Smcp Sa · EURONEXT:SMCP
Smcp Sa — H1 2025 Earnings Presentation
38 slides from Smcp Sa's earnings presentation, Jul 29, 2025
Slide 1: 2025 Half-Year Results
2025 Half-Year Results July 29th, 2025 Isabelle Guichot, CEO Patricia Huyghues Despointes, CFO
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: H1 2025 key messages
H1 2025 key messages Solid semester on topline +3% organic Adj. EBIT margin more than doubling vs H1 2024 on track to reach H2 2026 target Positive net income 11m€ Outstanding cash generation Free cash flow generation 33m€ 4
Slide 5: Solid quarter on topline, network optimization and full-price strategy
Solid quarter on topline, network optimization and full-price strategy H1 Sales Network Discount rate Key highlights €601m 1,642 POS -3 pts vs H1 24 +3.0% organic -20 POS Progress in +2.8% LFL in H1 Europe and Asia H1 sales supported by a positive performance in all regions except in China Q2 sa
Slide 6: Strong organic growth of +3% despite network optimization strategy
Strong organic growth of +3% despite network optimization strategy LFL +2.8% +12 +14 in €m +2 -2 -11 603 601 585 Organic: +3.0% H1 2024 Comparable Network Other network Wholesale H1 2025 excl FX FX H1 2025 optimization * evolution ** impact Contribution +2.4% -1.8% +0.3% +2.0% -0.3% to growth Report
Slide 7: H1 sales grow in all regions except in China
H1 sales grow in all regions except in China 2025 H1 sales organic growth by region FRANCE EMEA AMERICA APAC +2% +6% +12% -8% Sales breakdown by region by brand by channel APAC Other France Wholesale 16% brands 34% Sandro 11% 13% 50% America 16% Maje Retail EMEA 37% 89% 34% 7
Slide 8: Continued discipline leading to a sound financial structure and positive net income
Continued discipline leading to a sound financial structure and positive net income Gross margin Adjusted EBIT Key highlights 74.3% €42.6m of sales 7.1% of sales Gross margin ratio remains at a high level in line with H1-24 +3.9pp vs H1-24 Net income Adjusted EBIT margin strong improvement vs la
Slide 9: Sustainability progress – Claudie Pierlot certified B Corp
Sustainability progress – Claudie Pierlot certified B Corp 9
Slide 10: Brand desirability – Sandro x Louise Bourgeois Capsule
Brand desirability – Sandro x Louise Bourgeois Capsule Dubai Mall, Dubai, UAE Galeries Lafayette, Paris, France Shanghai, Chine 10
Slide 11: Brand desirability – Maje x K.Jacques
Brand desirability – Maje x K.Jacques Le Bon Marché, Paris, France 11
Slide 12: Brand desirability – increasingly elevated KOL strategy
Brand desirability – increasingly elevated KOL strategy Eva Longoria Shia Labeouf Virginie Ledoyen Diane Kruger Iris Law Bella Hadid 12 Julien de Saint Jean Renan Pacheco
Slide 13: Q2 Retail partners’ openings – New countries
Q2 Retail partners’ openings – New countries Taj Mall, Jordan GreenBelt, Makati, Philippines 13
Slide 14: Q2 Retail partners’ openings
Q2 Retail partners’ openings Central Phuket Floresta, Thailand Almaza, Egypt 14
Slide 15: Patricia Huyghues Despointes, CFO
Patricia Huyghues Despointes, CFO 15
Slide 16: Steady dynamic across EMEA, supported by active retail partner strategy
