Record quarterly Adjusted EBITDA and Sales up +5% in 2Q.
Adjusted 1H Net Profit up +33%.
Robust Order Book points to growth acceleration in 2H26 .
Agrate Brianza, August 4,2026 -The Board ofDirectors ofIntercos S.p.A.(ICOS .MI), attoday’s meeting chaired byDario Gianandrea Ferrari, approved theHalf-Year Financial Report forthe period ended June 30,2026 .
oRecord Group 2QNet Sales of€285.1million in2Q26,up+4.9%atconstant exchange rates (+4.0%atreported exchange rates) .The return togrowth initiated in2Qreflects therobust Order Book built upsince theend of2025 .2Qperformance was driven byexcellent EMEA sales and continued Prestige channel growth, together with Hair &Body business unit expansion .Sales of€512.5million inthefirst half oftheyear, were substantially inline with theprevious year (-0.5%atconstant exchange rates, -2.4%atreported exchange rates) .This result was achieved despite areduction inthe share ofthe Packaging component (from 22.2%ofsales in1H25to21.1%in1H26),leading toValue Added Sales (VAS) totaling €404.6million (-0.9%YoY atreported exchange rates) .
oRecord Quarterly Adjusted EBITDA :Adjusted EBITDA inthe second quarter was€47.5 million ,up+5.0%on2025 ,with amargin of16.7%,also improving onthe previous year (+16bps).The excellent second quarter performance was driven bytheMake -upsegment, which benefited from thesignificant growth ofthePrestige customers, inaddition toasharp reduction ofthepackaging component .1HAdjusted EBITDA totaled€72.6million ,aslight contraction of-2.6%ontheprevious year, with amargin of14.2%(inline with 2025 ).The margin onVAS was 17.9%,only aslight contraction of-32bps onthe first half of2025 ,in view ofthe increased share ofthe Hair &Body division (which historically presents the lowest profitability oftheGroup’s three Business Units) .
oAdjusted Net Profit in1Hof€27.6million ,increased +33%ontheprevious year, mainly due tothe reduction infinancial expense asaresult ofthe reduced exchange rate impact, in addition toalower income tax rate compared tothe previous year .The reported Consolidated Profit was€23.9million, also significantly upon1H2025 (+44%).
oThe Net Financial Position atJune 30,2026 was€122.7million(€85.2million, excluding the impact oftheapplication ofIFRS 16),reducing €-11.8million ontheprevious year .Financial leverage (net financial position onadjusted EBITDA over the last twelve months) of0.80x, slightly reduced from 0.87xatJune 30,2025 .
1INTERCOS S.P.A. -REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 -20123 MILAN (MI) -SHARE CAPITAL EURO 11.317.100,75 FU LLY PAID -IN -COMPANIES REG.
05813780961 R.E.A. 1850176 -TAX CODE AND VAT NUMBER 05813780961 -VAT NUMBER FOR EU TRANSACTIONS IT 05813780961
OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 -20864 AGRATE BRIANZA (MB) -TEL. +39 -03965521 (10 LINES) -FAX +39 -039654498
Renato Semerari, CEO ofIntercos “Inanenvironment marked again bynumerous geopolitical uncertainties, unfavorable currency fluctuations, and aBeauty sector experiencing amoderate recovery, ourGroup hasresumed its growth trajectory, posting record quarterly Adjusted EBITDA and itsbest 2Qever interms of sales .This performance, supported byarobust Order Book (particularly inthe Make -up segment) and bystrong client forecasts from Hair &Body business unit customers, strengthens theconfidence previously expressed interms ofanacceleration ofgrowth inthesecond half of theyear .
The first half of2026 was substantially inlinewith theprevious year atconstant exchange rates, thanks torecord 2Qsales of€285.1million, up+4.9%atconstant exchange rates (+4% reported), with sequential improvements across allbusiness units and particularly strong growth intheHair &Body segment .This performance iseven stronger inview ofthefact that theshare ofpackaging revenue ontotal sales declined further ontheprevious year .Quarterly Adjusted EBITDA reached arecord€47.5million, improving both inabsolute terms (+5.0%)and interms ofmarginality (16.7%,or+16bps compared to2Q2025 ).The improved channel mix, featuring higher sales toPrestige customers and areduced share ofpackaging ontotal sales, allowed us tooffset thedilutive impact oftheBusinessUnits’ mix, stemming from thestronger Hair &Body segment growth .
Atthe Business Unit level, the second quarter saw asequential improvement across all categories, with Hair &Body driving growth (+26.6%atreported exchange rates), while both Make -up(-1.4%)and Skincare (-3.4%)saw agradual recovery over thecourse ofthequarter .
The top-line performance was however tempered bythe lower weight ofthe packaging component, particularly inthe Make -upsegment .The Business Units’ performances diverged geographically, with theMake -upsegment driven bythewestern markets, while theSkin Care segment was stronger ontheeastern markets .
