France · Delayed Price · Currency is EUR SEB SA Earnings Call Transcripts
Fiscal Year 2026
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The meeting reviewed stable sales but declining margins in 2025, with a focus on restoring profitability through the Rebound Plan and continued innovation. All board resolutions, including maintaining the EUR 2.80 dividend, were approved, while shareholder proposals to reduce the dividend were rejected.
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Q1 delivered 2.7% organic sales growth and a 42% rise in operating profit, driven by innovation and early benefits from the rebound plan. Despite currency headwinds and macro uncertainty, guidance for 2026 organic growth and deleveraging is reaffirmed.
Fiscal Year 2025
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2025 saw slight organic sales growth and resilient core markets, but profits declined due to currency and regional headwinds. The Rebound plan targets €200 million in recurring savings by 2027, with a focus on innovation, digital, and operational efficiency.
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Nine-month sales were flat, with Q3 down 1.2% like-for-like and ORFA margin declining. 2025 guidance was revised lower due to currency headwinds, softer sales, and high competition, but innovation and cost-saving plans aim to restore growth and margins by 2027.
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First half 2025 delivered modest sales growth, with strong performance in Western Europe and Asia offset by significant challenges in North America due to tariff uncertainty and currency volatility. Full-year guidance was revised down, but H2 is expected to see profit recovery as professional and consumer segments strengthen.
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2024 saw 5% sales growth, a 6.9% dividend increase, and major investments in China and sustainability. All resolutions passed, including new director appointments and expanded employee shareholding. Strategic focus remains on innovation, circular economy, and global expansion.
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Q1 delivered stable sales with strong consumer growth and a return to growth in China, while professional sales declined sharply due to a high comparison base. Full-year guidance targets 5% organic sales growth and profit increase, with robust mitigation plans for tariffs and currency volatility.
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2024 saw 5% organic sales growth, with strong consumer performance and strategic acquisitions bolstering both consumer and professional segments. Innovation and geographic expansion drove results, while China remained weak but stable. Operating margin and cost base developments support a positive outlook.
Fiscal Year 2024
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Revenue grew 5% organically to €8.266 billion, with operating profit up 10.5% and a 9.7% margin. Strong innovation and acquisitions drove growth across segments, while robust liquidity and a higher dividend support confidence for further profit and margin expansion in 2025.
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Ambitious 2030 ESG targets include major emissions cuts, increased recycled content, and gender parity, all fully integrated into business strategy and governance. Circularity, repairability, and supplier engagement are central, with the roadmap expected to be cost-neutral and position the company for future regulatory and consumer shifts.
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Q3 saw 4% like-for-like sales growth and strong consumer segment performance, especially in Europe and North America, while Professional declined due to last year's exceptional deals. Guidance for 2024 is maintained at ~5% organic sales growth and near 10% margin, with risks from logistics and currency persisting.
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H1 2024 saw 6.5% like-for-like sales growth and a 35% rise in operating profit, driven by strong innovation, robust performance in both Professional and Consumer divisions, and strategic acquisitions. Management guides for 5% organic sales growth and a near-10% operating margin for 2024.