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 EBITDA rose 6.4% to €119.2m (20.0% margin), and adjusted EBIT increased 25% to €53.2m (8.9% margin).

• Net income Group share was €16.8m, up 52% year-over-year; EPS increased to €0.21.

• Free cash flow was €3.5m, impacted by working capital timing; net financial debt reduced to €145m, with leverage at 1.1x Adjusted EBITDA.

• 2026 guidance confirmed: c.10% adjusted EBIT margin in H2 and €50m FY free cash flow.

Financial highlights

• H1 2026 sales: €597m (-0.7% reported, +0.6% organic vs. H1 2025); Q2 sales improved to €310m (+2.0% organic).

• Adjusted EBIT: €53.2m (+25% vs. H1 2025); EBIT margin: 8.9% (+1.8 pts); Adjusted EBITDA margin: 20.0%.

• Net income: €16.8m (+52% vs. H1 2025); basic EPS: €0.21.

• Management gross margin: 76% (+1.7 pts vs. H1 2025); retail margin: 31.7% of sales.

• Free cash flow: €3.5m (vs. €33.1m in H1 2025, impacted by working capital timing).

Outlook and guidance

• H2 2026 adjusted EBIT margin target of c.10% reaffirmed; FY 2026 free cash flow guidance of €50m maintained.

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

• Management expects continued disciplined execution of margin protection and investment to support growth.

• External environment remains uncertain and challenging.