The 2Qresults therefore ledtoa1Hresult atcurrent exchange rates of+4.9%forHair &Body, -
3.2%forMakeup and -9.5%forSkincare .
From ageographic perspective, the EMEA region posted strong results both inthe second quarter (+10.2%)and inthefirst half oftheyear (+1.0%),driven bytheHair &Body and Make -
upsegments .Itisalso important tounderscore that theAmericas returned togrowth inthe second quarter (+0.8%,-3.8%forthefirst half oftheyear), while Asia, following years ofdouble -
digit growth, awaits arecovery inthesecond half oftheyear (-4.8%on2Q,-8.0%on1H).It should benoted thatAsia’s performance was impacted notonly byunfavorable exchange rates, butalso bytherecovery ofmarket share among theinternational brands, which have regained some oftheground losttolocal brands over thepast two years .
2INTERCOS S.P.A. -REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 -20123 MILAN (MI) -SHARE CAPITAL EURO 11.317.100,75 FU LLY PAID -IN -COMPANIES REG.
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OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 -20864 AGRATE BRIANZA (MB) -TEL. +39 -03965521 (10 LINES) -FAX +39 -039654498
Renato Semerari, CEO ofIntercos Finally, during thefirst half oftheyear, Intercos announced thelaunch ofitsnew Sustainability Plan, which includes 24ESG goals through 2035 ,inaddition toitsparticipation intheUnited Nations Global Compact and itsofficial commitment tothe Science Based Targets initiative (SBTi) .The Group has thus strengthened itscommitment tosustainability bysetting concrete, measurable and verifiable goals, confirming thecentral role ofESG issues within itsbusiness model .The Plan reinforces theGroup’s commitment across the entire value chain and is implemented through astrategy based ontwo complementary aspects :Apply (Sphere of Action), centering onactivities directly managed bythe Group, and Promote (Sphere of Influence), focused onpromoting sustainable practices throughout thesupply chain byengaging suppliers, partners and customers .
We look forward tothesecond half oftheyear with renewed confidence, regarding both the overall performance oftheBeauty market and thespecific evolution ofour business .Onone hand, weexpect thesecond half oftheyear tobenefit from thegradual recovery oftheBeauty sector and more favorable exchange rates .Onthe other hand, weexpectIntercos’ growth trajectory willbeable toaccelerate thanks toourrobust Order Book aswell aspositive forecasts from our customers, who are getting strong results onmost launches featuring Intercos products .Allofthis confirms thestrength ofourinnovation, which remains thecornerstone of Intercos' long -termsuccess” .
3INTERCOS S.P.A. -REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 -20123 MILAN (MI) -SHARE CAPITAL EURO 11.317.100,75 FU LLY PAID -IN -COMPANIES REG.
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OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 -20864 AGRATE BRIANZA (MB) -TEL. +39 -03965521 (10 LINES) -FAX +39 -039654498
4Group Highlights
Sales by Business Unit, Commercial area, customer type INTERCOS S.P.A. -REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 -20123 MILAN (MI) -SHARE CAPITAL EURO 11.317.100,75 FU LLY PAID -IN -COMPANIES REG.
05813780961 R.E.A. 1850176 -TAX CODE AND VAT NUMBER 05813780961 -VAT NUMBER FOR EU TRANSACTIONS IT 05813780961
OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 -20864 AGRATE BRIANZA (MB) -TEL. +39 -03965521 (10 LINES) -FAX +39 -039654498 €/mln 1H26 1H25 Var. % vs. 1H25 2Q26 2Q25 Var. % vs. 2Q25
Business Unit
Make-up 322.5 333.1 (10.6) (3.2%) 173.1 175.6 (2.5) (1.4%) Skincare 70.7 78.1 (7.4) (9.5%) 41.3 42.7 (1.4) (3.4%) Hair&Body 119.4 113.7 5.6 4.9% 70.7 55.8 14.9 26.6% Total Net Sales 512.5 524.9 (12.4) (2.4%) 285.1 274.1 10.9 4.0%
Commercial Company
EMEA 263.3 260.6 2.6 1.0% 145.8 132.2 13.5 10.2%
Americas 141.7 147.3 (5.7) (3.8%) 76.8 76.2 0.6 0.8% Asia 107.6 116.9 (9.3) (8.0%) 62.5 65.7 (3.2) (4.8%) Total Net Sales 512.5 524.9 (12.4) (2.4%) 285.1 274.1 10.9 4.0%
Customer Type
Multinationals 242.9 262.6 (19.7) (7.5%) 130.0 132.7 (2.6) (2.0%) Emerging Brands 240.9 226.9 14.0 6.2% 138.1 121.8 16.4 13.4% Retailers 28.7 35.4 (6.7) (18.8%) 16.9 19.7 (2.8) (14.2%) Total Net Sales 512.5 524.9 (12.4) (2.4%) 285.1 274.1 10.9 4.0% €/mln 1H26 1H25 % vs. 1H25 2Q26 2Q25 % vs. 2Q25 Net Sales 512,5 524,9 (2,4%) 285,1 274,1 4,0% Net Sales - Pack costs (VAS*) 404,6 408,4 (0,9%) Industrial gross profit 111,0 111,8 (0,7%) % on net sales 21,7% 21,3% 36Bps Adjusted EBITDA 72,6 74,5 (2,6%) 47,5 45,3 5,0% % on net sales 14,2% 14,2% (4Bps) 16,7% 16,5% 16Bps % on VAS* 17,9% 18,2% (32Bps)
