• 2025 Sales at €1,217m, increasing by +1.7% on an organic(1) basis vs. 2024 Sales (€1,212m)
o Sustained organic growth in America and EMEA (excl. France); Asia still impacted by network optimisation, but like-for-like trend in B&M is stabilizing; France impacted by consumption slowdown in H2
o Strict full-price strategy with a three-point decrease in average in-season discount rate,
reaching 20%
o Negative FX impact of 1.3% for the full year (2% in H2)
• Q4 2025 Sales at €322m, decreasing by -1.1% on an organic basis vs Q4 2024 Sales at €334m, which represented a high comparison base
• Strong improvement of profitability, with an adjusted EBIT at €95m (7.8% of sales) increasing by +80% vs 2024 (€53m, i.e. 4.4% of sales), reflecting the continued effects of our cost optimisation plan
• Net income at €17m, a strong improvement of +€40m vs. 2024 (-€24m)
• Continued financial discipline resulting in a record free-cash-flow generation of €91m (vs €49M in 2024, a decrease in net debt of the same amount, reaching €148m (vs €237m at the end of 2024) and a leverage ratio at 1.3x, halved in one year
• Network decreased by 32 points of sale (o/w -21 POS in Q4), to reach 1,630 POS worldwide at the end of 2025:
o Pursuit of network optimisation in China and for Claudie Pierlot in Europe
o Development through partners, notably with the entry into ten new markets in the following
regions: Balkans, Eastern Europe, India, South-East Asia and South America
• 2026 targets:
o c. 10% adjusted EBIT margin in H2 2026
o Free cash-flow generation of €50m in 2026 (excluding exceptional costs related to a
potential transaction on SMCP’s capital)
1 Organic growth | All references in this document to the “organic sales performance” refer to the performance of the Group at constant currency and scope
