SMCP Reports a Return to Profitability and Significant Debt Reduction by 2025
The accessible luxury group SMCP recorded a significant improvement in profitability and a record generation of cash flow in 2025, facilitating a 38% reduction in its net financial debt. These results reflect the execution of its strategic plan despite a complex environment.
In 2025, SMCP achieved a total revenue of 1,217 million euros. The group reported a net profit of 17 million euros, reversing a loss of 24 million euros in 2024. Adjusted EBIT amounted to 95 million euros, up 80% from 53 million euros in 2024, resulting in an adjusted EBIT margin of 7.8%, an improvement of 3.4 points. Adjusted EBITDA reached 231 million euros with a margin of 19% of sales, compared to 216 million and 18% in 2024. This profitability improvement reflects the management's disciplined implementation of a full-price strategy, coupled with operational cost control.
Debt Reduction and Financial Management
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The group's net financial debt stood at 148 million euros as of December 31, 2025, down 89 million euros compared to 237 million euros a year earlier. The net debt to EBITDA ratio was halved to 1.3x in 2025, from 2.6x in 2024. The group reduced its inventory from 260 million euros at the end of 2024 to 233 million euros at the end of 2025. Capital expenditures decreased from 39 million euros in 2024 to 28 million euros in 2025. Financial expenses amounted to 30 million euros in 2025 compared to 32 million euros in 2024, benefiting from the reduction in debt outstanding and lower interest charges on financial debt to 13 million euros from 18 million euros in 2024.
Regional Sales Performance
The EMEA region reported an organic growth of 6.8% with record sales of 430 million euros, driven by a like-for-like growth of 5.4%. The Americas saw an organic increase of 10.1% to 193 million euros despite a high comparison base. France experienced a decline of 1.6% in organic terms to 411 million euros, impacted by the political and social climate, particularly in the fourth quarter. The APAC region recorded an organic decline of 8.8% to 183 million euros, resulting from the network optimization in China initiated in 2024 and the reduction of discounts. For 2026, in an uncertain macroeconomic and geopolitical context, the group reiterates its objectives of improving EBIT margin and generating free cash flow.
SectorDistribution · Textile habillement›Vêtements et accessoires
Context
Period
Period: 3T 2025
Guidance from the release
La bonne dynamique observée au cours du premier semestre s’est confirmée au troisième trimestre... Forts de ces progrès, nous abordons la fin de l’année avec confiance dans notre capacité à poursuivre cette trajectoire, dans un marché qui reste toutefois incertain.
Croissance soutenue portée par Amérique et EMEA, résilience en France malgré contexte politico-économique, Asie impactée par l’optimisation du réseau en Chine mais retour à la croissance like-for-like en magasins physiques; stratégie full-price et réduction du taux moyen de discount.
Risks mentioned
Incertain macroéconomique et contexte politico-économique en France
Impact de l’optimisation du réseau en Chine (fermetures) sur le chiffre d’affaires
Risque lié aux déclarations prospectives et à la pandémie de Covid-19
Effet négatif à court terme des réductions du taux de discount sur les ventes digitales
Opportunities identified
Expansion du réseau via partenaires (nouvelles ouvertures, nouveaux pays comme la Géorgie)
Croissance forte en Amérique et EMEA
Partenariat de distribution avec Samsung (entrée renforcée en Corée)
Stratégie full-price améliorant la désirabilité des marques
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