EBITDA 67,8 70,1 (3,2%)
% on net sales 13,2% 13,4% (12Bps)
EBIT 41,7 43,9 (5,2%)
% on net sales 8,1% 8,4% (24Bps)
PBT 36,6 30,5 20,2%
% on net sales 7,1% 5,8% 134Bps Net Income 23,9 16,6 43,8% % on net sales 4,7% 3,2% 150Bps Adjusted Net Income 27,6 20,7 33,3% % on net sales 5,4% 4,0% 144Bps (*) VAS: Value Added Sales = Net sales minus cost of Packaging
Sales by Business Unit, Commercial area, customer type Intercos in1H2026 reported sales of€512.5million ,impacted again byunfavorable exchange rate movements (-0.5%atconstant exchange rates and -2.4%atreported exchange rates) .TheGroup’s best second quarter ever, with sales of€285.1million, up+4.9%atconstant exchange rates (+4.0%at reported exchange rates), largely offset thechallenging 1Qperformance .
Analyzing revenues bybusiness unit (growth percentage atreported exchange rates) :
- The Make -upsegment reported second quarter sales of€173.1million ,reducing -1.4%on2025 , although marking asequential improvement from the -5.2%decline inthe first quarter .The Business Unit's sales forthefirst half oftheyear totaled€322.5million, decreasing -3.2%onthe first half of2025 .Sales inthePrestige channel grew inboth quarters, with afurther acceleration in 2Q.The performance was diluted bythedeclining share ofthePackaging segment throughout the first half oftheyear .EMEA contributed most tothebusinessunit’s performance, while Asia saw a contraction after years ofdouble -digit growth .
- The Skincare segment reported sales of€41.3million inthesecond quarter, contracting -3.4%on the previous year, although also improving over 1Q,with 1Hsales of€70.7million reducing on 2025 (-9.5%).The decline isprimarily attributable toMultinationals inEMEA and theU.S.The sales oftheEmerging Brands, ontheother hand, remained stable over thefirst half oftheyear, with a return togrowth inthesecond quarter, driven byAsia.The customer mix showed aresurgence in growth forthePrestige channel in2Q.
- The Hair &Body segment reported sales of€70.7million forthequarter, asignificant increase of +26.6%compared totheprevious year .While allregions contributed togrowth, themain drivers were the Emerging Brands customers and the Fragrances segment inEMEA .1Hsales totaled €119.4million ,growing by+4.9%,driven entirely bythe strong performance inthe second quarter .
Interms ofsales bycommercial area (percentage ofgrowth atreported exchange rates) :
-EMEA saw double -digit growth inthesecond quarter (+10.2%),with sales of€145.8million ,thanks to thestrong performance ofboth theMake -upand Hair &Body Prestige customers .Sales inthefirst half of2026 totaled€263.3million ,substantially inline with theprevious year (+1%).The Emerging Brands have seen robust growth inthis region, partly offset bythedecline oftheMultinationals and Retailers .
-The Americas also came back togrowth inthesecond quarter ,with sales of€76.8million ,up+1% and inline with local market volume trends .The Multinational customers posted strong results inthe second quarter .Inthe first half, sales contracted -3.8%to€141.7million ,despite growth inthe Prestige channel throughout thefirst sixmonths .
-Asia reported sales of€62.5million in2Q,down -4.8%ontheprevious year and€107.6million for thefirst half oftheyear, decreasing -8%.Itwas theonly region toreport declining revenue both for 5INTERCOS S.P.A. -REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 -20123 MILAN (MI) -SHARE CAPITAL EURO 11.317.100,75 FU LLY PAID -IN -COMPANIES REG.
05813780961 R.E.A. 1850176 -TAX CODE AND VAT NUMBER 05813780961 -VAT NUMBER FOR EU TRANSACTIONS IT 05813780961
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Finally, with regards tosales bycustomer type (growth percentages atreported rates) :
-Multinational customers contributed sales of€130.0million inthe second quarter, aslight contraction of-2%.Sales forthefirst half oftheyear totaled€242.9million ,down -7.5%on2025 ,on avery challenging comparative base (+10%/+18%in2Q/1H25).The Prestige channel grew inboth the second quarter and thefirst half oftheyear, with strong Make -upand Americas performances in2Q.
