Slides
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1 2025 Full-Year Results February 26th, 2026 Isabelle Guichot, CEO Patricia Huyghues Despointes, CFO
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2 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 performances may differ materially from those in such projections and forecasts as a result of numerous factors, risks and uncertainties. These risks and uncertainties include those discussed or identified under Chapter 2 “Risk factors and Internal Control” of the Company’s Universal Registration Document filed with the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) on April 16, 2025, and available on SMCP's website (www.smcp.com). This presentation has not been independently verified. SMCP makes no representation or undertaking as to the accuracy or completeness of such information. None of the SMCP or any of its affiliate’s representatives shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Disclaimer
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3 Isabelle Guichot, CEO
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Group’s strategy delivering profitability improvement and record free cash-flow generation Resilient sales growth despite network optimization and strict full-price strategy Improved profitability and back to positive net result actions plan bearing fruits as expected Strong financial discipline outstanding FCF generation and debt reduction 2026 guidance confirmed
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5 Sound sales performance despite network optimization and strict full-price strategy Organic Growth (at constant currency & scope) vs previous year €1 217m +1.7% organic +2.1% LFL FY Sales Network 1,630 POS -32 in 2025 o/w –21 in Q4 Material negative full year FX impact at – 1.3% (-2.2% in the second semester) FY 2025 growth driven by America and EMEA Q4 2025 sales at €322m , down -1.1% organic despite network contraction (-21 POS); stable LFL with a strong basis of comparison Continued strict full -price strategy , with a 3-point improvement in discount rate Digital penetration remains at c.20% Network 1,630 POS o Pursuit of optimization plan in China and for Claudie Pierlot in Europe o Closing of 25 corners BHV-SGM in France impacting all brands o Expansion through partners with openings in new key markets (Chile, Argentina, …) Discount rate -3 points Improvement in all regions
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1 212 1 232 1 217 2024 Comparable Network Optimization plan Other Network Evolution WHS & Others 2025 excl FX impact FX impact 2025 LFL +2.1% Performance driven by LFL and wholesale, mitigating network optimization plan and FX impacts 6 Contribution to growth Reported change +0.5% in €m -17 -5 +22 -15 Constant FX +1.7% -0.4% +1.9% -1.3%+1.7% -1.4% +20
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Sales driven by a strong dynamic in EMEA and America 7 FRANCE -2% EMEA +7% APAC -9% AMERICA +10% France 34% EMEA 35% America 16% APAC 15% by region by brand 2025 sales organic growth by region Sales breakdown Sandro 50% Maje 38% Other brands 12% Retail 90% Wholesale 10% by channel
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Improved profitability leading to a positive net income 8 Gross margin ratio remains at a high level and improves vs 2024 thanks to strict full-price strategy Adjusted EBIT margin improving strongly semester after semester o Resulting from cost optimization action plan and sales resilience o On track to reach guidance of c.10% in 2026 H2 Back to positive net income of €17m, improving by +€40m vs 2024 75.0% of sales +0.7pp vs 2024 Gross margin €95m 7.8% of sales +3.4pp vs 2024 Adjusted EBIT €17m +€40m vs 2024 Net income
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A sound financial structure supported by continued discipline 9 Net debt €148m -€90m / -38% vs 2024 Free Cash -Flow €91m +€42m / +86% vs 2024 Record generation of cash from EBITDA improvement and supported by tight management of inventories and strict control of investments Continued deleveraging leading to a leverage ratio of 1.3x
