Earnings release
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Philippe Benacin, Chairman and Chief Executive Officer, said: “With a summer in line with the budget, the second half of the year should gradually regain a more favorable momentum. As planned, this period will also focus on preparing for the numerous launches expected in 2027 and 2028, which will play a key role in the future development of our brands and our portfolio. ” Philippe Santi, Executive Vice President, added: “In a less favorable market environment over the past few years, Interparfums confirms the strength of its business model with an operating margin of more than 21% in the first half of 2026 and an expected margin of around 18% for the year as a whole. The prospect of a gradual improvement in activity, combined with the launch program in the coming years, provides a favorable basis for the Group’s future growth.” H1 2026 results Operating margin 21.1% Net margin 15.8% Paris, September 9, 2026 (1) Financial statements as of September 8, 2026 - Audit report being prepared In a global climate marked by persistent geopolitical tensions and economic uncertainty, Interparfums achieved solid performance in the first half of 2026 with consolidated sales of €431m at constant exchange rates and €414m at current exchange rates. This trend resulted from the robustness of several brands, including Coach and Jimmy Choo, as well as the good performance of certain key markets such as the United States and China. The gross margin rate rose significantly due to the continued momentum of the US subsidiary, combined with the unexpected reimbursement of US tariffs between April 2025 and February 2026. After restatement of the expense and reimbursement linked to these tariffs, the rate reached 66.7% in H1 2026 vs. 65.9% in H1 2025, an improvement of 80 basis points. As a result, the operating margin remained high at more than 21%, which once again demonstrates the agility of the company’s business model. Although activity contracted in the first half of 2026, Interparfums pursued its strategy by allocating 20% of its sales to marketing and advertising expenses for both the steady development of the current lines and investments related to the numerous launches planned for 2027. Lastly, given the improvement in financial results and a virtually stable tax rate, the net margin also remained high at 15.8%. At June 30, 2026, the company significantly reduced its inventories of components and finished goods compared to June 30, 2025 as a result of more selective management of component purchases and an adjustment of packaging volumes, both of which began in 2025. Following payment of the dividend for the 2025 fiscal year amounting to nearly €88m, available cash was €115m at June 30, 2026, €25m more than at June 30, 2025, while repayment of the various loans taken out in recent years continued semester after semester. Net debt therefore fell by more than €70m year-on-year to €3.2m at June 30, 2026. Finally, the balance sheet remains extremely sound, with nearly €710m in equity attributable to owners of the parent at June 30, 2026. Income statement(1) - €m Sales 422.6 446.9 414.3 -7% Gross margin % of sales 274.4 64.9% 292.9 65.5% 278.8 67.3% -5% Marketing & Advertising % of sales 79.1 18.7% 81.6 18.1% 82.8 20.0% +1% Operating profit % of sales 92.7 21.9% 103.8 23.2% 87.3 21.1% -16% Net income attributable to owners of the parent % of sales 69.6 16.5% 73.1 16.4% 65.5 15.8% -10% H1 2025H1 2024 H1 2026 26/25 Cash flows from operations remained close to €100m in the first half of 2026. The change in working capital, impacted by the usual seasonality of the business, nevertheless improved significantly compared with the first half of 2025 as a result of rigorous management of inventories and receivables. Balance sheet(1) - €m Inventory Cash and current financial assets 234.8 90.1 197.2 204.5 205.4 115.0 Equity attributable to owners of the parent Borrowings and financial liabilities 679.6 164.5 730.0 141.2 709.7 118.2 12/31/2506/30/25 06/30/26 Statement of cash flows(1) - €m Cash flows from operations 111.0 98.6 Change in working capital Taxes paid and financial interest Investments Dividends paid Net change in borrowings Other (79.9) (29.9) (36.1) (87.6) 30.9 (4.4) (57.7) (13.1) (3.4) (87.8) (23.0) (3.1) Change in net cash (96.0) (89.5) 06/30/25 06/30/26 Upcoming events Publication of Q3 2026 sales October 21, 2026 (before the opening of the Paris stock market) Publication of 2027 outlook November 19, 2026 (before the opening of the Paris stock market) Investor Relations and Analysts Contacts Philippe Santi Executive Vice President psanti@interparfums.fr Nicolas Picaud Investor Relations Director npicaud@interparfums.fr Press contact Cyril Levy-Pey Communication Director clevypey@interparfums.fr This press release is available in French and English on the company’s website interparfums-finance.fr Interparfums 10 rue de Solférino 75007 Paris Tel. +33 (0)1 53 77 00 00 ISIN : FR0004024222-ITP Reuters : IPAR.PA Bloomberg : ITP Euronext Compartment A Eligible for Deferred Settlement Service (SRD) - Eligible for PEA Index - SBF 120, CAC Mid 60
