Seb Sa · EURONEXT:SK
Seb Sa — Groupe SEB — H1 2026 Earnings Presentation
49 slides from Seb Sa's earnings presentation, Jul 22, 2026
Slide 1: Sales and Results First-half 2026
Sales and Results First-half 2026 Ecully, 22 July 2026 Webcast by clicking on this link or on groupeseb.com
Slide 2: Disclaimer
FIRST-HALF 2026 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 2026 Sales and Results agenda
FIRST-HALF 2026 SALES AND RESULTS 01 First-half highlights 02 Rebound plan: roll-out on track with objectives 03 2026 outlook 22/07/2026 3
Slide 4: First-half highlights
FIRST-HALF 2026 SALES AND RESULTS First-half highlights 22/07/2026 4
Slide 5: ORfA recovery in H1
FIRST-HALF 2026 SALES AND RESULTS ORfA recovery in H1 First results of the Rebound plan – full-year outlook confirmed > Deteriorated economic and geopolitical environment, mixed consumption prospects > Slight organic sales growth in H1 > ORfA recovery, notably driven by internal levers > Rebound pla
Slide 6: Key figures at end-June 2026
FIRST-HALF 2026 SALES AND RESULTS Key figures at end-June 2026 H1 Sales Q2 Sales €3,743m €1,859m - 0.1% reported +0.9% reported +1.7% LFL vs. 2025 +0.6% LFL vs. 2025 H1 ORfA Q2 ORfA €172m €100m +44.0 % vs. 2025 +45.3 % vs. 2025 H1 Free cash flow €53m vs. - €213m in H1 2025 22/07/2026 6
Slide 7: Sales
FIRST-HALF 2026 SALES AND RESULTS .1 Sales 22/07/2026 7
Slide 8: Change in H1 sales
FIRST-HALF 2026 SALES AND RESULTS Change in H1 sales Sales in €m +63 -67 3,748 3,743 Organic growth Currency effect Scope +1.7% -1.8% 0% -0.1% H1 2025 H1 2026 22/07/2026 8
Slide 9: Change in Q2 sales
FIRST-HALF 2026 SALES AND RESULTS Change in Q2 sales Sales in €m +6 +11 1,842 1,859 Organic growth Currency effect Scope +0.6% +0.3% 0% +0.9% Q2 2025 Q2 2026 22/07/2026 9
Slide 10: Negative currency effect in H1, concentrated in Q1
FIRST-HALF 2026 SALES AND RESULTS Negative currency effect in H1, concentrated in Q1 10 H1 2026: -€67m (vs. -€64m in H1 2025) 5 Q1: -€73m (vs. -€7m) Q2: +€6m (vs. -€57m) 0 -5 -10 -15 -20 -25 COP MXN RUB ARS GBP KRW UAH JPY CNY USD TRY Others 22/07/2026 10
Slide 11: Sales by activity
FIRST-HALF 2026 SALES AND RESULTS Sales by activity SALES €3,743m -0.1% reported +1.7% LFL PROFESSIONAL CONSUMER H1 2026 €476m H1 2026 €3,268m -2.8% LFL +2.3% LFL Q2 2026 €245m Q2 2026 €1,614m -6.2% LFL +1.7% LFL 22/07/2026 11
Slide 12: Professional
FIRST-HALF 2026 SALES AND RESULTS Professional First-half sales down organically H1 2026 Q2 2026 Solid core business, large deals down €476m €245m > Uncertain geopolitical context, persistent wait-and-see attitude from foodservice clients on renewals, particularly in the US and the Middle East > Ste
Slide 13: Consumer: Organic growth in all regions in H1
FIRST-HALF 2026 SALES AND RESULTS Consumer Organic growth in all regions in H1 Consumer +2.3% EMEA AMERICAS ASIA +1.6% +8.4% +1.1% 22/07/2026 13
Slide 14: Consumer - EMEA
FIRST-HALF 2026 SALES AND RESULTS Consumer - EMEA Western Europe: 2% organic growth in H1 H1 2026 > Positive sell-out trends, increased caution amongst retailers in Q2 €1,590m > Product momentum driven by floor washers, garment steamers, cookware and full auto coffee machines -0.2% > Good performanc
Slide 15: Consumer - Americas
FIRST-HALF 2026 SALES AND RESULTS Consumer - Americas H1 2026 North America: sales acceleration in Q2 (+15% LFL) €490m > United States: ▪ Favorable base effect, volatile market but better oriented in Q2 +7.7% ▪ Further market share gains in cookware and linen care +8.4% LFL > Mexico: positive sell-o
Slide 16: Consumer - Asia
FIRST-HALF 2026 SALES AND RESULTS Consumer - Asia H1 2026 China: slight growth in H1, less favorable context in Q2 > Growth in cookware, kitchen utensils and linen care €1,188m > Increased promotional intensity in the market in Q2: management of the balance between sales growth and profitability -1.