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10 Key 2025 sustainability achievements SMCPeopleSMCProduct SMCPlanet A-List in 2025 from B in 2024 Partnership with Nativa Regen for regenerative wool integration 72% of certified materials in 2025 (vs 54% in 2024) SBTi validation of Group’s Net Zero 2050 targets In France, launch of a Collaborative engagement platform for employee volunteering Launch of a Caregiver employee policy
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Brand desirability – Sandro SS26 presentation at Bibliothèque Nationale de France 11
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Brand desirability – Maje SS26 presentation 12
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Brand desirability – continued elevation of KOL strategy 13 Cara Delevingn e 40M Gavin Casalegno 7M JISOO 80M Suki Waterhouse 4M Eva Longoria 11M
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Brand desirability – Claudie Pierlot & Fursac Claudie Pierlot SS26 presentation and KOL Fursac KOL 14 Penn Badgley 5.5M Malik Bentalha 1M SS26 Presentation Lena Mahfouf 5M
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15 Continued expansion through partnerships with openings of new countries and development in existing key markets Los Cabos, Mexico Santiago, Chile International presence through partnership Countries already operated through partnership New countries opened in 2025 Countries already directly operated
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16 Patricia Huyghues Despointes, CFO
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• Tough market conditions in H2 with softer consumer sentiment, and in particular in Q4 on the back of a very strong comparison base • Continued full-price strategy limits digital channels, but supports quality of sales and profitability • Network: -49 POS in 2025 linked to the closure of BHV-SGM corners (-25 POS) and other brands network optimization Strong performance in EMEA, France impacted by challenging environment and network evolution 17 FY Sales FRANCE €411m -1.6% organic -0.6% LFL FY Sales EMEA €430m +6.8% organic +5.4% LFL • Record year resulting from robust growth quarter after quarter supported by strong brands’ desirability • Positive like-for-like in nearly all retail markets • Good momentum of the Retail partners activity, especially in the Middle-East and Turkey • Network: +29 POS in 2025 coming from partner expansion with the openings of new markets and developing existing markets Organic Growth (at constant currency & scope) vs previous year, unless otherwise stated 2025 sales by quarter 2025 sales by quarter Q1 €102m Q2 €105m +4.0% +0.6%Organic LFL +0.2% Q3 €97m -0.8% +0.5%+1.5% Q4 €107m -8.7% -4.6% Q1 €98m Q2 €106m +9.2% +3.0%Organic LFL +6.4% +5.6% Q3 €110m +8.3% +7.1% Q4 €116m +2.9% +6.9%
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Continued momentum in North America, APAC still impacted by network optimization plan as expected 18 FY Sales APAC €183m -8.8% organic -1.2% LFL • The strategic plan is bearing fruit as expected, delivering full-year stabilized like-for-like in B&M China • Strict full-price strategy (-5 pts of discount rate) enhancing brand desirability, while impacting digital sales • Resilient sales in South-East Asia markets with positive trend in Vietnam, Malaysia and Thailand • Network: +4 POS in 2025 with the end of the network rationalisation in China and the development of the network through partners FY Sales AMERICA €193m +10.1% organic +5.2% LFL • Strong FY performance on a high basis of comparison reflecting Sandro and Maje continued momentum • Good like-for-like performance in the US and Canada and a reduction of the discount rate in a challenging context • Strong growth in Mexico, good start of South America • Network: -16 POS in 2025 in US, Canada and Mexico Organic Growth (at constant currency & scope) vs previous year, unless otherwise stated 2025 sales by quarter 2025 sales by quarter Q1 €44m Q2 €50m +2.0% +21.6%Organic LFL Q3 €47m +10.5% -3.9% +14.9% +4.6% Q1 €53m Q2 €44m -9.5% -6.2%Organic LFL -1.3% -1.0% Q3 €40m -10.7% -1.2% Q4 €52m +6.9% +5.4% Q4 €46m -8.7% -1.1%
