August 4
th
2026
1H26 RESULTS
Disclaimer
2IMPORTANT NOTICE
This presentations is being furnished to you solely for your information and may not be reproduced or redistributed to any other person .
This presentation might contain certain forward -looking statements that reflect the Company’s management current views with respect to future events and financial and operational performance of the Company and its subsidiaries .
These forward -looking statements are based on Intercos current expectations and projections about future events . Because these forward -looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Intercos to control or estimate . You are cautioned not to place undue reliance on the forward -looking statements contained herein which are made only as of the date of this presentation . Intercos does not undertake any obligation to publicly release any updates or revisions to any forward -looking statements to reflect events or circumstances after the date of this presentation .
Any reference to past performance or trends or activities of Intercos shall not be taken as a representation or indication that such performance, trends or activities continue in the future .
This presentation does not constitute an offer to sell or the solicitation of an offer to buy the Group’s securities, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating thereto, or constitute a recommendation regarding the securities of Intercos .
Intercos securities referred to in this document have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements .
Vittorio Brenna, the Manager in charge of preparing the corporate accounting documents, declares that, pursuant to art. 154 -bis, paragraph 2, of the Legislative Decree no.58 of February 24, 1998 , the accounting information contained herein correspond to document results, books and accounting records .
Agenda
31H26 Executive
Summary1H26 FinancialsOutlook &
Guidance
Executive Summary – Record 2Q Results Record 2Q Net Sales in 2Q26
€285.1m
+4.9%
c.FX
vs 2Q25
+4.0% Rep. FX vs 2Q25 1H26 Net Sales €512.5m -
0.5% c.FX vs. 1H25 / -
2.4%
Rep FX vs. 1H25
VAS €404.6m
in -
line (
-
0.9%) vs 1H25 at
Rep.FX
Best ever
quarterly Adj. EBITDA in 2Q26
€47.5m
+5.0% or €+2.3m vs 2Q25 16.7% margin on Net Sales, +16Bps vs 2Q25
1H26 Adj. EBITDA
€72.6m
-
2.6%
or -
€2.0m vs. 1H25 14.2% on Net Sales (
flat
vs. 1H25)
17.9% on Value Added Sales ( -
32Bps
vs.1H25)
30Jun26 Net Debt
€122.7m
0.80x Net Debt to LTM Adj. EBITDA ratio 30Jun26 Net Debt excl. IFRS16 at €85.2m Higher Prestige and Lower Packaging share in sales mix drove margins 1H25 Prestige % 1H26 Prestige %+4pp 1H25 Pack on Net Sales %1H26 Pack on Net Sales %-1.1pp 1H25 Net Debt 1H26 Net Debt134,5
122,7
42Q sales rebound and robust order book offer visibility on 2H trajectory July ’25 Order Book Makeup & SkincareJuly ’26 Order Book Makeup & Skincare+Mid
Teens %
Executive Summary
Record 2Q revenues and best ever quarterly Adj.
EBITDA for the Group in 2Q26.
Value Added Sales overall in line with 1H25 levels despite 1Q gap and FX headwinds.
1H26 Adj. EBITDA margin remained steady vs 1H25 notwithstanding sales contraction and BU mix dynamics.
Net income up +33% vs 1H25 thanks to i) Robust 2Q Adj. EBITDA performance, ii) strong reduction in financial costs, iii) lower tax rates.
Continued strong financial discipline led to solid cash flow: leverage reducing YoY down to 0.80x, absorbing both expansion capex and share buyback spend.
