Seb Sa · EURONEXT:SK
Seb Sa — Groupe SEB — H1 2025 Earnings Presentation
56 slides from Seb Sa's earnings presentation, Jul 23, 2025
Slide 1: First-half 2025 sales and results
First-half 2025 sales and results Ecully | 23 July 2025 Follow the live webcast here or at www.groupeseb.com
Slide 2: Disclaimer
FIRST-HALF 2025 SALES AND RESULTS DISCLAIMER This presentation may contain certain forward-looking statements regarding Groupe SEB’s activity, results and financial situation. These forecasts are based on assumptions which seem reasonable at this stage, but which depend on external factors including
Slide 3: First-half highlights, Sales, Results, Outlook, Appendices
FIRST-HALF 2025 SALES AND RESULTS 01 First-half highlights 02 Sales 03 Results and financial structure 04 Outlook 05 Appendices 23/07/2025 3
Slide 4: First-half highlights
FIRST-HALF 2025 SALES AND RESULTS First-half highlights 23/07/2025 4
Slide 5: First-half highlights
FIRST-HALF 2025 SALES AND RESULTS First-half highlights Acceleration in Q2 Return to growth in Professional in Western Europe Continued growth in Asia in Q2 – H1 still negative Uncertainties and wait-and-see Strong currency volatility attitude related to US tariffs 23/07/2025 5
Slide 6: First-half highlights
FIRST-HALF 2025 SALES AND RESULTS First-half highlights Acquisition European logistics platform New €500m bond issue of Cookware with a 5-year maturity La Brigade de Buyer European refurbishment center 1st recycling in France program for used pans 23/07/2025 6
Slide 7: Key figures at end-June 2025
FIRST-HALF 2025 SALES AND RESULTS Key figures at end-June 2025 H1 sales Q2 sales €3,748m €1,842m vs €3,740m in 2024 vs €1,847m in 2024 +0.6% LFL vs 2024 +1.9% LFL vs 2024 H1 ORfA Q2 ORfA €119m €69m vs €244m in 2024 vs €133m in 2024 -51.0% vs 2024 -48% vs 2024 Net financial debt as of 30/06/2025 €2,6
Slide 8: Sales
FIRST-HALF 2025 SALES AND RESULTS Sales 23/07/2025 8
Slide 9: Slight increase in sales in H1
FIRST-HALF 2025 SALES AND RESULTS Slight increase in sales in H1 Sales in €m +24 -64 +48 3,740 3,748 Organic growth Currency effect Scope effect +0.6% -1.7% +1.3% +0.2% Reported growth H1 2024 H1 2025 23/07/2025 9
Slide 10: Return to organic growth in Q2
FIRST-HALF 2025 SALES AND RESULTS Return to organic growth in Q2 Sales in €m +35 -57 +17 1,847 1,842 Organic growth Currency effect Scope effect +1.9% -3.1% +0.9% -0.3% Reported growth Q2 2024 Q2 2025 23/07/2025 10
Slide 11: Increased negative impact from currencies in Q2
FIRST-HALF 2025 SALES AND RESULTS Increased negative impact from currencies in Q2 10 5 0 -5 H1-25: -€64m - 10 (vs -€127m in H1-24) - 15 Q1: -€7m (vs -€75m) Q2: -€57m (vs -€52m) - 20 RUB CHF JPY PLN UAH KRW USD EGP COP BRL MXN CNY TRY Other Others 23/07/2025 11
Slide 12: First-half sales by business
FIRST-HALF 2025 SALES AND RESULTS First-half sales by business SALES €3,748m +0.2% reported +0.6% LFL Professional Consumer €496m €3,251m +0.3% +0.2% -9.6% LFL +2.2% LFL 23/07/2025 12
Slide 13: Professional: Confirmed recovery in Q2
FIRST-HALF 2025 SALES AND RESULTS Professional Confirmed recovery in Q2 43% Organic growth by quarter H1 2025 29% €496m 21% 19% 16% +0.3% -9.6% LFL 4% 4% Q2 2025 €262m -12% +10.7% -22% -22% +3.5% LFL Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 23/07/2025 13
Slide 14: Professional: Confirmed recovery in Q2
FIRST-HALF 2025 SALES AND RESULTS Professional Confirmed recovery in Q2 H1 2025 Professional Coffee: sequential improvement in Q2 €496m > Near-stabilization of sales after 3 quarters of decline due to an exceptional comparison base linked to a large deal in China +0.3% > Approx. 10% growth excluding
Slide 15: Consumer: Organic growth in sales in H1, supported by Europe and China
FIRST-HALF 2025 SALES AND RESULTS Consumer Organic growth in sales in H1, supported by Europe and China H1 2025 €3,251m Acceleration in Europe in Q2 ; markets still resilient +0.2% Confirmed return to growth in Asia, especially in China +2.2% LFL* Unfavorable comparison base in South America, easing
