Interparfums 1H26 Preview: Encouraging momentum in US

研报英文原文证据摘录

Interparfums 1H26 Preview: Encouraging momentum in US

2 July 2026

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Marie Line Fort

+33 1 42 13 85 21

European Household & Personal Care marie-line.fort@bernsteinsg.com

Interparfums SA

Rating

Outperform

Price Target

ITP.FP 32.30 EUR

Interparfums is due to publish 2Q25/1H26 revenue figures on Wednesday 22 July before

Close Date 1 Jul 2026

the market open and will hold an analyst meeting later that morning. This release only covers

ITP.FP Close Price (EUR) 25.92

turnover, while the full profit/loss statement will be published on 9 September.

Price Target (EUR) 32.30

What is the backdrop? Interparfums is experiencing significant disparity between regions. Upside/(Downside) 25%

The US, which accounts for 39% of turnover, is seeing encouraging trends, with sell-out figures 52-Week Range 35.60/21.78

up 6% ytd and up 4% in May (+2% in April). In contrast, Europe is expected to remain sluggish, EDME 1,589.34

heavily impacted by pressure on household purchasing power. China and Latin America are FYE Dec

expected to continue driving growth, while the Middle East will likely remain in a state of severe Div Yield 4.1%

downturn. Currency movements should gradually become more favourable, particularly for Market Cap (EUR) (M) 2,172

EUR/USD (c. 50% of revenues in $). We expect turnover to remain slightly down in the second EV (EUR) (M) 2,121

quarter (see Exhibit 3), weighed on by falling sales in Europe and the Middle East. For North Performance YTD 1M 6M 12M

America, we forecast growth of 5% at constant exchange rates, as detailed in Exhibit 5. Absolute (%) 2.8 6.9 2.8 (24.3)

EDME (%) 8.1 2.5 7.4 18.6

Main topics likely to be addressed during the call. We expect management to field Relative (%) (5.3) 4.4 (4.6) (42.9)

questions about: 1) Retailers’ ability to restock.