INTERPARFUMS INC

The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and nine- month periods ended September 30, 2026 are not necessarily indicative of the results that may be expected for the year ended December 31, 2026.

The condensed consolidated balance sheet at December 31, 2025, has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

For further information, refer to the consolidated financial statements and footnotes thereto included in our annual report on Form 10-K for the year ended December 31, 2025.

Accounts Receivable

Accounts receivable represents payments due to the Company for previously recognized net sales reduced by allowances for credit losses and customer deductions totaling $375.4 million, $320.6 million, $274.7 million as of September 30, 2026, December 31, 2025, and December 31, 2024, respectively. We generally grant credit based upon our analysis of the customer’s financial position, as well as previously established buying patterns. The Company estimates expected credit losses based on historical credit loss experience, the aging of outstanding receivables, customer-specific credit risk, current economic conditions, credit insurance coverage, and reasonable and supportable forecasts, as applicable. The allowance is reviewed periodically and adjusted as necessary based on changes in credit risk and collection experience. The allowance for credit losses was $4.1 million and $3.2 million as of September 30, 2026 and December 31, 2025, respectively. Accounts receivable balances are written off against the allowance for credit losses when they become uncollectible. Recoveries of accounts receivable previously recorded against the allowance are recorded in the consolidated statement of income when received.

Inventories

Inventories, including promotional merchandise, only include inventory considered saleable or usable in future periods, and are stated at the lower of cost and net realizable value, with cost being determined using an average cost method which approximates first-in, first-out (“FIFO”). Cost components include raw materials, direct labor and overhead (e.g., indirect labor, utilities, depreciation, purchasing, receiving, inspection and warehousing) as well as inbound freight. Promotional merchandise is charged to cost of sales at the time the merchandise is shipped to the Company’s customers.

Income Taxes

Our consolidated effective tax rate was 24.6% and 23.5% for thenine months ended September 30, 2026 and 2025, respectively. The Company's effective income tax rate is primarily affected by the geographic mix of earnings among jurisdictions with different statutory tax rates, the benefit associated with the Foreign-Derived Intangible Income ("FDII") deduction, excess tax benefits related to stock-based compensation, state income taxes, and other permanent differences recognized during the period. These items collectively result in the Company's effective tax rate differing from the U.S. federal statutory rate. The Company does not have a jurisdictional tax forecast but uses a forecasted tax rate by segment to validate the quarterly effective tax rate. Other than as discussed above, we did not experience any significant changes in tax rates, and none were expected in jurisdictions where we operate. We also did not have any material discrete tax items this quarter nor significant changes in uncertain tax positions, valuation allowances, tax examinations, or enacted law changes. The Company was notified in June 2026 by the Internal Revenue Service that the Company will undergo an audit for the 2024 tax year. As of September 30, 2026, the examination was ongoing. In addition, the Company’s Italian subsidiary is currently undergoing an examination by the Italian tax authorities for the 2023 tax year.

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Correction of Immaterial Misstatements in Financial Statements

During the second quarter of 2026, the Company corrected an immaterial misclassification in the presentation of equity related to Interparfums SA share-based compensation. The correction resulted in a $12.9 million reclassification from retained earnings to noncontrolling interest and had no impact on net income, operating income, cash flows, total assets, total liabilities, or total equity. The correction is reflected in the “Reclassification adjustment” line in the accompanying Statement of Changes in Shareholders’ Equity. Refer to the Company’s Form 10-Q for the quarter ending June 30, 2026 for additional information regarding the correction.

Reclassifications

Certain prior year amounts in the accompanying consolidated statement of cash flows and notes to consolidated financial statements have been reclassified to conform with current period presentation.

Roberto Cavalli

In 2023, Roberto Cavalli and the Company signed an exclusive worldwide license agreement for the creation, the manufacturing and the distribution of fragrances under the Roberto Cavalli and Just Cavalli brands until December 31, 2029. In September 2026, the license agreement was extended for 20 years, until December 31, 2046.

PUMA

In March 2026, we entered into a 10-year license agreement with sports company PUMA for the creation, development, production, and distribution of fragrances under the PUMA brand name, through December 31, 2037. Our rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry.

