Yesterday, Intercos released its financial report of 2024. It closed 2024 with record net sales of €1,064.9 million, reflecting a +7.8% increase from 2023 (+8.2% at constant exchange rates) and surpassing initial guidance.
According to Intercos, this milestone was achieved despite a cyber attack in the first quarter and a weaker-than-expected global beauty market, particularly in the second half of the year. Following a temporary downturn due to the attack, the company rebounded with double-digit growth in the last three quarters, culminating in a +14.5% increase in Q4 at constant exchange rates.
The Group’s Adjusted Net Profit remained stable at €56.7 million (compared to €56.5 million in 2023), while Consolidated Net Profit was €48.8 million, slightly down by €3.7 million due to increased non-recurring expenses. EBITDA grew to €143.3 million (+4.3%), with financial leverage improving to 0.68x despite higher capital expenditures.
Specific to business performance, in Make-up, sales reached €619.8 million (+3.4%), recovering from a Q1 contraction of -13.5% due to the cyber attack. The segment rebounded strongly in the latter half of the year, with a +13.4% increase in Q4. Growth was primarily driven by strong performances in Asia and EMEA, particularly among multinational and emerging brands.
Skincare segment recorded sales rising to €167.1 million (+6.1%), maintaining positive momentum despite a slight contraction in Q4. Growth was led by local brands and Asian retailers, with multinational contributions from the Americas.
In Hair & Body segment, it continued its rapid expansion, reporting €278 million in sales (+20.2%). The strong growth was supported by the booming fragrance market and solid deodorant sales, with Q4 sales surging by +38.8%.
Ad for geographic performance, in Asia, sales surged +24.3% to €212 million, outperforming the general beauty market slowdown in China. Local brands in China and South Korea were key growth drivers, particularly in Make-up and Skincare.
EMEA delivered strong growth of +10.3% to €559.5 million, driven by Make-up sales from multinational clients and Hair & Body demand from emerging brands. Q4 sales grew +22.5%.
Americas declined -5.5% to €293.4 million in sales, as the cyber attack significantly impacted the U.S. manufacturing facility, followed by a broader market slowdown. However, the region showed signs of recovery in Q4 (+1.8%), particularly in the Make-up segment.
Intercos also posted its customer segment trends, emerging brands is the fastest-growing segment. Its sales jumped +24% to €508.3 million, surpassing Multinationals segment for the first time. Growth was strong across both mass and prestige categories, in both Western and Asian markets.
In Multinationals, its sales were stable at €479.3 million (-1.1%) but showed improvement in Q4 (+7.1%), driven by Make-up demand.
As for Retailers, it representing 7% of total sales and this segment declined -17.5% to €77.3 million, partly due to reduced business with The Body Shop.
In 2024, Intercos accelerated its global expansion with new investments in China and Korea. Following the completion of the Poland and Italy facilities in 2023, the company began expanding its South Korean plant and one of its four Chinese facilities. The Chinese plant is already operational, while the Korean expansion is set for completion in 2025.
Despite external challenges, CEO Renato Semerari emphasized Intercos’ resilience, highlighting its ability to outperform industry trends through strategic diversification and innovation. Since its stock market debut in 2021, the company has achieved over 50% sales growth and more than 40% EBITDA growth, reinforcing its position as a key innovation driver in the global beauty industry.
