SEB S.A.

Reported H1 sales were EUR 3.743 billion, flat year over year, with like-for-like growth of 1.7%. H1 ORfA was EUR 172 million, up 44% year over year, with operating margin at 4.6% (+140 bps). Q2 sales were up 0.6% like-for-like and 0.9% reported, and Q2 ORfA reached EUR 100 million, up 45.3%. Free cash flow was positive at EUR 53 million versus minus EUR 213 million last year; working capital was EUR 1.466 billion, or 17.9% of sales, versus EUR 1.540 billion and 18.6% a year ago. Management reaffirmed full-year 2026 guidance for ORfA growth and a return to more normative free cash flow generation, while targeting lower leverage toward around 2x excluding acquisitions by 2027.

Stanislas de Gramont framed the quarter as the first visible payoff from the Rebound plan, saying the company is seeing “the first results” of the program and that rollout is on track. He emphasized innovation-led growth, pointing to rapid rollout of products like X-Clean, Clean-It, AeroSteam, FusionCore and Coffee Crush, and highlighted that Coffee Crush is already reaching double-digit market share in early launch markets. His tone was confident but cautious: he repeatedly stressed a deteriorated, volatile environment and said management is focused on disciplined execution, profit recovery and cash generation rather than precise sales guidance.

Olivier Casanova said H1 sales growth was offset by currency headwinds, with CNY and the U.S. dollar weighing more than emerging-market currency moves. He quantified key financial drivers: about EUR 30 million pressure in the price/mix bucket from lower emerging-market depreciation, about EUR 15 million of U.S. tariff reimbursement in H1, and about EUR 25 million lower structure costs, which he tied to early Rebound benefits. He also noted other operating expenses widened to minus EUR 185 million from minus EUR 24 million, mainly due to Rebound-related social provisions, while working capital improved to EUR 1.466 billion and net debt ended at EUR 2.516 billion after dividends and modest acquisitions.

Analysts pressed for more visibility on Q3 sales, the full-year margin outlook, Rebound savings timing, China, tariffs and the professional pipeline. Management declined to guide sales growth, saying the market is too volatile, but said volume growth is being driven by innovation, cookware strength and better loyalty-program performance; they also said they do not have an issue with consensus and did not challenge the 8% margin view directly. On Rebound, management said about EUR 20 million of the planned EUR 40 million to EUR 60 million 2026 benefit was already captured in H1, with another EUR 20 million to EUR 40 million likely in H2; on Professional, they said the issue is conversion speed, not pipeline quality, and on China they described a subdued market where they are balancing sales growth against profitability.