Samsonite Group (1910.HK) 2Q26 results inline Soft sales and resilient gross margin. Acquisition of BÉIS to expand lifesty...

Equity Research 14 August 2026 | 5:06AM HKT

Samsonite Group (1910.HK) 2Q26 results inline - Soft sales and resilient gross margin. Acquisition of BÉIS to expand lifestyle categories

1910.HK 12m Price Target: HK$18.40 Price: HK$13.94 Upside: 32.0% BUY Simon Cheung, CFA | Goldman Sachs (Asia) L.L.C.

Leah Pan | Goldman Sachs (Asia) L.L.C.

Samsonite reported its 2Q26 results and hosted a conference call Alpha Wang | after the market close on Aug 13th. In local currency terms, net Goldman Sachs (Asia) L.L.C.

sales dropped -0.7% yoy in 1H26, implying close to -2% yoy decline in 2Q26 dragged by weaker-than-expected performance Key Data _____________________________________ Market cap: HK$20.2bn / $2.6bn in Middle East (-49%) and India (-9%). Excluding these two Enterprise value: HK$29.5bn / $3.8bn markets, its net sales would have been inline, +0.7% yoy in 1H26 3m ADTV: HK$58.9mn / $7.5mn Hong Kong or flat yoy in 2Q26. Gross margin surprised positively expanding by Asia Leisure M&A Rank: 3 +2.9pts to 62% in 2Q26 (vs. 59% in 1Q26) helped by US tariff Leases incl. in net debt & EV?: Yes refunds; excluding this impact, it would have been inline +1pts yoy GS Forecast __________________________________ to 60.0% reflecting favorable sales mix toward DTC channels which 12/25 12/26E 12/27E 12/28E Revenue ($ mn) New 3,497.6 3,511.2 3,614.2 3,740.5 contributed 41.6% of its net sales (vs. 41%/39.8% in 2Q25/1Q26). Revenue ($ mn) Old 3,497.6 3,573.8 3,668.5 3,796.7

Management also mentioned at the prior results call (May 14) that it EBITDA ($ mn) EPS ($) New generally keeps 6-9 months of product inventory which could help EPS ($) Old P/E (X) protect gross margin for 2-3 quarters without adjusting prices. In P/B (X) 2.1 1.5 1.4 1.3 addition, they have been negotiating with suppliers and using more Dividend yield (%) 4.5 5.0 5.3 5.5 CROCI (%) recycled materials where possible, as well as securing long-term shipping contracts in advance to better manage its freight costs 3/26 6/26 9/26E 12/26E EPS ($) which represents ~30% of COGS. GS Factor Profile ______________________________ Its adjusted EBITDA fell less by -4% yoy to US$136mn in 2Q26 Growth

(vs. -14% yoy in 1Q26), implying a narrower -0.4pts yoy margin Financial Returns

decline to 16.0% (vs. -2.8pts yoy in 1Q26) supported by the Multiple improved gross margin mentioned above, though partly offset by higher distribution and G&A expenses +5%/+12% yoy respectively Integrated

representing 33.6%/7.2% of net sales (vs. 31.6%/ in 2Q25) - these Percentile 20th 40th 60th 80th 100th

reflect negative operating leverage on higher costs, i.e., wage and 1910.HK relative to Asia ex. Japan Coverage rent increases, costs incurred for cloud-based ERP system, etc. As 1910.HK relative to Asia Leisure

flagged by management previously, marketing expenses rose +9% Source: Company data, Goldman Sachs Research estimates. yoy representing ~7.2% of net sales (vs. 6.1% in 2Q25) as the See disclosures for details. company launched more advertisement to increase its brand

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Goldman Sachs Samsonite Group (1910.HK)

Samsonite Group (1910.HK) Income Statement ($ mn) ___________________________________ BUY Rating since Dec 8, 2024 12/25 12/26E 12/27E 12/28E Total revenue 3,497.6 3,511.2 3,614.2 3,740.5 Cost of goods sold (1,412.9) (1,422.0) (1,445.7) (1,492.4) SG&A (1,535.8) (1,581.8) (1,640.9) (1,694.4) Ratios & Valuation __________________________________________ R&D -- -- -- -- 12/25 12/26E 12/27E 12/28E Other operating inc./(exp.) ( P/E (X) EBITDA P/B (X) 2.1 1.5 1.4 1.3 Depreciation & amortization ( ) FCF yield (%) EBIT EV/EBITDAR (X) 7.1 6.6 6.1 5.8 Net interest inc./(exp.) ( ) EV/EBITDA (excl. leases) (X)…