Slide 1: 2025 Full-Year Results
2025 Full-Year Results February 26th, 2026 Isabelle Guichot, CEO Patricia Huyghues Despointes, CFO Modified version on February 26th at 8:30 pm 1
Slide 2: Disclaimer
Disclaimer Certain information contained in this presentation includes projections and forecasts. These projections and forecasts are based on SMCP management's current views and assumptions. Such forward-looking statements are not guarantees of future performance of the Group. Actual results or per
Slide 3: Isabelle Guichot, CEO
Isabelle Guichot, CEO 3
Slide 4: Group's strategy delivering profitability improvement and record free cash-flow generation
Group’s strategy delivering profitability improvement and record free cash-flow generation Resilient sales growth Improved profitability and Strong financial discipline back to positive net result despite network optimization outstanding FCF generation and strict full-price strategy actions plan bea
Slide 5: Sound sales performance despite network optimization and strict full-price strategy
Sound sales performance despite network optimization and strict full-price strategy FY Sales Discount rate Network €1 217m -3 points 1,630 POS +1.7% organic Improvement -32 in 2025 +2.1% LFL in all regions o/w –21 in Q4 Material negative full year FX impact at – 1.3% (-2.2% in the second semester)
Slide 6: Performance driven by LFL and wholesale, mitigating network optimization plan and FX impacts
Performance driven by LFL and wholesale, mitigating network optimization plan and FX impacts in €m LFL +2.1% +20 +22 -17 -15 -5 1 232 1 212 1 217 Constant FX +1.7% 2024 Comparable Network Other Network WHS & Others 2025 excl FX FX impact 2025 Optimization plan Evolution impact Contribution +1.7% -1.
Slide 7: Sales driven by a strong dynamic in EMEA and America
Sales driven by a strong dynamic in EMEA and America 2025 sales organic growth by region FRANCE EMEA AMERICA APAC -2% +7% +10% -9% Sales breakdown by region by brand by channel APAC Other brands Wholesale France 15% 12% 10% 34% Sandro 50% America 16% Maje EMEA 38% Retail 35% 90% 7
Slide 8: Improved profitability leading to a positive net income
Improved profitability leading to a positive net income Gross margin Adjusted EBIT Net income 75.0% €95m €17m of sales 7.8% of sales +0.7pp vs 2024 +3.4pp vs 2024 +€40m vs 2024 Gross margin ratio remains at a high level and improves vs 2024 thanks to strict full-price strategy Adjusted EBIT marg
Slide 9: A sound financial structure supported by continued discipline
A sound financial structure supported by continued discipline Free Cash-Flow Net debt €91m €148m +€42m / +86% -€90m / -38% vs 2024 vs 2024 Record generation of cash from EBITDA improvement and supported by tight management of inventories and strict control of investments Continued deleveraging l
Slide 10: Key 2025 sustainability achievements
Key 2025 sustainability achievements A-List in 2025 from B in 2024 SMCProduct SMCPlanet SMCPeople In France, launch of a Partnership with Nativa Regen SBTi validation of Group’s Collaborative engagement for regenerative wool integration Net Zero 2050 targets platform for employee volunteering 72% of
Slide 11: Brand desirability – Sandro SS26 presentation at Bibliothèque Nationale de France
Brand desirability – Sandro SS26 presentation at Bibliothèque Nationale de France 11
Slide 12: Brand desirability – Maje SS26 presentation
Brand desirability – Maje SS26 presentation 12
Slide 13: Brand desirability – continued elevation of KOL strategy
Brand desirability – continued elevation of KOL strategy Cara Delevingne Gavin Casalegno 40M 7M JISOO Suki Waterhouse 80M 4M Eva Longoria 11M 13
Slide 14: Brand desirability – Claudie Pierlot & Fursac
Brand desirability – Claudie Pierlot & Fursac Claudie Pierlot SS26 presentation and KOL Fursac KOL SS26 Presentation Lena Mahfouf Penn Badgley Malik Bentalha 5M 5.5M 1M 14
Slide 15: Continued expansion through partnerships
Continued expansion through partnerships with openings of new countries and development in existing key markets International presence through partnership Los Cabos, Mexico Countries already directly operated Countries already operated through partnership New countries opened in 2025 Santiago, Chile
Slide 16: Patricia Huyghues Despointes, CFO
Patricia Huyghues Despointes, CFO 16
Slide 17: Strong performance in EMEA, France impacted by challenging environment and network evolution
Strong performance in EMEA, France impacted by challenging environment and network evolution 2025 sales by quarter FY Sales • Tough market conditions in H2 with softer consumer sentiment, and in particular in Q4 FRANCE on the back of a very strong comparison base Organic +4.0% +0.6% -0.8% -8.7% €411
Slide 18: Continued momentum in North America, APAC still impacted by network optimization plan
Continued momentum in North America, APAC still impacted by network optimization plan as expected 2025 sales by quarter FY Sales • Strong FY performance on a high basis of comparison reflecting Sandro and Maje AMERICA continued momentum Organic +2.0% +21.6% +10.5% +6.9% €193m • Good like-for-like pe
Slide 19: Strong profitability improvement supported by cost optimization
Strong profitability improvement supported by cost optimization Adjusted EBIT evolution in €m and % of sales Action plans bear fruits and lead to positive impact Sequential improvement since H1 2024 on volume effect and costs optimization On track to reach the target of c.10% in H2 2026 7.8% 4.4% 8.