Steady dynamic across EMEA, supported by active retail partner strategy 2025 sales by quarter • 2025 H1 sales positive performance vs LY FRANCE • Like-for-like growth in H1 in both B&M and digital Organic +4.0% +0.6% €207m • Continued strict full-price strategy, especially for Maje and Claudie Pierl
Slide 17: Strong H1 in America; healthy reduction of discount in Asia
Strong H1 in America; healthy reduction of discount in Asia • 2025 H1 outstanding performance vs LY, with a stable discount rate in a competitive and 2025 sales by quarter promotional environment AMERICA • US sales increase driven by both price and volumes, and by full-year effect of 2024 Organic +2
Slide 18: Strong operating leverage in H1 supported by costs optimization
Strong operating leverage in H1 supported by costs optimization Adjusted EBIT evolution in €m 7.1% of sales Adj. EBIT margin more than doubling vs LY 3.2% Action plans bear fruits and lead to positive of sales impact on volume effect and costs optimization 42.6 H1 2025 Adj. EBIT margin places
Slide 19: Meaningful improvement of Net Result
Meaningful improvement of Net Result, from stronger EBIT performance and limited non-recurring items In €m H1-24 H1-25 Variance Adjusted EBIT 18.8 42.6 +23.8 LTIP -0.9 -1.8 -0.9 EBIT 17.8 40.8 +23.0 Non-recurring -30.4 -8.2 +22.2 Financial result -17.7 -15.1 +2.6 Profit before tax -30.3 17.5 +47,8 I
Slide 20: Continued discipline on inventories and Capex, and significant FCF generation
Continued discipline on inventories and Capex, and significant FCF generation Free Cash-flow in €m 33 H1 24 H1 25 -9 Inventories Change in working capital CAPEX* in €m in €m in €m -13% % of sales 4% 3% 4 H1-25 H1-24 6 263 229 24 17 H1-24 H1-25 H1-24 H1-25 20 * Capex acquisition, excluding fixed asse
Slide 21: Continued deleveraging
Continued deleveraging Net debt In €m Jun 30th, Dec 31 st, Jun 30 th, In €m -31 2024 2024 2025 Term Loan* 89 89 73 RCF (€200m)* 31 15 35 293 State Guaranteed loans 128 128 81 237 206 Neu CP 25 25 30 Overdraft 50 23 24 June 30, Other Debt 7 8 6 Dec 31, June 30, 2024 2024 2025 Gross financial debt 330
Slide 22: Conclusion
Conclusion Strong sales performance in H1 o Like-for-like increase enables a better absorption of costs Strategic action plans bear fruit o Improvement of EBIT margin, on track to achieve H2 2026 guidance o Strong free cash flow generation o Notable reduction of Net Debt and Leverage ratio Con
Slide 23: Q&A session
Q&A session 2025 Half Year Results July 29th, 2025 Isabelle Guichot, CEO Patricia Huyghues Despointes, CFO
Slide 24: Financial Agenda
Financial Agenda 24
Slide 25: Next financial publications
Next financial publications October 23rd, 2025 2025 Q3 Sales 25 2525
Slide 26: Appendix
Appendix
Slide 27: 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 % H1-24 H1-25 Reported % Organic % France 98,2 102,1 +4,0% +4,0% 104,3 104,9 +0,6% +0,6% 202,5 207,0 +2,3% +2,3% EMEA 89,4 98,0 +9,6% +9,2% 102,4 106,0 +3,5% +3,0% 191,8 204,0 +6,3% +5,9%
Slide 28: Breakdown of POS
Breakdown of POS Directly operated stores Var H1 25 Var H1 25 Var H1 25 vs Number of DOS H1-24 2024 Q1-25 H1-25 vs Q1 25 vs FY 24 H1 24 By region France 475 473 464 457 -7 -16 -18 EMEA 406 395 387 394 +7 -1 -12 America 180 178 162 162 - -16 -18 APAC 280 247 245 242 -3 -5 -38 By brand Sandro 579 564
Slide 29: Income statement