-Emerging Brands' customers reported sales of€138.1million inthesecond quarter, up+13.4%on 2025 ,with sales of€240.9million (+6.2%)forthefirst half oftheyear .This growth isattributable to theHair &Body segment inEurope and theSkincare segment inAsia.
-Retailers generated sales of€16.9million (-14.2%)inthesecond quarter and€28.7million (-18.8%) forthefirst half oftheyear, inview oftheMake -upand Hair &Body performances inEurope .
Record quarterly Adjusted EBITDA in2Q2026 ;stable margin forthefirst half oftheyear .
Intercos in2Qdelivered record quarterly Group adjusted EBITDA of€47.5million ,while also posting improved profitability (margin up+16bps ontheprevious year) .The strong performance inthesecond quarter brought adjusted EBITDA forthefirst half oftheyear to€72.6million ,down slightly by-2.6%on the previous year .The margin remained stable at14.2%,despite the following three factors :i)the decline insales over thefirst half oftheyear ;ii)themargins slowdown inthefirst quarter ;and iii)the challenging comparative base of1H25.
This strong performance mainly stemmed from :i)animprovement inthe Make -upbusiness unit’s intrinsic margins ;ii)the lower proportion ofthe Packaging segment tototal sales (21.1%ofsales in 1H2026 ,down from 22.2%in2025 ),and iii)the improvements resulting from various operational initiatives undertaken bytheGroup, which have ledtoagradual increase inproductivity .
The improved productivity was again highlighted byAdjusted EBITDA asapercentage ofValue Added Sales (sales netofpackaging costs), which remained essentially stable at17.9%(-32bps ontheprevious year), despite thecontraction insales and thestronger growth oftheHair &Body business unit (which historically presents thelowest margin among theGroup’s business units) .
Excluding theadjustments, Group reported EBITDA was€67.8million ,decreasing -3.2%ontheprevious year .For abreakdown ofspecial item expenses and income, please refer topage 12ofthe Press Release .the quarter and the first half ofthe year, following years ofdouble -digit growth and avery challenging comparative base (Asia grew +14%/+16%in2Q25/1H25).The strong performance ofthe Emerging Brands and Skincare only partially offset thedecline intheMake -upsegment .Unfavorable exchange rate movements during the semester, particularly inKorea, further impacted the performance fortheperiod .
6Sales by Business Unit, Commercial area, customer type INTERCOS S.P.A. -REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 -20123 MILAN (MI) -SHARE CAPITAL EURO 11.317.100,75 FU LLY PAID -IN -COMPANIES REG.
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OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 -20864 AGRATE BRIANZA (MB) -TEL. +39 -03965521 (10 LINES) -FAX +39 -039654498
1H25 1H2674.5 72.6-2.6%
Adjusted EBITDA14.0% 13.2%
2Q25 2Q2645.347.5+5%
14.2% 14.2% 16.5% 16.7% 1H25 1H2648.953.2+9%Make -up
1H25 1H2614.3
10.8-24%Skincare
1H25 1H268.511.3-25%Hair&Body
16.5% 14.7% 15.3% 7.1% 18.3% 9.9% With regards toEBITDA byBusiness Unit :
-Make -up:Adjusted EBITDA inthefirst half oftheyear was€53.2million ,up+9%.Growth was very good both inabsolute terms and asapercentage ofnetsales (+183bps),thanks tothefavorable shift inthesales mix, driven bygrowth inthePrestige channel and adecline intheshare ofPackaging sales onthetotal .
-Skincare :Adjusted EBITDA forthefirst sixmonths oftheyear contracted -24%to€10.8million .This result stemmed from thereduced sales volumes, leading toalower absorption offixed costs inboth quarters, atrend only partially offset byanimprovement inthechannel mixinthesecond quarter .
-Hair &Body :Adjusted EBITDA was€8.5million, decreasing -25%ontheprevious year .The decline in both absolute terms and inthemargin was due notonly totheexpanding Contract Manufacturing component, butalso tothegrowing share ofPackaging ofthisBusinessUnit’s sales .
71H26vs1H25-Adjusted EBITDA byBusiness Unit1H26vs1H25-Group Adjusted EBITDA INTERCOS S.P.A. -REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 -20123 MILAN (MI) -SHARE CAPITAL EURO 11.317.100,75 FU LLY PAID -IN -COMPANIES REG.