Nautica

In January 2026, we entered into a 20-year license agreement for Nautica brand fragrances and fragrance related products, a subsidiary of the Authentic Brands Group. Our rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry. Interparfums will assume full global responsibility for Nautica fragrances effective January 1, 2030.

David Beckham

In January 2026, we entered into a 20-year license agreement for David Beckham brand fragrances and fragrance related products, a subsidiary of the Authentic Brands Group. This license will become effective on April 1, 2028. Our rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry.

GUESS

In 2018, GUESS?, Inc. and the Company signed an exclusive worldwide license agreement for the creation, the manufacturing and the distribution of fragrances under the GUESS brand until December 31, 2033. In December 2025, the license agreement was renewed for an additional 15 years, extending the license through December 31, 2048.

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Longchamp

In July 2025, we announced that our majority owned French subsidiary, Interparfums SA, signed an exclusive license agreement with Longchamp, a Parisian Maison, through December 31, 2036. Interparfums SA will be responsible for the creation, development, production and distribution of fragrance lines in Longchamp-brand points of sale and selective distribution channels. The first launch is expected in 2027. Our rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry.

Annick Goutal

In March 2025, we announced that our majority owned French subsidiary, Interparfums SA, acquired all intellectual property rights relating to Goutal Paris held by Amorepacific Europe. In January 2026, Interparfums SA began commercial use of the fragrance brand.

Coach

In 2015, Coach and Interparfums SA signed an exclusive worldwide license agreement for the creation, the manufacturing and the distribution of fragrances under the Coach brand until September 30, 2026. In March 2025, the license agreement was renewed for an additional 5-year term, extending the license through June 30, 2031.

Abercrombie & Fitch and Hollister

The Abercrombie & Fitch and Hollister fragrance license agreement will expire on March 14, 2028 and the Fierce distribution agreement will expire on August 31, 2028.

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU 2024-03. The ASU requires, among other things, more detailed disclosures about types of expenses in commonly presented expense captions such as cost of sales and selling, general and administrative expenses and is intended to improve the disclosures about an entity's expenses including purchases of inventory, employee compensation, depreciation and intangible asset amortization. ASU 2024-03 will also require the Company to disclose both the amount and the Company's definition of selling expenses. The guidance, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods for fiscal years beginning after December 15, 2027, on a prospective or retrospective basis. Early adoption is permitted. We are currently evaluating the impact of adopting this ASU on our disclosures.

In November 2025, the FASB issued ASU 2025‑09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The guidance makes targeted amendments to the hedge accounting model to better align the accounting with an entity’s risk management activities and to clarify the application of certain hedge accounting requirements. The amendments are effective for the Company for fiscal years beginning after December 15, 2026, including interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its hedge accounting policies and disclosures; however, the Company does not expect adoption to have a material impact on its consolidated financial position, results of operations, or cash flows.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). This update clarifies the applicability, form and content, and interim disclosure requirements in ASC Topic 270 and enhances navigability of the interim reporting guidance. ASU 2025-11 also establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact ASU 2025-11 will have on its interim consolidated financial statements.

There are no other recent accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial statements.

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Inventories, net of reserves, consist of the following:

The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value.

The carrying amount of cash and cash equivalents, accounts receivable, other receivables, accounts payable and accrued expenses approximate fair value due to the short terms to maturity of these instruments. The carrying amount of loans payable approximates fair value as the interest rates on the Company’s indebtedness approximate current market rates. The fair value of the Company’s long-term debt was estimated based on the current rates offered to companies for debt with the same remaining maturities and is approximately equal to its carrying value.

Foreign currency forward exchange contracts are valued based on quotations from financial institutions and the value of interest rate swaps is the discounted net present value of the swaps using third party quotes from financial institutions.

