LR Health & Beauty-Q1 2026 results reflect continued top-line pressure-05/19/2026

研报英文原文证据摘录

LR Health & Beauty-Q1 2026 results reflect continued top-line pressure-05/19/2026

LR Health & Beauty

CREDIT NEWSFLASH | 19 MAY 2026

Q1 2026 results reflect continued top-line pressure

LR reported Q1 2026 sales of EUR 60.8m, down 17.8% y/y, and normalised EBITDA of EUR 5.2m (Q1 2025: EUR 8.2m), implying

a margin of 8.6%. The sales decline was driven by negative sentiment around the restructuring, a reduced distributor force

and lower distributor payouts following career plan adjustments, with Western Europe (-23.2%) seeing stronger pressure

than Central Eastern Europe (-11.5%). The restructuring process remains ongoing and is expected to be completed within

H1 2026.

Q1 2026 investor call; restructuring expected to complete within H1 2026

LR Health & Beauty held an investor call on May 12, 2026, presenting Q1 2026 financials alongside a strategic update. Management

highlighted efforts to reverse the negative distributor recruitment trend and implementing cost measures from the IDW S6 report, with the

financial restructuring process expected to be completed within H1 2026.

Sales and EBITDA under pressure in Q1

The sales decline to EUR 60.8m (-17.8% y/y) was attributed by management to negative sentiment around the restructuring, a reduced

distributor force and lower distributor payouts following changes in the incentive scheme implemented in January and April; Western Europe

(-23.2%) saw stronger pressure than Central Eastern Europe (-11.5%). Normalized EBITDA declined 36% y/y to EUR 5.2m, implying a margin

of 8.6%; cost savings across materials, personnel and operating expenses partially offset the revenue decline, while NRIs of EUR 2.0m (Q1

2025: EUR 0.8m) reflect ongoing restructuring-related legal and consulting costs.