Half Year 2026 SMCP SA Earnings Call Transcript

Jul 28, 2026 / 04:00 PM GMT

Release Date Price: €5.18

Transcript

Key Points

Positve

SMCP SA (STU:SFC) delivered positive top-line growth with organic sales up 0.6% and like-for-like sales up 1.6% in H1 2026, despite a challenging consumer environment.
Gross margin reached an outstanding 76%, improving by 1.7 points year-over-year, driven by a disciplined discount reduction strategy across all regions.
Adjusted EBIT margin improved significantly to 8.9%, up 1.8 points from H1 2025, putting the company on track to achieve its H2 2026 target of around 10%.
Net income increased by over 50% year-over-year, driven by strong EBIT progression and improved financial leverage.
Net debt decreased by EUR61 million year-over-year, resulting in a record low leverage ratio of 1.1 times, reflecting strong financial discipline and cash generation.

Negative

Sales in France declined by 10.8% organic, impacted by soft consumer demand, a negative perimeter effect from store closures, and reduced liquidation activities.
The network evolution resulted in a sales decrease of about EUR11 million, primarily due to the closure of BHB and SGM stores in France and SACs closures.
Foreign exchange headwinds negatively impacted sales by approximately EUR7 million during the first half.
Free cash flow generation in H1 was only EUR3.5 million, with the company expecting the majority of its EUR50 million full-year target to be achieved in the second half.
The company recorded non-recurring expenses including impairment of stores and goodwill for Claudie Pierlot, which, while non-cash, indicate ongoing challenges in certain brand segments.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SMCP.PA - Smcp SA
Half Year 2026 SMCP SA Earnings Call
Jul 28, 2026 / 04:00PM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to the SMCP 2026 half year results presentation. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants will be able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to the speakers to begin today's conference. Please go ahead.

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Unidentified_2 [2]
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Thank you. Good morning, everyone. Thanks for being with us today for the publication of SMCP IFIR Results. I'm here with our CEO, Isabelle Guichaud, and our CFO, Patricia

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