Interparfums (ITP) H1 2026 TU earnings summary

Executive summary

• H1 2026 sales reached €414.3m, down 7.3% year-over-year at current exchange rates and down 3.7% at constant exchange rates, reflecting persistent negative external factors including geopolitical and economic challenges.

• Strong brand performance from Coach and Jimmy Choo, especially in the US and China, helped offset a weak overall environment.

• The fragrance market is slowing overall but remains robust in the Haute Parfumerie segment.

• Geopolitical, economic, and monetary tensions limited visibility for the second half of 2026.

Financial highlights

• Sales at constant exchange rates: €430.6m (-3.7% year-over-year); at current exchange rates: €414.3m (-7.3%).

• Significant negative currency impact: €16.4m, mainly due to euro/dollar fluctuations.

• Projected operating margin for H1 2026 is 19–20%.

• Dividend for 2025 set at €1.05 per share, representing 70% of net income.

• Coach fragrances grew 3% in H1 2026, with US sales up over 10%.

Outlook and guidance

• Full-year 2026 sales expected between €850m and €870m, a moderate decline of around 3% at constant exchange rates versus 2025.

• Excluding Middle East conflict impact (estimated €15m), the decline would be around 1%.

• Large-scale launch plan for 2027–2028 with about 20 major initiatives, including new franchises and first lines for recently added brands.