Today, Intercos released its financial report of Q1 in 2025. Intercos opened fiscal year 2025 with a solid first quarter, reporting net sales of €250.8 million, up 13.4% year-over-year at reported FX (+13.1% at constant FX). The €29.7 million increase from 1Q24 highlights the Group’s resilience in a still-challenging beauty market, particularly when compared to 1Q24, which had been impacted by a cyberattack. Performance also improved versus 1Q23, with a +6.9% increase.
Adjusted EBITDA rose sharply to €29.3 million, marking a 40.6% increase from 1Q24, driven by both top-line growth and a notable 225 basis point improvement in profitability.
In segments, Make-up was the key growth driver, generating revenues of €157.5 million (+23.2% vs. 1Q24), supported by robust recovery among multinational clients and strong demand across all regions, including Asia. Prestige clients led the growth in this segment. Hair & Body posted €57.9 million in sales (+8% YoY), while Skincare revenues declined to €35.4 million, affected by a tough comparison base. Despite this, the Group remains optimistic about Skincare’s performance for the rest of the year.
Regionally, EMEA led with €128.4 million in revenues (+9.7% YoY), supported by both Make-up and Skincare, and buoyed by prestige multinationals. The Americas followed with €71.1 million (+17.3% YoY), showing strength in Make-up and Hair & Body despite macro softness. Asia continued to accelerate, contributing 20.4% of total sales with €51.2 million in revenues (+18% YoY), driven by standout performances in Korea and China across both local and multinational brands.
Intercos’ diversified global manufacturing footprint — spanning the U.S., Brazil, Italy, Switzerland, Poland, India, China, and South Korea — continues to be a strategic advantage amid global supply chain uncertainty. The Group is well positioned to respond flexibly to shifting trade dynamics and growing demand for outsourced production.
Looking ahead, Intercos confirms its FY25 guidance, expecting net sales to increase by 5% to 7% versus FY24 at constant FX, underpinned by solid order intake and broad-based customer momentum.