VAS: Value Added Sales = Net Sales – packaging cost
€m 2Q26 2Q25
Rep FX c FX
4,0% 4,9%
Adj. EBITDA 47,5 45,3 5,0%
Adj. EBITDA % 16,7% 16,5% 16Bps2Q% vs 2Q25 Revenues 285,1 274,1 5
€m 1H26 1H25
Rep FX c FX
(2,4%) (0,5%)
Value Added Sales 404,6 408,4 (1%)
Adj. EBITDA 72,6 74,5 (3%)
Adj. EBITDA % 14,2% 14,2% (4Bps)
Adj. EBITDA on VAS % 17,9% 18,2% (32Bps) Adj. Net Income 27,6 20,7 33,3% Adj. Net Income % 5,4% 4,0% Net Debt 122,7 134,5 Net Debt/Adj. EBITDA 0,80x 0,87x% vs 1H25 Revenues 512,5 524,91H
1H26 Financials - Sales Performance – Revenues by BU
60,7%24,8%
Make Up14,5%
SkincareHair & Body
2Q26
1H25
1H26
62,9%23,3%
Make Up13,8%
SkincareHair & Body
63,5%14,9%21,7%
Make UpSkincareHair & Body €m 2Q26 2Q25 % vs 2Q25 Revenues 285,1 274,1 4% Make Up 173,1 175,6 (1%) Skincare 41,3 42,7 (3%) Hair & Body 70,7 55,8 27%2Q €m 1H26 1H25 % vs 1H25 Revenues 512,5 524,9 (2%) Make Up 322,5 333,1 (3%) Skincare 70,7 78,1 (9%) Hair & Body 119,4 113,7 5%1H Reported FX dataSequential 2Q improvement in all Business Units •Make -up reported revenues of €173.1m in 2Q26, down -1.4% YoY but improving sequentially from the -5.2% seen in 1Q. 1H26 reached €322.5m, down -3.2% compared to the first six months of 2025 . Sales performance was also diluted by the reduction of the Packaging component, with VAS for the Business Unit growing YoY in both 2Q26 and 1H26. Mix dynamics were positive, as the growth of Prestige and the reduction of Packaging weight drove the profitability enhancement for the business unit in 1H26. EMEA was the best performing area, while Asia slowed down .
•Skincare recorded sales of €41.3m in 2Q26, down -3.4% but marking an improving trend vs 1Q, closing the first half at €70.7m, down -9.5% vs 1H25. 1H and 2Q saw a positive contribution of Asian Emerging Brands . Overall, the decline was mainly driven by Multinationals in EMEA and the US.
•Hair&Body recorded revenues of €70.7m in 2Q26, a material +26.6% sales growth vs 2Q25. While all geographical areas contributed to growth, Emerging Brands and Fragrance segment in EMEA drove most of the strong performance . Revenues were €119.4m in 1H26, up +4.9% YoY entirely due to the strong performance in 2Q.
6
1H26 Financials - Sales Performance – Revenues by Region
51,1%
26,9%21,9%
EMEA
AmericasAsia
51,4%
27,6%21,0%
EMEA
AmericasAsia
49,7%
28,1%22,3%
EMEA
AmericasAsia
2Q26
1H25
1H26
Reported FX data 7 €m 2Q26 2Q25 % vs 2Q25 Revenues 285,1 274,1 4%
EMEA 145,8 132,2 10%
Americas 76,8 76,2 1% Asia 62,5 65,7 (5%)2Q•EMEA grew at double digit pace (+10% YoY) in 2Q26, reaching €145.8m, thanks to the strong performance of Prestige clients across the Makeup and Hair & Body units . In 1H26, EMEA recorded revenues of €263.3m, slightly growing compared to the previous year (+1%). Emerging Brands showed growth, particularly in the second quarter, partly offset by slower pace of Multinational clients and Retailers in the area.
•Americas also reported a positive performance in 2Q26 with Net Sales of €76.7m, growing +1% YoY in line with the market volume trends over the quarter . Multinational clients were the main performers during the quarter . In 1H26, the region reported sales of €141.7m, down -3.8%, despite a supportive Prestige segment in both quarters .
•Asia was the only area recording declining revenues in both 2Q and 1H26, after years of DD growth and a very challenging comparison base (Asia grew +14%/+16% YoY in 2Q25/1H25). FX headwinds further contributed to the semester performance, especially in Korea . Asia recorded net sales of €62.5m in 2Q26, marking a -4.8% YoY decline . Strong performance of Emerging Brands and of the Skincare unit only partly offset the reduction in Makeup sales . Sales were €107.6m in 1H26, down -8% YoY.
