ORFA RECOVERY IN THE 1^ST HALF
FIRST RESULTS OF THE REBOUND PLAN
FULL-YEAR OUTLOOK CONFIRMED

• 1^st half sales: €3,743m, +1.7% LFL¹, stable on a reported basis

• Recovery in Operating Result from Activity (ORfA): €172m, +44%

• Free cash flow of €53m, vs. -€213m in H1 2025

• Rebound plan: roll-out on track with objectives and first results in H1

• 2026 outlook confirmed:

• internal levers in an uncertain environment: full-year ORfA growth
• return to a more normative free cash flow generation, continuing H1 trend

ECULLY, France--(BUSINESS WIRE)--Jul. 22, 2026-- Regulatory News:

Statement by Stanislas de Gramont, Chief Executive Officer of Groupe SEB (Paris:SK)

"This first half is characterized by a recovery in our Operating Result from Activity and a notable improvement in our free cash flow generation, driven by cost discipline - the first visible result of the implementation of our Rebound plan.

The Rebound plan is well underway and in line with our objectives, with tangible progress made in this first half. We are preparing for our future growth by accelerating our pace of innovation – with confidence in this year’s launches – and by scaling up new, more digital, activation practices, whose early benefits are already concrete. At the same time, we are moving forward decisively in simplifying our organization and improving our operational efficiency.

In a macroeconomic and geopolitical environment that remains uncertain and deteriorated, we continue to rely on our internal levers and therefore confirm the expected return to a full-year ORfA growth. With the commitment of our teams, we remain confident in our ability to put the Group back on a path of sustainable and profitable growth."

GENERAL COMMENTS ON GROUP SALES

For the 1^st half of 2026, Groupe SEB posted sales of €3,743 million, up +1.7% LFL and stable on a reported basis. Currencies evolution has a negative impact of €67 million in 1^st half sales (vs -64 million in the 1^st half of 2025), with an impact concentrated in the 1^st quarter (-€73 million vs. +€6 million in the 2^nd quarter).

The Consumer business posted sales of €3,268 million in the 1^st half of the year, up +2.3% LFL and +0.5% on a reported basis. All geographies contributed positively to the 1^st half organic growth, with a notable acceleration in North America in the 2^nd quarter (+15% LFL), driven by a favorable comparison base and market share gains. This performance was also underpinned, at Group level, by a consistent innovation momentum and a reimagined activation strategy, illustrated by the launches of Cookeo Infinity, Aerosteam and Coffee Crush.

The Professional business recorded revenue of €476 million in the 1^st half of the year, down -2.8% LFL, against a backdrop of low contribution from large deals and a persistent wait-and-see attitude from foodservice customers, particularly in the United States and the Middle East. The core business held up well and services continued to grow. The Group is also building its future growth drivers, including the ramp-up of the Shaoxing hub and the launch of new models to address the small businesses & offices segment.

BREAKDOWN OF SALES BY REGION

COMMENTS ON CONSUMER SALES BY REGION

EMEA – WESTERN EUROPE

In Western Europe, sales grew +2.0% LFL in the 1^st half of the year (+2.0% on a reported basis). Sell‑out trends remained broadly positive over the period, though with increased caution amongst retailers in the 2^nd quarter, in a more uncertain consumer environment.

Product momentum was driven by floor washers, garment steamers, cookware and coffee machines — with the successful launch of Coffee Crush — as well as fans towards the end of the half.

In France, sales posted double-digit growth in the 1^st half of the year, with a favorable impact from loyalty programs, particularly in the 1^st quarter. Excluding loyalty programs, sales also grew. This performance translated into market share gains in most categories, driven by successes such as Cookeo Infinity, Aerosteam, Clean-It, Eversharp and Coffee Crush.

In Germany, in a still challenging environment, the Group is prioritizing margin improvement. Cookware (WMF and Tefal) posted good performance, especially online, while Small Domestic Appliances sales declined, notably in physical retail.

In the other Western European countries, sell-out trends are favorable, supported by the successful roll‑out of the Group's innovations. The sourcing strategies of certain retailers occasionally lead to a lag with the Group's sell-in. Sales showed, however, strong momentum in markets such as the United Kingdom, Italy and Portugal.

EMEA – OTHER EMEA COUNTRIES

In the other EMEA countries, first-half sales showed slight organic growth (+0.6% LFL) but a decline of -4.6% on a reported basis, due to the depreciation of several currencies in the region, primarily the Turkish lira.

