Slides
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November 5 th 2026 9M26 RESULTS
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2 DISCLAIMER IMPORTANT NOTICE This 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.
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3 AGENDA Executive Summary Outlook and Guidance 3Q and 9M26 Results overview
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4 133.7 140.7 0.9x 0.9x -0.5x 0.0 x 0.5 x 1.0 x 1.5 x 2.0 x 100 105 110 115 120 125 130 135 140 145 9M25 9M26 30Sep26 Net Debt €140.7m (Ex.IFRS16 €104.2m) 0.9x Net Debt to LTM Adj . EBITDA ratio, Flat YoY 250 .000 270 .000 290 .000 310 .000 330 .000 350 .000 370 .000 Sep. '25 Sep. '26 250 .000 270 .000 290 .000 310 .000 330 .000 350 .000 370 .000 Jul. '25 Jul. '26 Order book growth accelerated during Q3 Growth further strengthened + Mid-Teens % Jul. ’25 vs Jul. ’26 Order Book - Makeup & Skincare After €41.4m in Share Buyback and €18.6m Dividend (Total €60m) EXECUTIVE SUMMARY - 3Q AND 9M26 RESULTS 3Q26 Adj. EBITDA : €44.5m +7.5% vs 3Q25 19.5% margin on VAS , 15.1% margin on Net Sales 9M26 Adj. EBITDA €117.0m +1.0% vs. 9M25 18.5% margin on VAS / 14.5% margin on Net Sales Best quarter ever for Net Sales : €294.2m +12.9% Rep. FX vs 3Q25 / +12.0% c. FX vs 3Q25 VAS €228.2m up +12.4% vs 3Q25 at Rep.FX 9M26 Net Sales €806.8m +2.7% Rep. FX vs. 9M25 / +3.7% c. FX vs. 9M25 VAS €632.7m up +3.5% vs 9M25 at Rep. FX Sep. ’25 vs Sep. ’26 Order Book - Makeup & Skincare
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5 3Q AND 9M26 RESULTS OVERVIEW RECORD NET SALES AND VALUE ADDED SALES (VAS) IN Q3 • NET SALES grew by +12.9% in reported FX in Q3 2026 (+12.0% constant) to a record €294.2 million, driven by Makeup and Hair&Body. Continued outperformance of the Prestige cluster, posting a mid-teens growth rate in Q3, around double the pace of the Mass cluster growing high-single digit. The robust Q3 performance led Net Sales into positive growth territory for the 9M 2026 (+3.7% at constant FX) reaching €806.8 million. • VAS grew broadly in line with Net Sales in Q3 (+12.4% reported) and in the 9M 2026 (+3.5% reported), highlighting the good quality of top line growth. • Adj. EBITDA grew by +7.5% in Q3 at €44.5 million, reaching €117.0 million in the 9M. Adj. EBITDA margin on VAS stood at 19.5% in Q3, decreasing -0.9 pp YoY due to the strong performance of Hair&Body, whose business model is skewed towards contract manufacturing with a structurally lower marginality. • Net Financial Position as of 30 September 2026 stood at €140.7 million (of which €36.6 million related to IFRS16 operating lease liabilities), increasing from €133.7 million as of 30 September 2025, mainly due to €60 million payments to shareholders during the period with (i) €41.4 million cash-out related to the share-buyback program in the last twelve months, and (ii) €18.6 million for dividend payment. Leverage was steady YoY at 0.9x LTM Adj. EBITDA, confirming the robustness of the balance sheet. €m 9M26 9M25 Rep FX c FX 2.7% 3.7% Value Added Sales 632.7 611.3 3.5% Adj. EBITDA 117.0 115.9 1.0% Adj. EBITDA on VAS % 18.5% 19.0% (46Bps) Adj. EBITDA % 14.5% 14.7% (25Bps) Net Debt 140.7 133.7 Net Debt/Adj. EBITDA 0.90x 0.86x % vs 9M25 Revenues 806.8 785.6 9M €m 3Q26 3Q25 Rep FX c FX 12.9% 12.0% Value Added Sales 228.2 203.0 12.4% Adj. EBITDA 44.5 41.4 7.5% Adj. EBITDA on VAS % 19.5% 20.4% (89Bps) Adj. EBITDA % 15.1% 15.9% (75Bps) 3Q % vs 3Q25 Revenues 294.2 260.7
