Interparfums Inc. (IPAR): First Take: Revenue beat shows resilience despite Middle East headwinds

Research evidence excerpt

Interparfums Inc. (IPAR): First Take: Revenue beat shows resilience despite Middle East headwinds

Equity Research

22 July 2026 | 11:25PM BST

Interparfums Inc. (IPAR): First Take: Revenue beat shows resilience

despite Middle East headwinds

Interparfums Inc. reported +2% sales growth to $341 million in Q2, approximately Aron Adamski

+44(20)7774-6224 |

2% above Bloomberg consensus. Middle East conflict was around -3% headwind, aron.adamski@gs.com

Goldman Sachs International

implying roughly +4% organic growth excluding the region. US operations delivered

Olivier Nicolaï

strong growth against an easier comparison basis, which had been affected by a +44(20)7774-2895 |

weak innovation pipeline and tariff-related supply-chain disruptions. In contrast, olivier.nicolai@gs.comGoldman Sachs International

European operations were pressured by Middle East headwinds and a challenging Rebecca Ayo-Adebanjo

operating environment in Russia. Management is encouraged by the business’s +44(20)7552-2213adebanjo@gs.com | rebecca.ayo-

midyear trajectory and cautiously optimistic about the outlook, citing a robust slate Goldman Sachs International

Darbyshire, CFAof flanker launches planned for H2 and a pipeline of blockbuster launches for 2027 Sam | +44(20)7051-9112

and 2028. sam.darbyshire@gs.com Goldman Sachs International

HullsGS View: While the escalating conflict in the Middle East is likely to weigh on growth Tom +44(20)7774-7641 | tom.hulls@gs.com

in the second half, we are encouraged by the +4% underlying growth delivered Goldman Sachs International

excluding these headwinds. In our view, this shows the continued resilience of Srikar Medisetti

+1(332)245-7675 |

fragrance demand and healthy underlying business momentum, particularly ahead srikar.medisetti@gs.com

Goldman Sachs India SPL