Interparfums : 2Q26 revenues - 3% below the consensus, cautious FY guidance

研报英文原文证据摘录

Interparfums : 2Q26 revenues - 3% below the consensus, cautious FY guidance

NSTEIN FLASHMAIL

23 July 2026

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 : 2Q26 revenues - 3% below the consensus, cautious

FY guidanceMIDCAPS

Interparfums published its 1H26 revenue figures on July 23thd before the market open and will hold analyst meeting later that morning.

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

2Q26 revenues 3% below the consensus. Interparfum’s 2Q26 revenues were down 6% year-on-year and up 1.7% at constant

currencies to €198.8compared to €205m for the company-compiled consensus and our estimate of €200.7m (see Exhibit 1). The

currency impact over the quarter was c.€16m (vs €5m in our estimates) mainly due to UDS/EUR exchange rates.2Q26.

Main takes from the 2Q26 momentum. Compared with our estimates, the largest deviation comes from Western Europe, where

sales are down 16%, and from Eastern Europe, at -11%. North America is broadly in line with our forecast, while sales in Asia are

ahead of our expectations with 24% growth, marking a clear rebound versus 1Q26.

Guidance 2026. Interparfums expects total revenue in the range of €850 to €870m for the full year implying a 3% decline at constant

currency. The consensus complied by the company is at €877m in the top of the range. The middle of the guidance could lead to a 2%

top line estimates cut. The group also guides on 1H26 operating margin expected to be in the range of 19% to 20% compared to 23%

in 1H25. The consensus is for 20% operating margin for the 1H26.

Bernstein view.