Samsonite Group (1910) investor relations material

Executive summary

• Net sales for H1 2026 rose 1.1% to $1,680.6M, or 3.1% year-over-year excluding Middle East and India, with growth in DTC, Samsonite brand, and lifestyle bags, but constant currency sales declined 0.7% due to conflict and softer travel demand.

• Gross margin expanded to 60.5% (59.5% excluding U.S. tariff refunds), reflecting disciplined execution and favorable sales mix.

• Adjusted EBITDA margin was 14.6% (13.7% excluding tariff refunds), with sequential improvement in Q2 despite higher marketing investment.

• Announced acquisition of BÉIS, a digital-first lifestyle and travel brand, for $178.5M–$210M, expected to close in Q4 2026, to expand demographic reach and digital capabilities.

• Operating profit and adjusted net income declined year-over-year due to higher expenses, but adjusted free cash flow surged to $85M, up from $11.5M.

Financial highlights

• H1 2026 net sales: $1,680.6M (+1.1% reported, +3.1% excl. Middle East & India); Q2 net sales: $851M (-1.6% reported, +0.6% excl. Middle East & India).

• Gross margin: 60.5% (59.5% excl. tariff refunds); Q2 at 60% (excluding refund).

• Adjusted EBITDA: $246M in H1 2026 (14.6% margin, 13.7% excl. tariff refunds); $137M in Q2 (16.1% margin, 14.1% excl. tariff refunds).

• Marketing expenses increased to 6.5% of net sales in H1 2026, supporting brand and digital initiatives.

• Adjusted free cash flow for H1 2026 was $85M, up from $11.5M in H1 2025.

• Net debt as of June 30, 2026: $1,069M; liquidity: $1.5B.

• Paid $140M dividend and completed $50M share repurchase in Q2.

Outlook and guidance

• Q3 2026 constant currency net sales growth expected to remain stable, similar to Q2, as conflict persists.

• Marketing spend for 2026 projected to rise to ~6.5% of net sales.

• Adjusted EBITDA margin (excluding tariff refunds) expected to improve sequentially in H2 2026 as seasonally stronger periods arrive.

• Confident in maintaining strong gross margin profile and leveraging scale advantages.

• Preparation underway for a potential dual listing in the U.S. in 2026 if market conditions improve.