Investment Rating - The report maintains a cautious outlook on Samsonite, indicating potential revenue pressure in the first half of 2026 due to geopolitical tensions and market conditions [3]. Core Insights - Samsonite's Q4 2025 performance did not provide full-year guidance, leading to stock price pressure as the company may face revenue challenges in Q1 and Q2 2026 [3]. - Q1 2026 sales are expected to remain flat year-on-year, driven by growth in China, Japan, and South Korea, but offset by weak European markets and flat North American sales [3]. - The report anticipates a more challenging Q2 with continued geopolitical impacts, although the market has already priced in these expectations [3]. - For 2026, the report forecasts zero growth in sales adjusted for exchange rates, with improvements expected in all regions except Europe [3]. Company Overview - Samsonite International is the world's largest travel luggage company by retail sales, selling products under brands such as Samsonite, Tumi, and American Tourister [7]. - The company has a diversified geographic presence and a decentralized business model, allowing it to develop unique product solutions for various markets [7]. - Continuous brand investment positions Samsonite to benefit from sustained high growth in the global travel industry [7]. Revenue Breakdown - Revenue by product category: Samsonite (52.0%), Tumi (24.0%), American Tourister (16.6%), Others (7.4%) [8]. - Revenue by region: Americas (40.6%), Asia (36.2%), Middle East and Africa (2.4%), Europe (20.8%) [8]. Stock Information - Stock price as of March 25, 2026: HKD 15.21, with a market capitalization of USD 2.7 billion [8]. - Consensus target price from Refinitiv: HKD 24.32 [8].

Group 1: Bluesky Financing - Bluesky has completed a $100 million Series B financing round led by Bain Capital Crypto, with participation from Alumni Ventures, True Ventures, Anthos Capital, Bloomberg Beta, and Knight Foundation [3] - The financing round was completed in April 2025 but was not publicly disclosed until recently [3] - The timing of the financing announcement follows a management change, with CEO Jay Graber transitioning to Chief Innovation Officer [3] Group 2: Mars Canada Investment - Mars Canada announced an investment of 180 million CAD (approximately 902 million RMB) to enhance operations at four production sites in Ontario [6] - Over 100 million CAD (approximately 501 million RMB) will be allocated for upgrading three packaging production lines to accelerate long-term performance growth and increase capacity [6] - This investment aims to improve North American capacity and automation levels while responding to sustainability trends [6] Group 3: Danone Acquisition - Danone has signed a final agreement to acquire Huel, a well-known brand in the balanced meal solutions sector, which generates annual sales of 2 billion [9][7] - The acquisition aligns with Danone's "Renew Danone" strategy and aims to strengthen its position in the functional nutrition market [9] - Huel is recognized for its plant-based meal replacement products and has a strong following in the UK, Europe, and the US [9] Group 4: Nova Coffee Factory - Nova Coffee has begun construction on a new roasting factory in Zhejiang, with an annual production capacity of 20,000 tons [15] - The "unmanned factory" will cover 20,000 square meters and fully automate the process from raw beans to roasted beans, significantly enhancing production efficiency [15] - The new facility is expected to improve product quality by over 30%, reduce raw material costs by approximately 5%, and cut labor costs by over 50% [15] Group 5: Michael Kors Marketing Appointment - Corey Moran has been appointed as the Chief Marketing Officer of Michael Kors, effective April 6 [18] - Moran will manage an integrated marketing organization, focusing on brand communication, content creation, and consumer data analysis [18] - His previous experience includes nearly ten years at Google, where he led the fashion and luxury goods sector [18] Group 6: Ingka Group Restructuring - Ingka Group, the main franchisee of IKEA, announced plans to streamline its office staff, affecting approximately 800 positions [24] - The affected roles are primarily in the internal office positions located in Sweden and the Netherlands [24] - This restructuring is a response to challenges such as e-commerce competition and rising supply chain costs [24] Group 7: Mango Brand Leadership - Mango has appointed Sara Donninelli as the new Chief Brand Officer, joining the company's management committee [27] - Donninelli previously served as a senior vice president at Estée Lauder, overseeing luxury fragrance brands [27] - Her extensive experience in product development and brand building is expected to drive Mango's growth [27] Group 8: Samsonite Board Appointment - Samsonite has announced Jerome Squire Griffith as the new Chairman of the Board, effective after the 2026 annual shareholder meeting [28] - Griffith has been an independent non-executive director since 2016 and previously served as CEO of Tumi Holdings, Inc. [28] - His appointment is seen as a balance of professionalization and continuity for the board, potentially leading to strategic reviews and acquisitions [28]

