Slide 1: 2026 H1 Results
2026 H1 RESULTS JULY 28TH, 2026
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 2026 H1 RESULTS PUBLICATION 3
Slide 4: Solid strategic execution delivering profitable growth
SOLID STRATEGIC EXECUTION DELIVERING PROFITABLE GROWTH Positive topline growth Profitability consistently improving Sound financial structure In a challenging environment, under a Demonstrating the success of our margin Continued focus on cash, costs disciplined full-price strategy improvement strat
Slide 5: €597M of sales, positive H1 growth supported by stronger Q2
POSITIVE H1 SALES GROWTH SUPPORTED BY STRONGER Q2 MOMENTUM €597M OF SALES • H1 positive organic growth in America, EMEA and APAC +0.6% ORGANIC • Improving sales momentum in Q2 across all regions, driven by like-for-like +1.6% LFL • Lower discount rates demonstrate the pricing power of our brands • N
Slide 6: Like-for-like and wholesale mitigating network evolution and FX impact
LIKE-FOR-LIKE AND WHOLESALE MITIGATING NETWORK EVOLUTION AND FX IMPACT in M€ LFL +1.6% +9.1 +5.7 -11.4 * -7.5 601 604 Organic +0.6% 597 2025 H1 Comparable Network Evolution Wholesale 2026 H1 excl FX FX impact 2026 H1 Contribution +1.5% -1.9% +0.9% -1.2% to growth * Mostly BHV-SGM and Saks 2026 H1 RE
Slide 7: Performance driven by America and EMEA, APAC confirming return to growth
PERFORMANCE DRIVEN BY AMERICA AND EMEA, APAC CONFIRMING RETURN TO GROWTH H1 sales variation EMEA France America APAC ORGANIC +7% -11% +11% +2% LFL +4% -5% +10% +3% Sales breakdown By region By Brand By channel APAC Other brands 11% Wholesale 16% France 12% Sandro 31% 50% America 16% Maje Retail EMEA
Slide 8: A strong semester for all key indicators
A STRONG SEMESTER FOR ALL KEY INDICATORS, SUPPORTED BY CONSTANT DISCIPLINE Management gross margin ratio 76% Adjusted EBIT margin reflecting continued 8.9% at an outstanding level improvement +1.8 pts vs H1-25 +1.7 pts vs H1-25 On track for H2-26 target Net income strongly increasing, mainly +52% Fi
Slide 9: CSR - four certifications for conscious choices
PRODUCT CSR - FOUR CERTIFICATIONS TO HELP OUR SMCP PLANET CUSTOMERS TO MAKE MORE CONSCIOUS CHOICES PEOPLE Global Organic Global Recycled Responsible Wool Organic Content Textile Standard Standard Standard Standard CERTIFIED PIECES ACROSS OUR FOUR BRANDS 2026 H1 RESULTS PUBLICATION 9
Slide 10: Brand desirability – Sandro initiatives
BRAND DESIRABILITY – SANDRO INITIATIVES Flagship reopening in Paris Francs-Bourgeois Prix Maison Mode Méditerranée Textile, Savoir-faire et Artisanat 2026 H1 RESULTS PUBLICATION 10
Slide 11: Brand desirability – Maje x Blanca Miro
BRAND DESIRABILITY – MAJE X BLANCA MIRO 2026 H1 RESULTS PUBLICATION 11
Slide 12: Brand desirability - increasingly elevated KOL strategy
BRAND DESIRABILITY - increasingly elevated KOL strategy Chris Pratt Scott Speedman Poppy Delevingne Diane Kruger 2026 H1 RESULTS PUBLICATION 12
Slide 13: Brand desirability
BRAND DESIRABILITY Claudie FW26 collection animation Fursac KOL Caetana Botelho Afonso & Rita Montezuma Cesar de Rummel Paco Leon 2026 H1 RESULTS PUBLICATION 13
Slide 14: Patricia Huyghues Despointes, CFO
PATRICIA HUYGHUES DESPOINTES CFO 2026 H1 RESULTS PUBLICATION 14
