SEB S.A.

First-half sales were EUR 3.743 billion, flat reported and up 1.7% like-for-like versus 2025. ORfA was EUR 172 million, up 44% year over year, and the operating margin reached 4.6%, up 140 basis points. Q2 sales were up 0.6% like-for-like and 0.9% reported, with ORfA of EUR 100 million, up 45.3%. Free cash flow was positive at EUR 53 million in H1 versus minus EUR 213 million last year. Net debt was EUR 2.516 billion, down EUR 152 million year over year. For 2026, management reiterated full-year ORfA growth and a return to more normative free cash flow generation; no sales-growth guidance was given.

Stanislas de Gramont said the first half showed a recovery in operating results and the first tangible benefits of the Rebound plan. He emphasized that the company is focusing on profit recovery and cash generation rather than guiding to sales growth, given the volatile macro and geopolitical environment. He also highlighted innovation-led growth, faster rollout of successful products, and a social-first marketing approach as key parts of the growth model.

Olivier Casanova said the H1 sales increase was essentially offset by currency, with the 1.7% organic growth masking a negative FX effect. He pointed to EUR 25 million lower structure costs, about EUR 15 million of tariff reimbursement in H1, and a working-capital improvement to EUR 1.466 billion, or 17.9% of sales versus 18.6% last year. He also said H1 capex was much lower than last year, supporting the EUR 53 million free cash flow, and noted net debt of EUR 2.516 billion after dividends, FX and modest acquisitions.

Analysts pressed for visibility on Q3 sales, the implied margin for the year, restructuring timing, tariff refunds, FX, China, and the Professional pipeline. Management declined to guide quarterly sales, saying the priority is profit and cash, but said consumer demand remains resilient and innovation is contributing strongly. On Rebound, they said about EUR 20 million of the EUR 40 million to EUR 60 million 2026 savings is already captured in H1, with more in H2, and they expect a large bulk of the EUR 200 million run-rate savings to contribute by 2027-2028. They also said Professional has good customer leads but slower conversion into actual sales, especially in major listings such as McDonald’s.