Groupe SEB 2Q26 Results: Relentless focus on profitability

研报英文原文证据摘录

Groupe SEB 2Q26 Results: Relentless focus on profitability

Global Research

23 July 2026ab

Groupe SEB Equities

France2Q26 Results: Relentless focus on profitability

Furnishings & Appliances

12-month rating Buy

Focus on profitability despite a tough macro backdrop; reiterate Buy

Groupe SEB delivered another ORFA beat reinforcing management's focus on restoring 12m price target €80.00

profitability this year. Despite a tough macro environment and Q2 LFL sales a touch

below expectations, disciplined cost management, early benefits from the Rebound

Price (22 Jul 2026) €49.00

plan, together with tariff refunds and FX tailwinds, drove a 44% YoY increase in ORFA.

We expect consensus estimates to remain broadly unchanged, as higher inflationary and RIC: SEBF.PA BBG: SK FP

input-cost pressures in 2H are likely to be offset by incremental cost savings. While

Trading data and key metrics

ongoing macro volatility may continue to weigh on sentiment, Groupe SEB is gradually

52-wk range €74.25-41.62

rebuilding credibility with investors and, as 2H progresses, there could be scope for

earnings upgrades should the macro backdrop improve, inflation moderate, or Rebound Market cap. €2.68b/US$3.06b

savings materialise faster than expected. Consistent execution, together with the Shares o/s 54.7m (ORD)

potential for positive earnings momentum, should drive a re-rating in our view. We Free float 43%

continue to see an attractive risk-reward profile and reiterate our Buy rating and €80.00 Avg. daily volume ('000) 57.2

price target. Avg. daily value (m) €2.9

Common s/h equity (12/26E) €3.28b

Results vs expectations P/BV (12/26E) 0.8x

2Q26 sales of €1.86bn were broadly in line with consensus, although LFL growth of Net debt to EBITDA (12/26E) 2.2x

+0.6% came in slightly below expectations.