Slide 15: Improving trend in Q2 in France and strong performance in EMEA
IMPROVING TREND IN Q2 IN FRANCE AND STRONG PERFORMANCE IN EMEA 2026 sales by quarter • H1 2026 sales down by -10.8% vs last year with an improvement in Q2 vs Q1 • H1 revenue impacted by weak consumer demand, especially in provincial stores, FRANCE a negative perimeter effect, and limited liquidation
Slide 16: Continued momentum in America and confirmation of the dynamic in APAC
CONTINUED MOMENTUM IN AMERICA AND CONFIRMATION OF THE DYNAMIC IN APAC 2026 sales by quarter • Strong H1 2026 sales increase (+11.0%), driven by good momentum at both Sandro and AMERICA Maje +12% Organic +10% €98m • US retail sales growth in Q2 supported by healthy like-for-like performance across bo
Slide 17: Continued profitability improvement toward H2 2026 target
CONTINUED PROFITABILITY IMPROVEMENT TOWARD H2 2026 TARGET €53.2M +25% 8.9% A D J US T E D E B I T H1-2 6 VS H1-2 5 O F S A L ES Adjusted EBIT trajectory - in €m and % of sales Steady climb to the c.10% target in H2 – H1 up by €34M and 5.7 pp margin in 2 years +1.8 pts Target c.10% 8.9% 8.5% 7.1% 53
Slide 18: Net income improves by +52%, driven by increased operating profit
NET INCOME IMPROVES BY +52%, DRIVEN BY INCREASED OPERATING PROFIT In €m H1-25 H1-26 Variance Highlights Adjusted EBIT 42.6 53.2 +25% • Higher LTIP cost from better performance LTIP -1.8 -2.8 +56% EBIT 40.8 50.4 +24% • Non-recurring expenses include impairment of stores and goodwill, with no impact o
Slide 19: Continued deleveraging reaching a record ratio
CONTINUED DELEVERAGING REACHING A RECORD RATIO Highlights Net debt In €m Free Cash-flow generation of €3.5M in H1-26 • Inventories and Capex stabilization vs H1-25 -51% • Compared to last year, Working Capital showing a temporary timing difference between H1 and H2; this has no impact on full-year 2
Slide 20: Conclusion
CONCLUSION 1 Positive H1 sales momentum and strong margin and profitability improvements 2 Enhanced business model supported by brand’s desirability, pricing power and disciplined execution 3 Continued focus on value creation through operational efficiency and cash generation 4 2026 guidance confirm
Slide 21: Q&A
2026 H1 RESULTS JULY 28TH, 2026 Q&A
Slide 22: Appendix
APPENDIX 2026 H1 RESULTS PUBLICATION 22
Slide 23: Financial agenda
FINANCIAL AGENDA Next financial publication OCTOBER 22ND, 2026 FEBRUARY 2027 2026 Q3 Sales 2026 FY Results 2026 H1 RESULTS PUBLICATION 23
Slide 24: Quarterly net sales by region and by brand
QUARTERLY NET SALES BY REGION AND BY BRAND In €m Q1-25 Q1-26 Reported % Organic % Q2-25 Q2-26 Reported % Organic % H1-25 H1-26 Reported % Organic % France 102,1 88,8 -13,0% -13,0% 104,9 95,9 -8,6% -8,6% 207,0 184,8 -10,8% -10,8% EMEA 98,0 102,6 +4,7% +4,9% 106,0 115,4 +8,9% +9,0% 204,0 218,0 +6,9% +
Slide 25: Breakdown of POS
BREAKDOWN OF POS Directly operated stores Var H1 26 vs Var H1 26 vs Var H1 26 vs Number of DOS H1-25 2025 Q1-26 H1-26 Q1 26 FY 25 H1 25 By region France 457 424 423 414 -9 -10 -43 EMEA 394 396 394 400 +6 +4 +6 America 162 168 160 162 +2 -6 - APAC 242 239 226 218 -8 -21 -24 By brand Sandro 547 539 52
Slide 26: Income statement