Slide 16: Solid growth in H1 excluding Americas
FIRST-HALF 2025 SALES AND RESULTS Solid growth in H1 excluding Americas AMERICAS EMEA ASIA H1: -5.5% H1: +3.5% H1: +3.9% North America Western Europe China +6.8% +4.9% +3.5% +3.2% Q2-25 +0.0% Q1-25 Q2-25 Q1-25 Q2-25 Q1-25 -11.5% South America Other EMEA countries Other Asian countries +7.2% +7.7% Q1
Slide 17: Consumer – Western Europe
FIRST-HALF 2025 SALES AND RESULTS Consumer – Western Europe H1 2025 €1,066m Growth acceleration in Q2, at +6.8% +3.5% > Double-digit growth in floor care, cookware and linen care +3.4% LFL > Marketing investments and success of recent launches: washers, Q2 2025 garment steamers, oil-less fryers, ble
Slide 18: Consumer – Other EMEA countries
FIRST-HALF 2025 SALES AND RESULTS Consumer – Other EMEA countries H1 2025 €526m Growth in H1 on a high comparison base +0.2% +3.6% LFL > Rollout of innovations and double-digit growth in oil-less fryers, full auto coffee machines, cookware… Q2 2025 > Positive momentum in Eastern Europe and Turkey >
Slide 19: Consumer – North America
FIRST-HALF 2025 SALES AND RESULTS Consumer – North America H1 2025 €306m Sales down -11.5% in Q2, after a +5% increase in Q1 -9.0% > Uncertainties regarding US tariffs, much higher than expected -3.9% LFL > Sell-in heavily impacted by retailers’ wait-and-see attitude and turmoil in import patterns Q
Slide 20: Consumer – South America
FIRST-HALF 2025 SALES AND RESULTS Consumer – South America H1 2025 €149m Comparison base still high in Q2 -17.5% -8.3% LFL > Sales down in H1 compared to a particularly high level of sales in 2024 linked to the El Niño climate phenomenon (H1 2024 sales +29% LFL) Q2 2025 > Sales growth excluding fans
Slide 21: Consumer – China
FIRST-HALF 2025 SALES AND RESULTS Consumer – China H1 2025 €976m Return to growth confirmed in Q2 +2.0% > Consolidation of market shares… +3.4% LFL > … and of leadership both in cookware and kitchen electrics > Success in Q2 of recent product launches: oil-less fryers, woks, Q2 2025 water dispensers
Slide 22: Consumer – Other Asian countries
FIRST-HALF 2025 SALES AND RESULTS Consumer – Other Asian countries H1 2025 €229m Good performance over the entire semester +5.3% > Growth in almost all the markets in the region, acceleration of South-East Asian countries (Malaysia, Thailand, and Vietnam) +6.3% LFL > Strong momentum of cookware, esp
Slide 23: H1 dynamics of a strengthened and expanded product offering
FIRST-HALF 2025 SALES AND RESULTS H1 dynamics of a strengthened and expanded product offering 23/07/2025 23
Slide 24: Washers: X-Clean
FIRST-HALF 2025 SALES AND RESULTS Washers X-Clean 10 #2 in Europe* Fast-growing market X 2 in Europe Rollout of product offering in 6 months in 30 countries 23/07/2025 * Source GfK, segment > €400 24
Slide 25: Garment steamers
FIRST-HALF 2025 SALES AND RESULTS Garment steamers Sales + 25% in Western Europe in H1 Aerosteam launched in 25 countries 23/07/2025 25
Slide 26: Spot cleaners
FIRST-HALF 2025 SALES AND RESULTS Spot cleaners Clean-it launched in 13 countries > 100k units sold in six months Expansion of the range in H2 23/07/2025 26
Slide 27: Oil-less fryers
FIRST-HALF 2025 SALES AND RESULTS Oil-less fryers Double-digit sales growth in H1 Growth levers in new markets: H1 sales x2 in Eastern Europe 23/07/2025 27
Slide 28: Blenders
FIRST-HALF 2025 SALES AND RESULTS Blenders Sales growth + 10% in H1 China, Spain, France, South America… New Blend’up launched in 50 countries 23/07/2025 28
Slide 29: Cookware
FIRST-HALF 2025 SALES AND RESULTS Cookware H1 sales + 6% Growth close to 10% in Europe Diversification of consumer expectations and expansion of the product offering Trade-up and functional innovations 23/07/2025 29
Slide 30: Cookware
FIRST-HALF 2025 SALES AND RESULTS Cookware Double-digit growth for Ingenio Ongoing international rollout Double-digit growth in 17 markets 23/07/2025 30
