Revenue: €17,194 milliondown 12% as reported and on a comparable basis Recurring operating income: €2,554 million Net income attributable to the Group: €1,133 millionProposed ordinary dividend: €6 per share “In a difficult year, we accelerated the transformation of several of our Houses and moved determinedly to strengthen the health and desirability of our brands for the long term. Across the Group, and at Gucci first and foremost, we made critical decisions to raise the impact of our communications, sharpen our product strategies, and heighten the quality of our distribution, all in the respect of the creative heritage that distinguishes our brands. We secured our organization, made key hirings, sped up execution, and intensified the efficiency of our operations. Our efforts must remain sustained and we are confident that we have driven Kering to a point of stabilization, from which we will gradually resume our growth trajectory.”François-Henri Pinault, Chairman and Chief Executive Officer -    Kering’srevenueamounted to €17.2 billion in 2024, down 12% both as reported and on a comparable basis.o    Sales from the directly operated retail network, including e-commerce, fell 13% on a comparable basis, affected by lower store traffic in adverse market conditions.o    Wholesale revenue of the Houses was down 22% on a comparable basis, as they continued to heighten the exclusivity of their distribution. At Group level, Wholesale and Other revenue was down 9% on a comparable basis. -    In thefourth quarter of 2024, revenue was down 12% both as reported and on a comparable basis. Sales from the directly operated retail network decreased 13% on a comparable basis. Trends improved sequentially in all regions, except Japan. Wholesale and Other revenue was down 10% overall on a comparable basis, and Wholesale revenue was down 25% for the Houses. -Recurring operating incometotaled €2.6 billion in 2024, down 46% from the 2023 level. Recurring operating margin was 14.9% in 2024 versus 24.3% in 2023. Net income attributable to the Groupamounted to €1.1 billion in 2024, andrecurring net income attributable to the Groupwas €1.3 billion. -Free cash flow from operationswas €1.4 billion in 2024. Excluding real estate transactions, it amounted to €3.6 billion, an increase of 7% compared to 2023. Good management ofoperating working capitalcontributed €0.7 billion to this performance. GucciGucci’s2024 revenueamounted to €7.7 billion, down 23% as reported and down 21% on a comparable basis.Sales from the directly operated retail network, accounting for 91% of the total, were down 21% on a comparable basis. Wholesale revenue was down 28% on a comparable basis. In thefourth quarter of 2024, Gucci’s revenue decreased 24% on a comparable basis. Sales from the directly operated retail network were down 21% on a comparable basis, with a slight sequential improvement in North America and Asia-Pacific. The performance of new Leather Goods lines as well as iconic Gucci lines – such as the Jackie handbag and its new interpretations – is highly encouraging. Wholesale revenue decreased 53% on a comparable basis in the fourth quarter, partly reflecting increased selectivity of distribution partners. Gucci’srecurring operating incometotaled €1.6 billion in 2024.Recurring operating marginwas 21.0%, with lower sales resulting in negative operational leverage, although that was mitigated by major efforts to streamline the cost base. Yves Saint LaurentYves Saint Laurent’s2024 revenueamounted to €2.9 billion, down 9% both as reported and on a comparable basis.Sales from the directly operated retail network were down 7% while Wholesale revenue fell 25%, both on a comparable basis. In thefourth quarter of 2024, sales were down 8% on a comparable basis. Sales from the directly operated retail network, down 7% on a comparable basis, posted a notable improvement in North America and Asia-Pacific. New Leather Goods products and reinterpretation of Yves Saint Laurent’s iconic handbags were very well received. Wholesale revenue was down 35% in the fourth quarter, due in part to efforts to streamline that distribution channel. Yves Saint Laurent achievedrecurring operating incomeof €593 million in 2024 and itsrecurring operating marginwas 20.6%, reflecting the House’s investments in its collections, stores and clienteling events. Bottega VenetaIn2024, Bottega Veneta’srevenueamounted to €1.7 billion, up 4% as reported and up 6% on a comparable basis. Sales from the directly operated retail network rose 10% on a comparable basis. Wholesale revenue was down 15% on a comparable basis, due to the House’s highly selective approach to partners. Sales in thefourth quarter of 2024were up 12% on a comparable basis with a 17% increase in the directly operated retail network, driven by outstanding performances in North America and Western Europe. Trends in Asia-Pacific improved. The House’s leather goods offer remains highly successful, underscoring the immense desirability of