Slide 17: Results and financial structure
FIRST-HALF 2026 SALES AND RESULTS .2 Results and financial structure 22/07/2026 17
Slide 18: ORfA recovery in H1
FIRST-HALF 2026 SALES AND RESULTS ORfA recovery in H1 H1 2026 Q2 2026 Operating Result from Activity (ORfA) €172m €100m +44.0% vs. 2025 +45.3% vs. 2025 Operating Margin 4.6% 5.4% +140 bps vs. 2025 +170 bps vs. 2025 22/07/2026 18
Slide 19: ORfA bridge in H1 2026
FIRST-HALF 2026 SALES AND RESULTS ORfA bridge in H1 2026 In €m > Favorable base effect 12 172 59 -45 7 > Gross margin 10 Currencies management through Administrative volumes, price/mix and 10 and currencies Growth commercial Drivers 119 Price/mix Cost of sales expenses > Positive impact of €15m Volu
Slide 20: From ORfA to Net Profit
FIRST-HALF 2026 SALES AND RESULTS From ORfA to Net Profit (in €m) H1 2025 H1 2026 Sales 3,748 3,743 ORfA 119 172 Op. Margin % 3.2% 4.6% Profit-sharing and incentive schemes (10) (11) Other operating income and expenses (24) (185) > €178m of exceptional costs in H1 due to the Operating profit 86 (23)
Slide 21: Net operating WCR at 30 June 2026
FIRST-HALF 2026 SALES AND RESULTS Net operating WCR at 30 June 2026 30/06/2025 31/12/2025 30/06/2026 % of % of % of €m €m €m > Traditional sales sales sales seasonality effect in H1 Inventories 1,903 23.0% 1,632 20.0% 1,788 21.9% > WCR down vs. 30/06/2025 as Receivables 756 9.2% 938 11.5% 741 9.1% e
Slide 22: Free cash flow generation
FIRST-HALF 2026 SALES AND RESULTS Free cash flow generation In €m 43 -99 124 296 Change in operating WCR - 59 Capex 172 -103 H1-25: -€213m Depreciation, Cost of net financial debt Rolling 12-month : +€390m amortization & profit-sharing* -25 Tax 53 Change in non-operating WCR and other ORfA Adjusted
Slide 23: Change in net debt
FIRST-HALF 2026 SALES AND RESULTS Change in net debt In €m €2,658m at 30/06/2025 20 2,516 202 -14 19 Restructuring Currencies Acquisitions* and other 2,342 -53 Free Dividends cash flow 31/12/2025 30/06/2026 22/07/2026 * Incl. SEB Alliance 23
Slide 24: Rebound plan: roll-out on track with objectives
FIRST-HALF 2026 SALES AND RESULTS Rebound plan: roll-out on track with objectives 22/07/2026 24
Slide 25: Rebound plan
FIRST-HALF 2026 SALES AND RESULTS Rebound plan Return to our profitable growth trajectory Reinvent our Restore our profitability growth model Act as a leader in innovation Simplify our organizations and operating methods Systematize our new marketing and e- commerce practices Increase our industrial
Slide 26: Reinvent our growth model
FIRST-HALF 2026 SALES AND RESULTS .1 Reinvent our growth model 22/07/2026 26
Slide 27: Rebound plan: Relaunch the sales growth trajectory
FIRST-HALF 2026 SALES AND RESULTS Rebound plan Relaunch the sales growth trajectory Roll out our successes Reinvent our categories A reimagined activation strategy “Social-first” 22/07/2026 27
Slide 28: Roll out our successes
FIRST-HALF 2026 SALES AND RESULTS Roll out our successes X-CLEAN CLEAN-IT June 2026 End of 2026 June 2026 End of 2026 70 countries 70 countries 20 countries 20 countries 5 models 3 models 9 models 5 models AEROSTEAM FUSIONCORE June 2026 End of 2026 June 2026 End of 2026 25 countries 30 countries 25
