The Italian cosmetics manufacturer, which surpassed the EUR 1 billion turnover milestone last year, continues to post strong growth in the first half of 2025, with revenue up 5.0% to EUR 524.9 million and EBITDA rising sharply by 16.5%. However, Intercos remained cautious regarding the full-year outlook.
The increase in sales was mainly driven by the excellent performances in make-up, rising by 17.6% on the previous year to EUR 333.1 million. The category accounts for over 60% of the group’s global turnover. However, the Skincare and Hair & Body segments declined year-on-year, falling by 6% and 14.8% respectively.
Geographically, Asia remained the company’s primary growth engine, advancing 15.6%. The Americas delivered a solid 8.8% increase despite a challenging environment, while EMEA, which continues to generate more than half of the Group’s rvenue, was flat (-1%) year-on-year, as weakness in Hair & Body offset strong gains in Make-up.
“Within an environment still impacted by geopolitical instability and a substantially stable Beauty segment, our Group once again reported growth, demonstrating its solidity and adaptability. In fact, not only our revenue levels outperformed the general market, but we also significantly improved our profitability,” commented Renato Semerari, CEO of Intercos.
Cautiously optimistic
Despite this strong performance, Intercos indicated that full-year 2025 adjusted EBITDA would likely match current consensus projections, suggesting approximately 2% EBITDA growth in the second half of the year.
In an uncertain market environment — characterized by volatile demand in the United States, where Intercos nonetheless feels well positioned to address challenges arising from the new customs policy, and by ongoing difficulties in China despite early signs of recovery — the group remains optimistic about the future, while maintaining a prudent outlook in the short term.
“Although the global Beauty market is undergoing a period of adjustment after years of significant expansion, our Group is well equipped to continue on the growth trajectory which has always set it apart. Our broad geographic diversification – unique in the B2B beauty landscape – combined with the superiority of our innovation, allows us to look to the future with optimism and further consolidate our role as the partner of choice for the industry’s leading brands,” stated Renato Semerari.