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6 3Q AND 9M26 REVENUES BY BUS MAKEUP AND HAIR & BODY BUs UP BY DOUBLE DIGIT YoY IN Q3 • Makeup: marked acceleration in Q3, growing double-digit to €179.6 million (+11.0% reported), more than compensating for the year-on-year contraction of the first half of the year. VAS grew at a faster pace than Net Sales in both Q3 and 9M. Q3 growth was driven by EMEA and Americas, and well spread across Multinationals, Emerging Brands and Retailers. • Skincare: contracted to €39.0 million (-9.7% reported), in line with H1 trend. Skincare keeps showing a two-sided dynamic, where the significant growth in the APAC region and emerging brands has not been sufficient to compensate the weakness of the traditional Western segment. Historically, traditional Western skincare had a significantly higher weight within the BU, yet the mix is progressively rebalancing towards Asia, where the Group is riding the K-beauty wave. The visibility enabled by our order book fuels our confidence for a recovery in the Skincare BU in Q4. • Hair & Body: continued its overperformance in Q3 reaching €75.6 million Net Sales (+35.9% reported), leading to a double-digit growth of 9M Net Sales. VAS growth in Q3 was perfectly in line with the Net Sales trend, implying a higher quality of growth versus H1. The outstanding performance of the Hair&Body BU in Q3 has been well spread across all segments. Reported FX data 25.7% 24.2% 21.6% 13.2% 13.6% 15.4% 61.1% 62.2% 63.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 3Q26 9M26 9M25 Make Up Skincare Hair & Body €m 3Q26 3Q25 % vs 3Q25 Revenues 294.2 260.7 12.9% Make Up 179.6 161.9 11.0% Skincare 39.0 43.2 (9.7%) Hair & Body 75.6 55.7 35.9% 3Q €m 9M26 9M25 % vs 9M25 Revenues 806.8 785.6 2.7% Make Up 502.1 495.0 1.4% Skincare 109.6 121.2 (9.6%) Hair & Body 195.0 169.4 15.1% 9M
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7 3Q AND 9M26 REVENUES BY REGION ALL GEOGRAPHIES GREW YoY IN Q3, WITH EMEA AND AMERICAS UP DOUBLE DIGIT • EMEA sales grew +13.0% YoY in Q3 to €157.4 million, accelerating further from the +10% YoY seen in Q2, mainly driven by the strong performance of Hair & Body and Emerging brands. Makeup was another bright spot during the quarter, although it was mostly offset by the difficulties of the traditional western skincare. 9M26 sales were €420.7 million, up +5.2% YoY. • Americas growth accelerated substantially in Q3, reaching +19.5% YoY at €83.1million, as Intercos continued gaining share of wallet by Multinational clients in Makeup. On the 9M26 basis, Americas sales returned to growth with +3.7% YoY at €224.8 million. • Asia returned to growth in Q3 with sales up +3.4% YoY to €53.7 million, a performance enabled by double-digit growth in Skincare, enabled by our South Korea operations. This offsets the continued decline in Makeup mainly due to the slower than expected recovery in China. 9M26 sales remained down -4.5% YoY at €161.3 million. Reported FX data 18.3% 20.0% 21.5% 28.2% 27.9% 27.6% 53.5% 52.1% 50.9% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 3Q26 9M26 9M25 EMEA Americas Asia €m 9M26 9M25 % vs 9M25 Revenues 806.8 785.6 2.7% EMEA 420.7 399.9 5.2% Americas 224.8 216.9 3.7% Asia 161.3 168.9 (4.5%) 9M €m 3Q26 3Q25 % vs 3Q25 Revenues 294.2 260.7 12.9% EMEA 157.4 139.2 13.0% Americas 83.1 69.5 19.5% Asia 53.7 52.0 3.4% 3Q