Income statement In €m - IFRS HY 2025 HY 2026 variations Sales 601.1 597.0 -4.1 Purchases and changes in inventories1 -220.1 -202.3 +17.8 Gross Margin2 381.0 394.7 +13.7 Other operating income and expenses -123.3 -127.0 -3.7 Personnel costs -145.7 -148.5 -2.8 Adjusted 3 EBITDA 112.0 119.2 +7.2 Depre
Slide 27: Balance sheet – Assets (1/2)
Balance sheet – Assets (1/2) As of Jun. 30, As of Jun. 30, In €m - IFRS 2025 2026 Goodwill 599.9 578.1 Trademarks, other intangible & right-of-use assets 1 089.3 1 053.6 Property, plant and equipment 66.5 65.6 Non-current financial assets 15.2 14.4 Deferred tax assets 25.7 26.4 Non-current assets 1
Slide 28: Balance sheet – Equity and liabilities (2/2)
Balance sheet – Equity and liabilities (2/2) In €m - IFRS As of Jun. 30, As of Jun. 30, 2025 2026 Share capital 86.2 86.2 Share premium 947.3 947.3 Reserves and retained earnings 137.8 164.0 Treasury shares -4.6 -3.5 Total Equity 1 166.7 1 194.0 Non-current lease liabilities 301.6 281.6 Non-current
Slide 29: Net financial debt and leverage
Net financial debt and leverage As of June 30, As of Dec. 31, As of June 30, In €m 2025 2025 2026 Non current financial debt & other financial liabilities -92.8 -91.2 -58.4 Bank overdrafts and short-term financial liability -156.5 -103.7 -127.6 Cash and cash equivalents 43.7 47.4 41.4 Net financial
Slide 30: Net financial debt detail
Net financial debt detail In €m Jun 30 th, 2025 Dec 31st, 2025 Jun 30 th, 2026 Term Loan 73 74 56 RCF (€155m) 35 - 25 State Guaranteed loans 81 80 33 Neu CP 30 30 48 Overdraft 24 6 19 Other Debt 6 5 5 Gross financial debt 249 195 186 Cash and cash equivalents 44 47 41 Net financial debt 206 148 145
Slide 31: Other indicators
Other indicators1 In €m HY 25 HY 26 Management Margin 446.8 453.9 % of sales 74.3% 76.0% Direct costs of points of sales -271.8 -264.6 % of sales -45.2% -44.3% Retail margin 175.0 189.3 % of sales 29.1% 31.7% SG&A -122.7 -125.8 % of sales -20.4% -21.1% IFRS 16 impacts on EBITDA 59.8 55.7 % of sales
Slide 32: Adj. EBITDA by brand
Adj. EBITDA by brand €m - IFRS HY-25 HY-26 var Adjusted 1 EBITDA 112.0 119.2 +7.2 Sandro 71.0 70.5 -0.5 Maje 45.1 53.5 +8.4 Other Brands -4.0 -4.8 -0.8 Adjusted 1 EBITDA margin 18.6% 20.0% +1.4 point Sandro 23.5% 23.5% - Maje 20.1% 23.0% +2.9 points Other Brands -5.4% -7.4% -2.0 points (1) Before LT
Slide 33: Cash-flow statement
Cash-flow statement In €m HY 25 HY 26 Net cash flow from operating activities 118.7 83.1 Net cash flow from investing activities -16.7 -19.9 Treasury shares purchase program -1.3 - Change in borrowings and debt -38.8 -22.9 Net interests paid -7.2 -4.3 Other financial income and expenses -0.3 -0.2 Re
Slide 34: Free cash-flow
Free cash-flow In €m HY-25 HY-26 Cash from operations before changes in working capital 110.8 118.6 Change in working capital 5.6 -33.8 Income tax 2.3 -1.7 Net cash flow from operating activities 118.7 83.1 Capital expenditure -16.7 -19.9 Reimbursement rent lease -59.6 -55.7 Interest & Other Financi
Slide 35: Working capital
Working capital €m HY-25 HY-26 Inventories and work in progress 229.1 232.3 Trade receivables 65.4 66.9 Trade payables excluding fixed asset suppliers -107.9 -113.5 Operational working capital 186.6 185.7 Other receivables 42.3 47.7 Other payables -72.8 -74.0 Working capital 156.1 159.4 Change in wo