Slide 20: Back to positive net income
Back to positive net income In €m 2024 2025 Var. Adjusted EBIT 53.0 95.2 +42.2 LTIP -1.8 -4.0 -2.2 Non-recurring expenses (-€31m) include impairment of EBIT 51.2 91.2 +40.0 stores and goodwill (Claudie Pierlot and Fursac), with no impact on cash Non-recurring -35.2 -30.8 +4.4 Financial result (-
Slide 21: Significant generation of Free Cash-flow coming from improved EBITDA and controlled inventories and Capex
Significant generation of Free Cash-flow coming from improved EBITDA and controlled inventories and Capex Inventories in €m -27 Free Cash-flow in €m 260 233 +42 2024 2025 CAPEX 91 58 in €m 49 33 -11 2024 2025 H1-25 H2-25 39 28 2024 2025 21
Slide 22: Significant debt reduction by c.-40%, leading to leverage ratio divided by 2 in one year
Significant debt reduction by c.-40%, leading to leverage ratio divided by 2 in one year Net debt In €m Dec 31 st, Jun 30th, Dec 31 st, In €m 2024 2025 2025 2.6x 1.3x Term Loan 89 73 74 RCF (€200m) 15 35 - -90 State Guaranteed loans 128 81 80 Neu CP 25 30 30 237 Overdraft 23 24 6 148 Other Debt 8 6
Slide 23: Conclusion
Conclusion 2025: Solid strategic plan execution driving profitability improvement and financial strength • Resilient sales performance in a challenging environment, especially in Q4 • Strategic action plan bears fruits and boost profitability, as expected • Record free cash-flow generation and stron
Slide 24: Q&A session
Q&A session 2025 Full-Year Results February 26th, 2026 Isabelle Guichot, CEO Patricia Huyghues Despointes, CFO
Slide 25: Financial Agenda
Financial Agenda 25
Slide 26: Next financial publications
Next financial publications April 28th, 2026 2026 Q1 Sales June 11th, 2026 Annual Shareholders meeting July 28th, 2026 2026 HY Results 26 2626
Slide 27: Appendix
Appendix
Slide 28: Quarterly net sales by region and by brand
Quarterly net sales by region and by brand In €m Q1-24 Q1-25 Reported % Organic % Q2-24 Q2-25 Reported % Organic % Q3-24 Q3-25 Reported % Organic % Q4-24 Q4-25 Reported % Organic % FY-24 FY-25 Reported % Organic % France 98,2 102,1 +4,0% +4,0% 104,3 104,9 +0,6% +0,6% 97,8 97,1 -0,8% -0,8% 117,5 107,
Slide 29: Breakdown of POS
Breakdown of POS Directly operated stores Number of DOS 2024 Q1-25 H1-25 Q3-25 2025 Var 2025 Var Q4 By region France 473 464 457 450 424 -49 -26 EMEA 395 387 394 396 396 +1 - America 178 162 162 168 168 -10 - APAC 247 245 242 240 239 -8 -1 By brand Sandro 564 550 547 550 539 -25 -11 Maje 468 454 456
Slide 30: Income statement
Income statement In €m - IFRS 2024 2025 variance Sales 1,211.7 1,217.4 +5.7 Purchases and changes in inventories1 -448.4 -435.7 +12.7 Gross Margin 2 763.3 781.7 +18.3 Other operating income and expenses -257.7 -257.3 +0.3 o/w -10.1 due to IFRS 16 impacts Personnel costs -289.2 -293.1 -3.9 Adjusted 3
Slide 31: Balance sheet – Assets (1/2)
