from INTER PARFUMS (EPA:ITP)
Solid results in H1 2025. Operating margin: 23.2% - Net margin: 16.4%
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Solid results in H1 2025
Operating margin 23.2% Net margin 16.4%
Income statements - €m H1 2024 H1 2025 25/24
Sales | 422.6 | 446.9 | +6% |
Gross margin % of sales | 274.4 64.9% | 292.9 65.5% | +7% |
Marketing & Advertising % of sales | 79.1 18.7% | 81.6 18.1% | +3% |
Operating profit % of sales | 92.7 21.9% | 103.8 23.2% | +12% |
Net income attributable to owners of the parent % of sales | 69.6 16.5% | 73.1 16.4% | +5% |
Although numerous instances of geopolitical turmoil in the spring intensified consumers’ wait-and-see attitude in many markets,
business remained robust in the first half of 2025. Consolidated sales reached €447m, in line with expectations, increasing by 5.8% at current exchange rates and 6.1% at constant exchange rates compared with the first half of 2024.
Given the increasing weight of the US subsidiary, which posted a near 20% increase in sales in H1 2025, the consolidated gross margin improved by 60 basis points vs. H1 2024.
This favorable trend, combined with a limited increase in marketing and advertising expenses and ongoing control of fixed costs, resulted in operating profit of close to €104m in the first half of 2025. At 23.2%, the operating margin increased by more than a point compared to last year.
Lastly, despite the deterioration in the euro/dollar exchange rate in the second quarter, net income attributable to owners of the parent in H1 2025 was €73.1m, 5% higher than in H1 2024. The net margin remained high at 16.4%.
Balance Sheet - €m 12/31/24 06/30/25 25/24
Inventory Cash and financial assets | 229.7 190.6 | 234.8 90.1 | +2% -53% |
Shareholders’ equity attributable to owners of the parent Borrowings and financial liabilities | 697.0 133.4 | 679.6 164.5 | -2% +23% |
Although 4% lower vs. 2024 in a context of sustained growth, inventories of components and finished goods remained high as of June 30, 2025, reflecting the procurement challenges experienced in recent years. However, they have been on a declining trend since peaking in mid-2024, supported by shorter lead times over the past 18 month.
Consistent with prior years, the payment of last year’s dividend and corporate income tax, along with the acquisition this year of the Annick Goutal trademarks and the purchase of additional real estate assets, temporarily impacted the cash position in the first half of 2025.
Two new loans totaling €50m to refinance these acquisitions coupled with the ongoing repayment of various loans resulted
in a net change of €31m in borrowings and financial liabilities.
Despite this, the balance sheet remains extremely sound, with nearly €680m in shareholders’ equity attributable to owners of the parent at June 30, 2025.
Governance
On Monday, September 8, the Board of Directors decided, based on the recommendation of the Governance, Nominations & Compensation Committee, to co-opt
Natalie Bader Messian as an independent director to replace
Véronique Morali, who resigned as a result of holding multiple board mandates, for the remainder of her term of office, i.e. until the 2026 Shareholders’ Meeting. This co-option will be submitted for ratification at the 2026 Ordinary Shareholders‘ Meeting. Natalie Bader Messian has 30 years of experience in cosmetics, fashion, jewelry and retail and has held several senior management positions at Chanel, Sephora, Fred, Prada and Clarins.
Tariffs
The US administration’s announcement in April of import tariffs at a rate of 10% prompted the company to increase its retail prices by around 5 to 7% as of August 1, 2025. Given that the rate of these tariffs is now 15%, the company is reviewing additional options to further limit their impact on the Group’s profitability.
