Intercos (ICOS) Q4 2023 earnings summary

Executive summary

• FY23 net sales reached a record €988.2m, up 18.3% reported and 20% at constant FX.

• Adjusted EBITDA rose 13% to €137.5m; adjusted net income increased 10.1% to €56.5m.

• 4Q23 revenue was €253.2m, up 6.1% reported and 8.0% at constant FX; adjusted EBITDA fell 6% to €35.2m.

Financial highlights

• FY23 industrial gross profit was €199.4m, up 11.7%; gross margin was 20.2%, down 119 bps YoY.

• FY23 EBIT was €85.5m, PBT €72.4m and consolidated net income €52.4m, up 16.5%.

• Adjusted EBITDA grew €15.8m YoY; its margin on net sales was 13.9% versus 14.6%, reflecting a temporary sales-mix shift.

• 4Q23 adjusted EBITDA margin was 13.9% versus 15.6% in 4Q22.

Outlook and guidance

• FY24 sales growth guidance is 6–8% at constant FX, ahead of expected global Beauty market growth of 4–5%.

• Nov–Dec order entry reached a record €127m; year-end order book was €296m.

• Prestige-customer reorders began recovering in mid-December; the cyber incident’s Q1 disruption is expected to be offset over the rest of FY24.