Intercos (ICOS) Q4 2024 earnings summary

Executive summary

• Net sales reached €1,064.9 million in 2024, up 8% year-over-year, surpassing €1 billion for the first time despite a Q1 cyber attack and challenging market conditions.

• Adjusted EBITDA rose 4.3% to €143.3 million, with margin on value-added sales at 17.5% (+13bps), and adjusted net income at €56.7 million, stable year-over-year.

• Net debt reduced to €97.7 million (0.68x adjusted EBITDA), with leverage at its lowest since listing.

• Board proposed a €19 million dividend (~39% payout ratio).

• Asia sales surged 24%, led by China and South Korea, while Americas declined 6% due to market softness and cyber attack impact.

Financial highlights

• Q4 2024 net sales grew 14.5% year-over-year to €289.8 million, with adjusted EBITDA up 14.1%.

• Adjusted EBITDA margin on net sales was 13.5% (down 45bps); on value-added sales, 17.5% (+13bps).

• Operating cash flow was €57.1 million after €65.1 million in capex, mainly for China and Korea plant expansions.

• Net financial expenses were €7.9 million, with average financial debt at €128 million.

• Cash and cash equivalents at year-end were €190.0 million, up €37.2 million from 2023.

Outlook and guidance

• 2025 Beauty market expected to grow ~4% globally; company targets 5–7% net sales growth, aiming to outperform the market.

• Order intake for Jan–Feb 2025 reached a record €144 million, with a rolling 12-month order entry up 6% year-over-year.

• Management remains optimistic due to consistent market outperformance, innovation focus, and global footprint, but notes a slow start to 2025 and ongoing geopolitical and market uncertainties.