Slide 29: Reinvent our categories
FIRST-HALF 2026 SALES AND RESULTS Reinvent our categories Cookeo Infinity Coffee Crush > 50% more compact appliance compared to a conventional > New all-in-one appliance: Multicooker + Airfryer full-auto > Halo effect on the entire Cookeo range > Recruitment of a new generation of consumers 22/07/20
Slide 30: A reimagined activation strategy “Social-first”
FIRST-HALF 2026 SALES AND RESULTS A reimagined activation strategy “Social-first” Coffee Crush example 01 P R E - L AU N C H 02 L AU N C H - F R A N C E 03 A M P L I F I C AT I O N ~50 countries in 2026 172M reach Crush Crew 20M reach 5M views >60% of investments 10 influencers onboarded dedicated t
Slide 31: Restore our profitability
FIRST-HALF 2026 SALES AND RESULTS .2 Restore our profitability 22/07/2026 31
Slide 32: Rebound plan: €200m in recurring annual savings
FIRST-HALF 2026 SALES AND RESULTS Rebound plan €200m in recurring annual savings c. €200m Target of €200m in recurring annual savings, at run-rate by end of 2027 Organizations Main levers Structure costs & industrial efficiency > Organizations: structure costs and industrial efficiency > Indirect pu
Slide 33: Rebound plan: Roll-out in line with announced timeline
FIRST-HALF 2026 SALES AND RESULTS Rebound plan Roll-out in line with announced timeline Progress Main levers Actions launched in H1 2026 c. €200m Organizations Reduction of structure costs Labor agreements signed in France and in Organizations most German entities Structure costs & Industrial effici
Slide 34: Rebound plan: AI, a Group-wide efficiency lever
FIRST-HALF 2026 SALES AND RESULTS Rebound plan AI, a Group-wide efficiency lever A scan at 140+ › 360° › 800+ Workshops held all functions, Use cases in H1 BUs Pro & Consumer, and Markets identified An ambitious initiative commensurate with the challenge: supporting growth and maximizing operational
Slide 35: 2026 outlook
FIRST-HALF 2026 SALES AND RESULTS 2026 outlook 22/07/2026 35
Slide 36: 2026 outlook
FIRST-HALF 2026 SALES AND RESULTS 2026 outlook Deteriorated macroeconomic and geopolitical environment Mixed consumption prospects Increased inflationary pressures on costs 2026 outlook confirmed: > Full-year ORfA growth Resilience of Small Domestic Equipment markets > Return to a more normative fre
Slide 37: Appendices
FIRST-HALF 2026 SALES AND RESULTS Appendices 22/07/2026 37
Slide 38: Total sales by region and business: 1st half
FIRST-HALF 2026 SALES AND RESULTS Total sales by region and business 1st half Group sales Consumer sales Professional Consumer 13% 87% Other Asia Western Europe 7% 33% China 30% €3,743m €3,268m +1.7% LFL +2.3% LFL South America 5% Other EMEA 15% North America 10% 22/07/2026 38
Slide 39: Total sales by region and business: 2nd quarter
FIRST-HALF 2026 SALES AND RESULTS Total sales by region and business 2nd quarter Group sales Consumer sales Professional Consumer 13% 87% Other Asia Western Europe 7% 34% China 29% €1,859m €1,614m +0.6% LFL +1.7% LFL South America 5% Other EMEA 15% North America 11% 22/07/2026 39
Slide 40: 1st half sales by region
