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Investing.com -- Intercos delivered H1 sales growth of 6.1% on a constant currency basis, aligning with market expectations of 6.0%, while its adjusted EBITDA margin of 14.2% significantly exceeded the 13.3% consensus forecast.
The company’s first-half EBITDA results beat market expectations by 6%, showing a 16.5% increase compared to the same period last year. Despite this strong performance, management indicated that full-year 2025 adjusted EBITDA would likely match current consensus projections, suggesting approximately 2% EBITDA growth in the second half of the year.
The company attributed its tempered second-half outlook primarily to lower expectations for contract manufacturing Hair & Body sales, though this is partially offset by better-than-anticipated overall profitability.
While the reduced sales guidance might raise some concerns, the robust EBITDA performance highlights strengths in core business segments. The makeup category is showing particularly strong growth, with prestige sales outperforming and innovation-driven business surpassing contract manufacturing results. The company is also successfully delivering productivity improvements.
Regarding global beauty market conditions, Intercos described the current environment as still soft. The U.S. market remains challenging, with only the lip category showing real growth, while the eyes category is declining and face products remain stable.
In China, there are some signs of recovery with the market up approximately 3% in H1, though the company noted the 6:18 shopping period was not particularly strong. The EMEA region continues to show positive growth, albeit at a slower pace than last year.
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