Interparfums, Inc.

Greetings and welcome to Interperfumes Inc. First Quarter 2026 Conference Call and Webcast. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Devin Sullivan, Managing Director at the Equity Group and Interparfums Investment Relations Representative. Thank you. You may begin.

Thank you, Rob. Good morning, everyone, and thank you for joining us today. Joining us on the call today will be Chairman and Chief Executive Officer Jean Madar and Chief Financial Officer Michelle Atwood. As a reminder, this conference call may contain forward-looking statements, which involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from projected results. These results, these factors may be found in the company's filings with the Securities and Exchange Commission under the headings forward-looking statements and risk factors. Forward-looking statements speak only as of the date on which they are made, and InterParfum undertakes no obligation to update the information discussed. Interparfum's consolidated results include two business segments, European-based operations through Interparfum's SA, the company's 72-owned French subsidiary, and United States-based operations. It is now my pleasure to turn the call over to Jean Madar. Jean, please go ahead.

Thank you Devin and good morning everyone and thank you for joining us on today's call. We started off the year broadly in line with expectations with consolidated sales increasing 2% on a reported basis reflecting growth from both our US and European based operations despite mixed results across the portfolio, aided by favorable foreign exchange movements. We were able to generate significant growth across several key markets, operating in a more difficult environment while enhancing profitability. Our results reflect the strength of our underlying business, the appeal of our brands, and the disciplined execution of our strategy across a diverse global footprint. Consolidated sales growth in the first quarter reflected strong brand execution and solid performance in select regions, partially offset by macro and regional headwinds. North America, our largest market, increased by 7%, driven by continued category growth and innovative brand extensions, particularly from Coach, Central and South America grew 23%, supported by strong momentum in women's and men's coach franchises and the Mont Blanc legend line. Western Europe sales were flat, driven by slow consumer demand. These results, however, were partially offset by softer performance in other parts of the world, Eastern Europe declined 12%, driven by operational difficulties in certain markets, which disproportionately impacted Lanvin and Lacoste. Middle East and Africa declined 12%, primarily due to recent intensifications of regional wars and the conflicts in the region. Asia-Pacific sales decreased 7%, driven by distribution changes we implemented in 2025 in South Korea and India, and softer consumer demand in Australia and New Zealand, which were partially compensated by strong growth in China. Moving to performance by brand, we saw solid growth from several of our larger brands. Coach increased 30%, reflected strong selling following the launches of new extensions with the Coach Women and Coach Men franchises, Coach Cherry and Coach Platinum, as well as sustained healthy demand across most existing lines. Montblanc rose 14%, driven by the launch of Legend Elixir, the first launch for the Legend franchise since 2024, and the success of the Explorer Extreme line launched last year and a lower sales base in last year's first quarter. Guess, our largest US brand. the US-based brand, grew 11% in the first quarter, driven by ongoing success of the iconic franchise, supported by launches of new extensions within the iconic and seductive pilars. Roberto Cavalli continued to generate robust results to start 2026, achieving a 32% increase in net sales. Our blockbuster launch from last year, Serpentine, remains a substantial success. opening a lot more doors for us across the world. The product was a finalist for the Precision Popular Packaging of the Year Award at the Fragrance Foundation last month. And growth during the quarter was also fueled by the latest innovation, Just Cavalli Wild Heart Extension Dual Gender Duo, Wild Pink and Wild Blue, and Verde Assoluto, the newest fragrance within the WOMO Hilar. Other key brands reflected tougher comparisons. Lacoste declined 12%, driven by last year's strong innovation-led growth and weaker Eastern Europe conditions. We launched a new extension late in the first quarter called Original Aqua for men, and we plan to launch several other extensions throughout the year to further elevate the brand. While Danakaran DKNY declined 3% of a high prior year base, we did see a 16% rebound in a BeDelicious score, indicating renewed consumer demand and improving franchise momentum. The Cashmere Mist deodorant also remains an extremely successful product within the Donna Karan Dickie & White brand, as it continues to be incredibly