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SMCP (SMCP) investor relations material
SMCP H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Strategy execution and cost optimization led to improved profitability, record free cash flow, and positive net income, with resilient sales growth despite network optimization and a strict full-price strategy.
Strong financial discipline resulted in significant debt reduction and outstanding free cash flow generation, with leverage ratio halved to 1.3x.
2026 guidance confirmed, targeting further margin improvement and cash flow generation amid ongoing macroeconomic and geopolitical uncertainty.
Financial highlights
FY 2025 sales reached €1,217m, up 1.7% organic year-over-year, with a 2.1% like-for-like increase.
Gross margin improved to 75.0% of sales (+0.7pp), adjusted EBIT rose to €95m (7.8% of sales, +3.4pp), and net income turned positive at €17m (+€40m vs 2024).
Free cash flow hit a record €91m (+86% vs 2024), and net debt was reduced by €90m to €148m (-38% vs 2024).
Adjusted EBITDA increased to €231.3m (19.0% of sales), with margin up 1.1 points year-over-year.
Inventories reduced from €260m to €233m; capex decreased from €39m to €28m.
Outlook and guidance
Guidance for H2 2026 confirmed: c.10% adjusted EBIT margin and €50m free cash flow generation (excluding exceptional capital transaction costs).
Management notes a still uncertain macroeconomic and geopolitical environment, with a challenging consumer environment in early 2026.
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