Income statement In €m - IFRS HY 2024 HY 2025 variations Sales 585.3 601.1 +15.8 Purchases and changes in inventories1 -211.1 -220.1 -9.0 Gross Margin 2 374.2 381.0 +6.9 Other operating income and expenses -132.4 -123.3 +9.1 Personnel costs -143.3 -145.7 -2.4 Adjusted 3 EBITDA 98.5 112.0 +13.5 Depre
Slide 30: Balance sheet – Assets (1/2)
Balance sheet – Assets (1/2) As of Dec. 31, As of Jun. 30, In €m - IFRS 2024 2025 Goodwill 604.3 599.9 Trademarks, other intangible & right-of-use assets 1 139.1 1 089.4 Property, plant and equipment 79.7 66.5 Non-current financial assets 16.8 15.2 Deferred tax assets 29.6 25.7 Non-current assets 1
Slide 31: Balance sheet – Equity and liabilities (2/2)
Balance sheet – Equity and liabilities (2/2) In €m - IFRS As of Dec. 31, As of Jun. 30, 2024 2025 Share capital 83.9 86.2 Share premium 949.5 947.3 Reserves and retained earnings 133.3 137.8 Treasury shares -3.6 -4.6 Total Equity 1 163.1 1 166.7 Non-current lease liabilities 343.5 301.6 Non-current
Slide 32: Net financial debt
Net financial debt As of June. 30, As of Dec. 31, As of June 30, In €m 2024 2024 2025 Non current financial debt & other financial liabilities -158,0 -159.3 -92.8 Bank overdrafts and short-term financial liability -171,7 -126.4 -156.5 Cash and cash equivalents 37,2 48.5 43.7 Net financial debt -292,
Slide 33: Other indicators
Other indicators1 In €m HY 24 HY 25 Management Margin 435.0 446.8 % of sales 74.3% 74.3% Direct costs of points of sales -274.8 -271.8 % of sales -47.0% -45.2% Retail margin 160.3 175.0 % of sales 27.4% 29.1% SG&A -124.8 -122.7 % of sales -21.3% -20.4% IFRS 16 impacts on EBITDA 63.0 59.8 % of sales
Slide 34: Adj. EBITDA by brand
Adj. EBITDA by brand €m - IFRS HY-24 HY-25 var Adjusted1 EBITDA 98.5 112.0 +13.7% Sandro 58.8 71.0 +20.7% Maje 42.8 45.1 +5.4% Other Brands -3.1 -4.0 -29.0% Adjusted1 EBITDA margin 16.8% 18.6% +1.8 pt Sandro 20.1% 23.5% +3.4 pt Maje 19.6% 20.1% +0.5 pt Other Brands -4.2% -5.4% -1.2 pt (1) Before LTI
Slide 35: Cash-flow statement
Cash-flow statement HY 24 HY 24 In €m HY 25 published restated Net cash flow from operating activities * 93.4 90.3 118.7 Net cash flow from investing activities * 24.0 -24.1 -16.7 Treasury shares purchase program - - -1.3 Change in borrowings and debt -37.7 -37.7 -38.8 Net interests paid -11.7 -11.7
Slide 36: Free cash-flow
Free cash-flow HY-24 HY-24 In €m HY-25 published restated Cash from operations before changes in working capital 101,6 97.8 110.8 Change in working capital -4,5 -3.9 5.6 Income tax -3,7 -3.7 2.3 Net cash flow from operating activities * 93,4 90.3 118.7 Capital expenditure * -24,1 -24.1 -16;7 Reimbur
Slide 37: Working capital
Working capital €m HY-24 HY-25 Inventories and work in progress 262.5 229.1 Trade receivables 62.7 65.4 Trade payables excluding fixed asset suppliers -125.1 -107.9 Operational working capital 200.1 186.6 Other receivables 56.2 42.3 Other payables -62.0 -72.8 Working capital 194.2 156.1 Change in wo
Slide 38: Shareholding structure and voting rights as of June 30th, 2025
Shareholding structure and voting rights as of June 30th, 2025 Capital (%) Voting rights (%) Trustee1 28,0% Trustee1 Free float Free float 24,4% 39,6% 35,3% European TopSoho European 7,8% TopSoho 13,5% Founders & Managers 8,5% Founders & Managers Other shareholders2 Treasury shares Other shareholder