05813780961 R.E.A. 1850176 -TAX CODE AND VAT NUMBER 05813780961 -VAT NUMBER FOR EU TRANSACTIONS IT 05813780961
OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 -20864 AGRATE BRIANZA (MB) -TEL. +39 -03965521 (10 LINES) -FAX +39 -039654498
Net Profit fortheperiod TheGroup’s Adjusted Net Profit forthe first half of2026 was€27.6million ,improving +33%onthe previous year .This performance primarily reflects the lower financial expenses, which had been impacted bythe sharp increase inrealized and unrealized exchange gains and losses following the significant strengthening oftheEuro against theUSD, theCNY and theKRW inthefirst half of2025 .The taxrate also decreased (34.7%in1H26,45.5%in1H25),primarily reflecting thetiming ofinter -company dividend distributions during the first half of2025 .The Group Net Profit ,which includes special item income and expenses and therelated taximpact, amounted to€23.9million .Forfurther details onthe difference between theAdjusted and Reported Result, please refer topage 12ofthisPress Release .
Cash Flow and Net Financial Debt Operating cash flow forthefirst sixmonths totaled€26.2million ,improving €+18.6million compared totheprevious year, due totwo main factors :(i)areduction incapex compared tothefirst half of2025 , which was impacted byinvestments inChina and South Korea (€+4.7million ),(ii)alower absorption of total networking capital (€+13.7million ),primarily driven bylower DSO and DIO compared tothesame period of2025 .The netcash flow reported anabsorption of€-22.2million, reflecting both thedividend 8Cash Flow and Net Financial Debt (*) considering only the portion of adjustments at EBITDA level with monetary impact and which in the first half of the year amounted to €3.4 million out of total net adjustments, which consider also income, of €4.7 million.
Net Financial Position (*) Calculated as the Net Financial Position / Adjusted EBITDA over the last twelve months INTERCOS S.P.A. -REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 -20123 MILAN (MI) -SHARE CAPITAL EURO 11.317.100,75 FU LLY PAID -IN -COMPANIES REG.
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OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 -20864 AGRATE BRIANZA (MB) -TEL. +39 -03965521 (10 LINES) -FAX +39 -039654498 €/mln 1H26 1H25 Var.
Adjusted EBITDA 72.6 74.5 (2.0) Adjustments (*) (3.4) (5.5) 2.1 Change in Trade Working Capital (28.4) (35.9) 7.5 Other changes in Working Capital 14.2 7.9 6.2 Capex (28.6) (33.4) 4.7 Operating Cash Flow 26.2 7.7 18.6 Changes in long term Assets & Liabilities 0.3 2.3 (2.0) Fin. Expenses (5.0) (13.4) 8.4 Income taxes (12.7) (13.9) 1.1 Dividends (18.5) (17.7) (0.8) Buyback (cash) (16.9) 0.0 (16.9) Other changes in Equity and others 4.5 (1.9) 6.3 Cash Flow (22.2) (36.8) 14.6 €/mln 1H26 1H25 Var.
Net Debt (excl. IFRS16) 85.2 95.2 (10.1) Net Debt 122.7 134.5 (11.8) Leverage Ratio (*) 0.80x 0.87x (0.08x)
distribution inthe second quarter (€-18.5million )and the expenses incurred toexecute the buyback program inthe first half ofthe year (€-16.9million ).The reduced exchange rate impact versus the previous year contributed both tothe reduction infinancial expenses and tothe“Other changes in equity andothers” item .
The net financial debt atJune 30,2026 was€122.7million ,reducing €-11.8million onthe previous year, with financial leverage of0.80xalso reducing .The Net Financial Debt atJune 30,2026 ,excluding theaccounting impact from theapplication ofIFRS 16,was€85.2million .
Outlook &Guidance
9The sales path oftheGroup throughout 1H26was aligned with ourexpectations, astheanticipated soft 1Q26was followed byasolid pick-upin2Q26.Indeed, thesecond quarter of2026 saw theinitial part of the materialization ofour strong Order Book, stemming from ahealthy pace ofnew launches and a strong re-orders trend, reflecting theexcellent acceptance ofIntercos launches ofthepast months .
Inastill volatile macro -economic environment, impacted again bynumerous geo-political events, the global Beauty market has overall displayed positive growth dynamics during the first half of2026 , although some contrast was visible across thevarious geographies where theGroup operates .
InEurope, while the broad Beauty market has shown positive growth in1H,the Cosmetics segment displayed amuch more limited pace, even marking aslight slowdown compared tothetrends observed inlate 2025 asvolumes broadly failed topick upinthat segment .The USBeauty market, ontheother hand, displayed signs ofahealthier recovery throughout 1H26,albeit market growth inthearea remains mainly driven byhigher prices .InChina, theBeauty market showed contrasting trends .Onone hand, theoverall Cosmetics demand improved inboth quarters .Ontheother hand, 2Q26was also marked by aslight decline inBeauty spend during the 6/18shopping festival, during which Western Premium brands outperformed local players, re-gaining part ofthe market share they had lost inthe past few years .
