Slides
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9M25 RESULTS November 6TH2025
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IMPORTANT NOTICEThis presentations is being furnished to you solely for your information and may not be reproduced or redistributed to any other person.This presentation might contain certain forward-looking statements that reflect the Company’s management current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Intercos current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Intercos to control or estimate. You are cautioned not to place undue reliance on the forward-looking statements contained herein which are made only as of the date of this presentation. Intercos does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. Any reference to past performance or trends or activities of Intercos shall not be taken as a representation or indication that such performance, trends or activities continue in the future. This presentation does not constitute an offer to sell or the solicitation of an offer to buy the Group’s securities, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating thereto or constitute a recommendation regarding the securities of Intercos. Intercos securities referred to in this document have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Vittorio Brenna, the Manager in charge of preparing the corporate accounting documents, declares that, pursuant to art. 154-bis, paragraph 2, of the Legislative Decree no.58 of February 24, 1998, the accounting information contained herein correspond to document results, books and accounting records. Disclaimer
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Agenda 9M25 and 3Q25 Sales performance Outlook & Guidance 9M25 and 3Q25 Results overview
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Results overview –9M25 Profitability trend3.011.1 9M24EBITDAVolumes impact @ c.FX~140Bps Profitability improvementExch. rates impact at EBITDA level (translation)9M25EBITDA103.2115.9(1.4)+12.3%€mln14.7%13.3%9M25 EBITDAstood at €115.9m, growing in all the quarters thanks to the sharp increase in profitability (+225Bpsin 1Q25, +103Bpsin 2Q25 and +161Bpsin 3Q25). All in all9M25 Adj. EBITDA grew by +12.3%(vs. +1.4% of sales growth), despite unfavourable exchange rates fluctuations that caused -€1.4m of lower EBITDA (i.e. translation impact). The continued improvement in profitabilityis the direct result of:(i) initiatives implemented by the Operations teamaimed at enhancing manufacturing efficiencyin the long run;(ii) a rebalancein the business unit mix, with Make-up once again accounting for over 60% of total Group revenues (i.e. re-focus on the core part of the Group business),(iii) a rebalance in the sales mixbetween “Full Service” and “Free Issue”, which — particularly in the 2H24 — had led to a significant increase in packaging sold to clients, which supported LY top line but put pressure on margins.
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9M25 & 3Q25 Results overview€m 9M25 9M24Rep FX c FX1.4% 2.9%Adj. EBITDA 115.9 103.212.3%Adj. EBITDA % 14.7% 13.3%143BpsNet Debt 133.7 117.7Net Debt/Adj. EBITDA 0.86x 0.85x€m 3Q25 3Q24Rep FX c FX(5.3%) (2.7%)Adj. EBITDA 41.4 39.25.4%Adj. EBITDA % 15.9% 14.3%161Bps% vs 9M24Revenues 785.6 775.13Q% vs 3Q24Revenues 260.7 275.29M•9M25 Net Salesamounted to€785.6 million, up+2.9%atconstant exchange rates (+1.4% reported). Despite a challengingmarket environment, revenues compared to 2024 were supportedby the solid performance of themost innovation-drivenbusiness unit – Make-up (+8.8%), by stable trends in Skincare,and by a decline in Contract Manufacturing volumes (i.e., Hair &Body).3Q25 Net Salesreached€260.7 million, down-2.7%atconstant exchange rates (-5.3%reported), reflecting toughcomparison with last year’s strong +11.6% growth, which had alsobenefited from a higher packaging component.•Adj. EBITDAfor the first nine months of the year amounted to€115.9 million, up+12.3%(+€12.7 million), driven by asignificant improvement in profitability across all three quarters ofFY25. 3Q25 Adj. EBITDA grew by+5.4%, reaching€41.4 million,with a margin on sales of15.9%, up+161 Bpsvs. 3Q24.•30Sep25 Net Debtstood at€133.7 million, up€16 millioncompared to 30Sep24. The increase mainly reflects higherinvestments aimed at expanding production capacity anddividends distribution. Financial leverage (Net Debt/Adj. LTMEBITDA) was0.86x, broadly in line with the previous year (0.85xasof 30Sep24), despite dividend payments and the launch of theshare buyback program. Excluding the impact of IFRS 16, the NetFinancial Position as of September 30, 2025, stood at €95.5 million.
