par INTER PARFUMS (EPA:ITP)
2025 results. Solid performance in an unstable environment. Operating margin: 19.5% - Net margin: 14.1% - Dividend per share: €1.05
2025 results
Solid performance in an unstable environment
Operating margin: 19.5% - Net margin: 14.1% - Dividend per share: €1.05
Despite 2025 being marked by many external factors that negatively impacted its business, including a turbulent geopolitical and macroeconomic environment, a very unfavorable euro/dollar exchange rate and the introduction of tariffs in the United States, Interparfums posted strong results with still high margins.
| Income statement1 - €m | 2023 | 2024 | 2025 | 25/24 |
|---|---|---|---|---|
| Sales | 798.5 | 880.5 | 899.4 | +2% |
| Gross margin % of sales | 525.0 65.8% | 577.8 65.6% | 582.1 64.7% | +1% |
| Operating income % of sales | 165.6 20.7% | 178.0 20.2% | 175.2 19.5% | -2% |
| Net income attributable to owners of the parent % of sales | 118.7 14.9% | 129.9 14.8% | 126.6 14.1% | -3% |
Although the 2025 gross margin fell by nearly a point compared to fiscal year 2024, this was attributed entirely to the introduction of tariffs in the United States, given that hedging set up at the beginning of the year helped limit the currency effect on the gross margin.
In 2025, Interparfums continued to focus its investments on the steady development of its brands, with nearly €192 million – more than 21% of its sales – spent on marketing and advertising. Against this backdrop, 2025 operating income, which includes a total impact of €7.6 million in tariffs, was down only slightly thanks to overall cost control. Excluding tariffs, pro forma operating income rose nearly 3% to €182.8 million, bringing the restated operating margin to 20.3%, stable compared to 2024.
Just as net financial income/expense was mainly impacted by the cost of hedging and financial debt, net income followed the same trend. Excluding tariffs, pro forma net income was €132.3 million, 2% higher than in 2024, bringing the net margin to 14.7%, also stable compared to 2024.
| Balance sheet1 - €m | 12/31/23 | 12/31/24 | 12/31/25 | 25/24 |
|---|---|---|---|---|
| Inventory | 202.4 | 229.7 | 197.2 | -14% |
| Cash and cash equivalents | 177.7 | 190.6 | 204.5 | +7% |
| Shareholders’ equity | 644.0 | 699.0 | 732.0 | +5% |
| Borrowings & financial liabilities | 123.0 | 133.4 | 141.2 | +6% |
The return to shorter procurement times over the past several quarters led to a significant reduction in inventories, which were at more normative levels at December 31, 2025, thereby contributing to a positive change in operating cash flow. The Group’s financial position remains very strong, with €63 million in cash net of borrowings and financial liabilities and €732 million in shareholders’ equity, representing nearly 70% of the balance sheet at December 31, 2025.
Dividend and bonus share issue
On February 24, 2026, the company’s Board of Directors approved the 2025 financial statements and decided to propose to the Combined Shareholders’ Meeting of April 24, 2026 a dividend of €1.05 per share2, stable3 compared with last year, thanks to a payout ratio of nearly 70% of net income for the year. In keeping with a practice introduced in 1999, a new bonus share grant will also be proposed in June for the 27th straight year.
Board of Directors
On the recommendation of the Governance, Nominations and Compensation Committee, the company’s Board of Directors decided to propose to the Combined Shareholders’ Meeting of April 24, 2026:
- the appointment of Natalie Bader Messian as independent director for a four-year period following her co-option in September 2025 to replace Véronique Morali;
- renewal of the terms of Constance Benqué and Olivier Mauny for three more years, as part of the staggering of terms of office.
As was the case last year, following the Shareholders’ Meeting, the company’s Board of Directors will consist of eight directors, including four women and four men, five independent members and three non-independent members, thereby maintaining the two-fold objective in terms of gender equality and independence, first achieved in April 2022. On that date, the Audit Committee, the Governance, Nominations and Compensation Committee and the CSR Committee will also continue to be made up entirely of independent members, 67% of whom will be women.
Corporate social responsibility
In 2025, Interparfums have continued its efforts in environmental subjects, which resulted in an improvement in all its extra-financial ratings, including MSCI, Sustainalytics, EcoVadis and EthiFinance. The company’s decarbonization pathway was also validated by the SBTi (Science Based Targets initiative).