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8 3Q AND 9M26 REVENUES BY CUSTOMER TYPE ALL CUSTOMER TYPES WERE UP YoY IN Q3, EMERGING BRANDS FURTHER ACCELERATING • Multinationals were back to growth in Q3, up +6.3% YoY at €139.4 million. Driving this comeback was mainly a solid performance of Makeup in the US and EMEA. Hair & Body further contributed, whereas Skincare in Europe was the main drag for this customer type. 9M26 Multinational sales were still down -2.9% YoY at €382.3 million. • Emerging Brands sales growth remained in Double Digit territory for the second consecutive quarter, even accelerating to +21.9% YoY (from +13% YoY in Q2), reaching €138.0 million. This was fueled by the outstanding Hair & Body performance and further acceleration in the Makeup category, both in EMEA. 9M26 Emerging Brands sales were €378.9 million, up +11.4% YoY. • Retailers returned to growth in Q3 with sales of €16.8 million up +3.1% YoY, mainly thanks to Asia. 9M26 sales were €45.5 million, down -11.9% YoY. Reported FX data €m 9M26 9M25 % vs 9M25 Revenues 806.8 785.6 2.7% Multinationals 382.3 393.7 (2.9%) Emerging Brands 378.9 340.2 11.4% Retailers 45.5 51.7 (11.9%) 9M 5.7% 5.6% 6.6% 46.9% 47.0% 43.3% 47.4% 47.4% 50.1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 3Q26 9M26 9M25 Multinationals Emerging Brands Retailers €m 3Q26 3Q25 % vs 3Q25 Revenues 294.2 260.7 12.9% Multinationals 139.4 131.1 6.3% Emerging Brands 138.0 113.3 21.9% Retailers 16.8 16.3 3.1% 3Q
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9 OUTLOOK & GUIDANCE Topic Update Current Scenario and our view In a still volatile macro-economic and geo-political environment, the global Beauty market has overall displayed positive growth dynamics. The Makeup market segment is enjoying favourable dynamics both in Europe and in North America, growing in terms of both price and volumes, with the latter turning increasingly supportive throughout the year. On the other hand, the Chinese market remains softer than initially expected ahead of the Double Eleven event. For Skincare, we expect the two-sided dynamic to continue with rising K-Beauty on one hand, and traditional Western segment losing steam on the other hand. We expect the Global Beauty market to grow at a pace aligned with historical standards (i.e. +4% to +5%), broadly confirming the trend visible in the 9M 2026 market data, with an increasing contribution from volume growth compared to the H1 2026 reading. Where we stand The third quarter of 2026 well reflects the materialization of the strong Order Book trend which was already flagged in the first half of the year, leading to a significant uptick in revenues, expected to continue into Q4. Makeup: given the visibility provided by the Order Book and the positive share of wallet dynamics with high-quality clients, Intercos expects to keep outperforming the underlying market also in Q4. Hair & Body: the segment keeps outperforming expectations, and we expect a continuation of growth into Q4, although at a more normalized rate. Skincare: In the current market context, Intercos should increasingly benefit from its Asian momentum, especially led by Korean Innovation. This is confirmed by our order book that gives us confidence for a Q4 recovery in the Skincare BU. FY26 Guidance Confirmed Intercos’ strong Q3 delivery and order book, giving us visibility on the continuation of the double-digit top-line growth into Q4, further strengthens our confidence in delivering FY 2026 guidance. Also, the current order book bodes well for a strong start to FY 2027.
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10 DEFINITIONS For 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 special items, 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 debt (cash) or Net Financial Position: the sum of current and non-current financial payables, net of current and non-current financial receivables, including cash and cash equivalents. • VAS: Value Added Sales (Net Sales – cost of packaging)