Samsonite Group S.a. · HKEX:1910
Samsonite — H1 2025 Earnings Presentation
44 slides from Samsonite's earnings presentation, Aug 13, 2025
Slide 1: 2025 Interim Results
2025 INTERIM RESULTS AUGUST 13, 2025 Samsonite Group S.A. Stock Code: 1910
Slide 2: Disclosure Statement
DISCLOSURE STATEMENT This presentation and the accompanying slides (the “Presentation”), which have been prepared by Samsonite Group S.A. (“Samsonite” or the “Company”), do not constitute any offer or invitation to purchase or subscribe for any securities, and shall not form the basis for, or be rel
Slide 3: Agenda
AGENDA 01 BUSINESS UPDATE 02 FINANCIAL HIGHLIGHTS 03 OUTLOOK 04 Q&A All net sales growth rates throughout the presentation are presented on a constant currency basis, unless stated otherwise. 3
Slide 4: Business Update
BUSINESS UPDATE 4
Slide 5: Key Highlights: 1H 2025 Performance & Market Dynamics
Key Highlights: 1H 2025 Performance & Market Dynamics • Managing Post-Revenge Travel Dynamics: We significantly benefited from the unprecedented "revenge travel" boom of 2021-2023, a period where the recovery of our business significantly outpaced the market. From 2021 to 2024 our reported net sales
Slide 6: Key Highlights: 1H 2025 Performance & Market Dynamics
Key Highlights: 1H 2025 Performance & Market Dynamics • Driving Growth Through DTC and Diversification: Our strategic investments in DTC channels are paying off, with our DTC mix now approaching 40% of net sales in 1H 2025, up from 38% last year. We believe this evolution enhances our margin profile
Slide 7: Net sales growth historically correlated to travel growth; travel outlook strong
Our net sales growth has historically been strongly correlated to growth in travel, and outlook for travel remains strong Samsonite Group Net Sales vs. Global Passenger Traffic Revenge Travel ~4% ‘24-’29E Annualized Growth in Global Passenger Travel (1)(2) (1)(2) (1) (1) (1) (1) (1) (1) Global Trave
Slide 8: Sales trends recently deviated from travel growth
Sales trends recently deviated from travel growth as we lapped significant outperformance and consumer sentiment softened YoY Growth in Samsonite Group Net Sales(1) vs. Euromonitor Global Luggage and Bags(3) Market Size Revenge Travel Driven by amazing new products and • Recent sales trends have div
Slide 9: 1H 2025 impacted by softer consumer sentiment amidst macroeconomic uncertainty
Our business in 1H 2025 was impacted by softer consumer sentiment amidst higher macroeconomic uncertainty • Net sales were US$1,662 million in 1H 2025, a decrease of 5.2%(1) compared to a 1H 2024 that was up 2.8%(1) from a very strong 1H 2023. The lower net sales performance in 1H 2025 was primarily
Slide 10: Continuing Channel and Category Diversification
Continuing Channel and Category Diversification • DTC Channel Success: We continued to invest in enhancing our DTC presence, 1H 2025 net sales by channel particularly for our underpenetrated TUMI brand in Asia and Europe. We believe DTC total = 39.6% these investments are yielding strong, tangible r
Slide 11: Premium brands TUMI and Samsonite demonstrated greater resilience
Our premium brands, TUMI and Samsonite, which target middle- to upper-income consumers, demonstrated greater resilience. Conversely, American Tourister, which targets more value-conscious consumers, experienced a more significant impact on net sales • Samsonite brand net sales decreased by 4.7%(1) l
Slide 12: Gregory brand showed strong double digit net sales growth
Our Gregory brand showed strength in 1H 2025 with strong double digit net sales growth • Our Gregory brand had strong growth of 14.7%(1) in 1H 2025 vs. prior year. Gregory Net Sales Performance • Net sales growth for the Gregory brand was driven by distribution expansion and strong DTC growth, led b
Slide 13: Investing for Profitable Long-Term Growth
Investing for Profitable Long-Term Growth: Building Resilience for the Future • While we navigate the current pressures impacting our business, our strategic focus remains firmly on the future. We are committed to continuing to invest across the business to drive profitable long-term net sales growt
Slide 14: Opened Shanghai TUMI flagship store
Opened our Shanghai TUMI flagship store at a coveted high street location • At almost 300 square meters, the flagship store showcases an expanded product range, from limited edition pieces, full assortment of ladies' bags, complete range of accessories, impressive McLaren storytelling and much more.