Westillexpect theGlobal Beauty market togrow in2026 atapace aligned with historical standards (i.e.
+4%to+5%),broadly confirming thetrend visible in1H26market data, hopefully with amore consistent contribution from volume growth .
Intercos’ current strong order book gives usgood visibility onthecontinuation and enhancement ofthe top-line growth trajectory inthesecond half oftheyear, with Makeup and Hair &Body business units being themain drivers oftheacceleration .Additional factors could also contribute tothis trend, aswe expect aprogressive come back ofChinese local brands which willlikely react tothe1H26market share losses, thus potentially adding further fuel toour 2H26pace .
Inlight ofthe overall Beauty market trend, ofour 2Qperformance, ofthe visibility provided byour robust order book, and despite the complex macro -economic environment, Intercos confirms the current consensus onNet Sales, which iswithin ouroriginal 2026 guidance range .
INTERCOS S.P.A. -REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 -20123 MILAN (MI) -SHARE CAPITAL EURO 11.317.100,75 FU LLY PAID -IN -COMPANIES REG.
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OTHER INFORMATION
ISSUE OFTHE HALF -YEAR FINANCIAL REPORT ATJUNE 30,2026
The Half-Year Financial Report forthe period ended June 30,2026 approved today bythe Board ofDirectors will bemade available inaccordance with thelegally -established deadlines and means .
DECLARATION OFTHE EXECUTIVE OFFICER FOR FINANCIAL REPORTING
Mr.Vittorio Brenna, asExecutive Officer forFinancial Reporting, declares -inaccordance with paragraph 2,Article 154-bisof Legislative Decree No.58/1998(“Consolidated FinanceAct”) -that theaccounting information included inthis press release corresponds totheunderlying accounting records .
RESULTS PRESENTATION CONFERENCE CALL
The H12026 results shall bepresented toanalysts and investors onAugust 4,2026 at6.30PM(CET) .The conference may be followed byconnecting tothefollowing numbers :+39028020911 (from Italy), +441212818004 (from UK), +1718 7058796 (from USA), (for journalists +39028020927 ).The supporting presentation fortheconference callshall bemade available onthe company website www .intercos -investor .com inthe“Investor Relations” section atthefollowing link:https ://www .intercos -
investor .com/investors/documenti -finanziari/presentazioni/ and onthe"1info” storage mechanism atwww .1info.it.From the daysubsequent tothecall, arecording ofthecallshall bemade available onthesame website .
UPCOMING FINANCIAL CALENDAR EVENTS
Q3 2026 Report November 5, 2026
IDENTIFICATION CODES
ISIN Code oftheShares :IT0005455875
Symbol :ICOS
10INTERCOS S.P.A. -REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 -20123 MILAN (MI) -SHARE CAPITAL EURO 11.317.100,75 FU LLY PAID -IN -COMPANIES REG.
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OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 -20864 AGRATE BRIANZA (MB) -TEL. +39 -03965521 (10 LINES) -FAX +39 -039654498
INTERCOS GROUP
Intercos isone ofthe leading global business -to-business operators inthe creation, manufacturing and marketing ofcolour cosmetics (Make -up), skincare (Skincare) and hair and body care products (Hair&Body ),serving theworld’s leading national and international brands, emerging brands and beauty retailers .Founded in1972 byDario Ferrari, Intercos counts themajor names inthecosmetics industry among itskeyclients, and employs more than 6,000 people across 12research centres ,15production facilities and 16commercial offices spanning three continents .Forover 50years, Intercos hasinterpreted beauty bycreating cosmetic products and establishing itself asatrendsetter capable ofanticipating and shaping thelatest developments inthe world ofcosmetics, serving clients ofevery type with products atevery price point .
NOTE AND DEFINITIONS
Alternative performance measures, not covered byIFRS, are used bymanagement forabetter assessment oftheGroup’s operating and financial performance and areinline with theGroup’s performance policies and control parameters .These measures should notbeconsidered toreplace those setoutintheIFRS .
The alternative performance measures notstemming directly from thefinancial statements areoutlined below :
•EBITDA :this isdefined asthesum ofnet profit fortheperiod, plus income taxes, financial income and expense, and the effects ofvaluing equity investments held asfinancial investments using theequity method and amortization and depreciation .
•Adjusted EBITDA :this isobtained bydeducting from EBITDA those components evaluated bytheCompany asspecial items, i.e.,particularly significant events that are not linked tothe ordinary performance ofthe core businesses orthat donot determine cash flows and/or changes intheamount ofequity .
•Adjusted Net Profit :this isobtained bydeducting from profit those components evaluated bytheCompany asspecial items, i.e.,particularly significant events that are not linked tothe ordinary performance ofthe core businesses orthat donot determine cash flows and/or changes intheamount ofequity and therelative taximpacts .