FIRST-HALF 2026 SALES AND RESULTS 1st half sales by region In €m H1 2025 H1 2026 Reported H1 2026 LFL EMEA 1,592 1,590 -0.2% +1.6% Western Europe 1,066 1,088 +2.0% +2.0% Other countries 526 502 -4.6% +0.6% AMERICAS 455 490 +7.7% +8.4% North America 306 325 +6.3% +9.5% South America 149 164 +10.7% +6
Slide 41: 2nd quarter sales by region
FIRST-HALF 2026 SALES AND RESULTS 2nd quarter sales by region In €m Q2 2025 Q2 2026 Reported Q2 2026 LFL EMEA 794 789 -0.6% +0.7% Western Europe 550 548 -0.5% -0.5% Other countries 244 242 -0.9% +3.4% AMERICAS 219 249 +13.7% +10.2% North America 147 169 +15.1% +14.7% South America 72 80 +10.8% +1.1%
Slide 42: Performance by product range
FIRST-HALF 2026 SALES AND RESULTS Performance by product range Consumer / Professional product lines H1 2026 sales vs. H1 2025, LFL 30% 20% 10% 0% -10% -20% Electrical Food LKA* Professional cooking Beverages Floor care preparation Home comfort Cookware Linen care Personal care *Large Kitchen Applia
Slide 43: Detailed income statement
FIRST-HALF 2026 SALES AND RESULTS Detailed income statement (in €m) 30/06/2025 30/06/2026 Sales 3,748 3,743 Operating expenses (3,628) (3,571) ORfA 119 172 Profit-sharing and incentive schemes (10) (11) Other operating income and expenses (24) (185) Operating income 86 (23) Financial result (57) (67
Slide 44: Simplified balance sheet
FIRST-HALF 2026 SALES AND RESULTS Simplified balance sheet (in €m) 30/06/2025 31/12/2025 30/06/2026 Fixed assets 4,844 4,875 4,935 Operating working capital requirement 1,540 1,488 1,466 Total assets to be financed 6,384 6,363 6,401 Equity 3,152 3,477 3,286 Non-current provisions 290 281 444 Other c
Slide 45: Simplified cash flow statement
FIRST-HALF 2026 SALES AND RESULTS Simplified cash flow statement (in €m) 30/06/2025 30/06/2026 NET PROFIT ATTRIBUTABLE TO SEB S.A. 0.8 (124.1) Depreciation and provisions 122.5 305.0 Non-controlling interests 20.8 21.5 Change in working capital requirement items (149.6) 43.1 Other operating items (2
Slide 46: Leverage as of 30 June on a rolling 12-month basis
FIRST-HALF 2026 SALES AND RESULTS Leverage as of 30 June on a rolling 12-month basis 2,9 2,7 2,8 2,7 2,6 2,6 2,9 2,5 2,8 2,7 2,3 2,6 2,6 2,4 2,5 2,2 2,2 1,8 1,6 1,1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net debt / Adjusted Ebitda (ex IFRS16) Net debt / Adjusted Ebitda 22/07/2026 At
Slide 47: Glossary
FIRST-HALF 2026 SALES AND RESULTS Glossary On a like-for-like basis (LFL) – Organic Sell-in (sales) Sales made to our customers (retailers). 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: Se
Slide 48: Contacts
FIRST-HALF 2026 SALES AND RESULTS Contacts Analysts / Investors Press Groupe SEB Groupe SEB Image Sept Financial Communication and Investor Relations Corporate Communication Department Department Caroline Simon Isabelle Dunoyer de Segonzac Raphaël Hoffstetter Guillaume Baron Cathy Pianon Clémence Ve
Slide 49: Agenda: next key dates
FIRST-HALF 2026 SALES AND RESULTS Agenda Next key dates - 2026 22 October | after market close Nine-month 2026 sales and financial data Next key dates - 2027 24 February | pre-market 2026 sales and results 22/07/2026 49