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FY 2024 Gross Margin Opex D&A IFRS impacts FY 2025 19 Strong profitability improvement supported by cost optimization Sequential improvement since H1 2024 On track to reach the target of c.10% in H2 2026 Adjusted EBIT evolution in €m and % of sales 53 95 4.4% 7.8% Action plans bear fruits and lead to positive impact on volume effect and costs optimization H1-24 H2-24 H1-25 H2-25 19 34 43 533.2% 5.5% 7.1% 8.5%
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20 Back to positive net income Non-recurring expenses (-€31m) include impairment of stores and goodwill (Claudie Pierlot and Fursac), with no impact on cash Financial result (-€30m) improves from lower net financial debt In €m 2024 2025 Var. Adjusted EBIT 53.0 95.2 +42.2 LTIP -1.8 -4.0 -2.2 EBIT 51.2 91.2 +40.0 Non-recurring -35.2 -30.8 +4.4 Financial result -32.4 -29.7 +2.7 Profit before tax -16.4 30.7 +47.1 Income tax -7.2 -14.1 -6.9 Net Result -23.6 16.6 +40.2
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Free Cash -flow in €m 2025 91 Significant generation of Free Cash-flow coming from improved EBITDA and controlled inventories and Capex 21 in €m 39 2024 2025 CAPEX 28 in €m 2024 260 Inventories 2025 233 +42 2024 49 -27 H1-25 H2-25 33 58 -11
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Significant debt reduction by c.-40%, leading to leverage ratio divided by 2 in one year 22 Net debt In €m Net debt / adj. EBITDA leverage ratio excl. IFRS In €m Dec 31 st, 2024 Jun 30 th, 2025 Dec 31 st, 2025 Term Loan 89 73 74 RCF (€200m) 15 35 - State Guaranteed loans 128 81 80 Neu CP 25 30 30 Overdraft 23 24 6 Other Debt 8 6 5 Gross financial debt 287 249 195 Cash and cash equivalents 50 44 47 Net financial debt 237 206 148 Dec 31, 2024 237 Dec 31, 2025 148 1.3x2.6x -90
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Conclusion 23 2025: Solid strategic plan execution driving profitability improvement and financial strength • Resilient sales performance in a challenging environment, especially in Q4 • Strategic action plan bears fruits and boost profitability, as expected • Record free cash-flow generation and strong debt reduction 2026: Disciplined execution in a challenging current trading environment, supporting the confirmation of guidance • A still uncertain macroeconomic and geopolitical environment, with challenging consumer environment in the first weeks of 2026 • Confirmation of guidance: o c. 10% adjusted EBIT margin in H2 2026 o FCF generation of 50m€ in 2026
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2025 Full-Year Results February 26th, 2026 Isabelle Guichot, CEO Patricia Huyghues Despointes, CFO Q&A session
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25 Financial Agenda
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Next financial publications 2626 April 28th, 2026 2026 Q1 Sales 26 June 11th, 2026 Annual Shareholders meeting July 28th, 2026 2026 HY Results
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Appendix
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28 Quarterly net sales by region and by brand Organic sales growth: at constant currency & Scope Other brands: Claudie Pierlot and Fursac In €m Q1-24 Q1-25 Reported % Organic % Q2-24 Q2-25 Reported % Organic % Q3-24 Q3-25 Reported % Organic % Q4-24 Q4-25 Reported % Organic % FY-24 FY-25 Reported % Organic % France 98,2 102,1 +4,0% +4,0% 104,3 104,9 +0,6% +0,6% 97,8 97,1 -0,8% -0,8% 117,5 107,3 -8,7% -8,7% 417,8 411,4 -1,6% -1,6% EMEA 89,4 98,0 +9,6% +9,2% 102,4 106,0 +3,5% +3,0% 102,0 110,3 +8,1% +8,3% 109,4 116,2 +6,3% +6,9% 403,2 430,5 +6,8% +6,8% America 42,0 43,9 +4,4% +2,0% 42,8 49,6 +16,0% +21,6% 45,0 46,7 +3,7% +10,5% 53,0 52,3 -1,2% +6,9% 