Samsonite Group (1910) Q2 2026 earnings summary

Executive summary

• Achieved resilient sales growth in H1 2026, with net sales up 3.1% year-over-year excluding Middle East and India, despite macro headwinds, regional conflict, and softer travel demand in North America.

• Gross margin expanded to 60.5% (reported), or 59.5% excluding tariff refunds, reflecting disciplined execution and favorable sales mix.

• Adjusted EBITDA margin was 14.6% in H1 2026 (13.7% excluding tariff refunds), with sequential improvement in Q2 despite increased marketing investment.

• D2C e-commerce was the fastest-growing channel, led by double-digit growth in Asia and Latin America.

• Announced acquisition of BÉIS, a fast-growing, digitally native lifestyle brand, to expand demographic reach and digital capabilities.

Financial highlights

• H1 2026 net sales: $1,681M (+1.1% reported, +3.1% excl. Middle East & India); Q2 2026 net sales: $851M (-1.6% reported, +0.6% excl. Middle East & India).

• Gross margin: 60.5% in H1 2026 (59.5% excl. tariff refunds); Q2 at 60% (excluding refund).

• Adjusted EBITDA: $246M in H1 2026 (14.6% margin, 13.7% excl. tariff refunds); $137M in Q2 2026 (16.1% margin, 14.1% excl. tariff refunds).

• Adjusted free cash flow for H1 2026 was $85M, up from $11.5M in H1 2025.

• Paid $140M dividend and completed $50M share repurchase in Q2 2026.

Outlook and guidance

• Q3 2026 constant currency net sales growth expected to remain stable, similar to Q2.

• Marketing spend to rise to approximately 6.5% of net sales for 2026.

• Adjusted EBITDA margin expected to improve sequentially in H2 2026 as seasonally stronger periods arrive.

• Confident in maintaining strong gross margin profile and leveraging scale advantages.

• Preparation underway for a potential dual listing in the United States, targeted for 2026 if market conditions improve.