SEB SA (SEBF.PA): Groupe SEB virtual fireside chat: rebound plan on track, with external macro/geopolitical risk the main swing factor

研报英文原文证据摘录

SEB SA (SEBF.PA): Groupe SEB virtual fireside chat: rebound plan on track, with external macro/geopolitical risk the main swing factor

Equity Research

28 July 2026 | 6:54PM BST

SEB SA (SEBF.PA): Groupe SEB virtual fireside chat: rebound plan on

track, with external macro/geopoltical risk the main swing factor

Bottom line: Management sounded comfortable with current consensus ORfA of Ope Otaniyi

+44(20)7051 6955 |

c.€665m, despite our sense that buy-side expectations are lower, and confident in ope.otaniyi@gs.com

Goldman Sachs International

delivery of the €200m rebound-plan savings target, with execution progressing well

and risk increasingly skewed to external factors rather than self-help. Growth

remains mixed rather than strong, but management was cautiously constructive on

retail trends, particularly in the US, while Professional Coffee remains fundamentally

sound but held back by slower large-contract conversion. The key message was that

margin recovery, FCF normalization and deleveraging remain the near-term

priorities, while investment in innovation, marketing and R&D should support return

to 5% organic growth ambition over the medium term.

We hosted Groupe SEB CFO and IR for a virtual fireside chat. Five key takeaways:

1. Rebound plan on track, with external risks the key swing factor. The H2

bridge appears credible, supported by continued US recovery, potential South

America weather tailwinds, FX, tariff reimbursements and a larger rebound-plan

contribution, partly offset by c.€30m commodity headwinds (oil, shipping,

plastics and aluminum). Execution on the rebound plan appears to be

progressing slightly ahead of expectations, with labor agreements reached in

France and with most German entities, and good momentum in procurement.