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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.
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H2 2025 earnings summary26 Feb, 2026

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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Frequently asked questions

SMCP S.A. designs, manufactures, markets, and sells ready-to-wear and accessories for women under the Sandro, Maje, Claudie Pierlot, and De Fursac brand names in France and internationally. The company offers clothing for all occasions; and shoes, handbags, fashion jewelry, belts, scarves, sunglasses, and it offers up to 40 collections per year. It also operates e-shops; multibrand stores; and franchise or partnership stores.

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