Intercos Spa (ICOSF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening, this is the Coruscant Conference Operator. Welcome and thank you for joining the Intercost First Quarter 2026 Financial Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by friends star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Renato Semerari, Chief Executive Officer. Please go ahead, sir. Thank you very much. Good evening, everyone, and thanks for connecting to our earnings call. We'll present you our Q1, which, as expected and communicated, was difficult due to a convergence of negative factors. First of all, the currency headwinds. Second, the continued reduction of packaging component in our top line. Third, the softer reorder trend post-summer 2025, which impacted Q1 invoicing, which was ahead of the order's peak at the end of the year, which will impact Q2 onwards. All this on a high comp basis. In fact, last year in quarter one, we grew 13%. Going to the specific results, sales were down minus 6% at constant rates. Adjusted EBITDA margins stood at 11%, which was 66 basis points below a year ago. And this drop of marginality was entirely due to fixed cost absorption. Conversely, the quarter was extremely positive in terms of cash, which was positive by 7 million euros, despite 25 million euros of shares buyback and 19 million euros of dividends distributed. Last but not least, it's very important to note that in the past six months, we had an order entry in double-digit growth. So very, very solid order entry. Looking in more details at our sales development at current rates, make-up, and starting with views, mak...