In addition, employee-related initiatives were bolstered with the introduction of the following benefits in 2025:
- A fourth performance share plan for all employees worldwide;
- Additional profit-sharing for all employees in France in line with previous years.
Q1 2026 outlook
Activity in the first quarter of 2026 will be impacted by a high basis of comparison resulting from:
- The unfavorable trend in the euro/dollar exchange rate between Q1 2025 (1.05 on average) and Q1 2026 (expected to be around 1.18), with the percentage of sales in dollars exceeding 50% in 2025;
- The intense launch program in late 2024 and early 2025;
- A later launch program in 2026.
Paris, February 25, 2026
ISIN : FR0004024222-ITP
Reuters : IPAR.PA
Bloomberg : ITP
Euronext Compartment A
Eligible for Deferred
Settlement Service (SRD)
Eligible for PEA
Index - SBF 120, CAC Mid 60
This press release
is available in French
and English on the
company’s website
interparfums-finance.fr
Interparfums
10 rue de Solférino
75007 Paris
+33 (0)1 53 77 00 00
Investor Relations and Analysts Contact
Philippe Santi
Executive Vice President
psanti@interparfums.fr
Nicolas Picaud
Investor Relations Manager
npicaud@interparfums.fr
Press Contact
Cyril Levy-Pey
Communication Director
clevypey@interparfums.fr
Certidox
Consolidated financial statements
Consolidated income statement
| (€ thousands) | 2024 | 2025 |
|---|---|---|
| Sales | 880,493 | 899,383 |
| Cost of sales | (302,706) | (317,250) |
| Gross margin | 577,787 | 582,133 |
| % of sales | 65.6% | 64.7% |
| Selling expenses | (364,621) | (371,402) |
| Administrative expenses | (34,886) | (35,497) |
| Current operating income | 178,280 | 175,234 |
| % of sales | 20.2% | 19.5% |
| Other operating expenses | (3,700) | – |
| Other operating income | 3,469 | – |
| Operating profit | 178,049 | 175,234 |
| % of sales | 20.2% | 19.5% |
| Financial income | 6,970 | 4,641 |
| Gross cost of debt | (6,757) | (5,801) |
| Net cost of debt | 214 | (1,160) |
| Other financial income | 9,123 | 21,022 |
| Other financial expenses | (13,133) | (29,085) |
| Net financial income/(expense) | (3,796) | (9,223) |
| Income before tax | 174,253 | 166,011 |
| % of sales | 19.8% | 18.5% |
| Income tax | (44,391) | (39,816) |
| Tax rate | 25.5% | 24.0% |
| Share of profit from equity-accounted companies | 425 | 831 |
| Net income | 130,287 | 127,027 |
| % of sales | 14.8% | 14.1% |
| Share attributable to non‑controlling interests | 419 | 457 |
| Net income attributable to owners of the parent | 129,868 | 126,569 |
| % of sales | 14.7% | 14.1% |
| Net earnings per share in euros1 | 1.70 | 1.58 |
| Diluted earnings per share in euros1 | 1.70 | 1.58 |
Consolidated balance sheet
| ASSETS | 2024 | 2025 |
|---|---|---|
| (€ thousands) | ||
| Non‑current assets | ||
| Trademarks and other intangible assets | 240,397 | 251,377 |
| Property, plant and equipment | 143,763 | 154,268 |
| Right-of-use assets | 13,226 | 12,700 |
| Long‑term investments | 2,656 | 2,830 |
| Non-current financial assets | 2,654 | 897 |
| Equity-accounted investments | 12,893 | 13,213 |
| Deferred tax assets | 20,964 | 17,903 |
| Total non‑current assets | 436,553 | 453,187 |
| Current assets | ||
| Inventory and work‑in‑progress | 229,722 | 197,222 |
| Trade receivables and related accounts | 164,198 | 168,507 |
| Other receivables | 11,515 | 16,430 |
| Corporate income tax | 294 | 9,541 |
| Current financial assets | 7,561 | 3,285 |
| Cash and cash equivalents | 183,077 | 201,210 |
| Total current assets | 596,367 | 596,195 |
| Total assets | 1,032,919 | 1,049,382 |
| SHAREHOLDERS’ EQUITY AND LIABILITIES | 2024 | 2025 |
|---|---|---|
| (€ thousands) | ||
| Shareholders’ equity | ||
| Share capital | 228,349 | 251,385 |
| Additional paid‑in capital | — | 1,919 |
| Reserves | 338,805 | 350,110 |
| Net income for the year | 129,868 | 126,569 |
| Total shareholders’ equity attributable to owners of the parent | 697,022 | 729,984 |
