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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.
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Q2 2025 earnings summary4 Aug, 2025

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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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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