Balance sheet – Assets (1/2) As of Dec. 31, As of Dec. 31, In €m - IFRS 2024 2025 Goodwill 604.3 585.5 Trademarks, other intangible & right-of-use assets 1,139.1 1,071.1 Property, plant and equipment 79.7 70.8 Non-current financial assets 16.8 14.2 Deferred tax assets 29.6 27.2 Non-current assets 1,
Slide 32: Balance sheet – Equity and liabilities (2/2)
Balance sheet – Equity and liabilities (2/2) In €m - IFRS As of Dec. 31, As of Dec. 31, 2024 2025 Share capital 83.9 86.2 Share premium 949.5 947.3 Reserves and retained earnings 133.3 142.8 Treasury shares -3.6 -4.6 Total Equity 1,163.1 1,171.7 Non-current lease liabilities 343.5 293.3 Non-current
Slide 33: Net financial debt
Net financial debt As of Dec. 31, As of Dec. 31, In €m 2024 2025 Non current financial debt & other financial liabilities -159.3 -92,2 Bank overdrafts and short-term financial liability -126.4 -103,7 Cash and cash equivalents 48.5 47,4 Net financial debt -237.2 -147,5 LTM adjusted EBITDA (excl. IFRS
Slide 34: Other indicators
Other indicators1 In €m 2024 2025 Management Margin 901.1 913.7 % of sales 74.4% 75,0% Direct costs of points of sales (562.9) (543.2) % of sales -46.5% -44.6% Retail margin 338.2 370.5 % of sales 27.9% 30.4% SG&A (249.2) (255.9) % of sales -20.6% -21.0% IFRS 16 impacts on EBITDA 127.5 116.7 % of sa
Slide 35: Adj. EBITDA by brand
Adj. EBITDA by brand €m - IFRS 2024 2025 var Adjusted1 EBITDA 216.5 231.3 +6.8% Sandro 126.0 135.8 +7.8% Maje 94.3 98.2 +4.1% Other Brands -3.8 -2.7 -28.9% Adjusted1 EBITDA margin 17.9% 19.0% +1.1 pts Sandro 20.9% 22.3% +1.4 pts Maje 20.6% 21.2% +0.6 pts Other Brands -2.6% -1.9% +0.7 pts (1) Before
Slide 36: Cash-flow statement
Cash-flow statement In €m 2024 2025 Net cash flow from operating activities 233.9 253.2 Capital expenditure -38.9 -28.0 Others 0.0 0.0 Net cash flow from investing activities -38.8 -28.0 Treasury shares purchase program -0.4 -1.3 Change in borrowings and debt -55.5 -74.6 Net interests paid -18.9 -13
Slide 37: Free cash-flow
Free cash-flow In €m FY-24 FY-25 Cash from operations before changes in working capital 214.7 229.3 Change in working capital 29.3 35.4 Income tax -10.1 -11.6 Net cash flow from operating activities 233.9 253.2 Capital expenditure -38.9 -28.0 Reimbursement rent lease -127.5 -116.7 Interest & Other F
Slide 38: Working capital
Working capital €m FY-24 FY-25 Inventories and work in progress 260.2 233.0 Trade receivables 69.0 60.0 Trade payables excluding fixed asset suppliers -126.9 -122.9 Operational working capital 202.3 170.1 Other receivables 39.9 34.3 Other payables -78.6 -79.7 Working capital 163.6 124.7 Change in wo
Slide 39: Shareholding structure and voting rights as of December 31th, 2025
Shareholding structure and voting rights as of December 31th, 2025 Capital (%) Voting rights (%) Incl. double voting rights) Free Float Trustee 1 Free Float Trustee1 40.5% 24.1% 38.3% 28.0% European European TopSoho2 Treasury shares TopSoho2 23.2% 0.7% 26.6% Founders & Managers Founders & 11.0% Mana