Investment Rating - The report assigns a "Buy" rating to Samsonite (01910) with a target price of HKD 23.3 [1] Core Insights - Despite a relatively lenient year-on-year comparison, demand has been affected by geopolitical factors, leading to a slow start in 2026 [1] - Samsonite reported an adjusted EBITDA of USD 195.5 million for Q4 2025, significantly exceeding the bank's estimate of USD 179 million and the market's estimate of USD 178 million, primarily due to better-than-expected profit margins [1] - The management has not provided full-year revenue guidance due to uncertainties surrounding the duration and widespread impact of the Middle East conflict [1] Cost Management - Management anticipates that marketing expenses will account for 6.5% of net sales in 2026 [1] - Rising oil prices may exert pressure on transportation and raw material costs; however, the company typically maintains a raw material inventory of 5 to 6 months and utilizes forward contracts to manage short-term pressures [1] - Management reiterated that the dual listing in the U.S. is expected to be completed by 2026 [1]

Investment Rating - The investment rating for the company is "Buy" [2][19]. Core Insights - The company reported a revenue growth of 0.9% year-on-year in Q4 2025, with a total revenue of $963 million, marking a positive turnaround [3][9]. - The gross margin improved to 60.3%, benefiting from increased contributions from Tumi and direct-to-consumer (DTC) sales, as well as effective tariff hedging measures [9]. - The EBITDA margin reached 20.3%, indicating a sequential improvement of 4 percentage points, reflecting stable profitability [9]. - The company expects Q1 2026 sales to remain flat year-on-year due to the impact of the Middle East conflict, but anticipates potential positive growth in subsequent quarters [9]. Financial Summary - Projected revenues for 2026-2028 are $3.559 billion, $3.725 billion, and $3.901 billion, respectively, with growth rates of 1.7%, 4.7%, and 4.7% [5][11]. - The net profit for 2026 is estimated at $294 million, with a growth of 1.8% year-on-year, and projected to increase to $321 million and $347 million in 2027 and 2028, respectively [5][11]. - The company maintains a PE ratio of 9.56 for 2026, with a target price of HKD 23.48 based on a 15x PE multiple [9][11]. Regional Performance - In Q4 2025, the Asia region showed a revenue increase of 5.1% year-on-year, with significant improvements in China and South Korea, while North America experienced a decline of 2.8% primarily due to a drop in Mexico's revenue [9][11]. - TUMI brand achieved stable growth despite high base effects, with revenue growth of 3.6% year-on-year, supported by new product development and enhanced marketing efforts [9][11].

Investment Rating - The report maintains a "Buy" rating for the company [2][19] Core Insights - The company experienced a positive revenue growth in Q4 2025, with a revenue of $963 million, reflecting a year-on-year increase of 0.9% on a currency-neutral basis [3][9] - The company expects sales net revenue to remain flat year-on-year in Q1 2026 due to the impact of the Middle East conflict, but anticipates potential positive growth in subsequent quarters [3][9] Financial Summary - Total revenue projections for the company are as follows: - 2024A: $3,589 million - 2025A: $3,498 million - 2026E: $3,559 million - 2027E: $3,725 million - 2028E: $3,901 million - The company’s net profit is projected to be: - 2024A: $346 million - 2025A: $289 million - 2026E: $294 million - 2027E: $321 million - 2028E: $347 million - The company’s PE ratio is expected to decrease from 11.75 in 2024A to 8.11 in 2028E [5][11] Regional Performance - In Q4 2025, the Asia region showed strong growth with a year-on-year revenue increase of 5.1%, while North America experienced a decline of 2.8%, which improved to a growth of 8.2% when excluding Mexico [9][11] - The company’s brand performance in Q4 2025 showed TUMI achieving stable growth, while Samsonite and American Tourister improved their growth rates compared to Q3 [9][11] Future Outlook - The company plans to continue investing in product innovation and marketing to strengthen its competitive advantage [9][11] - The international complex situation will need to be monitored closely as it may impact future sales [3][9]

EF001 | 尋求獨立專業意見。 | | | --- | --- | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告日期，執行董事為 Kyle Francis Gendreau，非執行董事為Timothy Charles Parker，以及獨立非執行董事為Claire Marie | Bennett、Angela Iris Brav、Jerome Squire Griffith、Tom Korbas、 Glenn Robert Richter及Deborah Maria Thomas。 | 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | | | --- | --- | --- | --- | | 股票發行人現金股息公告 | | | | | ...