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1 Consolidated financial statements Consolidated income statement (in € thousands) H1 2025 H1 2026 Sales 446,943 414,287 Cost of sales (154,028) (135,444) Gross margin 292,915 278,843 % of sales 65.5% 67.3% Selling expenses (171,045) (173,928) Administrative expenses (17,808) (17,642) Current operating profit 104,062 87,272 % of sales 23.3% 21.1% Other operating expenses (300) — Operating profit 103,762 87,272 % of sales 23.2% 21.1% Financial income 2,567 2,781 Gross cost of debt (2,875) (2,339) Net cost of debt (308) 441 Other financial income 13,180 2,337 Other financial expenses (19,146) (3,071) Net financial income/(expense) (6,273) (293) Income before tax 97,489 86,979 % of sales 21.8% 21.0% Income tax (24,860) (22,179) Tax rate 25.5% 25.5% Share of profit from equity-accounted companies 375 374 Net income 73,003 65,174 % of sales 16.3% 15.7% Share attributable to non-controlling interests (95) (280) Net income attributable to owners of the parent 73,098 65,455 % of sales 16.4% 15.8% Net earnings per share (in euros)1 0.96 0.78 Diluted net earnings per share (in euros)1 0.96 0.78 1 Restated on a prorated basis for bonus share issues
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2 Consolidated balance sheet ASSETS 12/31/2025 06/30/2026 (in € thousands) Non-current assets Trademarks and other intangible assets 251,377 247,915 Property, plant and equipment 154,268 151,961 Right-of-use assets 12,700 11,886 Long-term investments 2,830 3,480 Non-current financial assets 897 652 Equity-accounted investments 13,213 13,586 Deferred tax assets 17,903 17,024 T otal non-current assets 453,187 446,505 Current assets Inventory and work-in-progress 197,222 205,420 Trade receivables and related accounts 168,507 180,972 Other receivables 16,430 25,284 Corporate income tax 9,541 3,296 Current financial assets 3,285 3,280 Cash and cash equivalents 201,210 111,710 T otal current assets 596,195 529,962 T otal assets 1,049,382 976,467 EQUITY AND LIABILITIES 12/31/2025 06/30/2026 (in € thousands) Equity Share capital 251,385 251,385 Share premium 1,919 1,919 Reserves 350,110 390,977 Net income attributable to owners of the parent 126,569 65,455 Equity attributable to owners of the parent 729,984 709,736 Non-controlling interests 1,700 1,420 T otal equity 731,684 711,156 Non-current liabilities Non-current provisions 4,263 4,543 Non-current borrowings and financial liabilities 96,109 79,060 Non-current lease liabilities 7,848 6,603 Deferred tax liabilities 7,313 6,704 T otal non-current liabilities 115,534 96,910 Current liabilities Trade and other payables 96,556 78,084 Current borrowings and financial liabilities 45,116 39,153 Current lease liabilities 3,215 3,366 Current provisions — — Corporate income tax 1,549 3,294 Other liabilities 55,728 44,504 T otal current liabilities 202,164 168,401 T otal equity and liabilities 1,049,382 976,467
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3 Consolidated statement of cash flows (in € thousands) H1 2025 H1 2026 Cash flows from operating activities Net income 73,003 65,174 Depreciation, provisions for impairment and other 19,451 10,696 Share of profit from equity-accounted companies (375) (374) Net cost of debt (5,920) 926 Tax expense for the period 24,860 22,179 Cash flows from operations before interest and tax 111,020 98,602 Interest paid and received 1,115 452 Taxes paid (30,175) (13,562) Cash flows from operations after interest and tax 81,960 85,492 Change in working capital requirements (79,864) (57,737) Net cash flows provided by (used in) operating activities 2,096 27,755 Cash flows from investing activities Net acquisitions of intangible assets (20,371) (961) Net acquisitions of property, plant and equipment (14,791) (1,460) Net acquisitions of right-of-use assets (49) (684) Acquisition of equity interests (1,988) (240) Net acquisitions of financial assets 1,152 — Change in long-term investments (20) (28) Net cash flows provided by (used in) investing activities (36,068) (3,373) Cash flows from financing activities Issuance of borrowings and new financial debt 50,288 — Loan repayments (19,368) (23,019) (Issuance)/repayment of loan granted to stakeholders — — Net change in lease liabilities (1,540) (1,212) Dividends received — 596 Dividends paid (87,621) (87,775) Own shares (373) (2,322) Financial income/(expense) (1,181) (808) Net cash flows provided by (used in) financing activities (59,795) (114,540) Impact of conversion rates (2,238) 658 Effect of changes in scope of consolidation 2 — Change in net cash (96,002) (89,500) Opening cash and cash equivalents 183,077 201,210 Closing cash and cash equivalents 87,075 111,710