Intercos (ICOS) Q3 2026 earnings summary

Executive summary

• Record Q3 net sales of €294.2m, up 12.9% reported and 12.0% at constant FX; record VAS of €228.2m, up 12.4%.

• Q3 adjusted EBITDA rose 7.5% to €44.5m; strong order intake lifted the order book more than 20% YoY.

• Double-digit Q4 top-line growth and a strong start to FY2027 are expected; FY2026 guidance was confirmed.

Financial highlights

• 9M net sales were €806.8m, up 2.7% reported and 3.7% at constant FX; VAS rose 3.5% to €632.7m.

• 9M adjusted EBITDA was €117.0m, up 1.0% YoY.

• Q3 VAS grew 12.4% reported FX to €228.2m, from €203.0m.

Outlook and guidance

• FY2026 guidance confirmed; order-book visibility supports double-digit top-line growth into Q4 and a strong FY2027 start.

• Makeup is expected to outperform the market; Hair & Body growth is expected to normalize, while Skincare is expected to recover in Q4.

• Management expects January and February 2027 growth in double digits; March visibility partly depends on Asian order flows.

• FY2026 EBITDA consensus was viewed as achievable; 2027 margin expansion remains an intention, subject to improved visibility.