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Intercos
Intercos (ICOS) investor relations material
Intercos Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net sales for the first nine months of 2025 reached €785.6 million, up 2.9% at constant exchange rates, led by Make-up, while Hair & Body declined and Skincare remained stable.
Adjusted EBITDA for 9M25 was €115.9 million, up 12.3% year-over-year, with margin improvement to 14.7%.
Profitability gains were driven by manufacturing efficiency, business mix rebalancing, and a focus on the core Make-up segment.
Expansion of production capacity in Asia and investments in innovation and advanced research continued.
Financial highlights
Third quarter sales were €260.7 million, down 2.7% at constant exchange rates, reflecting a high prior-year base and deliberate reduction in packaging sales.
Q3 Adjusted EBITDA was €41.4 million, up 5.4% year-over-year, with a margin of 15.9%.
Net financial position at September 30, 2025 was €133.7 million, up €16 million from the previous year, mainly due to higher capex, dividends, and share buyback.
Financial leverage (Net Debt/Adj. EBITDA) remained stable at 0.86x.
Outlook and guidance
Full-year 2025 adjusted EBITDA is expected to be approximately €155 million, over €10 million higher than 2024 and in line with consensus.
Flat sales are expected for 2025 due to market softness and negative currency effects.
Anticipates a tangible market recovery in 2026, especially in the US and China, with emerging markets like India contributing more to growth.
Innovation and manufacturing expansion, especially in Asia, to support future growth.
What drives margin sustainability post-volume rebound?
How does new R&D structure address local trends?
What is the target mix for full service vs. free issue?
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Next Intercos earnings date
Q4 20254 Mar, 2026
Intercos
Next Intercos earnings date
Q4 20254 Mar, 2026
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Frequently asked questions
Intercos S.p.A. is focused on the design, development, and manufacturing of a wide range of cosmetic products. The company specializes in products for skin, hair, and body care, including foundations, concealers, face powders, eyeshadows, pencils, mascaras, lipsticks, glosses, nail lacquers, as well as face and eye care products, masks, cleansing products, body and hair care products, men's grooming products, creams, serums, and dermocosmetic lotions. The company is headquartered in Agrate Brianza, Italy, and its shares are listed on the Milan Stock Exchange.
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