights for the Fourth Quarter Ended December 31, 2025

Results for the Fourth Quarter Ended December 31, 2025

Samsonite Group's performance for the three months ended December 31, 2025, is discussed in greater detail below.

Net Sales

We reported net sales of US$963.3 million for the three months ended December 31, 2025, an increase of 0.9%⁽¹⁾ year-over-year. This was a sequential improvement relative to a 1.3%⁽¹⁾ year-over-year decrease in the third quarter of 2025 and a 5.8%⁽¹⁾ year-over-year decline recorded in the second quarter of 2025. Net sales for the fourth quarter of 2025 were supported by successful innovative new product collections, as well as strong operational execution, particularly in our DTC channels and our non-travel product category.

Net Sales Performance by Region

Table 2: Net Sales by Region

Asia

For the three months ended December 31, 2025, net sales in Asia increased by 5.1%⁽¹⁾ year-over-year, a meaningful sequential improvement compared to the 0.3%⁽¹⁾ year-over-year net sales decrease in the third quarter of 2025, driven by improvements in China (+3.0%⁽¹⁾ in the fourth quarter of 2025 versus -2.1%⁽¹⁾ in the third quarter of 2025) and South Korea (+5.4%⁽¹⁾ in the fourth quarter of 2025 versus -6.1%⁽¹⁾ in the third quarter of 2025). The sequential net sales improvement in South Korea in the fourth quarter of 2025 was due to improved consumer sentiment and comparison with a low net sales base in the fourth quarter of 2024 during which net sales declined by 12.9%⁽¹⁾ year-over-year as a result of political instability adversely impacting consumer sentiment. We continued to report year-over-year net sales growth in India (+10.3%⁽¹⁾ in the fourth quarter of 2025 versus +8.5%⁽¹⁾ in the third quarter of 2025) and in Japan (+6.1%⁽¹⁾ in the fourth quarter of 2025 versus +5.2%⁽¹⁾ in the third quarter of 2025).

North America

For the three months ended December 31, 2025, net sales in North America decreased by 2.8%⁽¹⁾ compared to a relatively high net sales base in the fourth quarter of 2024, during which net sales increased by 3.9%⁽¹⁾ year-over-year. Nevertheless, this was a sequential improvement compared to a 4.5%⁽¹⁾ year-over-year net sales decrease in the third quarter of 2025. We reported sequential improvement in year-over-year net sales performance in the fourth quarter of 2025 in both the United States (-2.9% in the fourth quarter of 2025 versus -4.7% in the third quarter of 2025) and Canada (-1.7%⁽¹⁾ in the fourth quarter of 2025 versus -2.1%⁽¹⁾ in the third quarter of 2025).

Europe

For the three months ended December 31, 2025, net sales in Europe increased by 0.9%⁽¹⁾ year-over-year, stable compared to the 0.9%⁽¹⁾ year-over-year increase in the third quarter of 2025. Growth in the fourth quarter of 2025 was driven by a 5.6%⁽¹⁾ net sales growth in the DTC channel, with net sales from company-operated retail stores increasing by 4.4%⁽¹⁾ and e-commerce net sales increasing by 9.1%⁽¹⁾, year-over-year.

Latin America

For the three months ended December 31, 2025, net sales in Latin America decreased by 0.6%⁽¹⁾ year-over-year. This decrease was largely attributable to an 18.1%⁽¹⁾ year-over-year decline in net sales in Mexico resulting from negative impacts from shifting trade relations with the United States. Excluding Mexico, net sales in Latin America increased by 8.2%⁽¹⁾ year-over-year in the fourth quarter of 2025.

Net Sales Performance by Brand

Table 3: Net Sales by Brand

During the fourth quarter of 2025, net sales of the Samsonite brand decreased by 0.4%⁽¹⁾ compared to a relatively high net sales base in the fourth quarter of 2024, during which net sales increased by 4.6%⁽¹⁾ year-over-year. Net sales performance in the fourth quarter of 2025 was a meaningful sequential improvement compared to the 4.1%⁽¹⁾ year-over-year net sales decline in the third quarter of 2025, with net sales trends noticeably improving in North America (-6.3%⁽¹⁾ in the fourth quarter of 2025 versus -10.5%⁽¹⁾ in the third quarter of 2025), Asia (+3.7%⁽¹⁾ in the fourth quarter of 2025 versus -4.3%⁽¹⁾ in the third quarter of 2025) and Europe (+2.0%⁽¹⁾ in the fourth quarter of 2025 versus +1.3%⁽¹⁾ in the third quarter of 2025). Net sales in Latin America increased by 1.7%⁽¹⁾ year-over-year in the fourth quarter of 2025.

During the fourth quarter of 2025, the TUMI brand reported a second consecutive quarter of positive growth, with net sales increasing by 3.6%⁽¹⁾ compared to a relatively high net sales base in the fourth quarter of 2024, during which net sales increased by 4.4%⁽¹⁾ year-over-year. The net sales increase in the fourth quarter of 2025 was attributable to net sales gains in North America (+1.9%⁽¹⁾), Asia (+7.7%⁽¹⁾) and Latin America (+17.8%⁽¹⁾), while net sales in Europe were relatively flat on a constant currency basis.

During the fourth quarter of 2025, net sales of the American Tourister brand decreased by 3.4%⁽¹⁾ year-over-year, a sequential improvement compared to the 3.7%⁽¹⁾ year-over-year net sales decline in the third quarter of 2025. This improvement was mainly driven by Asia, the largest contributor to the brand's net sales, which delivered a 2.3%⁽¹⁾ year-over-year increase in net sales during the fourth quarter of 2025, a sequential improvement compared to the 3.6%⁽¹⁾ year-over-year net sales decline in the third quarter of 2025.

Net Sales Performance by Product Category

Table 4: Net Sales by Product Category

For the three months ended December 31, 2025, net sales in the non-travel product category increased by 6.7%⁽¹⁾ year-over-year and accounted for 37.6% of net sales, up from 35.5% of net sales for the fourth quarter of 2024, reflecting our continued focus on expanding beyond our core travel-related offerings and tapping into broader consumer needs.

For the three months ended December 31, 2025, net sales in the travel product category decreased by 2.2%⁽¹⁾ year-over-year, a sequential improvement compared to the 5.3%⁽¹⁾ year-over-year decline in the third quarter of 2025, driven by continued strength in global travel and strong operational execution, and supported by the success of innovative luggage collections. The travel product category accounted for 62.4% of net sales in the fourth quarter of 2025, versus 64.5% of net sales during the same period in 2024.

Net Sales Performance by Distribution Channel

Table 5: Net Sales by Distribution Channel