Intercos (ICOS) investor relations material

Executive summary

• Q1 2026 net sales were €227.5 million, down 6.3% at constant FX and 9.3% reported year-over-year, mainly due to currency headwinds, reduced packaging sales, and a high comparison base from last year.

• Adjusted EBITDA was €25 million (11% margin), down from €29.3 million (11.7% margin) in Q1 2025, reflecting lower fixed cost absorption and reduced volumes.

• Cash generation was strong, with €7 million positive cash flow despite €25 million in share buybacks and €19 million in dividends; net debt improved to €119.7 million.

• Order entry and intake remained robust in late 2025 and early 2026, supporting expectations for revenue growth in coming quarters.

• CFO change announced, with interim appointment of COO as acting CFO; management team remains stable.

Financial highlights

• Q1 sales declined 6.3% at constant FX and 9.3% reported; Make-up sales were €149.4 million (down 5.2%), Skincare €29.4 million (down 16.8%), Hair & Body €48.7 million (down 15.9%).

• Adjusted EBITDA margin was 11%, down 66 bps year-over-year.

• Net debt improved by €7.2 million year-over-year, with leverage at 0.79x.

• Cash outflows included €25 million in share buybacks and €19 million in dividends.

Outlook and guidance

• Net revenues for 2026 are expected to grow 5–6% versus 2025, supported by strong order intake and innovation.

• Beauty market anticipated to grow 4–5% in 2026, with recovery in China and the US and Make-up expected to accelerate later in the year.

• Guidance confirmed, with margins expected to improve as volumes recover and fixed cost absorption increases.

• Innovation and geographic diversification are key strategic priorities.