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Samsonite Group (1910) investor relations material
Samsonite Group Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
- Record H1 margins met broad growth, while Speck integration tempered H2 margin expectations.1910
H1 2014 - Double-digit regional growth and diversification support FY2015 growth targets amid margin investment.1910
H2 2014 - Sales rose 16% as adjusted EBITDA margin reached a record 16.6%.1910
H1 2013 - Record $2B sales and 18% EBITDA growth support ambitious 2014 expansion plans.1910
H2 2013 - Strong H1 growth and cash generation, with currency volatility the key near-term risk.1910
H1 2012 - Sales rose 4.1% with strong DTC and lifestyle bags, but profit fell on higher costs.1910
Q1 2026 - Q4 2025 returned to growth with strong DTC and margin gains, despite annual sales decline.1910
Q4 2025 - Q3 2025 saw higher margins and profit, with DTC and non-travel growth despite lower sales.1910
Q3 2025 - 2024 saw resilient margins, strong cash flow, and robust DTC growth despite softer sales.1910
Q4 2024
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