€m 1H26 1H25 % vs 1H25 Revenues 512,5 524,9 (2%)
EMEA 263,3 260,6 1%
Americas 141,7 147,3 (4%) Asia 107,6 116,9 (8%)1H
1H26 Financials - Sales Performance – Revenues by Customer Type
45,6%
48,5%Multinationals
Emerging
Brands5,9%Retailers
47,4%
47,0%Multinationals
Emerging
Brands5,6%Retailers
50,0%43,2%Multinationals
Emerging
Brands6,7%Retailers
€m 1H26 1H25 % vs 1H25 Revenues 512,5 524,9 (2%) Multinationals 242,9 262,6 (8%) Emerging Brands 240,9 226,9 6% Retailers 28,7 35,4 (19%)1H Reported FX data
2Q26
1H25
1H26
8 €m 2Q26 2Q25 % vs 2Q25 Revenues 285,1 274,1 4% Multinationals 130,0 132,7 (2%) Emerging Brands 138,1 121,8 13% Retailers 16,9 19,7 (14%)2Q•Multinational clients recorded sales of €130m in 2Q26, slightly down YoY (-2%) from a high comparison base (2Q/1H25 saw a +10%/+18% increase) . Good performance in the Makeup unit and in the Americas in 2Q26 was more than offset by contractions in Hair & Body, Skincare and Asia. 1H26 sales were €242.9m, down -7.5% YoY.
•Emerging Brands sales grew by +13.4% YoY to €138.2m in 2Q26, driven by the Hair & Body and Skincare units, primarily in Europe and Asia respectively . Emerging Brands sales grew by+6,2% YoY in 1H26, reaching €240.9m.
•Retailers’ sales declined -14.2% YoY in 2Q26 to reach €16.9m. 1H26 sales for this category were €28.7m, down -18.8% YoY. The performance in this section was primarily due to declining Makeup sales to Europe clients, as the Retailer category is the one least benefitting from the enhancing Prestige channel .
1H26 Financials – P&L Highlights vs 1H25 •1H26 Net sales came in at €512.5m, impacted by FX headwinds and almost reaching 1H25 level on an organic basis (-2.4% reported, -0,5% at constant FX), thanks to 2Q offsetting most of the 1Q decline . Value Added Sales (VAS) were €404.6m in 1H26, substantially aligned with 1H25 level (-0.9% at reported FX).
•1H26 Adj. EBITDA was €72.6m, down -2.6% or €-2.0m YoY, matching 1H25 margin level of 14.2%. After a soft 1Q, Intercos achieved the highest quarterly Adj. EBITDA ever recorded in 2Q26 of €47.5m (+5% or €+2.3m YoY), posting a +16Bps increase YoY to reach 16.7%. This performance reflects :
(i)an improved intrinsic mix within the Make -Up business unit, driven by continuous sales growth in the Prestige channel ;
(ii)the lower incidence of Packaging sales on group revenues (Packaging represented 21.1% of 1H26 sales, down from 22.2% in 1H25);
(iii)the benefits of operational initiatives that drove continuous productivity improvements .
•Adj.EBITDA on value -added sales (i.e. net of packaging costs), only slightly declined at 17.9% (-32Bps vs. 1H25) despite the sales contraction and the growing weight of the Hair & Body division (which historically displays the lowest profitability of the group’s three Business Units) .
•Adj. Net Income amounted to €27.6m in 1H26, showing a strong increase of +33% YoY. The performance primarily reflects the normalization in financial expenses following the high 1H25 realized and unrealized foreign exchange impacts, as the Euro had markedly appreciated against the US Dollar, China Renminbi and Korean Won last year.
Tax rate decreased to 34.7%, as the 45.5% level seen in 1H25 was influenced by the timing of intercompany dividend distributions, before it normalized in 2H25.
