Italy · Delayed Price · Currency is EUR Intercos Earnings Call Transcripts
Fiscal Year 2026
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Record Q3 sales and strong orders drove double-digit growth, led by Makeup and Hair & Body, while mix weighed on margins. FY2026 guidance was confirmed, with double-digit Q4 growth expected and a strong start to 2027 anticipated.
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Q2 delivered record sales and EBITDA, with H1 nearly matching last year despite currency and segment headwinds. Order book and cash flow are strong, guidance is confirmed, and full-year EBITDA consensus is seen as accurate. Prestige and Hair & Body segments drive performance.
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Q1 2026 saw a 6% sales decline and lower margins due to currency and volume headwinds, but cash flow was strong and order entry robust. Guidance for 5%-6% revenue growth is maintained, with innovation and a strong order book supporting optimism for the rest of the year.
Fiscal Year 2025
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Profitability improved with EBITDA up 8.8% and margins at record levels, despite flat sales due to currency headwinds and market softness. Makeup led growth, while skincare and hair/body declined. 2026 guidance targets 5–6% sales growth, margin stability, and continued innovation focus.
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Profitability improved with 12% EBITDA growth and margin expansion, despite flat sales expected for 2025 due to market softness and negative forex. Make-up led segment growth, while Asia remained the key regional driver. Margin gains are seen as sustainable, with a rebound anticipated in 2026.
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First half 2025 saw strong sales and record profitability, led by Makeup and prestige segments, despite a soft global beauty market and Hair and Body weakness. Full-year sales growth is now expected at 3%-4%, with EBITDA margin gains above initial guidance.
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Sales grew 13% and adjusted EBITDA rose 41% year-over-year, with margin up 225 bps. Makeup led growth, all regions posted double-digit gains, and multinationals outperformed. Guidance for above-market growth is maintained despite tariff and market volatility.
Fiscal Year 2024
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Fiscal 2024 ended with strong double-digit growth in Q4, net sales up 8% to EUR 1.65 billion, and EBITDA up 4% despite a cyber attack early in the year. Asia led growth, and guidance for 2025 is 5%-7% sales growth, outpacing the market despite ongoing macro uncertainties.
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Delivered double-digit sales and EBITDA growth in Q3 and YTD, outperforming a slowing global beauty market, with Asia and emerging brands as key drivers. Margin pressure from full-service prestige clients is expected to be temporary, and guidance for Q4 and 2025 remains strong.
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Q2 2024 saw record results with net sales up 10% and Adjusted EBITDA up 15% year-over-year, offsetting Q1 cyber attack impacts. Hair and body and skincare segments led growth, while makeup lagged due to operational disruptions. Full-year guidance for double-digit growth is confirmed.