182,8 192,6 +5,3% +10,1% APAC 57,3 52,7 -8,0% -9,5% 48,9 43,9 -10,3% -6,2% 47,7 40,4 -15,3% -10,7% 54,0 46,1 -14,6% -8,7% 207,9 183,1 -11,9% -8,8% Total 286,8 296,6 +3,4% +2,6% 298,4 304,5 +2,0% +3,3% 292,6 294,4 +0,6% +2,5% 333,8 321,9 -3,6% -1,1% 1 211,7 1 217,4 +0,5% +1,7% Sandro 140,4 147,5 +5,1% +4,2% 151,9 154,7 +1,8% +3,3% 145,3 145,5 +0,1% +2,2% 167,5 161,1 -3,8% -1,1% 605,1 608,8 +0,6% +2,0% Maje 108,9 110,7 +1,6% +0,8% 109,9 113,6 +3,4% +4,9% 113,1 115,7 +2,3% +4,3% 126,4 124,9 -1,2% +1,6% 458,3 464,9 +1,4% +2,9% Other brands 37,5 38,4 +2,5% +2,3% 36,6 36,2 -1,3% -1,4% 34,1 33,2 -2,8% -2,7% 29,5 25,8 -12,5% -12,2% 105,7 103,8 -1,7% -1,7% Total 286,8 296,6 +3,4% +2,6% 298,4 304,5 +2,0% +3,3% 292,6 294,4 +0,6% +2,5% 333,8 321,9 -3,6% -1,1% 1 211,7 1 217,4 +0,5% +1,7%
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Breakdown of POS 29 Directly operated stores Total points of sale Number of DOS 2024 Q1-25 H1-25 Q3-25 2025 Var 2025 Var Q4 By region France 473 464 457 450 424 -49 -26 EMEA 395 387 394 396 396 +1 - America 178 162 162 168 168 -10 - APAC 247 245 242 240 239 -8 -1 By brand Sandro 564 550 547 550 539 -25 -11 Maje 468 454 456 458 453 -15 -5 Claudie Pierlot 185 177 176 173 166 -19 -7 Fursac 76 77 76 73 69 -7 -4 Total DOS 1 293 1 258 1 255 1 254 1 227 -66 -27 Number of POS 2024 Q1-25 H1-25 Q3-25 2025 Var 2025 Var Q4 By region France 473 464 457 450 424 -49 -26 EMEA 536 541 555 566 565 +29 -1 America 226 206 201 208 210 -16 +2 APAC 427 429 429 427 431 +4 +4 By brand Sandro 755 751 749 758 746 -9 -12 Maje 621 614 622 629 624 +3 -5 Claudie Pierlot 209 197 193 189 184 -25 -5 Fursac 77 78 78 75 76 -1 +1 Total POS 1 662 1 640 1 642 1 651 1 630 -32 -21 o/w Partners POS 369 382 387 397 403 +34 +6
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30 (1) Including commissions (2) Gross margin corresponds to sales after deduction of cost of sales and commissions paid to the department stores and affiliates. The company uses and monitors as an operational KPI the gross margin before commissions. (3) Before LTIP impact Income statement In €m - IFRS 2024 2025 variance Sales 1,211.7 1,217.4 +5.7 Purchases and changes in inventories1 -448.4 -435.7 +12.7 Gross Margin 2 763.3 781.7 +18.3 Other operating income and expenses -257.7 -257.3 +0.3 o/w -10.1 due to IFRS 16 impacts Personnel costs -289.2 -293.1 -3.9 Adjusted 3 EBITDA 216.4 231.3 +14.9 Depreciation and amortization expenses -163.5 -136.1 +27.4 o/w +15.1 due to IFRS 16 impacts Adjusted 3 EBIT 53.0 95.2 +42.2 Allocation of LTIP -1.8 -4.0 -2.2 EBIT 51.2 91.2 +40.0 Other non-recurring income and expenses -35.2 -30.8 +4.4 Operating profit 16.0 60.4 +44.4 Costs of net financial debt -30.6 -28.3 +2.3 Other financial expenses -1.8 -1.4 +0.3 Financial Result -32.4 -29.7 +2.7 Profit before tax -16.4 30.7 +47.1 Income tax -7.2 -14.1 -6.9 Net income -23.6 16.6 +40.2
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31 Balance sheet – Assets (1/2) In €m - IFRS As of Dec. 31, 2024 As of Dec. 31, 2025 Goodwill 604.3 585.5 Trademarks, other intangible & right-of-use assets 1,139.1 1,071.1 Property, plant and equipment 79.7 70.8 Non-current financial assets 16.8 14.2 Deferred tax assets 29.6 27.2 Non-current assets 1,869.6 1,768.8 Inventories and work in progress 260.2 233.0 Accounts receivables 69.0 60.0 Other receivables 50.8 40.5 Cash and cash equivalents 48.5 47.4 Current assets 428.5 380.9 Total Assets 2,298.1 2,149.7
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32 Balance sheet – Equity and liabilities (2/2) In €m - IFRS As of Dec. 31, 2024 As of Dec. 31, 2025 Share capital 83.9 86.2 Share premium 949.5 947.3 Reserves and retained earnings 133.3 142.8 Treasury shares -3.6 -4.6 Total Equity 1,163.1 1,171.7 Non-current lease liabilities 343.5 293.3 Non-current financial debt 158.7 90.5 Other financial liabilities 0.6 0.7 Provisions and other non-current liabilities 4.9 4.4 Net employee defined benefit liabilities 4.6 4.9 Deferred tax liabilities 163.9 164.3 Non-current liabilities 676.2 558.1 Trade and other payables 143.4 138.8 Current lease liabilities 100.7 90.5 Bank overdrafts and short-term financial borrowings and debt 126.4 103.7 Short term provisions 1.6 1.8 Other current liabilities 86.7 85.1 Current liabilities 458.8 419.9 Total Liabilities 2,298.1 2,149.7
