Yesterday, Intercos Group posted solid financial results for the first half of 2025, with net sales reaching €524.9 million, marking a +5.0% year-on-year increase (+6.1% at constant exchange rates). The Group’s performance was underpinned by a robust rebound in Make-up, improved profitability across its core business units, and regional strength in Asia and the Americas.
In segments, Make-up was the standout performer, generating €333.1 million in revenue, a +17.6% increase over H1 2024. The segment saw double-digit growth in both quarters, with strong demand across all regions. Multinational customers outperformed other segments, while both mass and prestige brands reported year-on-year increases, reaffirming Make-up’s position as the Group’s strategic core. The strong profitability of this segment contributed significantly to the Group’s overall margin expansion.
Skincare, which brought in €78.1 million, saw a 6% decline compared to the previous year, primarily due to weaker performance in Q1. Nonetheless, sales to multinationals in EMEA improved, and profitability in the segment remained healthy, aided by a more favorable customer mix. However, Emerging Brands underperformed, particularly in the U.S. market.
Hair & Body experienced the most substantial contraction, with sales falling 14.8% to €113.7 million, entirely due to a sharp decline in Q2 (-30.1%). The drop reflects the exceptionally strong results in the same period last year, driven by one-off new product launches in EMEA. The absence of similar launches in 2025 created a high comparative base that impacted the segment’s performance.
Despite the uneven performance across business units, CEO Renato Semerari noted that the portfolio has “returned to historical balance,” mitigating the negative sales mix impact that had affected margins in recent years. Group Adjusted EBITDA reached €74.5 million, up +16.5%, with profitability margins improving to 14.2% (+140bps vs. 2024). In Q2 alone, record EBITDA of €45.3 million was recorded, reflecting a margin of 16.5% on net sales.
Regionally, Asia emerged as Intercos’ top-performing market, with revenues up 15.6% to €116.9 million, driven by strong Make-up demand in China and Korea. Both Emerging Brands and Multinationals contributed to the region’s growth across both quarters, underscoring Asia’s strategic importance to the Group.
The Americas posted €147.3 million in net sales, growing +8.8% despite a volatile market environment. The prestige segment performed strongly, especially within Make-up, which was the dominant growth driver. Both Emerging Brands and Multinationals contributed positively.
In contrast, EMEA sales remained flat at €260.6 million (-1% vs. 2024), due to weakness in Hair & Body. However, strong performances in Make-up and Skincare helped offset the decline. Multinationals and Retailers both recorded growth, with the second quarter showing encouraging signs of stabilization.
Despite operating in a global beauty market that is stabilizing after several years of expansion, Intercos remains confident in its long-term trajectory. Its broad geographic footprint, diversified business portfolio, and innovation-led product development continue to position the company as a preferred partner for leading beauty brands.
CEO Renato Semerari reaffirmed this outlook: “Our revenue levels outperformed the general market, and we significantly improved profitability. We are well equipped to continue growing and consolidating our role as the partner of choice in the B2B beauty space.”
