Intercos Spa (ICOSF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening, this is the court court conference operator. Welcome and thank you for joining the Intercost Court Court 2026 Financial Results. As a reminder, all participants are enlisted in only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, please signal an operator for question star and zero on their telephone. At this time, I would like to turn the conference over to Renato Semerari, Chief Executive Officer. Please go ahead, sir. Thank you very much. Good evening, everybody. In a global context still marked by geopolitical tensions, currency headwinds, and the beauty market slowly recovering its historical growth pace of 4% to 5%, Intercos came back to growth, registering a quarter to with solid results, both at top and bottom line level. Summarizing the key highlights, Regarding top line, Q2 was the best ever second quarter of our history at 285 million euros, a 5% growth at constant rate. This result allowed us to close the gap versus 2025 accumulated in Q1. The first semester was only 0.5% below a year ago. Important to note that such a result was achieved despite a decline of the packaging component of our revenues. As such, our value-added sales, i.e. net sales minus PAC, resulted in first semester down by 0.9% at reported rates, which means low single-digit up at constant rates. This was done without depleting our order portfolio, which remained up mid-teens versus a year ago, thanks to continued strong order intake. As for EBITDA, Q2 was our best-ever quarterly result at 47.5 million euros, with a margin of 16.7%, which was 16 basis points better than a year ago. First half was therefore at 72.6 million euros, with flat margin at 14.2% on net sales, or 17.9% on value-ad...