Intercos, sales up 6.1% and Ebitda +16.5% in the first half year

In the first six months of the year, sales increased by +6.1% at constant rates to EUR 524.9 million and Ebitda rose by +16.5% for Intercos. The increase in sales was driven by the excellent performance of make-up, up +17.6% on last year.

Growth in Adjusted Ebitda benefited from higher sales and a significant increase in profitability, with Ebitda as a percentage of group net sales at 14.2%, a marked expansion from 2024. The increase in profitability also characterised Q2 2025 (16.5% on net sales), allowing the group to achieve its highest ever quarterly Ebitda of 45.3 million.

On the other hand, net profit decreased slightly, to EUR 20.7 million, mainly due to the adverse financial impact of the revaluation of the euro on the main exchange currencies with which the group operates.

"In a context still marked by geopolitical instability and a substantially stable beauty sector, our group once again confirmed its growth, demonstrating solidity and adaptability," commented CEO Renato Semerari. In fact, not only have we recorded an increase in revenues above the market trend, but above all we have achieved a significant improvement in our profitability. In the first six months of 2025, revenues grew by +6.1% at constant rates (+5% reported), while Ebitda marked a double-digit increase (+16.5%), thanks to the work done to improve industrial productivity, increasingly efficient cost management, and a sales mix more in line with our historical trends, i.e. with make-up once again accounting for over 60% of total revenues. The second quarter, despite a challenging comparative base, also confirmed the positive trend, with a record quarterly Ebitda of EUR 45.3 million and a further improvement in margins.

At the business unit level, make-up drove growth (+17.6%), while skin care recorded a slight decline due to the first quarter and hair&body was affected by a contraction due to some new product launches in Q2 2024. The different trends rebalanced the relative weight of the various segments in line with historical levels, thus neutralising the mix impact that had negatively impacted the last few years. "This," adds the CEO, "together with the margin growth of make-up and, above all, skin care, has led to a significant increase in overall profitability at group level.