In Turkey and Egypt, activity accelerated sharply in the 2^nd quarter, driven by strong product momentum across all categories – particularly in cookware, linen care and electrical cooking – as well as by robust e-commerce performance.

In Eastern Europe, the situation remains mixed, against a demanding comparison base. However, the roll-out of the Group's latest innovations in the region is promising, particularly for floor washers, cookware and kitchenware (cutlery), spot cleaners and garment steamers.

Sales in the Middle East (approximately 10% of the region's revenue) declined strongly, affected by the geopolitical context.

AMERICAS – NORTH AMERICA

In North America, sales grew +9.5% LFL in the 1^st half of the year (+6.3% on a reported basis), with a marked acceleration in the 2^nd quarter (+15% LFL), driven by a favorable comparison base in the United States.

In the United States, the Group further gained market share in cookware — with the T-Fal, All-Clad and Imusa brands — and in linen care, in a volatile but better-oriented market than in the 1^st quarter.

In Mexico, in a competitive market, sell-out remained dynamic throughout the half, supported both by core categories (cookware, linen care) and by innovations (Coffee Crush, floor washers). Growth was particularly notable in the online segment.

AMERICAS – SOUTH AMERICA

In South America, sales grew +6.1% LFL in the half and +10.7% on a reported basis.

In Colombia, activity showed strong momentum throughout the half, driven by double-digit growth in historical categories and the continued roll-out of innovations in coffee and floor care (versatile vacuum cleaners and floor washers), supported by effective digital activation. Fan sales also returned to growth in the 2^nd quarter.

In Brazil, in a less favorable environment, sales declined during the half: the good performance of online sales was offset by a decline in physical retail, particularly in the 2^nd quarter.

ASIA – CHINA

In China, sales grew +1.3% LFL in the 1^st half of the year and were stable on a reported basis.

In line with the 1^st quarter, the Group maintained a careful balance between sales growth and preserving profitability, in a context where promotional intensity increased in the 2^nd half of the period.

Growth, however, remained solid in cookware, kitchenware, rice cookers and linen care (particularly garment steamers). Social commerce remained a strong contributor and an important driver for Supor and its market.

The Large Kitchen Appliances segment (less than 10% of local sales) continued to be penalized by the sharp decline in its market following the non-renewal of consumption incentive programs.

Over the half, Supor posted slight market share gains in most of its categories, thereby consolidating its leadership position in China.

ASIA – OTHER ASIAN COUNTRIES

In the other Asian countries, activity was broadly stable organically in the half (+0.3% LFL) and down 7.2% on a reported basis, primarily due to the depreciation of the yen in Japan and the won in South Korea.

Across the region, performance was very positive in the Group's direct-to-consumer networks, both online and in physical stores.

In Japan, sales grew in the Group's key categories: cookware (driven by the roll-out of Ingenio), kettles and electrical cooking (rice cookers, electric pressure cookers).

Conversely, the market remained in decline in South Korea, penalized by difficulties in physical retail. In Australia, sales declined in a highly competitive environment, with, however, a good performance from online sales.

In the other Southeast Asian countries, sales remained broadly stable, with notable developments in Malaysia, Taiwan and Hong Kong, driven by the expansion of distribution channels and the impact of product launches.

COMMENTS ON PROFESSIONAL BUSINESS

Professional business sales stood at €476 million in the 1^st half of the year, down -2.8% LFL (-4.1% on a reported basis). After a slight improvement in the 1^st quarter (+1.1% LFL), the business declined in the 2^nd quarter (-6.2% LFL), amplified by a somewhat less favorable comparison base.

The decline for the half reflects an uncertain geopolitical environment, marked by a persistent wait-and-see attitude from foodservice customers regarding renewals, particularly in the United States and the Middle East, and the limited contribution from large deals. The core business held up well, and services (approximately 35% of activity) continued to grow.

The Group is also building its future growth drivers:

• ramp-up of the Shaoxing hub, operational since the beginning of the year, with the Peak and Elevation models now available in more than 15 countries, targeting the small businesses & offices segment;
• expansion of the customer portfolio, with ChaPanda in China, Scooter's in the United States and a global listing with McDonald's;
• strengthening of the integrated one-stop-shop offer, with a stake taken in an Ingredient Dispensers specialist in China.

OPERATING RESULT FROM ACTIVITY

In the 1^st half of 2026, ORfA amounted to €172 million, up 44% from €119 million in the 1^st half of 2025, which represents a favorable comparison base. The operating margin stood at 4.6% of sales, versus 3.2% in the prior year.

