SMCP (SMCP) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 sales reached €287M, showing resilience amid a challenging macroeconomic and geopolitical environment, with strong organic growth in America (+11.7%), EMEA (+4.9%), and APAC (+2.6%), but a significant decline in France (-13%).

• Disciplined execution of a full-price strategy led to a 2-point reduction in average discount rates and reinforced brand desirability.

• The group confirms its 2026 targets: adjusted EBIT margin of ~10% in H2 and €50M free cash flow for the year.

Financial highlights

• Total Q1 2026 sales: €287.2M, down 3.2% reported and 0.8% organic year-over-year, with a negative FX impact of -2.4 points.

• Like-for-like sales declined by 0.9%, limited by growth outside France.

• France sales dropped to €88.8M (-13% organic), EMEA rose to €102.6M (+4.9% organic), America to €44.4M (+11.7% organic), and APAC to €51.3M (+2.6% organic).

• By brand: Sandro €141.6M (-1.4% organic), Maje €113.0M (+5.0% organic), Other brands €32.6M (-15.1% organic).

Outlook and guidance

• 2026 objectives confirmed: Adjusted EBIT margin of ~10% in H2 and full-year free cash flow generation of €50M.

• Expectation of trend normalization in France from Q2 onwards.

• Focus remains on navigating macroeconomic and geopolitical uncertainty, with close monitoring of the Middle East crisis and its potential impacts.