•Net debt (cash) ornet financial position :the sum ofcurrent and non-current financial payables, net ofcurrent and non-
current financial receivables, including cash and cash equivalents ;
Other definitions :
•VAS:Value Added Sales :Netsales less packaging costs •DSO :Days ofSales Outstanding -average time tocollect trade receivables •DIO:Days ofInventory Outstanding –average days ofinventory
DISCLAIMER
The information presented inthis document has not been audited .This document may contain forward -looking statements relating tofuture events and results ofoperations, financial position and cash flows ofIntercos .These statements bynature contain anelement ofrisk and uncertainty inthat they depend onfuture events and developments .The actual results may even diverge significantly from those announced, due toarange offactors .
CONTACTS
Media Relations:
Image Building
Via Privata Maria Teresa, 11 20123 –Milan Tel. +39 02 89011300
intercos@imagebuilding.itInvestor Relations:
Intercos S.p.A.
tel. +39 039 65521
investor.relations@intercos.com
11INTERCOS S.P.A. -REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 -20123 MILAN (MI) -SHARE CAPITAL EURO 11.317.100,75 FU LLY PAID -IN -COMPANIES REG.
05813780961 R.E.A. 1850176 -TAX CODE AND VAT NUMBER 05813780961 -VAT NUMBER FOR EU TRANSACTIONS IT 05813780961
OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 -20864 AGRATE BRIANZA (MB) -TEL. +39 -03965521 (10 LINES) -FAX +39 -039654498
12APPENDIX
Reclassified Consolidated Income Statement Adjustments toEBITDA and Net Profit(***) All functional areas include amortization and depreciation which are restated here for calculating EBITDA INTERCOS S.P.A. -REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 -20123 MILAN (MI) -SHARE CAPITAL EURO 11.317.100,75 FU LLY PAID -IN -COMPANIES REG.
05813780961 R.E.A. 1850176 -TAX CODE AND VAT NUMBER 05813780961 -VAT NUMBER FOR EU TRANSACTIONS IT 05813780961
OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 -20864 AGRATE BRIANZA (MB) -TEL. +39 -03965521 (10 LINES) -FAX +39 -039654498 €/mln 1H26 1H25 Delta Var.% Net Sales 512.5 524.9 (12.4) (2.4%)
COGS (401.5) (413.1) 11.6 (2.8%)
Industrial gross profit 111.0 111.8 (0.8) (0.7%) % on net sales 21.7% 21.3% Research & Development and innovation costs (23.9) (21.5) (2.4) 11.1% Selling expenses (14.3) (15.1) 0.8 (5.3%) General and administrative expenses (28.6) (28.9) 0.3 (1.1%) Other operating income (expenses) (2.6) (2.4) (0.2) 7.8% Operating Profit (EBIT) 41.7 43.9 (2.3) (5.2%) % on net sales 8.1% 8.4%
D&A (***) (26.2) (26.2) 0.0 (0.0%)
EBITDA 67.8 70.1 (2.3) (3.2%)
Adjustments (*) 4.7 4.4 0.3 Adjusted EBITDA 72.6 74.5 (2.0) (2.6%) % on net sales 14.2% 14.2% Financial income (expenses) (5.0) (13.4) 8.4 (62.6%) Profit before taxes (EBT) 36.6 30.5 6.2 20.2% Income taxes (12.7) (13.9) 1.1 (8.2%) Net income 23.9 16.6 7.3 43.8% Adjustments (**) 3.7 4.1 (0.4) Adjusted Net income 27.6 20.7 6.9 33.3% €/mln 1H26 1H25 Management Long Term Incentive Plan (1.3) (1.3) One-off costs related to personnel (mainly layoff) (0.7) (2.8) Cyber Cost/insurance reimbursement 0.0 2.5 Consultancy & legal costs (2.7) (3.4) Accrual/Release bad Debt Provision related to "The Body Shop" customer 0.0 0.6 Others 0.0 (0.1) Adjustments (*) at EBITDA level (4.7) (4.4) Write-off capitalization previous years (0.4) (1.3) Tax impact arising from above adjustments 1.4 1.6 Adjustments (**) at Net Income level (3.7) (4.1)
APPENDIX
13Consolidated cash flowReclassified Consolidated Balance Sheet INTERCOS S.P.A. -REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 -20123 MILAN (MI) -SHARE CAPITAL EURO 11.317.100,75 FU LLY PAID -IN -COMPANIES REG.
