SEB SA

Latest Results (28.01.2026):

SEB SA (Groupe SEB) — First half (H1) 2025: Sales were broadly stable at €3,748m (+0.2% reported; +0.6% like‑for‑like). Profitability fell: Operating Result From Activity (ORfA) dropped to €119m (‑51% YoY) and operating profit to €86m (‑59% YoY). Profit attributable to owners collapsed to €1m (‑99% YoY). Net financial debt rose to €2,658m (increase €236m vs. 30/06/2024). The period included scope and currency effects, a €190m Competition Authority fine (fully provisioned and paid), and active financing and M&A moves (new €500m bond; acquisition of La Brigade de Buyer).

Sales headline

Consolidated H1 2025 sales €3,748m, up +0.2% reported and +0.6% LFL. Consumer sales €3,251m (+2.2% LFL) and Professional sales €496m (‑9.6% LFL). Scope contributed +€48m; currency headwinds reduced sales by €64m in the half.

Profitability (ORfA & operating profit)

ORfA fell to €119m from €244m a year earlier (‑51%), driven by lower gross margin and higher SG&A and adverse currency/volume mixes; operating profit was €86m (‑59% YoY).

Net income

Profit attributable to owners was just €1m in H1 2025 versus €100m in H1 2024 (‑99%), reflecting the sharp drop in operating profitability and material one‑off impacts.

One‑offs and provisions

The reporting period reflects the €190m French Competition Authority fine that was fully provisioned at year‑end 2024 and paid on 15/05/2025 (appeal ongoing). The provision and payment materially affected reported profit.

Balance sheet & leverage

Net financial debt as of 30 June 2025 was €2,658m (up €236m vs. 30/06/2024). IFRS16 lease debt included ~€316m. Net debt/adjusted EBITDA and net debt/equity remain disclosed but leverage increased versus the prior year.

Liquidity & financing

Group issued a €500m bond maturing June 2030 (coupon 3.625%), an issuance described as heavily oversubscribed and used to maintain financing flexibility and refinance a €500m bond maturing in June 2025.

Regional performance

EMEA grew (+3.5% LFL) led by Western Europe; North America weakened, with Q2 down ~11.5% and a more cautious distributor environment; Asia showed resilience, with China contributing to growth in several product lines.

Operational and strategic developments

Group completed the acquisition of La Brigade de Buyer (premium/professional cookware), launched a European refurbishment center (Is‑sur‑Tille) and opened a new Til‑Châtel logistics platform, supporting long‑term strategy on premium, services and circularity.