This improvement was driven primarily by:

• positive operating leverage and gross margin management through volume and price/mix effects, taking into account currency movements;
• refunds of tariffs paid in the United States since April 2025, with a positive impact of approximately €15 million on the cost of sales;
• a decrease in structure costs of approximately €25 million, with first effects of the Rebound plan; and
• a positive currency effect of €12 million, primarily linked to short currencies (USD and CNY).

As usual, we also highlight that, given the seasonal nature of the Group's activity, first-half ORfA and operating margin are not representative of the full year.

OPERATING PROFIT AND NET PROFIT

As at end-June 2026, Operating Profit stood at -€23 million, compared with €86 million at 30 June 2025. This includes a discretionary and non-discretionary profit-sharing charge of €11 million, and other operating income and expenses totaling -€185 million, of which €178 million relates to exceptional charges linked to the Rebound plan.

The year-on-year change in Operating Profit reflects the €53 million improvement in ORfA over the period and the recognition of €178 million in exceptional charges related to the Rebound plan.

Net finance costs amounted to -€67 million at 30 June 2026, compared with -€57 million at 30 June 2025. Income tax expense amounted to -€12 million; the effective tax rate, excluding the impact of the

Rebound plan, was 30%, versus 25% in H1 2025.

Net profit for the first-half of the year stood at -€103 million. Non-controlling interests were stable at €21 million. Net profit attributable to SEB S.A. thus stood at -€124 million.

Net profit attributable to SEB S.A., adjusted for Rebound plan exceptional charges (net of tax), amounted to €41 million versus €1 million at end-June 2025.

FREE CASH FLOW GENERATION AND NET FINANCIAL DEBT

Free cash flow generation was positive at €53 million in the 1^st half of the year, compared with -€213 million in the 1^st half of 2025. This improvement reflects in particular (i) the €53 million increase in ORfA over the period, (ii) a reduction in operating working capital of €43 million versus an increase of €150 million, and (iii) lower capex (€99 million vs. €160 million last year).

The Group's net financial debt stood at €2,516 million at 30 June 2026 (of which €311 million relates to IFRS 16 debt), down €142 million compared with 30 June 2025 and up €174 million compared with 31 December 2025. The net financial debt/adjusted EBITDA ratio was 2.8x versus 2.9x at 30 June 2025.

REBOUND PLAN: ROLL-OUT ON TRACK WITH OBJECTIVES

The Rebound plan, the Group's transformative project aimed at restoring its profitable growth trajectory, is progressing in line with the announced schedule and objectives. The first advances achieved during the half illustrate the progressive build-up of its levers, with results already tangible on operational execution and cost control.

The Group is accelerating the roll-out of its successful innovations – X-Clean, Clean-It, Aerosteam and Fusioncore – in new countries and across more models. It is also continuing to transform its categories with launches such as Cookeo Infinity, combining a multi-cooker and an airfryer, or, in the 1^st half, Coffee Crush, the most compact bean-to-cup coffee machine on the market. These innovations demonstrate the Group's ability to address new consumer usage patterns and broaden its consumer recruitment potential. The new social-first activation approaches developed around these launches will be progressively deployed across the Group to strengthen their commercial impact and proximity with consumers.

The Group also reiterates its objective of approximately €200 million in recurring annual savings at full run-rate by end-2027, through the optimization of structure costs, improvements in industrial efficiency and savings on indirect purchasing, while continuing to invest in brands, innovation and commercial execution.

These levers have already generated tangible progress in the 1^st half:

• more than 400 initiatives launched on indirect purchasing, with first effects visible in the accounts at end-June,
• the signing of labor agreements in France and in the majority of German entities, with departures from September onwards;
• a SKU reduction of 25% to 30%, now identified to nearly 90% and initiated at 9%, with full completion expected by early 2027;
• as well as increased use of artificial intelligence, with more than 140 workshops organized during the half, generating more than 800 use cases.

In total, the positive impact of the Rebound plan on Operating Result from Activity in 2026 is estimated at between €40 and €60 million.

OUTLOOK

The macroeconomic and geopolitical environment remains deteriorated, marked by mixed consumer prospects, cautious inventory management by retailers and increased inflationary pressures on costs. In this context, and in resilient Small Domestic Equipment markets, the Group will continue to rely on its internal levers: innovation pipeline momentum, targeted pricing actions, strict management of cost of sales and operating expenses, and the impacts of the Rebound plan.

