Core Points - SMCP has made its interim financial report for the six-month period ended June 30, 2025, publicly available and filed with the Autorité des marchés financiers [2] - The report can be accessed on SMCP's official website under the Finance section [2] Company Overview - SMCP is a global leader in the accessible luxury market, featuring four unique Parisian brands: Sandro, Maje, Claudie Pierlot, and Fursac [2] - The company operates in 55 countries with a network of over 1,600 stores and a strong digital presence in key markets [2] - SMCP is led by CEO Isabelle Guichot and was founded by Evelyne Chetrite and Judith Milgrom, who continue to provide creative direction for Sandro and Maje [2] - Claudie Pierlot and Fursac were acquired by SMCP in 2009 and 2019, respectively [2] - SMCP is listed on the Euronext Paris regulated market, compartment A, with ISIN Code FR0013214145 and ticker SMCP [2]

Core Insights - The company reported solid commercial performance in the first half of 2025, particularly in Europe and America, leading to a significant increase in adjusted EBIT margin and record free cash flow generation [2][19][20] Financial Performance - Sales for H1 2025 reached €601.1 million, a 2.7% increase compared to H1 2024 [3][4] - Adjusted EBITDA rose to €112 million, reflecting a 13.8% increase from €98.5 million in H1 2024 [3][12] - Adjusted EBIT more than doubled to €42.6 million, up 126.7% from €18.8 million in H1 2024, with an EBIT margin of 7.1% [3][15] - Net income turned positive at €11 million, compared to a loss of €27.7 million in H1 2024 [3][16] - Free cash flow improved significantly to €33.1 million, up €41.9 million from a negative cash flow of €8.8 million in H1 2024 [3][46] - Net debt decreased by 30% to €205.6 million, down from €292.5 million in H1 2024 [3][18] Sales Breakdown - Sales growth was observed across all regions except for Asia Pacific, which was affected by network optimization strategies [4][10] - In France, sales reached €207 million, a 2.3% organic increase compared to H1 2024 [5][6] - EMEA sales increased by 5.9% to €204 million, driven by like-for-like growth [7] - In America, sales grew by 11.9% to €94 million, with a notable 21.6% increase in Q2 [9] - Asia Pacific sales decreased by 8.0% to €97 million, primarily due to the impact of network optimization in China [10][11] Operational Efficiency - The company implemented strict cost control measures, resulting in a 13% reduction in inventories compared to H1 2024 [4][17] - Total operating expenses decreased, supported by cost optimization initiatives, particularly from retail location closures in China [13][14] - The management gross margin remained stable at 74.3%, with a focus on a full-price strategy leading to a three-point decrease in average in-season discount rates [12][20] Strategic Initiatives - The company continues to optimize its retail network, with a net reduction of 20 points of sale in H1 2025, while expanding through partnerships in new markets [8][10] - The strategic focus on enhancing brand visibility and maintaining financial discipline is expected to sustain positive momentum in the second half of the year [2][20]

Core Viewpoint - The Singapore High Court has ordered Dynamic Treasure Group Ltd to return a 15.5% stake in SMCP to European Topsoho S.à r.l. This order must be complied with within one week of notification, although it remains subject to potential appeal [1][2]. Group 1: Company Overview - SMCP is a global leader in the accessible luxury market, featuring four Parisian brands: Sandro, Maje, Claudie Pierlot, and Fursac. The company operates in 53 countries and has over 1,600 stores globally, along with a strong digital presence [3]. - The company is led by CEO Isabelle Guichot and was founded by Evelyne Chetrite and Judith Milgrom in Paris in 1984 and 1998, respectively. Claudie Pierlot and Fursac were acquired by SMCP in 2009 and 2019 [3]. - SMCP is listed on the Euronext Paris regulated market, with the ISIN Code FR0013214145 and ticker SMCP [3].

Group 1 - The Annual General Shareholders' Meeting of SMCP took place on June 12, 2025, with 57.52% of the share capital participating [2] - The meeting approved all resolutions, including the statutory and consolidated financial statements for the 2024 financial year [2] - The term of office for Christophe Cuvillier as Chairman and Isabelle Guichot as CEO was renewed for four years, along with other members of the General Management team [3] Group 2 - Dynamic Treasure Group Ltd. (DTG), holding a 15.5% stake, was deprived of voting rights above 1% since June 2022 due to failure to declare shareholder threshold crossings [5] - SMCP is a global leader in the accessible luxury market with four Parisian brands: Sandro, Maje, Claudie Pierlot, and Fursac, operating over 1,600 stores in 53 countries [6]

Core Viewpoint - The company reported solid sales growth in Q1 2025, driven primarily by strong performance in France and the EMEA region, while facing challenges in Asia due to network optimization efforts in China [2][6][13]. Sales Performance - Total sales for Q1 2025 reached €297 million, reflecting a 2.6% organic growth compared to €287 million in Q1 2024 [6]. - Sales by region: - France: €102.1 million, up 4.0% organically [4]. - EMEA (excluding France): €98.0 million, up 9.2% organically [7]. - America: €43.9 million, up 2.0% organically [9]. - APAC: €52.7 million, down 9.5% organically [11]. - Sales by brand: - Sandro: €147.5 million, up 4.2% organically [6]. - Maje: €110.7 million, up 0.8% organically [6]. - Other brands: €38.4 million, up 2.3% organically [6]. Market Dynamics - The company is gaining market share in France and EMEA, with a positive trend in the U.S. market despite a challenging environment [2][6]. - The strict full-price strategy is being emphasized, particularly at Maje, leading to a decrease in the average discount rate by three points compared to Q1 2024 [6][9]. - The action plan in Asia is starting to show results, with stabilization in sales performance in Chinese stores [11]. Network Optimization - The company recorded nine net store closures in Q1 2025, primarily at Claudie Pierlot, as part of its network optimization strategy [5][10]. - The total number of points of sale (POS) decreased to 1,640, with significant closures in Canada and APAC [19]. Future Outlook - The company approaches the upcoming months with cautious confidence, focusing on cost control, operational agility, and sustainability to maintain profitable growth [2][13].

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