Upcoming events
Publication of Q3 2025 sales October 28, 2025
(before the opening of the Paris stock market)
Publication of 2026 outlook November 19, 2025
(before the opening of the Paris stock market)
Investor Relations and Analysts Contacts
Philippe Santi Executive Vice President psanti@interparfums.fr
Nicolas Picaud Investor Relations Director npicaud@interparfums.fr
Press contact
Cyril Levy-Pey Communication Director clevypey@interparfums.fr
Philippe Benacin, Chairman and Chief Executive Officer, said: “ Despite a lack of visibility linked to an unstable international situation, an unfavorable euro/dollar exchange rate and a prudent commitment on the part of our partners, our 2025 sales are projected to be approximately €900m. This situation confirms our strategy, which has a proven track record, and the suitability of our products for the fragrance market. Fiscal years 2026 and 2027 therefore appear to be promising thanks to the addition of the Off-White, Annick Goutal and Longchamp brands to the portfolio and a program of major launches across the catalog. For these many reasons, I am very confident about our three-year strategy. ”
Philippe Santi, Executive Vice President, added: “ Our development model and our flexible, responsive organization enable us, for the record, to steer the growth/profitability combination. They help to improve our profitability in case of strong sales growth while preserving this same profitability in case of slower growth. ”
Paris, September 9 2025
Interparfums This press release is available ISIN : FR0004024222-ITP
10 rue de Solférino in French and English Reuters : IPAR.PABloomberg : ITP
75007 Paris on the company’s website Euronext Compartment A
Tel. +33 (0)1 53 77 00 00 interparfums-finance.fr Eligible for Deferred
Settlement Service (SRD) Eligible for PEA
Index - SBF 120, CAC Mid 60
Consolidated financial statements
Consolidated income statement
€ thousands | H1 2024 | H1 2025 | |
Sales Cost of sales | 422,615 (148,263) | 446,943 (154,028) | |
Gross margin | 274,352 | 292,915 | |
% of sales Selling expenses Administrative expenses | 64.9% (164,787) (16,903) | 65.5% (171,045) (17,808) | |
Current operating income | 92,661 | 104,062 | |
% of sales Other operating expenses | 21.9% — | 23.3% (300) | |
Operating profit | 92,661 | 103,762 | |
% of sales Financial income Gross cost of debt | 21.9% 3,708 (3,201) | 23.2% 2,567 (2,875) | |
Net cost of debt | 507 | (308) | |
Other financial income Other financial expenses | 3,159 (2,971) | 13,180 (19,146) | |
Net financial income/(expense) | 695 | (6,273) | |
Income before tax | 93,356 | 97,489 | |
% of sales Income tax Tax rate Share of profit from equity-accounted companies | 22.1% (23,339) 25.0% 65 | 21.8% (24,860) 25.5% 375 | |
Net income | 70,082 | 73,003 | |
% of sales Share attributable to non-controlling interests |
| 16.6% 475 | 16.3% (95) |
Net income attributable to owners of the parent | 69,607 | 73,098 | |
% of sales Net earnings per share in euros(1) Diluted earnings per share in euros(1) | 16.5% 1.00 1.00 | 16.4% 0.96 0.96 |
(1) Restated on a prorated basis for bonus share issues
Consolidated balance sheet
ASSETS € thousands | 12/31/2024 | 06/30/2025 | ||||||
Non-current assets Trademarks and other intangible assets Property, plant and equipment Right-of-use assets Long-term investments Non-current financial assets Equity-accounted investments Deferred tax assets | 240,397 143,763 13,226 2,656 2,654 12,893 20,964 | 257,274 154,616 11,673 2,424 1,802 13,268 17,695 | ||||||
Total non-current assets | 436,553 | 458,751 | ||||||
Current assets Inventory and work-in-progress Trade receivables and related accounts Other receivables Corporate income tax Current financial assets Cash and cash equivalents | 229,722 164,198 11,515 294 7,561 183,077 | 234,810 181,089 26,372 1,337 3,045 87,075 | ||||||
