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Intercos (ICOS) investor relations material
Intercos Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net sales for the first nine months of 2025 reached €785.6 million, up 2.9% at constant exchange rates, driven by Make-up growth and stable Skincare, offset by Hair & Body decline.
Adjusted EBITDA rose 12.3% to €115.9 million, with margin improving 143 basis points to 14.7% year-over-year.
Profitability gains were supported by manufacturing efficiency, business mix rebalancing, and a focus on the core Make-up segment.
Net debt leverage remained stable at 0.86x EBITDA, with increased absolute debt from CapEx, dividends, and share buybacks.
Market softness persists, especially in the U.S., but confidence remains in meeting 2025 EBITDA consensus.
Financial highlights
Third quarter sales were €260.7 million, down 2.7% at constant rates, mainly due to reduced packaging and a high prior-year base.
Adjusted EBITDA for Q3 was €41.4 million, up 5.4% year-over-year, with margin rising to 15.9%.
Year-to-date sales growth of 2.9% at constant rates; Make-up up 8.8%, Skincare down 3.2%, Hair & Body down 13.1%.
Asia led regional growth at +8.7%, while EMEA and Americas remained stable.
Net debt as of September 30, 2025 was €133.7 million, up €16 million year-over-year, mainly due to investments and dividends.
Outlook and guidance
Full-year 2025 adjusted EBITDA is expected to be approximately €155 million, over €10 million higher than 2024 and in line with consensus.
2025 sales expected to be flat versus last year, with negative currency effects weighing on results.
Margins seen as sustainable due to productivity gains and a higher-margin sales mix.
2026 expected to see market rebound, especially in the U.S. and China, with normalization of growth rates.
Capacity expansion in South Korea and China, and new R&D technologies, are expected to support future growth.
What drives margin sustainability post-volume rebound?
How does new R&D structure address local trends?
What is the target mix for full service vs. free issue?
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Q4 20253 Mar, 2026
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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.
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