Intercos (ICOS) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 net sales of €285.1M, up 4.9% at constant FX and 4.0% at reported FX, with best-ever quarterly EBITDA of €47.5M (margin 16.7%).

• 1H26 net sales reached €512.5M, down 0.5% at constant FX and 2.4% at reported FX; Value Added Sales (VAS) nearly flat year-over-year.

• Net income for 1H26 rose 33% to €27.6M, driven by strong Q2 EBITDA, lower financial costs, and reduced tax rates.

• Strong order intake and robust order book, especially in Makeup and Hair & Body, support future growth.

• Launched a new Sustainability Plan with 24 ESG goals through 2035, reinforcing commitment to sustainable practices.

Financial highlights

• Q2 net sales: €285.1M (+4.0% YoY); 1H net sales: €512.5M (-2.4% YoY); 1H VAS: €404.6M, nearly flat YoY.

• Q2 EBITDA: €47.5M (+5.0% YoY, margin 16.7%); 1H EBITDA: €72.6M (-2.6% YoY, margin 14.2% on net sales, 17.9% on VAS).

• Net debt reduced by €11.8M to €122.7M, leverage down to 0.80x EBITDA.

• Operating cash flow for 1H26 was €26.2M, up €18.6M year-over-year, with a 75% conversion rate after CapEx.

• Share buybacks and dividends absorbed €35M cash in H1; €18.5M dividend paid and €16.9M spent on buybacks.

Outlook and guidance

• Global beauty market expected to grow 4%-5% in 2026, in line with historical trends.

• Acceleration in sales anticipated for H2, especially in Hair & Body and Makeup, supported by a strong order book.

• Full-year 2026 net sales and EBITDA guidance confirmed within original range, with consensus of €164M EBITDA and stable margins.

• Prestige segment expected to remain strong; Skincare to see acceleration in Asia, with potential comeback from Chinese brands.