Slide 31: Performance by product range
FIRST-HALF 2025 SALES AND RESULTS Performance by product range 30% Consumer / Professional product lines H1 2025 sales vs H1 2024, LFL 20% 10% 0% -10% -20% Home Electrical Personal Linen Food Home comfort Professional cooking care care Beverage preparation Cookware LKA* care -30% *Large Kitchen Appl
Slide 32: Results and financial structure
FIRST-HALF 2025 SALES AND RESULTS Results and financial structure 23/07/2025 32
Slide 33: ORfA in H1 2025
FIRST-HALF 2025 SALES AND RESULTS ORfA in H1 2025 H1 ORfA €119m > Lower contribution of Professional Coffee (down by around €40m) to the Group’s results -51.0% vs 2024 > Decline in results in North America (around €20m): ▪ wait-and-see attitude from retailers ▪ time lag between increases in tariffs
Slide 34: From ORfA to Net profit – First half of the year
FIRST-HALF 2025 SALES AND RESULTS From ORfA to Net profit – First half of the year (In € millions) 2024 2025 Change Sales 3,740 3,748 +0.6% ORfA 244 119 -51.0% Operating margin % 6.5% 3.2% Profit attributable to owners of 100 1 -99.0% the parent As a % of sales 2.7% 0.0% 23/07/2025 34
Slide 35: Net operating WCR as of 30 June 2025
FIRST-HALF 2025 SALES AND RESULTS Net operating WCR as of 30 June 2025 30/06/2024 30/06/2025 €m % sales €m % sales > Seasonality of business resulting in peak inventory level traditionally at the end of June Inventories 1,691 20.8% 1,903 23.0% > Impact of persistent disruptions in the Red Sea Receiv
Slide 36: Net operating WCR evolution
FIRST-HALF 2025 SALES AND RESULTS Net operating WCR evolution 22.3% 19.7% 18.6% 19.1% 18.6% 18.1% 18.2% 17.5% 16.4% 16.5% 14.8% 16.8% 14.6% 13.8% 12.2% H1 2018 FY 2018 H1 2019 FY 2019 H1 2020 FY 2020 H1 2021 FY 2021 H1 2022 FY 2022 H1 2023 FY 2023 H1 2024 FY 2024 H1 2025 23/07/2025 36
Slide 37: Free cash flow generation
FIRST-HALF 2025 SALES AND RESULTS Free cash flow generation In € million 124 243 -150 119 Depreciation, -160 amortization & Chg. Operating profit-sharing* WCR Free cash flow H1-25 ORfA Adjusted EBITDA -52 H1-25 H1-25 CAPEX -88 Cost of net Chg. Non- financial debt operating WCR and other Tax -6 -213
Slide 38: Change in net financial debt
FIRST-HALF 2025 SALES AND RESULTS Change in net financial debt In € million 190 2,658 106 -1 2,468 17 Restructuring Fine imposed by 207 Acquisitions* and other the French Currencies Competition 213 Authority** Dividends 1,926 Free cash flow 31/12/2024 30/06/2025 23/07/2025 * Incl. SEB Alliance ** St
Slide 39: Solid and balanced financial structure
FIRST-HALF 2025 SALES AND RESULTS Solid and balanced financial structure In € million 2,814 -670 198 2,658 316 > Financial flexibility and extension of average debt maturity Other non-cash items ▪ New bond issue of €500 million with Cash equiv. , other investments a 5-year maturity and financial deb
Slide 40: Outlook
FIRST-HALF 2025 SALES AND RESULTS Outlook 23/07/2025 40
Slide 41: Outlook for 2025: Sales
FIRST-HALF 2025 SALES AND RESULTS Outlook for 2025 Sales Revised annual outlook considering: > A Q2 impacted by the unfavorable economic environment in North America > Persistent disturbances expected in H2 But fueled by an improvement in overall organic performance in H2: > Good momentum expected i
Slide 42: Outlook for 2025: ORfA
FIRST-HALF 2025 SALES AND RESULTS Outlook for 2025 ORfA Revised annual outlook considering: > Decline in H1 results vs. 2024 > Persistent uncertainty related to tariffs ▪ Margin protection measures implemented in the USA ▪ General wait-and-see attitude impacting sales in North America ▪ Other indire
Slide 43: Appendices
FIRST-HALF 2025 SALES AND RESULTS Appendices 23/07/2025 43
Slide 44: Total sales by region and business H1
FIRST-HALF 2025 SALES AND RESULTS Total sales by region and business H1 Group sales Consumer sales Professional Consumer 13% 87% Other Asia Western Europe 7% 33% China 30% €3,748m €3,251m +0.6% LFL +2.2% LFL South America 5% Other EMEA 16% North America 9% 23/07/2025 44
