Near-term Middle East drag, blockbuster launch upside ahead; Buy

研报英文原文证据摘录

Near-term Middle East drag, blockbuster launch upside ahead; Buy

Equity Research

22 June 2026 | 10:55PM BST

INTERPARFUMS (IPAR/IPAR.PA)

We are updating our forecasts for Interparfums ahead of its Q2 26 sales update on Aron Adamski

+44(20)7774-6224 |

23 July. In the near term, we expect growth to lag Puig and L’Oréal (see here and aron.adamski@gs.com

Goldman Sachs International

here), reflecting a lighter launch calendar. However, we see a meaningful acceleration

Olivier Nicolaïinto FY27 and FY28, supported by Interparfums’ largest-ever blockbuster pipeline +44(20)7774-2895 |

and the debut of Longchamp fragrances. We believe the market is underestimating olivier.nicolai@gs.comGoldman Sachs International

the potential pace of the upcoming growth acceleration. Rebecca Ayo-Adebanjo

+44(20)7552-2213 | rebecca.ayo-

adebanjo@gs.com

n For Interparfums SA, we model Q2 organic sales declining -1.5%, driven mainly Goldman Sachs International

due to a -130bp headwind from disruption in the Middle East. Our €207m net Sam Darbyshire, CFA

+44(20)7051-9112 |

sales forecast is in line with Visible Alpha Consensus. Beyond FY26, we continue sam.darbyshire@gs.com

to believe consensus underestimates the next leg of growth, with our net sales

Tom Hulls

estimates running 4-5% above consensus for FY27-28. Interparfums SA trades +44(20)7774-7641 | tom.hulls@gs.com

on 15x CY27E P/E.

Srikar Medisetti

+1(332)245-7675 |

n For Interparfums Inc, the parent company of Interparfums SA, we model srikar.medisetti@gs.com

reported sales growth of +0.7% in Q2, supported by still-favourable FX Goldman Sachs India SPL

translation. Our $336m net sales forecast is in line with Bloomberg consensus.

Looking beyond FY26, we continue to see upside to consensus, with our net sales