Slide 15: Opened 50th TUMI store in Europe in Cologne
Opened our 50th TUMI store in Europe on one of Cologne’s most vibrant shopping streets • TUMI continued to expand and elevate our presence in Europe with the opening of our 50th TUMI store in Europe on a vibrant shopping street in Cologne, Germany. • Opened June 2025. 15
Slide 16: Launched VEXX x Samsonite collaboration
Launched our exclusive VEXX x Samsonite collaboration in June 2025 • Our latest artistic collaboration with internationally acclaimed visual artist Vexx. Known for his vibrant, intricate doodle-style artwork and visionary creative approach, Vexx brings his bold imagination to Samsonite’s iconic C-Li
Slide 17: American Tourister x Squid Game collaboration in Asia
American Tourister x Squid Game collaboration in Asia • Launched our American Tourister x Squid Game collaboration across our Asia region in June 2025. • Collection includes a Spinner 52, Spinner 67, Backpack, Crossbody bag, Tote bag, and pillow. 17
Slide 18: Strong marketing campaigns for Samsonite North America
Strong marketing campaigns for Samsonite North America will help brand positioning 18
Slide 19: Europe summer campaign: You Are The Journey
Key marketing campaigns in Europe for the summer travel season: YOU ARE THE JOURNEY • With the 'You Are The Journey' campaign, Samsonite inspires to embrace every journey, offering a seamless travel experience with the ideal combination of products from our backpack and suitcase hero collections. •
Slide 20: Advancing consumer-facing communications on Our Responsible Journey
We are advancing consumer-facing communications on Our Responsible Journey • We have developed consumer-facing sustainability messaging for Samsonite, TUMI and American Tourister to more clearly convey our commitment. • We believe durability, repairability and recycled materials are what consumers c
Slide 21: Financial Highlights
FINANCIAL HIGHLIGHTS 21
Slide 22: Q2 2025 Results Highlights
Q2 2025 Results Highlights • Net sales decreased by 5.8%(1) • Gross margin for Q2 2025 was • Adjusted EBITDA decreased by US$31 • Adjusted net income from Q2 2024 in line with our strong at 59.0% but decreased million from Q2 2024 due to lower decreased by US$15 million expectations and relatively b
Slide 23: Q2 2025 Regional Net Sales Performance
Q2 2025 Regional Net Sales Performance Net Sales Performance by Region Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Constant Currency Growth ‘25 vs ‘24 -7.0% -7.6% -8.0% -7.3% 4.4% -0.9% 0.0% -2.2% 23
Slide 24: Q2 2025 Regional Net Sales Highlights
Q2 2025 Regional Net Sales Highlights • Net sales in North America decreased by 7.3%(1) in Q2 2025, but improved sequentially from a decrease of 8.0%(1) in Q1 2025 despite softening consumer confidence. • This was driven by a sequential improvement at TUMI, which was down 3.3%(1) in Q2 2025 compared
Slide 25: 1H 2025 Results Highlights
1H 2025 Results Highlights • Net sales decreased by 5.2%(1) • Gross margin for 1H 2025 was • Adjusted EBITDA decreased by US$65 • Adjusted net income from a 1H 2024 that was up 2.8%(1) strong at 59.2% but decreased by million from 1H 2024 due to lower net decreased by US$51 from a very strong 1H 202
Slide 26: Diversified, Scaled Sourcing Platform Helps Navigate Tariff Uncertainty
Our Diversified, Scaled Sourcing Platform Helps Us Navigate Continued Tariff Uncertainty • The U.S. tariff landscape remains fluid and the ongoing impact on consumer demand and gross margin remain difficult to predict. The U.S. represented approximately 32% of our total net sales in Q2 2025. • New U
Slide 27: Other Financial Highlights
Other Financial Highlights • Combined 1H 2025 distribution and G&A expenses of US$644 million were up just 0.8% compared to 1H 2024 despite adding 57 net new company-operated stores opened in the past 12 months, reflecting ongoing disciplined expense management. • Advertising spend of US$99 million
Slide 28: Tightly managed distribution and G&A expenses
Continued to tightly manage our distribution and G&A expenses despite inflation and adding 57 net new company-operated stores since June 2024 Distribution and G&A expenses trend US$638.5 million US$643.6 million 28
