Samsonite Group (1910) Q1 2026 earnings summary

Executive summary

• Net sales grew 4.1% year-over-year to $829.1M, with sequential improvement in North America and Latin America, continued growth in Europe and Asia, and resilience despite Middle East conflict impacts.

• Excluding Middle East and India, consolidated net sales rose 5.9% reported and 1.6% constant currency, with Asia (ex-Middle East/India) up 8.4% reported and 5.1% constant currency.

• Direct-to-consumer (DTC) channels and lifestyle bags outperformed, with DTC e-commerce up 11.3% and lifestyle bags up nearly 5%.

• Gross margin remained strong at 59.0%, reflecting disciplined execution and brand strength.

• Adjusted free cash flow improved by $68 million year-over-year to $27.3 million in Q1 2026.

Financial highlights

• Q1 2026 net sales reached $829.1 million, up from $797 million in Q1 2025.

• Adjusted EBITDA was $109 million (13.1% margin), down from $128 million (16.0% margin) in Q1 2025, reflecting increased operational and marketing expenses.

• Marketing expenses rose to 5.7% of sales, up 40 basis points year-over-year.

• Adjusted net income was $36.5 million, down from $52.0 million year-over-year.

• Adjusted free cash flow was $27.3 million in Q1, up from an outflow of $41.2 million prior year.

Outlook and guidance

• Expect low single-digit net sales growth for the full year on a constant currency basis, assuming no material worsening of Middle East/India conflict.

• Q2 net sales growth expected to be similar to Q1, with peak marketing spend ahead of summer travel season.

• Full-year marketing spend projected at 6.5% of sales, peaking at 8% in Q2.

• Adjusted EBITDA margin expected to improve sequentially through the year, with significant improvement in the back half.

• Preparing for a potential dual listing in the US in 2026.