Financial Data and Key Metrics Changes - In Q4, the company returned to positive net sales growth with a reported increase of 2.2% and approximately 1% on a constant currency basis [3][4] - Gross margin improved to 60.3%, a 10-basis point increase from the previous year, attributed to regional mix and effective tariff mitigations [4][31] - Adjusted EBITDA margin was 20.3% for Q4, maintaining a strong performance while investing in new store openings [32] Business Line Data and Key Metrics Changes - The direct-to-consumer (D2C) business saw strong growth, with D2C e-commerce up 12% and D2C blended sales up 5.2% [12] - Non-travel categories grew by 6.7% year-over-year, now representing 37.6% of total sales [13] - Travel sales experienced a slight decrease of 2.2% compared to the previous year, but showed sequential improvement from -5.3% [14] Market Data and Key Metrics Changes - Asia showed significant improvement with a 5.1% growth on a constant currency basis in Q4, driven by strong performances in China, Korea, India, and Japan [8][9] - North America remained challenging but showed sequential improvements, particularly in the U.S. and Canada [9] - Europe experienced steady growth at 1% for both quarters, with D2C retail up 4.4% and e-commerce up over 9% [9] Company Strategy and Development Direction - The company plans to focus on amplifying brand awareness, enhancing digital capabilities, and expanding into lifestyle bags and accessories [15][18] - Marketing spend is expected to increase to 6.5% of net sales in 2026 to support strategic priorities [40] - The company is preparing for a dual listing in the U.S. to enhance shareholder value [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth driven by travel demand and strategic execution [38] - The ongoing conflict in the Middle East is expected to impact Q1 sales, with a forecast of flat growth on a constant currency basis [39] - The company remains focused on maintaining strong gross margins despite external uncertainties [39] Other Important Information - The company generated strong adjusted free cash flow of $246 million for the year, with a healthy balance sheet showing a net debt position of approximately $1.1 billion [35] - The company received recognition for sustainability efforts, ranking 74th in Time's World's Best Companies in Sustainable Growth for 2025 and 2026 [25] Q&A Session Summary Question: Performance by market and resilience trends - Management noted sequential improvement across all business areas, with specific growth in Japan, Korea, and China, while the Middle East faced challenges [47][48] Question: Cost pressures due to Middle East conflicts - Management acknowledged potential short-term impacts on shipping and raw material costs but emphasized their ability to manage inventory and maintain margins [49][50] Question: Margin expectations for Q1 and store expansion plans - Management indicated that gross margins are expected to remain strong, with store expansions focused on Asia and Europe, particularly for TUMI [55][56] Question: Revenue trends in North America and wholesale customer sentiment - Management observed that wholesale customers in North America are buying cautiously, with a mixed trend for TUMI and improving performance for other brands [62]

