Press release

H1 2019 results, in line with expectations

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Full-year guidance confirmed

(Excluding IFRS 16 impacts)

• H1 2019 sales up +9.5% as reported to €540.3 million (+8.0% at constant currency)
• Strong international sales growth up +14.0% at cc. in H1 19 notably driven by mainland China (>30% cc.)
• Adj. EBITDA up +3.5% at €86.8 million, with margin reaching 16.1%
• Net income of €27.8 million excluding one-off refinancing costs
• Stable leverage with Net financial debt/Adj. EBITDA1 ratio at 1.7x (vs. 1.6x in Dec. 18)
• Full-year guidance confirmed

« Our H1 2019 results are in line with our expectations, with a solid performance in international regions and particularly in APAC. Despite challenging market conditions, SMCP’s business model once again demonstrated its resilience while our full price focus strategy bore fruits, enabling the Group to deliver a sustain high gross margin.  »

Daniel Lalonde,