| Non‑controlling interests | 1,536 | 1,700 |
| Total shareholders’ equity | 698,558 | 731,684 |
| Non‑current liabilities | ||
| Provisions for non-current expenses | 4,791 | 4,263 |
| Non-current borrowings and financial liabilities | 95,912 | 96,109 |
| Non‑current lease liabilities | 10,821 | 7,848 |
| Deferred tax liabilities | 6,507 | 7,313 |
| Total non‑current liabilities | 118,031 | 115,534 |
| Current liabilities | ||
| Trade payables and related accounts | 105,249 | 96,556 |
| Current borrowings and financial liabilities | 37,518 | 45,116 |
| Current lease liabilities | 3,219 | 3,215 |
| Provisions for contingencies and expenses | — | — |
| Corporate income tax | 8,034 | 1,549 |
| Other liabilities | 62,311 | 55,728 |
| Total current liabilities | 216,331 | 202,164 |
| Total shareholders’ equity and liabilities | 1,032,919 | 1,049,382 |
Consolidated statement of cash flows
| (€ thousands) | 2024 | 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net income | 130,287 | 127,027 |
| Depreciation, provisions for impairment and other | 22,460 | 30,632 |
| Share of profit from equity-accounted companies | (425) | (831) |
| Net cost of debt | 2,971 | 4,561 |
| Tax expense for the period | 44,391 | 39,816 |
| Cash flows from operations before interest and tax | 199,683 | 201,204 |
| Interest paid and received | (430) | (1,184) |
| Tax paid | (47,854) | (53,997) |
| Cash flows from operations after interest and tax | 151,399 | 146,023 |
| Changes in inventories and work-in-progress | (19,301) | 23,332 |
| Change in trade receivables and related accounts | (20,734) | (12,523) |
| Change in other receivables | (1,059) | (10,254) |
| Change in trade payables and related accounts | (10,094) | (3,354) |
| Change in other liabilities | 7,498 | 6,794 |
| Change in working capital requirements | (43,690) | 3,995 |
| Net cash flows provided by (used in) operating activities | 107,709 | 150,017 |
| Cash flows from investing activities | ||
| Net acquisitions of intangible assets | (16,173) | (21,678) |
| Net acquisitions of property, plant and equipment | (2,683) | (18,540) |
| Net acquisitions of right-of-use assets | (1,672) | (324) |
| Acquisition of equity interests | — | (1,988) |
| Net acquisitions of financial assets | 2,998 | 1,048 |
| Change in long‑term investments | (633) | (116) |
| Net cash flows provided by (used in) investing activities | (18,162) | (41,598) |
| Cash flows from financing activities | ||
| Issuance of borrowings and new financial debt | 40,000 | 50,000 |
| Loan repayments | (29,635) | (42,244) |
| (Issuance)/repayment of loan granted to stakeholders | 27,972 | — |
| Net change in lease liabilities | (1,424) | (2,874) |
| Dividends paid | (80,333) | (87,620) |
| Own shares | 213 | (372) |
| Financial income/(expense) | (2,004) | (4,603) |
| Net cash flows provided by (used in) financing activities | (45,211) | (87,713) |
| Impact of conversion rates | 1,008 | (2,597) |
| Effect of changes in scope of consolidation | — | 23 |
| Change in net cash | 45,344 | 18,133 |
| Opening cash and cash equivalents | 137,734 | 183,077 |
| Closing cash and cash equivalents | 183,077 | 201,210 |
| (€ thousands) | 2024 | 2025 |
|---|---|---|
| Cash and cash equivalents | 183,077 | 201,210 |
| Current financial assets | 7,561 | 3,285 |
| Cash and current financial assets | 190,638 | 204,495 |
| Current borrowings and financial liabilities | (37,518) | (45,116) |
| Non-current borrowings and financial liabilities | (95,912) | (96,109) |
| Total gross debt | (133,430) | (141,225) |
| Net debt | 57,208 | 63,270 |
The reconciliation of net debt breaks down as follows:
Notes
- Audit procedures carried out and audit report being prepared
- Ex-dividend date May 5, 2026 (12:00 a.m.) - Payment date May 7, 2026
- Given the June 2025 bonus share grant
- Restated on a prorated basis for bonus share issues.