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Intercos (ICOS) investor relations material
Intercos Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net sales reached €524.9M in H1 2025, up 5% year-over-year (6.1% at constant FX), led by Make-up exceeding 60% of total sales and strong EBITDA growth.
Adjusted EBITDA rose 16.5% to €74.5M, with margin on net sales at 14.2% and on value-added sales at a record 18.3%.
Net income margin was 4% (adjusted net profit €20.7M), with decline due to negative FX and higher interest rates.
Semester results provide a more reliable performance view, as prior year quarters were impacted by a cyber attack and backlog absorption.
Profitability gains stemmed from improved sales mix, operational efficiencies, and a return to historic business unit contributions.
Financial highlights
Sales up 5% to €524.9M, value-added sales up 5.2%, and gross margin increased to 21.3%.
Adjusted EBITDA margin improved by 140bps to 14.2% on net sales; EBIT rose 25% to €43.9M (8.4% margin).
Operating cash flow was €7.7M, down €15.5M year-over-year due to higher capex and working capital.
Net financial debt increased to €134.5M, leverage ratio stable at 0.87x Adjusted EBITDA.
Net cash outflow of €36.8M, reflecting dividend payments and higher financial charges.
Outlook and guidance
Full-year sales growth now expected in the low single digits (~4% at constant FX), below previous guidance, mainly due to Air/Hair & Body segment weakness.
Profitability improvement remains a focus, with EBITDA margin gains expected to continue and consensus targets seen as achievable.
Order intake remains solid, especially in Make-up and prestige, but delivery timelines may vary due to tariff uncertainties.
Tax rate for the full year expected around 30%, with financial expenses estimated at €10M, barring major FX swings.
Management expects continued growth for 2025, with a focus on profitability amid market volatility.
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