05813780961 R.E.A. 1850176 -TAX CODE AND VAT NUMBER 05813780961 -VAT NUMBER FOR EU TRANSACTIONS IT 05813780961
OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 -20864 AGRATE BRIANZA (MB) -TEL. +39 -03965521 (10 LINES) -FAX +39 -039654498 €/mln 30Jun26 31Dec25 Delta Tangible Assets 251.6 252.1 (0.6) Intangible Assets 73.5 72.1 1.4 Goodwill 134.1 133.8 0.3 Investments 1.5 1.5 (0.0) Deferred tax assets 26.4 26.1 0.2 Other non-current Assets/Liab. (10.1) (10.0) (0.2) Non-current Assets 476.9 475.7 1.2 Inventory 218.1 172.2 45.9 Trade Receivables 162.3 140.2 22.1 Trade Payables (204.8) (165.2) (39.6) Other current Assets/Liab. (48.7) (34.5) (14.2) Net Working Capital 127.0 112.8 14.3 Capital Employed 603.9 588.4 15.5 Net Debt 122.7 100.5 22.2 Equity 481.2 487.9 (6.7) €/mln 1H26 1H25 Delta Cash flows provided by (used in) operating activities 40.3 22.5 17.8 Cash flows provided by (used in) investing activities (23.7) (29.6) 5.9 Cash flows provided by (used in) financing activities 3.3 (33.1) 36.4 Net increase (decrease) in cash and cash equivalents 19.9 (40.1) 60.0 Dividends distribution and BuyBack (35.5) (17.7) (17.7) Cash and cash equivalents, at beginning of the year 152.2 190.0 (37.8) Of which, change in exchange differences (3.0) 5.9 (9.0) Cash and cash equivalents, at end of the year 139.6 126.2 13.5 Net increase (decrease) in cash and cash equivalents (15.6) (57.9) 42.3
APPENDIX
14Consolidated Income Statement from theNotes totheFinancial Statements Consolidated Balance Sheet from theNotes totheFinancial Statements INTERCOS S.P.A. -REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 -20123 MILAN (MI) -SHARE CAPITAL EURO 11.317.100,75 FU LLY PAID -IN -COMPANIES REG.
05813780961 R.E.A. 1850176 -TAX CODE AND VAT NUMBER 05813780961 -VAT NUMBER FOR EU TRANSACTIONS IT 05813780961
OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 -20864 AGRATE BRIANZA (MB) -TEL. +39 -03965521 (10 LINES) -FAX +39 -039654498 €/mln 30Jun26 31Dec25 €/mln 30Jun26 31Dec25
ASSETS EQUITY
NON-CURRENT ASSETS Share Capital 11.3 11.3 Property, plant and equipment 251.6 252.1 Other reserves 108.5 108.5 Intangible assets 73.5 72.1 Retained earnings 358.9 365.8 Goodwill 134.1 133.8 Total Equity owners of the parent 478.8 485.6 Equity Investments 1.5 1.5 Non-controlling interest equity 2.4 2.3 Deferred tax assets 34.8 34.7 TOTAL EQUITY 481.2 487.9 Other non-current assets 0.8 0.8 LIABILITIES Financial non-current assets 0.2 0.2 Non-current assets 496.5 495.2 NON-CURRENT LIABILITIES CURRENT ASSETS Bank borrowings and other lenders 217.7 200.3 Inventories 218.1 172.2 Provisions for risks and charges 1.3 0.9 Trade receivables 162.3 140.2 Deferred tax liabilities 8.5 8.5 Other current assets 24.0 19.6 Other non-current liabilities 0.3 0.3 Other financial assets 0.0 0.0 Employee benefits 9.8 9.6 Cash and cash equivalents 139.6 152.2 Non-current liabilities 237.5 219.5 Current assets 544.1 484.3 CURRENT LIABILITIES Assets for sale 0.4 0.0 Current bank borrowings and other lenders 37.5 47.4 TOTAL ASSETS 1,041.0 979.5 Other financial payables 7.3 5.3 Trade payables 204.8 165.2 Other current liabilities 72.6 54.1 Current liabilities 322.3 272.0
TOTAL LIABILITIES AND EQUITY 1,041.0 979.5
€/mln 1H26 1H25 Delta Var.% Revenues 512.5 524.9 (12.4) (2.4%) Cost of sales (401.5) (413.1) 11.6 (2.8%) Industrial Gross Profit 111.0 111.8 (0.8) (0.7%) Research, Development and Innovation Costs (23.9) (21.5) (2.4) 11.1% Selling Expenses (14.3) (15.1) 0.8 (5.3%) General and Administrative Expenses (28.6) (28.9) 0.3 (1.1%) Other income and expenses (2.6) (2.4) (0.2) 7.8%
EBIT 41.7 43.9 (2.3) (5.2%)
Financial income 5.3 7.4 (2.1) (28.1%) Financial expense (10.4) (20.9) 10.5 (50.3%)
EBT 36.6 30.5 6.2 20.2%
Income taxes (12.7) (13.9) 1.1 (8.2%) Net Profit 23.9 16.6 7.3 43.8%