1) Strategy & Leadership - Interparfums is pleased with its performance in Q2 2026, achieving 2% sales growth in both the second quarter and first half, driven by strong brand execution and a diversified portfolio. - The company is focused on long-term value creation for shareholders, despite ongoing challenges in the industry, particularly from the war in the Middle East. - CEO Jean Madar emphasized the importance of disciplined execution and the strength of their global brand portfolio, which includes brands like Coach, Montblanc, and Jimmy Choo.

2) Financial & Segment Results - Consolidated sales for the first half of 2026 were up 2%, with organic sales growth of 4% in Q2, excluding war-related impacts. - North America, the largest market, grew by 5%, while Asia Pacific saw a 14% increase, driven by successful brand initiatives. - The U.S. operations reported an 18% increase in Q2 sales, benefiting from a favorable comparison to the previous year, while European operations faced a 4% decline in Q2. - Gross margin for the first half improved to 65.3%, with a slight decline in Q2 due to brand mix and tariffs.

3) Problems / Headwinds - The ongoing war in the Middle East has significantly impacted sales, particularly in the Middle East and Africa, which fell by 24%. - Eastern Europe also faced challenges with a 7% decline due to operational difficulties. - Tariffs have added costs, with $8.2 million in additional expenses in the first half, although some tariff refunds have been received.

4) Operational or Product Plans - Interparfums is preparing for several blockbuster launches in 2027 across major brands, including Coach and Montblanc, which are expected to drive significant growth. - The company is also expanding its portfolio with new brands like Longchamp and Off-White, with positive initial responses from distributors. - Digital commerce remains a growth driver, with significant investments in marketing, particularly in e-commerce platforms like Amazon and TikTok.

5) Guidance & Outlook / Investor Angle - The company maintains its full-year guidance of approximately $1.48 billion in sales and diluted earnings per share of $4.85. - Despite external pressures, Interparfums is optimistic about its growth trajectory, driven by a strong innovation pipeline and strategic investments. - The management is cautious but confident in navigating current challenges while focusing on long-term growth.

Bottom line: Interparfums is navigating a challenging environment with resilience, achieving modest growth and maintaining a strong outlook for the future, supported by a robust brand portfolio and strategic investments. Shareholders can expect continued focus on long-term value creation despite short-term headwinds.