Samsonite Group (1910) Q1 2026 earnings summary

Executive summary

• Net sales grew 4.1% year-over-year to $829.1M, with sequential improvement in North America and Latin America, continued growth in Asia and Europe, and resilience in DTC and lifestyle bags despite Middle East conflict impacts.

• Excluding Middle East and India, consolidated net sales rose 5.9% reported and 1.6% constant currency, with Asia up 8.4% and strong DTC and lifestyle bag performance.

• Gross margin remained robust at 59.0%, supported by disciplined execution and increased marketing investment.

• Adjusted EBITDA margin was 13.1%, down from last year due to higher operational and marketing expenses.

• Adjusted free cash flow improved by $68 million year-over-year to $27.3 million, with net cash from operating activities surging to $85.4M.

Financial highlights

• Q1 2026 net sales reached $829.1M (+4.1% y/y, +0.4% constant currency).

• Gross margin was 59.0% of net sales, slightly down from 59.4% last year.

• Adjusted EBITDA was $109M (13.1% margin), down from $128M (16.0% margin) last year, reflecting increased investment in brand elevation and store openings.

• Marketing expenses rose to 5.7% of sales, up 40 basis points year-over-year.

• Distribution expenses increased to 34.3% of net sales, mainly due to inflation and higher outbound freight costs.

Outlook and guidance

• Expect low single-digit constant currency net sales growth for the full year, assuming no material worsening of Middle East and India conflicts.

• Q2 net sales growth expected to be similar to Q1, with peak marketing spend ahead of the summer travel season.

• Adjusted EBITDA margin anticipated to improve sequentially through the year, with significant improvement in the back half.

• Full-year marketing spend projected at 6.5% of sales, peaking at 8% in Q2.

• Preparing for a potential dual listing in the US in 2026.