the Bottega Veneta brand. Wholesale revenue was down 10% on a comparable basis. Bottega Veneta’srecurring operating incometotaled €255 million in 2024, yielding arecurring operating marginof 14.9%, as the House continued to make significant investments in its communications and store network. Other HousesRevenue from Other Houses amounted to €3.2 billion in 2024, down 8% as reported and down 7% on a comparable basis. On a comparable basis, sales from the directly operated retail network were down 4%, while Wholesale revenue was down 17%. In the fourth quarter of 2024, sales of the Other Houses were down 4% on a comparable basis. Sales from the directly operated retail network were down 7%, while Wholesale revenue was up 9%. Balenciaga’s leather goods continued to be well received, while sales at Alexander McQueen suffered from its transition currently underway. Brioni achieved double-digit growth. Jewelry Houses continued to make progress, with a particularly healthy performance at Boucheron. The recurring operating loss of the Other Houses amounted to €9 million in 2024, due to negative operational leverage at Couture and Leather Goods Houses. Kering Eyewear and CorporateIn2024, total revenue of theKering Eyewear and Corporatesegment, which includes Kering Beauté, amounted to €1.9 billion, up 24% as reported and up 8% on a comparable basis. Kering Beauté’s revenue amounted to €323 million in 2024, as Creed was consolidated over the full year. Kering Eyewear, which celebrated its 10th anniversary, generated revenue of €1.6 billion in 2024, an increase of 6% on a comparable basis. In thefourth quarter, sales totaled €326 million, up 8% as reported and up 7% on a comparable basis, driven by all regions as well as the main brands in its portfolio. Kering Eyewear’srecurring operating incomeamounted to €277 million in 2024. Taking into account the contribution of Kering Beauté, including the full-year consolidation of Creed, and Corporate costs, the Kering Eyewear and Corporate segment generatedrecurring operating incomeof €112 million. Financial performance In 2024, Kering’snet financial expensetotaled €614 million. Theeffective tax rateon recurring income was 27.1%. Net profit attributable to the Groupwas €1.1 billion. Earnings per shareamounted to €9.2. Cash flow and financial positionThe Group’s free cash flow from operations was €1.4 billion in 2024. Excluding real estate transactions, it was €3.6 billion, up 7% compared to 2023. As of December 31, 2024, Kering’s net debt amounted to €10.5 billion. DividendIn its February 10, 2025, meeting, Kering’s Board of Directors resolved to ask shareholders to approve a cash dividend of €6.00 per share at the Annual General Meeting to be held on April 24, 2025, to approve the financial statements for the year ended December 31, 2024.An interim dividend of €2.00 per share was paid on January 16, 2025. If approved, a final dividend of €4.00 will be paid on May 7, 2025, on positions determined on the evening of May 6, 2025. The ex-date for the final dividend payment will be the morning of May 5, 2025. OutlookTo achieve its long-term vision, Kering invests in the development of its Houses, so that they continuously strengthen their desirability and the exclusivity of their distribution, strike a perfect balance between creative innovation and heritage, and achieve the highest standards in terms of quality, sustainability and experience for their customers. In an economic and geopolitical environment that remains uncertain, Kering continues to deploy its strategy with the aim of achieving a profitable long-term growth trajectory. The Group is stepping up the initiatives needed to support the development and growth of its Houses, while implementing with determination the actions required to increase its efficiency. These actions imply particular vigilance with regards to financial discipline related to control of the Group’s cost base, selectivity of its investments, and management of its balance sheet. ***At its February 10, 2025, meeting, Kering’s Board of Directors, chaired by François-Henri Pinault, approved the consolidated financial statements for 2024. The consolidated financial statements have been audited and are in the process of being certified. About Kering A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods and Jewelry: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin and Ginori 1735, as well as Kering Eyewear and Kering Beauté. By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits in terms of their creative expression while crafting tomorrow’s Luxury in a sustainable and responsible way. We capture these beliefs in our signature: “Empowering Imagination”. In 2024, Kering had 47,000 employees and revenue of €17.2 billion. Contacts PressEmilie Gargatte    +33 (0)1 45 64 61 20emilie.gargatte@kering.comMarie de Montreynaud        +33 (0)1 45 64 62 53marie.demontreynaud@kering.comAnalysts/investorsClaire Roblet    +33 (0)1 45 64 61 49claire.roblet@kering.com