9 €m 1H26 1H25Var. vs
1H25% vs
1H25
Net Sales 512,5 524,9 -12,4 -2,4%
VAS 404,6 408,4 -3,8 -0,9%
Gross Margin 111,0 111,8 (0,8) (0,7%) Gross Margin % 21,7% 21,3% +36Bps
Adj. EBITDA 72,6 74,5 (2,0) (2,6%)
Adj. EBITDA/Net Sales 14,2% 14,2% (4Bps) Adj. EBITDA/Value Added Sales17,9% 18,2% (32Bps)
EBITDA (*) 67,8 70,1 (2,3) (3,2%)
EBIT (*) 41,7 43,9 (2,3) (5,2%)
PBT (*) 36,6 30,5 6,2 20,2%
Net Income (*) 23,9 16,6 7,3 43,8% Adj. Net Income 27,6 20,7 6,9 33,3% Adj. Net Income % 5,4% 4,0% +144Bps (*) Includes non recurring items
1H26 Financials – Adjusted EBITDA by BU
48,953,2
1H25 1H26+9%Make -up
14,3
10,8
1H25 1H26-24%11,3
8,5
1H25 1H26-25%Hair&Body
74,5 72,6
1H25 1H26-3%Group Adj. EBITDA
14.2% 14.2%
(17.9%
On VAS)(18.2%
On VAS)16.5% 14.7% 15.3% 18.3% 7.1% 9.9%EBITDA/
Net Sales
VAS = Value Added Sales€m Skincare •The Group’s highest ever quarterly Adj. EBITDA of €47.5m achieved in 2Q26, with profitability (16.7% on Net sales) partly offset the softer 1Q26 results . Consequently, 1H26 Group Adj. EBITDA was equal to €72.6m. 1H26 profitability of 14.2% on Net Sales and 17.9% on Value Added Sales , remained broadly in-line compared to 1H25 levels (14.2% and 18.2% respectively) .
•Make -Up Adj. EBITDA was €53.2m, up +9% (or +€4.3m), with Adj. EBITDA margin on net sales improving by +183Bps YoY despite the slowdown in sales . The favourable evolution of mix drove most of the performance, thanks to the growth of the Prestige segment and the reduction of Packaging weight on total sales .
•Skincare Adj. EBITDA amounted to €10.8m in 1H26, down -24% (or €-3.5m) vs. 1H25. Slowdown in volumes drove fixed cost under -absorption in both quarters for this Business Unit. This was only partly offset by a better client mix in 2Q26, with a rising share of Prestige sales .
•Hair&Body Adj. EBITDA was €8.5m, down -25% (or €-2.8m) compared to 1H25. This Business Unit’s margin decline was mainly driven by the higher incidence of Contract Manufacturing on total BU sales . Higher weight of packaging on sales also impacted marginality .
10
1H26 Financials – Cash Flow & Net Debt (*) Only includes the portion of EBITDA adjustments with a cash impact, which amounted to €3.4m in the first half, out of total net adjustments of €4.7 million.
(**) Calculated as Net Debt/LTM Adj. EBITDA €m 1H26 1H25Var. vs
1H25
Adjusted EBITDA 72,6 74,5 (2,0) Adjustments (*) (3,4) (5,5) 2,1 Change in TWC (28,4) (35,9) 7,5 Other Chg. in NWC 14,2 7,9 6,2 Capex (28,6) (33,4) 4,7 Operating Cash Flow 26,2 7,7 18,6 Changes L/T Assets & Liab. 0,3 2,3 (2,0) Fin. Expenses (5,0) (13,4) 8,4 Taxes (12,7) (13,9) 1,1 Chg in Equity & Others 4,5 (1,9) 6,3 Cash Flow before Div. Dist. & Buyback 13,3 (19,1) 32,4 Buyback (16,9) 0,0 (16,9) Dividends Distribution (18,5) (17,7) (0,8) Cash Flow post Div. Dist. & Buyback (22,2) (36,8) 14,6 Net Debt Opening 100,5 97,7 Net Debt Closing 122,7 134,5 €m 1H26 1H25Var. vs
1H25
Net Debt 122,7 134,5 (11,8) Leverage Ratio (**) 0,80x 0,87x (0,08x) Net Debt excl. IFRS16 85,2 95,2 (10,1)Operating cash flow for the first six months amounted to €26.2m, up €+18.6m year-over-
year, mainly due to two factors :
(i)Lower capex spend (€-4.7m) vs last year’s expansion effort in China and South Korea, and (ii)a minor cash absorption from Working Capital overall (€+13.7m): mainly thanks to DSO and DIO dynamics .
The seasonally negative net cash flow for 1H26 was €-22.2m, reflecting the outflows for dividend payment (€-18.5m) and the execution of the Share Buyback program (€-16.9m).
The minor impact of foreign exchange items also contributed to the cash flow performance .
30Jun26 Net Debt was €122.7m, reducing €-11.8m compared to 1H25, with financial leverage also slightly decreasing to 0.80x. Excluding the accounting impact deriving from the application of IFRS16, Net Debt was equal to €85.2m.