Financial Data and Key Metrics Changes - In Q4, the company returned to positive net sales growth with a reported increase of 2.2% and approximately 1% on a constant currency basis [3][4] - Gross margin improved to 60.3%, a 10 basis point increase from the previous year, attributed to regional mix and brand strength [4][31] - Adjusted EBITDA margin was 20.3% for Q4, maintaining a strong performance while investing in new store openings [32][34] - Adjusted net income for Q4 was $106 million, down from $116 million in the prior year [32] Business Line Data and Key Metrics Changes - The direct-to-consumer (D2C) business saw strong growth, with D2C e-commerce up 12% and D2C blended sales up 5.2% [12] - Non-travel categories grew by 6.7% year-over-year, now representing 37.6% of total sales [13] - Travel category sales decreased by 2.2% compared to the prior year but showed sequential improvement from a negative 5.3% [14] Market Data and Key Metrics Changes - Asia experienced a significant recovery with 5.1% growth on a constant currency basis in Q4, driven by strong performance in China, Korea, India, and Japan [8][9] - North America showed sequential improvement, although still facing challenges from prior year comparisons [9] - Europe maintained steady growth at 1% for both quarters, with strong D2C performance particularly in Q4 [9] Company Strategy and Development Direction - The company plans to focus on four strategic pillars: amplifying brand awareness, winning in digital, seizing opportunities in lifestyle bags, and enhancing product development [15][17] - Marketing spend is expected to increase to 6.5% of net sales in 2026 to support these strategic priorities [18][40] - The company is preparing for a dual listing in the U.S. to enhance shareholder value [29][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth driven by travel demand and strategic execution [38] - The ongoing conflict in the Middle East is expected to impact Q1 sales, with a forecast of flat growth on a constant currency basis [38][39] - The company aims to maintain strong gross margins despite uncertainties in the market [39] Other Important Information - The company generated strong adjusted free cash flow of $246 million for the year, with $170 million in Q4 [35] - The balance sheet remains healthy with a net debt position of approximately $1.1 billion [35] - The company received recognition for sustainability efforts, ranking 74th in Time's World's Best Companies in Sustainable Growth [25] Q&A Session Summary Question: Performance by market and resilience trends - Management noted sequential improvement across all business areas, with specific impacts in the Middle East and resilience in Japan, Korea, and China [47][48] Question: Cost pressures from Middle East conflicts - Management acknowledged early signs of cost impacts, particularly in shipping and raw materials, but emphasized their ability to manage margins effectively [49][50] Question: Margin expectations for Q1 and store expansion plans - Margins are expected to remain stable in Q1, with store expansions focused on Asia and Europe, particularly for TUMI [54][56] Question: Revenue trends in North America and wholesale customer sentiment - North America is experiencing a mixed trend, with sell-through strong but wholesale customers remaining cautious [62] Question: Shareholder return expectations post dual listing - The company plans to maintain a dividend payout ratio of around 45% of adjusted net income and will evaluate share buybacks after the dual listing [63][64]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported a net sales increase of 2.2% on a reported basis and approximately 1% on a constant currency basis, marking a return to positive growth [3][4] - Gross margin improved to 60.3%, a 10 basis point increase from the previous year, attributed to regional mix and effective tariff mitigation [4][30] - Adjusted EBITDA margin for Q4 was 20.3%, maintaining strong performance while investing in new store openings [31] Business Line Data and Key Metrics Changes - The direct-to-consumer (D2C) business saw significant growth, with D2C e-commerce up 12% and D2C blended sales up 5.2% [11] - The non-travel category grew by 6.7% year-over-year, now representing 37.6% of total sales [12] - Travel sales experienced a slight decrease of 2.2% compared to the previous year, but showed sequential improvement from a decline of 5.3% [13] Market Data and Key Metrics Changes - The Asia region showed a strong recovery with 5.1% growth on a constant currency basis in Q4, driven by improvements in China, Korea, India, and Japan [7][8] - North America experienced sequential improvements, although still facing challenges from prior year comparisons [8] - Europe maintained steady growth at 1% for both quarters, with strong D2C performance particularly in Q4 [8] Company Strategy and Development Direction - The company plans to focus on four strategic pillars: amplifying brand awareness, winning in digital, seizing opportunities in lifestyle bags, and enhancing product development [14][15] - Increased marketing spend is planned, targeting 6.5% of net sales in 2026 to support brand awareness and long-term growth [16][40] - The company is preparing for a potential dual listing in the U.S. to enhance shareholder value [28][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth driven by travel demand and strategic execution, despite uncertainties from geopolitical conflicts [38][40] - The company anticipates Q1 2026 net sales to be flat on a constant currency basis due to the impact of the Middle East conflict [38] - Management highlighted the importance of maintaining strong gross margins and effective supplier relationships to navigate cost pressures [30][49] Other Important Information - The company generated strong adjusted free cash flow of $246 million for the year, with a healthy balance sheet showing a net debt position of approximately $1.1 billion [35] - The company received recognition for sustainability efforts, ranking 74th in Time's World's Best Companies in Sustainable Growth for 2025 and 2026 [23][24] Q&A Session Summary Question: Performance by market and resilience trends - Management noted sequential improvement across all business areas, with specific impacts in the Middle East and resilience in Japan, Korea, and China [47][48] Question: Cost pressures from Middle East conflicts - Management acknowledged early signs of cost impacts, particularly in shipping and raw materials, but emphasized their ability to manage margins effectively [49][50] Question: Margin expectations for Q1 and store expansion plans - Margins are expected to remain stable in Q1, with store expansions focused on Asia and Europe, particularly for TUMI [54][56] Question: Revenue trends in North America and wholesale customer sentiment - North America showed improving trends, although wholesale customers remain cautious in their purchasing [60][62] Question: Shareholder return expectations post dual listing - The company plans to maintain a dividend payout ratio of around 45% of adjusted net income and will evaluate share buybacks after the dual listing [63][64]

2025 ANNUAL RESULTS MARCH 19, 2026 Samsonite Group S.A. Stock Code: 1910 DISCLOSURE STATEMENT This Presentation contains forward-looking statements. Forward-looking statements reflect our current views with respect to future events and performance. These statements may discuss, among other things, the Company's net sales, gross margin, operating profit, adjusted net income, adjusted EBITDA, adjusted EBITDA margin, cash flow, adjusted free cash flow, ratio, liquidity and capital resources, potential impairme ...