During the first three months of the year, the small domestic appliance specialist generated revenue of 1.885 billion euros, representing organic growth of 2.7%, or a 1.1% decline at current exchange rates. Currency effects had a negative impact of 73 million euros, or nearly -4% on sales, though this pressure eased throughout the quarter.

For TP Icap Midcap, the momentum is more robust than anticipated. Analysts were forecasting revenue growth of only 1.8% on an organic basis and a 1.8% decline on a reported basis, whereas the group achieved +2.7% and -1.1% respectively. Sentiment is echoed at Oddo BHF, which was targeting revenue of 1.878 billion euros; the group outperformed this by 7 million euros.

Breaking down the geographical regions at constant exchange rates and scope, all areas experienced growth. The top performer was the Americas, where growth reached 6.7% to 235 million euros, followed by the EMEA region (Europe, Middle East, Africa) with a 2.5% increase to 798 million euros, accounting for 42.33% of the company's total revenue.

In parallel, operating profit from activity (ORFA) stood at 72 million euros, a sharp 42% increase compared to the first quarter of 2025. The operating margin thus came in at 3.8%, compared to 2.6% a year earlier. Explaining these figures, Groupe SEB noted that beyond a favorable base effect, the improvement was driven by organic sales growth and a reduction in operating costs over the quarter.

For TP Icap Midcap, these improvements represent the first tangible results of the 'Rebond' plan. Oddo BHF had been targeting an ORFA of 55 million euros, significantly lower than the group's reported figure, though analysts pointed out that the first quarter typically represents less than 10-15% of annual results.

Initial assessment of the Rebond plan and outlook

Groupe SEB reiterated that its strategic plan is a structural project aimed at returning to a profitable growth trajectory. The rollout of initiatives related to this plan - including accelerated innovation, digital marketing transformation, SKU reduction, indirect procurement savings, industrial efficiency, and structural cost optimization - is proceeding in line with the established timetable.

The company confirmed the expected return to ORFA growth for the 2026 fiscal year, as well as a more normalized free cash flow generation.
At TP Icap Midcap, analysts noted that uncertainties remain regarding the indirect effects of the conflict in the Middle East, particularly concerning the risk of fuel surcharges weighing on logistics costs and potential pressure on input costs (notably plastics), the scale of which remains difficult to quantify precisely at this stage. Consequently, they anticipate 'the continuation of a disconnect between improving underlying operational momentum and headline performance still penalized by currency headwinds'. Their recommendation remains a 'buy', with a price target of 67 euros.

In its commentary, Oddo BHF highlighted that first-quarter organic growth is satisfactory and that the group has seen no trend reversal during the first weeks of April, which is rather reassuring. Analysts are targeting organic growth of 2.5% for the full year, while the consensus stands at +2.9%, which appears realistic in the current context. Oddo BHF maintains an 'outperform' rating with a target of 75 euros, betting on the implementation of the 200 million euro savings plan by 2027, a portion of which is expected to be reinvested in growth.