11
Outlook & Guidance
12Topic Update
Current Scenario
and our viewIn a still volatile macro -economic environment, impacted again by numerous geo -political events, the global Beauty market has displayed an overall positive growth dynamics during the first half of 2026 , although some differences were visible across the various geographies where the Group operates . In Europe, while the broad Beauty market has shown positive growth in 1H, the Cosmetics segment displayed a much more limited pace, even marking a slight slowdown compared to the trends observed in late 2025 as volumes broadly failed to pick up in that segment .
The US Beauty market, on the other hand, displayed signs of a healthier recovery throughout 1H26, albeit market growth in the area remains mainly driven by higher prices . In China, the Beauty market showed contrasting trends . On one hand, the overall Cosmetics demand improved in both quarters . On the other hand, 2Q26 was also marked by a slight decline in Beauty spend during the 6/18 shopping festival, during which Western Premium brands outperformed local players, re-gaining part of the market share they had lost in the past few years .
We still expect the Global Beauty market to grow in 2026 at a pace aligned with historical standards (i.e. +4% to +5%), broadly confirming the trend visible in 1H26 market data, hopefully with a more consistent contribution from volume growth .
Where we standThe sales path of the Group throughout 1H26 was aligned with our expectations, as the anticipated soft 1Q26 was followed by a solid pick -up in 2Q26. Indeed, the second quarter of 2026 saw the initial part of the materialization of our strong Order Book, stemming from a healthy pace of new launches and a strong re-orders trend, reflecting the excellent acceptance of Intercos launches of the past months . Intercos exits 1H26 having broadly bridged the 1Q26 sales gap (1H26 Net Sales were only -0,5% below 1H25 level on a constant currency basis) and with an enhanced sales mix, primarily in Make -up, with higher presence in the Prestige segment and lower weight of the Packaging component . More importantly, results through 2Q26 confirm the progressive acceleration of the group’s top-line which we still expect will define our 2H26 performance .
Intercos’ current strong order book gives us good visibility on the continuation and enhancement of the top-line growth trajectory in the second half of the year, with Makeup and Hair & Body business units being the main drivers of the acceleration . Additional factors could also contribute to this trend, as we expect a progressive come back of Chinese local brands which will likely react to the 1H26 market share losses, thus potentially adding further fuel to our 2H26 pace .
Updated FY26
GuidanceIn light of the overall Beauty market trend, of our 2Q performance, of the visibility provided by our robust order book, and despite the complex macro -
economic environment, Intercos confirms the current consensus on Net Sales, which is within our original 2026 guidance range .
Appendix
13
P&L and Related Adjustments €m 1H26 1H25Var. vs
1H25% vs
1H25
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% 0,0 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%
€m 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 14( *** ) All functional areas include amortization which are deducted for the construction of the EBITDA
Balance Sheet and Cash Flow 15 €m 30Jun26 31Dec25Var. vs
31Dec25
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) €m 1H26 1H25 Var. vs 1H25 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
Definitions
16For the purpose of providing information in line with the performance analysis and control parameters of the Group, non -IFRS alt ernative performance measures are used by management to provide information for a better assessment of the results of operations and the financial position of the Group as described below. Such performance measures should not be interpreted as a substitute for the conventional performance measures established by IFRS.
The details of the content of the alternative performance measures not arrived at directly from the financial statements are defined as follows :
•c.FX : Constant exchange rates •EBITDA : is defined as the sum of profit for the year plus income taxes, financial income and expenses and the effects of the valuat ion of investments using the equity method net of equity investments held for financial investment purposes and amortization, depreciation and write -downs.
•Adjusted EBITDA : is given by EBITDA less special items, that is, by particularly significant events that are not in the ordinary course of b usiness or that have no effect on cash flows and/or changes in equity.
•Adjusted Net income: is given by Net income less special items, that is, by particularly significant events that are not in the ordinary course of business or that have no effect on cash flows and/or changes in equity net of the related tax impacts.
•Net indebtedness (cash) or net financial position /net debt: is given by the sum of current and non -current financial payables net of current and non -current financial receivables, including cash and cash equivalents.
•VAS : Value Added Sales (Net Sales – cost of packaging)