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9M25 and 3Q25 Revenues by BU’s63,0%Make Up15,4%Skincare21,6%Hair & Body 3Q25 9M24 9M2562,1%Make Up16,6%Skincare21,4%Hair & Body58,7%Make Up16,2%Skincare25,1%Hair & Body €m 9M25 9M24 % vs 9M24Revenues 785.6 775.1 1%Make Up 495.0 455.0 9%Skincare 121.2 125.2 (3%)Hair & Body 169.4 194.9 (13%)€m3Q253Q24% vs 3Q24Revenues 260.7 275.2 (5%)Make Up 161.9 171.6 (6%)Skincare 43.2 42.2 2%Hair & Body 55.7 61.3 (9%)9M3Q•Make-uprecorded revenues of€495min 9M25, up+8.8%compared to 9M24. Growth wasdriven by multinational clients across all regions, particularly in Asia and EMEA. The prestigesegment was the strongest performer within the category. The decline in 3Q25 reflects atough comparison base (+14.6% in 3Q24 vs. 3Q23), which was sustained by a high level ofpackaging sold to clients (c.d. “Full Service” sales).•Skincareclosed 9M25 at€121.2m, slightly down-3.2%(or-€4m) vs. 9M24, mainly due tothe gap generated in 1Q25 (while Q3 was up+2.3%). The business unit continues to delivergrowth in EMEA and Asia, across both Multinational clients and Emerging Brands, partiallyoffset by lower sales in the Americas, reflecting a volatile US market environment anduncertainty around trade policies and so tariffs.•Hair & Bodyrecorded revenues of€169.4min 9M25, down-13.1%, impacted — asanticipated in the half-year results — by the effect of several new product launches to EMEAclients that had boosted 2024 performance (in the same period last year, the business unithad grown +13.7% vs. 9M23).
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9M25 and 3Q25 Revenues by Region50,9%EMEA27,6%Americas21,5%Asia53,4%EMEA26,7%Americas19,9%Asia52,2%EMEA27,8%Americas20,0%Asia 3Q25 9M24 9M25€m 9M25 9M24 % vs 9M24Revenues 785.6 775.1 1%EMEA 399.9 404.3 (1%)Americas 216.9 215.5 1%Asia 168.9 155.4 9%€m3Q253Q24% vs 3Q24Revenues 260.7 275.2 (5%)EMEA 139.2 140.9 (1%)Americas 69.5 80.0 (13%)Asia 52.0 54.3 (4%)9M3Q•EMEAreported revenues of€399.9min 9M25, slightly below last year (-1.1%). The region benefitedfrom solid performance by Multinational clients in Make-up and Skincare, offset by the decline in theHair & Body business unit. Prestige clients delivered a strong performance. This trend was alsoreflected in 3Q25, which closed slightly down (-1.2%).•Americasposted net sales of€216.9m, up+0.6%vs, 9M24. The Prestige segment was the bestperformer, particularly among Multinational clients. Make-up showed notable growth, while Skincareexpanded at a slower pace. After strong results in the first two quarters, 3Q25 declined -13.1% YoY. Asalready anticipated, the market remains highly volatile, with clients maintaining a more cautiousapproach due to the overall soft consumers demand and the uncertain impact on consumerssentiment of the newly implemented tariff policies.•Asia, despite a challenging base (9M24 at +28.9% vs. 9M23), continues to be the fastest-growingregion, up+8.7%vs. LY, with revenues reaching€168.9m. Growth was supported by strongperformance in China and Korea, particularly in Make-up, and by both Emerging Brands andMultinational clients, the latter showing a rebound from 2024 levels. 3Q25 decline (-4.2%, or -€2.3m)was fully driven by unfavourable exchange rate movements (i.e. up low single digit at c.FX), impactingboth the Korean Won and the Chinese Renminbi. Mid-term growth trajectories remain unchanged.
