Half Year 2026 SEB SA Earnings Call Transcript
Key Points
- SEB SA (SEBYF) reported a recovery in operating results for the first half of 2026, driven by internal improvements and the Rebound plan.
- The company confirmed its full-year outlook for 2026, expecting growth and a return to more normative free cash flow generation.
- SEB SA (SEBYF) achieved a 44% growth in operating result from activity, reaching EUR172 million.
- The Rebound plan is on track, with initial financial benefits already visible, and aims for EUR200 million in recurring annual savings by the end of 2027.
- The company received further recognition for its ESG commitments, achieving a platinum EcoVadis rating and improved CDP ratings on water and carbon emissions.
- The economic and geopolitical environment remains challenging, with mixed consumption prospects and increasing inflationary pressures.
- Currency effects negatively impacted sales, with significant depreciation of the CNY and US dollar affecting results.
- Professional sales declined by 2.8% on a like-for-like basis, with a persistent wait-and-see attitude from food service clients in the US and Middle East.
- The company faced a higher tax rate due to a non-favorable country mix, increasing from 25% to 30%.
- Retailers in Europe showed increased caution, leading to lower inventory policies and impacting SEB SA (SEBYF)'s sell-in performance.
Welcome to the Group SEB 2026 first half results presentation. Today's conference will be hosted by Stanislas de Gramont, Chief Executive Officer; and Olivier Casanova, Senior Executive Vice President and Chief Financial Officer. (Operator Instructions)
Now I will hand the conference over to the speakers. Please go ahead.
Thank you very much. Good morning. Good afternoon, everyone. Welcome to this first half results presentation. I will be doing this presentation together with Olivier Casanova. Stanislas de Gramont speaking. Starting with the first half year highlights. I think there are three main highlights. The first one is half one has seen a recovery of our operating results.
We see the first results of the Rebound plan during this semester, and we confirm at the end of this semester our full year outlook. For a bit more into details, we have seen in this first half a deteriorated economic and geopolitical environment with mixed consumption
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