Total current assets | 596,367 | 533,727 | ||||||
Total assets | 1,032,919 | 992,478 | ||||||
SHAREHOLDERS’ EQUITY AND LIABILITIES € thousands | 12/31/2024 | 06/30/2025 | ||||||
Shareholders’ equity Share capital Additional paid-in capital Reserves Net income for the year | 228,349 — 338,805 129,868 | 251,184 — 355,351 73,098 | ||||||
Total shareholders’ equity attributable to owners of the parent | 697,022 | 679,633 | ||||||
Non-controlling interests Total shareholders’ equity | 1,536 698,558 | 1,148 680,781 | ||||||
Non-current liabilities Provisions for non-current expenses Non-current borrowings and financial liabilities Non-current lease liabilities Deferred tax liabilities | 4,791 95,912 10,821 6,507 | 3,997 118,169 9,254 8,661 | ||||||
Total non-current liabilities | 118,031 | 140,081 | ||||||
Current liabilities Trade payables and related accounts Current borrowings and financial liabilities Current lease liabilities Provisions for contingencies and expenses Corporate income tax Other liabilities | 105,249 37,518 3,219 — 8,034 62,311 | 77,783 46,291 3,168 300 1,900 42,174 | ||||||
Total current liabilities | 216,331 | 171,616 | ||||||
Total shareholders’ equity and liabilities | 1,032,919 | 992,478 | ||||||
Statement of Consolidated statement of cash flows
€ thousands | 06/30/2024 | 12/31/2024 | 06/30/2025 |
Cash flows from operating activities Net income Depreciation, provisions for impairment and other Share of profit from equity-accounted companies Net cost of debt Tax expense for the period | 70,082 8,632 (65) 1,761 23,339 | 130,287 22,460 (425) 2,971 44,391 | 73,003 19,451 (375) (5,920) 24,860 |
Cash flows from operations before interest and tax | 103,750 | 199 683 | 111,020 |
Interest paid and received Tax paid | 207 (27,869) | (430) (47,854) | 1,115 (30,175) |
Cash flows from operations after interest and tax | 76,088 | 151,399 | 81,960 |
Change in working capital requirements | (95,286) | (43,690) | (79,864) |
Net cash flows provided by (used in) operating activities | (19,198) | 107,709 | 2,096 |
Cash flows from investing activities Net acquisitions of intangible assets Net acquisitions of property, plant and equipment Net acquisitions of right-of-use assets Acquisition of equity interests Net acquisitions of financial assets Change in long-term investments | (514) (1,085) (103) — — — | (16,173) (2,683) (1,672) — 2,998 (633) | (20,371) (14,791) (49) (1,988) 1,152 (20) |
Net cash flows provided by (used in) investing activities | (1,702) | (18,162) | (36,068) |
Cash flows from financing activities Issuance of borrowings and new financial debt Loan repayments (Issuance)/repayment of loan granted to stakeholders Net change in lease liabilities Dividends paid Own shares Financial income/(expense) | (74) (12,250) 28,001 (1,427) (79,402) 213 (305) | 40,000 (29,635) 27,972 (1,424) (80,333) 213 (2,004) | 50,288 (19,368) — (1,540) (87,621) (373) (1,181) |
Net cash flows provided by (used in) financing activities | (65,245) | (45,211) | (59,795) |
Impact of conversion rates Effect of changes in scope of consolidation | 265 — | 1,008 — | (2,238) 2 |
Change in net cash | (85,880) | 45,344 | (96,002) |
Opening cash and cash equivalents Closing cash and cash equivalents | 137,734 51,855 | 137,734 183,077 | 183,077 87,075 |
The reconciliation of net debt breaks down as follows:
€ thousands | 06/30/2024 | 12/31/2024 | 06/30/2025 |
Cash and cash equivalents Current financial assets | 51,852 12,158 | 183,077 7,561 | 87,075 3,045 |
Cash and current financial assets | 64,010 | 190,638 | 90,120 |
Current borrowings and financial liabilities Non-current borrowings and financial liabilities | (24,349) (86,302) | (37,518) (95,912) | (46,291) (118,169) |
Total gross debt | (110,651) | (133,430) | (164,460) |
Net debt | (46,641) | 57,208 | (74,340) |