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9M25 and 3Q25 Revenues by Customer Type50,5%Multinationals43,2%Emerging Brands6,3%Retailers50,0%Multinationals43,4%Emerging Brands6,6%Retailers45,0%Multinationals48,9%Emerging Brands6,1%Retailers 3Q25 9M24 9M25€m 9M25 9M24 % vs 9M24Revenues 785.6 775.1 1%Multinationals 392.6 348.7 13%Emerging Brands 341.1 378.8 (10%)Retailers 51.9 47.6 9%€m 3Q25 3Q24 % vs 3Q24Revenues 260.7 275.2 (5%)Multinationals 131.8 128.2 3%Emerging Brands 112.6 129.4 (13%)Retailers 16.4 17.6 (7%)3Q 9M•Multinationalcustomers reported revenues of€392.6min 9M25, up+12.6%vs. 9M24. Make-up was themain growth driver, with strong performance across all regions. The Prestige segment recorded thehighest growth, and this client category also continued to expand in Q3 (+2.8%).•Emerging Brandsreported a-9.9%decline in revenues, closing 9M25 at€341.1m. Performance wasnegatively impacted by the Hair & Body business in both EMEA and the U.S. Within this client segment,Asia delivered positive results, with growth in both Skincare and Make-up. 3Q25 followed the same trend,down -13% vs. LY.•Retailersclosed 9M25 with revenues of€51.9m, up+9%,following a sharp decline in 2024. Growth wasmainly driven by the Hair & Body business.
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Outlook & GuidanceWhileEuropecontinues to show the expected modest growth rates, theU.S.market — the world’s largest Beauty market — remains highlyvolatile, with negative volume trends across several categories, probably led by the low consumer confidence on the country overalleconomic development.Asia, and China in particular, are showing more encouraging growth rates than last year, although the region has become increasinglydependent on major promotional events such as “Double Eleven” (the largest online shopping event) and “6/18” (the second largest inChina).Despite the current overall market softness, we remain confident that after two years of below-average Global Beauty trend, following thepost-COVID exceptional growth,2026 will mark a return to normalized growth levels.This should be supported by both a progressiverecovery in China (already visible this year) and a rebound in the U.S. market. In addition, India is expected to progressively gain momentum,particularly in the Make-up category.Market Overview 2025 continues to be a very particular year for the global Beauty market, and the Group’s focus on more value-added categories andoperational excellence is allowing Intercos to achieve a tangibleimprovement in profitability, whileconsolidating the strong top linegrowthreported over the last 3 years (+16.5% CAGRfrom FY21 to FY24).In this transitional phase for the market, the Group’s capacity expansion plan has progressed as scheduled: during the first nine months of2025, the South Korean plant was doubled in size, and one of the Chinese facility was expanded. New technologies have been developedacross our global R&D centres, and new production technologies are in advanced stage of development. Moreover, we are implementingorganizational changes aimed at strengthening the capacity and autonomy of our regional research centres, enabling them to anticipatelocally emerging trends in a faster and more efficient way. This will contribute to sustain Intercos’ growth in both the short and medium term.In addition, a share Buyback program has been lunched, with the scope of acquiring up to 4% of the share capital of the Group, also inconsideration of the significant de-rating that affected our sector in 2025.Where we StandLooking at the short term, for FY25, we confirm the guidance provided at the time of the 1H25 release, expecting FY25 Adj.EBITDA ofapproximately€155m, representing an increase of over€10mvs. FY24 and in line with current market consensus.Guidance
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Appendix
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DefinitionsFor the purpose of providing information in line with the performance analysis and control parameters of the Group, non-IFRS alternative performance measures are used by management to provide information for a better assessment of the results of operations and the financial position of the Group as described below. Such performance measures should not be interpreted as a substitute for the conventional performance measures established by IFRS.The details of the content of the alternative performance measures not arrived at directly from the financial statements are defined as follows:•c.FX: Constant exchange rates•EBITDA: is defined as the sum of profit for the year plus income taxes, financial income and expenses and the effects of the valuation of investments using the equity method net of equity investments held for financial investment purposes and amortization, depreciation and write-downs.•Adjusted EBITDA: is given by EBITDA less items of a non-recurring nature, that is, by particularly significant events that are not in the ordinary course of business or that have no effect on cash flows and/or changes in equity.•Adjusted Net income: is given by Net income less items of a non-recurring nature, that is, by particularly significant events that are not in the ordinary course of business or that have no effect on cash flows and/or changes in equity net of the related tax impacts.•Net indebtedness (cash) or net financial position/net debt: is given by the sum of current and non-current financial payables net of current and non-current financial receivables, including cash and cash equivalents.•Order-in-take: indicates the aggregate of legally placed and processed orders by a company during the reporting period.•Order Book: is the order backlog opened at any one given date.•VAS: Value Added Sales (Net Sales – cost of packaging)