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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Intercos
Intercos (ICOS) investor relations material
Intercos Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Record Q3 net sales of €294.2m, up 12.9% reported and 12.0% at constant FX; record VAS of €228.2m, up 12.4%.
Q3 adjusted EBITDA rose 7.5% to €44.5m; strong order intake lifted the order book more than 20% YoY.
Double-digit Q4 top-line growth and a strong start to FY2027 are expected; FY2026 guidance was confirmed.
Financial highlights
9M net sales were €806.8m, up 2.7% reported and 3.7% at constant FX; VAS rose 3.5% to €632.7m.
9M adjusted EBITDA was €117.0m, up 1.0% YoY.
Q3 VAS grew 12.4% reported FX to €228.2m, from €203.0m.
Outlook and guidance
FY2026 guidance confirmed; order-book visibility supports double-digit top-line growth into Q4 and a strong FY2027 start.
Makeup is expected to outperform the market; Hair & Body growth is expected to normalize, while Skincare is expected to recover in Q4.
Management expects January and February 2027 growth in double digits; March visibility partly depends on Asian order flows.
FY2026 EBITDA consensus was viewed as achievable; 2027 margin expansion remains an intention, subject to improved visibility.
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Latest events from Intercos
- Record FY23 sales and EBITDA underpin 6–8% FY24 growth guidance despite Q1 disruption.ICOS
Q4 2023 - Record Q2 sales and EBITDA, with Hair & Body and EMEA leading growth; 2026 guidance confirmed.ICOSQ2 2026
- Q1 2026 sales fell 6.3% at constant FX, but strong orders and innovation support a positive outlook.ICOSQ1 2026
- Record profitability and margin expansion achieved despite FX headwinds; growth expected in 2026.ICOSQ4 2025
- Adjusted EBITDA up 12.3% in 9M25, with Make-up driving growth and margin improvement.ICOSQ3 2025
- Strong Make-up growth drove sales and margin gains, despite net profit pressure from FX.ICOSQ2 2025
- Record Q2 EBITDA and sales drive strong H1 and positive outlook for H2 2024.ICOSQ2 2024
- Q3 sales and EBITDA up over 12%, driven by Asia and EMEA, with margin pressure ongoing.ICOSQ3 2024
- 2024 sales rose 7.8% to €1.06B, EBITDA up 4.3%, with strong Asia growth and 2025 guidance at 5–7%.ICOSQ4 2024
Next Intercos earnings date
Q4 20261 Mar, 2027
Intercos
Next Intercos earnings date
Q4 20261 Mar, 2027
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Frequently asked questions
Intercos S.p.A. is focused on the design, development, and manufacturing of a wide range of cosmetic products. The company specializes in products for skin, hair, and body care, including foundations, concealers, face powders, eyeshadows, pencils, mascaras, lipsticks, glosses, nail lacquers, as well as face and eye care products, masks, cleansing products, body and hair care products, men's grooming products, creams, serums, and dermocosmetic lotions. The company is headquartered in Agrate Brianza, Italy, and its shares are listed on the Milan Stock Exchange.