Slide 45: Total sales by region and business Q2
FIRST-HALF 2025 SALES AND RESULTS Total sales by region and business Q2 Group sales Consumer sales Professional Consumer 14% 86% Other Asia Western Europe 7% 35% China 29% €1,842m €1,580m +1.9% LFL +1.6% LFL South America 5% Other EMEA 15% North America 9% 23/07/2025 45
Slide 46: Sales by region Q1
FIRST-HALF 2025 SALES AND RESULTS Sales by region Q1 In € million Q1 2024 Q1 2025 As reported Q1 2025 LFL EMEA 786 798 +1.5% +2.5% Western Europe 515 515 +0.1% 0.0% Other countries 271 282 +4.2% +7.2% AMERICAS 246 235 -4.3% +0.1% North America 155 159 +2.2% +4.9% South America 90 76 -15.5% -8.3% ASI
Slide 47: Sales by region Q2
FIRST-HALF 2025 SALES AND RESULTS Sales by region Q2 In € million Q2 2024 Q2 2025 As reported Q2 2025 LFL EMEA 769 794 +3.3% +4.4% Western Europe 515 550 +6.9% +6.8% Other countries 254 244 -4.0% -0.3% AMERICAS 271 219 -19.0% -10.5% North America 181 147 -18.6% -11.5% South America 90 72 -19.6% -8.4
Slide 48: Sales by region H1
FIRST-HALF 2025 SALES AND RESULTS Sales by region H1 In € million H1 2024 H1 2025 As reported H1 2025 LFL Q2 25 vs 24 LFL EMEA 1,555 1,592 +2.4% +3.5% +4.4% Western Europe 1,030 1,066 +3.5% +3.4% +6.8% Other countries 525 526 +0.2% +3.6% -0.3% AMERICAS 517 455 -12.0% -5.5% -10.5% North America 336 3
Slide 49: ORfA bridge in H1 2025
FIRST-HALF 2025 SALES AND RESULTS ORfA bridge in H1 2025 In € million 41 -11 -11 -63 Price/mix 244 Cost of sales Volumes -26 Growth Drivers -59 Administrative and commercial expenses 4 119 Currencies Scope effect 2024 2025 23/07/2025 49
Slide 50: Detailed income statement
FIRST-HALF 2025 SALES AND RESULTS Detailed income statement (In € millions) 30/06/2024 30/06/2025 Sales 3,740 3,748 Operating expenses (3,496) (3,628) ORfA 244 119 Discretionary and non-discretionary profit-sharing (10) (10) Other operating income and expenses (23) (24) Operating profit 210 86 Net f
Slide 51: Simplified balance sheet
FIRST-HALF 2025 SALES AND RESULTS Simplified balance sheet (In € millions) 30/06/2024 31/12/2024 30/06/2025 Tangible fixed assets 4,810 4,875 4,844 Operating working capital requirement 1,484 1,388 1,540 Total assets to be financed 6,294 6,264 6,384 Shareholders’ equity 3,328 3,540 3,152 Long-term p
Slide 52: Simplified cash flow statement
FIRST-HALF 2025 SALES AND RESULTS Simplified cash flow statement (in € millions) 30/06/2024 30/06/2025 NET PROFIT ATTRIBUTABLE TO SEB S.A. 100.1 0.8 Depreciation and amortization expense 135.5 122.5 Non-controlling interests 24.3 20.8 Variation in WCR items (335.8) (149.6) Other operating items (74.
Slide 53: Leverage as of 30 June on a rolling 12-month basis
FIRST-HALF 2025 SALES AND RESULTS Leverage as of 30 June on a rolling 12-month basis 2.9 2.7 2.7 2.9 2.6 2.6 2.5 2.8 2.7 2.3 2.6 2.5 2.6 2.4 2.2 2.2 1.8 1.6 1.2 1.1 0.9 Excl. M&A & IFRS 16 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net debt/adjusted EBITDA (excl. IFRS 16) Net debt/a
Slide 54: Glossary
FIRST-HALF 2025 SALES AND RESULTS Glossary On a like-for-like basis (LFL) – Organic Sell-in (sales) Sales made to our customers (distributors). The amounts and growth rates at constant (or organic) exchange rates and consolidation scope in a given year compared with the previous year are calculated:
Slide 55: Contacts
FIRST-HALF 2025 SALES AND RESULTS Contacts Analyst / Investor Relations Media Relations Groupe SEB Groupe SEB Image Sept Financial Communication Corporate Communication and Investor Relations Department Department Caroline Simon Claire Doligez Raphaël Hoffstetter Guillaume Baron Cathy Pianon Isabell
Slide 56: Agenda: next key dates
FIRST-HALF 2025 SALES AND RESULTS Agenda Next key date – 2025 23 October | after market closes Nine-month 2025 sales and financial data Evénements - 2026 25 February | pre-market 2025 Sales and results 23 April | after market closes Q1 2026 Sales and financial data 12 May | 2:30 p.m. Annual General