Slide 29: DTC net sales more resilient; increased DTC contribution
Our DTC net sales were more resilient, leading to an increased net sales contribution percentage from DTC channels Comparison of net sales by channel - DTC E-Commerce relatively flat at -0.7%(1). 1H 2024 - Retail declined 1.9%(1), due to same-store sales decline of 6.7% (1) from reduced store 1H 202
Slide 30: Diversifying category mix towards non-travel products
We continued to diversify our category mix towards more non-travel products Comparison of travel vs. non-travel net sales 1H 2024 1H 2025 US$1,768.5 million US$1,661.7 million - Travel declined 7.9%(1) - Non-Travel growth of +0.1%(1) Travel Non-Travel (1) Stated on a constant currency basis. 30
Slide 31: Balance Sheet
Balance Sheet US$m June 30, June 30, $ Chg Jun-25 % Chg Jun-25 2024 2025 vs. Jun-24 vs. Jun-24 • Our balance sheet remained healthy, and well positioned to significantly Cash and cash equivalents 815.5 669.1 (146.4) -18.0% Trade and other receivables, net 346.1 363.7 17.6 5.1% benefit from strong lo
Slide 32: Working Capital
Working Capital US$m June 30, December 31, June 30, $ Chg Jun-25 % Chg Jun-25 2024 2024 2025 vs. Jun-24 vs. Jun-24 • Net working capital was US$72 Working Capital Items million higher compared to June 30, Inventories $ 637.7 $ 651.4 $ 698.2 $ 60.6 9.5% 2024 with net working capital Trade and Other R
Slide 33: 1H 2025 Capex investments
1H 2025 Capex investments focused on retail store remodels, new stores, and investment in strategic initiatives Capital Expenditures by project type • Retail capex of US$22.3 million in US$m 1H 2024 1H 2025 1H 2025 consisted primarily of US$12.5 million for store remodels Retail 20.2 22.3 and reloca
Slide 34: Outlook
OUTLOOK 34
Slide 35: Outlook
Outlook • While we remain confident in longer-term travel tailwinds supporting the business, the current macroeconomic environment is uncertain with shifting trade policies and softer global consumer confidence, which are impacting near-term demand and make it more difficult to predict the back half
Slide 36: Q&A
Q&A 36
Slide 37: Thank You
THANK YOU. 37
Slide 38: Appendix
APPENDIX 38
Slide 39: Non-IFRS Financial Measures
Non-IFRS Financial Measures In addition to the Company's results determined in accordance with IFRS Accounting Standards, management reviews certain non-IFRS financial measures, including constant currency net sales growth, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic
Slide 40: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation Adjusted EBITDA, a non-IFRS financial measure, eliminates the effect of a number of costs, charges and credits and certain other non-cash charges. Adjusted EBITDA is defined as profit for the period, adjusted to eliminate income tax expense,
Slide 41: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation For the Six Months Ended June 30, 2025 The following table reconciles adjusted EBITDA and adjusted EBITDA margin to the Company's profit for the period and profit margin, the most directly comparable financial measures stated in accordance wi
Slide 42: Adjusted Net Income and Adjusted EPS Reconciliation
Adjusted Net Income and Adjusted EPS Reconciliation Adjusted net income, a non-IFRS financial measure, eliminates the effect of a number of costs, charges and credits and certain other non-cash charges, along with their respective tax effects, that impact our reported profit attributable to equity h
Slide 43: Adjusted Net Income and Adjusted EPS Reconciliation
Adjusted Net Income and Adjusted EPS Reconciliation For the Six Months Ended June 30, 2025 The following table reconciles the Company's adjusted net income and adjusted basic and diluted earnings per share to profit for the period and basic and diluted earnings per share, the most directly comparabl
Slide 44: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Adjusted free cash flow, a non-IFRS financial measure, is defined as cash generated from operating activities, less (i) purchases of property, plant and equipment and software and (ii) principal payments on lease liabilities. We believe adjusted free cash flow