Intercos S.p.A. (ICOSF) Q4 2025 Earnings Call Transcript

Operator

Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Intercos Group Full Year 2025 Financial Results Conference Call. As a reminder, all participants are in listen-only mode. [Operator Instructions]

At this time, I would like to turn the conference over to Mr. Renato Semerari, Chief Executive Officer of Intercos Group. Please go ahead, sir.

Renato Semerari
CEO & Executive Director

Thank you very much. Good afternoon, everyone. Thanks for attending our fiscal year ’25 earnings call. In a year, once more marked by severe geopolitical tensions, which have created significant uncertainties and a visible softness in global beauty consumption, Intercos has decided to focus its efforts on the recovery of the profitability loss during the last 3 years of strong top line growth. This called for an overall reduction of sales with packaging component and the focalization on the BUs centered around innovation. I’m glad to note that our efforts were successful and paid the expected dividends. However, top line was further hampered by currencies headwinds on top of the overall market softness.

Let’s see an overview of our results. Top line ended the year at EUR 1.047 billion, overall flat at constant rates and slightly down at current rates. To note, the value-added sales, which I remind you are net sales minus packaging expenses grew by 1.5% at constant rates, reflecting the mentioned reduction in pack sales. Gross profit conversely increased by 151 basis points, thanks to better mix and productivity gains as well as procurement efficiencies. Adjusted EBITDA grew