SMCP (SMCP) H1 2026 earnings summary

Executive summary

• H1 2026 sales reached €597m, up 0.6% organically year-over-year, with growth in America and EMEA, stable Asia Pacific, and a decline in France due to weak consumption and network contraction.

• Adjusted EBIT increased 25% to €53.2m (8.9% margin), and net income rose 52% to €16.8m.

• Adjusted EBITDA rose 6% to €119.2m (20.0% margin), with profitability gains reflecting disciplined execution and margin protection.

• Net financial debt reduced to €145m, with leverage at a record-low 1.1x adjusted EBITDA.

• 2026 guidance confirmed: targeting adjusted EBIT margin of ~10% in H2 and €50m free cash flow for the full year.

Financial highlights

• H1 2026 revenue was €597m, up 0.6% organic and 1.6% like-for-like, with Q2 sales accelerating to €310m (+2.0% organic).

• Management gross margin improved to 76.0% (+1.7 pts YoY), driven by lower discounts and favorable mix.

• Adjusted EBIT margin reached 8.9% (+1.8 pts YoY); adjusted EBIT up 25% to €53.2m.

• Net income grew to €16.8m (+52% YoY); basic EPS increased to €0.21.

• Free cash flow was €3.5m, impacted by working capital timing; net financial debt reduced to €145m.

Outlook and guidance

• Full-year 2026 guidance confirmed: adjusted EBIT margin target of ~10% in H2 and €50m free cash flow.

• Free cash flow generation expected mainly in H2; H1 generated €3.5m.

• Continued focus on operational efficiency, cash generation, and value creation.