2026 H1 Results

Sales growth supported by America and the EMEA region Strong improvement in profitability, enhanced financial discipline and full-year guidance confirmed

2026 H1 Sales at €597m, increasing by +0.6% on an organic(1) basis compared with 2025 H1 Sales (€601m)
o Solid organic sales growth during the semester in America and in the EMEA region; organic growth confirmed in Asia Pacific; decline in France, impacted by a weak consumption environment and the contraction of the network
o Sales trend improvement in Q2, revenue amounts to €310m, +2.0% organic compared with Q2 2025 Sales (€305m), vs -0.8% in Q1
o Good like-for-like sales growth in Q2 (+3.9%), contributing to positive growth for the first half as a whole (+1.6%)
o Very dynamic performance from Maje (+5.2% organic growth) across all regions, while Sandro maintained
a solid momentum
o Robust gross margin, reflecting the success of the full-price strategy, with a two-point decrease of average discount rate compared with H1 2025
Adjusted EBIT of €53 million, up +25% year-on-year in absolute value, supported by a management gross margin ratio (76%). SMCP’s profitability of 8.9 % of sales (+1.8pp versus H1 2025), is in line with its guidance.
Continued reduction in net debt driven by disciplined financial management, leading to a record-low leverage ratio of 1.1x as of June 30, 2026, compared with 1.9x a year earlier (and 1.3x as of December 31, 2025). This strong financial position enables the Group to progressively increase investments to support growth, following two consecutive years of inventory and capital expenditure reductions.
Net profit of €17 million, up +52% compared with H1 2025 (€11 million).

A network of 1,589 points of sale as of the end of June, broadly stable in Q2 following the decline recorded in Q1, reflecting both dynamic management of the directly operated store network and continued development through partners in existing markets.

Confirmation of 2026 targets
o Adjusted EBIT margin reaching around 10% of sales in the second half of the year
o €50 million free cash flow generation expected for the full year

(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