9M sales were €5,707m, up 1.1% LFL and 0.8% reported; Q3 sales were €1,964m, down 0.1% LFL and up 2.5% reported.
9M ORfA reached €333m, up 24.5%; Q3 ORfA was €161m, up 8.7%, with Rebound execution on schedule.
Loïc Moutault became CEO on 1 October; priorities include cost-base adjustment, digital engagement, faster product launches and process simplification.
9M sales increased from €5,664m to €5,707m, with +€60m organic growth, -€16m currency and 0% scope; Q3 bridge included €0m organic, +€51m currency and -€3m scope.
ORfA margin was 5.8% for 9M, versus 4.7% a year earlier, and 8.2% in Q3, versus 7.7%.
Q3 ORfA growth reflected higher volumes, positive currency, cost discipline, Rebound savings and a minor US tariff-refund impact.
Rebound savings totaled €35m through 9M, including €20m in H1 and €15m in Q3.
FY 2026 ORfA growth guidance is 5%–10%; 2026 Rebound savings guidance is €50m–€60m, with a recurring annual savings target of ~€200m at full run-rate by end-2027.
FY free cash flow target is €350m–€450m; net debt/Adjusted EBITDA leverage is targeted at ~2x by 2027, excluding acquisitions.
Q4 cost inflation is expected to accelerate; additional Rebound savings of €15m–€25m and a mid-to-high single-digit U.S. tariff reimbursement contribution are expected, while short-currency impact is forecast to be negative in the low double digits.
Selective pricing actions began in September–October, mainly through promotion management and launch pricing; effects start in Q4 and continue into 2027.
Distributors are expected to keep inventories low; no near-term restocking evidence was cited, and Q4 faces a high prior-year comparison base.
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