popular on TikTok Shop and Amazon. Overall, with a global fragrance market normalizing toward historical growth rates following several years of exceptional performance, capturing market share has taken on greater importance as a key source of momentum. In order for us to do that, our portfolio offerings must both be diverse and distinguish to reach and appeal to multiple large consumer audiences, especially in a more difficult operating environment. In addition to launching new, exciting innovation across our existing portfolio, we are expanding our portfolio with new brands to further amplify our offerings and appeal. During the first quarter, we resume distribution of the existing lines of Annick Goutal and reopen two store locations in Paris, with another one to open soon. We will continue to develop the brand's reach and offering within the high-end fragrance market. Also, we are continuing to develop brand new fragrances for Longchamp and Off-White, and these launches will happen in 2027. We expect these two new brands to help us elevate our positioning in the high-end fragrance category. And in January, we announced separate exclusive long-term worldwide fragrance license agreements with David Beckham and Nautica. When these brands join our portfolio, Beckham in 28 and Nautica in 2030, respectively, both will be essential for us to expand our offerings in the lifestyle fragrance space that we know quite well. Fragrance continues to stand apart within the beauty for its resilience, supported by its role as an accessible luxury and everyday form of self-expression that consumers continue to prioritize even amid macroeconomic and geopolitical uncertainty and more deliberate spending behavior. The category is also benefiting from powerful e-commerce tailwinds with an increasing number of fragrance products purchased through non-traditional retailers, including Amazon, underscoring the growing importance of digital marketplaces in both discovery and conversion. Consumers are also increasingly seeking personalization, which we find through fragrance layering as well as personalized AI-driven recommendations. Whether through social media, major e-commerce platforms, or physical retail, The way consumers discover, evaluate, and engage with fragrance is rapidly evolving. These are powerful channels for discovery, and we are actively leaning into that shift with a focus on storytelling that can bridge multiple channels and offer consumers immersive and consistent brand experience. To be successful, brands must inspire desire, whether as a gateway into the world of an iconic fashion house such as Jimmy Choo, Ferragamo or Coach, or that of a celebrity like the one we will do with Beckham. We are continuing to develop our portfolio to maintain desirability across all our brands. The travel retail market continued to perform well, representing approximately 7% of total net sales, consistent with prior periods. Brands including Roberto Cavalli, Guess and Coach have performed well to start the year, with travel retail overall currently showing strength in Europe in particular. We anticipate steady growth in our travel retail business going forward. Despite a dynamic macroeconomic environment, the global fragrance category remains resilient, and we are well positioned to deliver on our goals this year. We remain cautiously optimistic for the balance of 2026 reflecting war and disruption in the Middle East while capturing improving dynamics in other regions. We are confident in our ability to navigate near-term volatility, continue to operate efficiently and profitably, and drive disciplined, sustainable, long-term growth in service of our customers, brand partners, and consumers. With respect to the Middle East, I realize that oftentimes we can fall into the trap of viewing different parts of the world primarily through the lens of how it impacts our business. But our concern for our colleagues and partners in the whole Middle East extends directly to them, their families and communities. We truly appreciate and acknowledge their contribution during this time of heightened conflict. And of course, we pray for better days ahead. Before I close, I want to highlight that alongside operating our business, Strengthening our ESG profile remains a key priority. Our ESG strategy is now in its third year and is going strong. We have seen a great return on our investment in this program across supply chain visibility, our ability to respond to new regulatory requirements, and our external investor ratings. These actions and enhanced measures resulted in Interparfums receiving its third consecutive ESG rating increase from MSCI. We now sit at BBB and have our sights set on A. Our goal is to continue addressing the environmental and social risks that are most financially material to our business. This approach bears long-term return on investment, focused resiliency with ESG performance. With that, I will now turn it over to Michel for a review of our financial results. Michel?