Following this 1^st half, the Group confirms its outlook: a return to ORfA growth in 2026 as well as more normative free cash flow generation, continuing the 1^st half trend. This trajectory should also enable a reduction in financial leverage as of 2026, with the objective of returning to the Group's standard levels of around 2x (excluding acquisitions) by 2027.

ESG RATINGS

In 2026, the Group reached a new milestone in the recognition of its environmental performance by receiving a double "A–" score from CDP² for Climate and Water (the latter being assessed for the first time), as well as an "A" score for its supplier engagement. These results demonstrate the solidity of its net-zero climate trajectory validated by the SBTi³, the maturity of its actions for sustainable water management, and its ability to mobilize its partners on Scope 3 emissions reduction.

The Group also achieved a record score of 90/100 in the EcoVadis⁴ assessment, earning the Platinum medal, the highest distinction awarded by the organization. This performance places it among the Top 1% of companies assessed worldwide and reflects the progress made in the areas of environment, human rights, working conditions, ethics and responsible purchasing.

The Groupe SEB consolidated and statutory financial statements at 30 June 2026 were approved by the Board of Directors on 22 July 2026.

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED BALANCE SHEET

CONSOLIDATED CASH FLOW STATEMENT

APPENDIX

SALES BY REGION – FIRST QUARTER

SALES BY REGION – SECOND QUARTER

GLOSSARY

On a like-for-like basis (LFL) – Organic

The amounts and growth rates at constant (or organic) exchange rates and consolidation scope in a given year compared with the previous year are calculated:

• using the average exchange rates of the previous year for the period in consideration (year, half-year, quarter)
• on the basis of the scope of consolidation of the previous year.

This calculation is made primarily for sales and Operating Result from Activity.

Operating Result from Activity (ORfA)

Operating Result from Activity (ORfA) is Groupe SEB's main performance indicator. It corresponds to sales minus operating expenses, i.e., the cost of sales, innovation expenditure (R&D, strategic marketing and design), advertising, operational marketing as well as sales and marketing expenses. ORfA does not include discretionary and non-discretionary profit-sharing or other non-recurring operating income and expense.

Loyalty program (LP)

These programs, run by distribution retailers, consist in offering promotional offers on a product category to loyal consumers who have made a series of purchases within a short period of time. These promotional programs allow distributors to boost footfall in their stores and our consumers to access our products at preferential prices.

Sell-in (sales)

Sales made to our customers (distributors).

Sell-out (resales)

Sales made by distributors to consumers.

Adjusted EBITDA

Adjusted EBITDA is equal to Operating Result from Activity minus discretionary and non-discretionary profit-sharing, to which are added operating depreciation, amortization and impairment.

Free cash flow

Free cash flow corresponds to adjusted EBITDA, after accounting for changes in operating working capital, recurring capital expenditure (CAPEX), taxes and interest, and other non-operating items.

Net financial debt

Net financial debt comprises all current and non-current financial liabilities minus cash and cash equivalents and financing-related derivative instruments. It also includes the financial liability arising from the application of IFRS 16 “lease contracts” as well as any short-term financial investments with no significant risk of change in value but with a maturity of more than 3 months at the subscription date.

This document may contain certain forward-looking statements regarding Groupe SEB's activity, results and financial situation. These forecasts are based on assumptions which seem reasonable at this stage, but which depend on external factors including trends in commodity prices, exchange rates, the economic environment, demand in the Group's large markets and the impact of new product launches by competitors.
As a result of these uncertainties, Groupe SEB cannot be held liable for potential variance on its current forecasts, which result from unexpected events or unforeseeable developments.
The factors which could considerably influence Groupe SEB's economic and financial results are presented in the Universal Registration Document and Annual Financial Report, filed each year with the Autorité des Marchés Financiers, the French financial markets authority.
This document may contain individually rounded data. The arithmetical calculations based on rounded data, in euros or percentage, may show some differences with the aggregates or subtotals reported.

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A world reference in Small Domestic Equipment and Professional Coffee, Groupe SEB carries out its business based on a portfolio of 45 iconic brands (Tefal, Seb, Rowenta, Moulinex, Krups, Lagostina, All-Clad, WMF, Emsa, Supor…), sold through multi-format distribution. Selling more than 400 million products per year, the Group implements a long-term strategy based on innovation, international development, competitiveness and customer service. Present in 150 countries, Groupe SEB generated revenue of €8.2 billion in 2025 and employs 32,000 people.

¹ On a like-for-like basis (= organic)
² Carbon Disclosure Project
³ Science Based Targets Initiative
⁴ www.recognition.ecovadis.com

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