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33 Net financial debt In €m As of Dec. 31, 2024 As of Dec. 31, 2025 Non current financial debt & other financial liabilities -159.3 -92,2 Bank overdrafts and short-term financial liability -126.4 -103,7 Cash and cash equivalents 48.5 47,4 Net financial debt -237.2 -147,5 LTM adjusted EBITDA (excl. IFRS & IAS 38) 92.2 116,7 Net financial debt / adjusted EBITDA 2.57x 1,26x
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34 (1) Based on management accounts * Before LTIP impact Other indicators1 In €m 2024 2025 Management Margin 901.1 913.7 % of sales 74.4% 75,0% Direct costs of points of sales (562.9) (543.2) % of sales -46.5% -44.6% Retail margin 338.2 370.5 % of sales 27.9% 30.4% SG&A (249.2) (255.9) % of sales -20.6% -21.0% IFRS 16 impacts on EBITDA 127.5 116.7 % of sales 10.5% 9.6% Adjusted EBITDA* 216.4 231.3 % of sales 17.9% 19.0%
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35 Adj. EBITDA by brand (1) Before LTIP impact €m - IFRS 2024 2025 var Adjusted 1 EBITDA 216.5 231.3 +6.8% Sandro 126.0 135.8 +7.8% Maje 94.3 98.2 +4.1% Other Brands -3.8 -2.7 -28.9% Adjusted 1 EBITDA margin 17.9% 19.0% +1.1 pts Sandro 20.9% 22.3% +1.4 pts Maje 20.6% 21.2% +0.6 pts Other Brands -2.6% -1.9% +0.7 pts
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36 Cash-flow statement In €m 2024 2025 Net cash flow from operating activities 233.9 253.2 Capital expenditure -38.9 -28.0 Others 0.0 0.0 Net cash flow from investing activities -38.8 -28.0 Treasury shares purchase program -0.4 -1.3 Change in borrowings and debt -55.5 -74.6 Net interests paid -18.9 -13.1 Other financial income and expenses -0.3 -2.7 Reimbursement of rent lease -127.5 -116.7 Net cash flow from financing activities -202.6 -208.4 Net foreign exchange difference 0.5 -1.6 Change in net cash -7.0 15.2
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37 Free cash-flow In €m FY-24 FY-25 Cash from operations before changes in working capital 214.7 229.3 Change in working capital 29.3 35.4 Income tax -10.1 -11.6 Net cash flow from operating activities 233.9 253.2 Capital expenditure -38.9 -28.0 Reimbursement rent lease -127.5 -116.7 Interest & Other Financial -19.2 -15.8 Other & FX 0.5 -1.6 Free cash -flow 48.9 91.1
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38 Working capital €m FY-24 FY-25 Inventories and work in progress 260.2 233.0 Trade receivables 69.0 60.0 Trade payables excluding fixed asset suppliers -126.9 -122.9 Operational working capital 202.3 170.1 Other receivables 39.9 34.3 Other payables -78.6 -79.7 Working capital 163.6 124.7 Change in working capital 29.3 35.4
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Shareholding structure and voting rights as of December 31th, 2025 39 Capital (%) Voting rights (%) Founders & Managers 11.0% Incl. double voting rights) European TopSoho 2 23.2% Free Float 38.3% Free Float 40.5% Founders & Managers 7.6% Trustee 1 28.0% European TopSoho 2 26.6% Trustee 1 24.1% Treasury shares 0.7% The share capital of the Company is composed of 78,326,898 shares following the automatic conversion on January 1, 2025 of th e remaining 697,343 Class G preferred shares (“ADP G”) into 2 735 711 shares. 1 Glas SAS (London Branch), Trustee under exchangeable bonds issued by European TopSoho S.à r.l. secured with shares of SMCP representing then approximately 37% of SMCP’s share capital, has taken possession of 29% of the capital on October 28, 2021 (now representing approximately 28% of the share capital). 2 European TopSoho was placed in insolvency proceedings on February 28, 2023 by the Luxembourg Court of Appeal and is now administrated by a cur ator under the supervision of Luxembourg Court