Interparfums (ITP) investor relations material

Executive summary

• H1 2025 sales reached €447 million, up 5.8% year-over-year, driven by strong growth in the US and standout performances from Coach (+24%) and Lacoste (+42%), while Montblanc declined 10%.

• Operating profit rose 12% to €104 million, and net income attributable to owners increased 5% to €73.1 million.

• Major launches included new lines for Coach, Jimmy Choo, Montblanc, and Lacoste; the Goutal brand was acquired.

• The period saw acquisitions (Off-White, Goutal/Annick Goutal), a license extension (Coach to 2031), and a new license (Longchamp to 2036).

• External challenges included US tariffs, currency headwinds, and global economic/geopolitical uncertainty.

Financial highlights

• Gross margin improved by 6.8% to €292.9 million, representing 65.5% of sales, with margin rate up 0.6 pts year-over-year.

• Operating profit margin increased to 23.2% of sales, and net income margin was 16.4%.

• Marketing and advertising expenses were stable at 18% of sales, totaling €81.6 million.

• Dividend of €1.15 per share paid, up 10%, representing 67% of prior year net income.

• Shareholders' equity at €680 million as of June 30, 2025.

Outlook and guidance

• Full-year 2025 sales are projected at around €900 million, with limited visibility due to international instability and currency headwinds.

• Expectation of a more challenging H2, with European markets stabilizing and moderate growth in international markets.

• Continued focus on product innovation, ambitious launch schedule, and targeted investments for sustainable growth.

• Longchamp fragrance license signed, with first launch planned for 2027.

• No significant price increases planned for 2025, except targeted 6-7% hikes in the US.