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Fair Value Hedges (Derivative Financial Instruments)

The Company enters into foreign currency forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency and occasionally to manage risks related to future sales expected to be denominated in a foreign currency. Before entering into a derivative transaction for hedging purposes, we determine that a high degree of initial effectiveness exists between the change in value of the hedged item and the change in the value of the derivative instrument from movement in exchange rates. High effectiveness means that the change in the cash flows of the derivative instrument will effectively offset the change in the cash flows of the hedged item. The effectiveness of each hedged item is measured throughout the hedged period and is based on the dollar offset methodology and excludes the portion of the fair value of the foreign currency forward exchange contract attributable to the change in spot-forward difference, which is reported in current period earnings. Any hedge ineffectiveness is also recognized as a gain or loss on foreign currency in the income statement. For contracts designated as hedges that are no longer deemed highly effective, hedge accounting is discontinued, and gains and losses accumulated in other comprehensive income are reclassified to earnings. If it is probable that the forecasted transaction will no longer occur, then any gains or losses accumulated in other comprehensive income are reclassified to current-period earnings.

In December 2022, to finance the acquisition of the Lacoste trademark, the Company entered into a €50 million (approximately $56.8 million)4-year term loan with a variable interest rate. This variable rate debt was swapped for variable interest rate debt with a maximum rate of 2% per annum. This swap is a hedged derivative instrument and is therefore recorded at fair value and changes in fair value are reflected in the accompanying consolidated statements of comprehensive income.

In connection with the April 2021 acquisition of the office building complex in Paris, €120 million (approximately $136.3 million) of the purchase price was financed through a 10-year variable rate term loan. The Company entered into interest rate swap contracts related to €80 million of the loan, effectively exchanging the variable interest rate to a fixed rate of approximately 1.1%. This derivative instrument is recorded at fair value and changes in fair value are reflected in the accompanying consolidated statements of income.

Gains and losses in derivatives designated as hedges are accumulated in other comprehensive income. We recorded a gain of $0.3 million and $1.0 million for the nine months ended September 30, 2026 and 2025, respectively. Gains and losses in derivatives not designated as hedges are included in loss on foreign currency in the accompanying consolidated statements of income. We recorded a loss of $0.7 million and a gain of $0.1 million for thenine months ended September 30,2026 and 2025, respectively.

All derivative instruments are reported as either assets or liabilities on the consolidated balance sheet measured at fair value. The fair value of interest rate swaps includes a liability position, which is included in long-term debt on the accompanying consolidated balance sheet, and an asset position, which is included in other current assets and other assets on the accompanying balance sheet. The fair value of foreign currency forward exchange contracts at September 30,2026, resulted in a net liability and is included in accrued expenses on the accompanying consolidated balance sheet.

At September 30,2026 and December 31, 2025, the Company had foreign currency contracts in the form of forward exchange contracts with notional amounts of approximately USD $42 million and USD $64 million, respectively, all of which have maturities of less than one year.

Net Investment Hedges (Non-Derivative Financial Instruments)

The Company is exposed to foreign currency risk associated with its net investment in certain foreign operations. The Company uses euro-denominated borrowings to manage a portion of the foreign currency exposure associated with its net investment in Interparfums SA ("IPSA"), whose functional currency is the euro.

As of September 30, 2026, the Company had €55.0 million ($62.5 million) of euro-denominated borrowings outstanding under its €200 million senior secured credit facility. The Company designated €55.0 million of these borrowings as nonderivative hedging instruments in net investment hedges of corresponding portions of the Company's net investment in IPSA.

Foreign currency transaction gains and losses attributable to the qualifying designated borrowings are recognized in the cumulative translation adjustment component of accumulated other comprehensive income rather than in current-period earnings. Such amounts remain in accumulated other comprehensive income until the applicable reclassification requirements associated with the hedged net investment are met.

For thethree and nine months ended September 30, 2026, the Company recognized $1.4 million of unrealized foreign currency gain associated with the designated net investment hedges in foreign currency translation adjustments in the accompanying statement of comprehensive income. No amounts were reclassified from accumulated other comprehensive income into earnings during the periods presented.

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Loans Payable - Banks

The Company and its domestic subsidiaries have credit lines totaling $34.1 million (€30 million) provided by an international financial institution. This credit line bears interest at the Euribor plus a margin of 1.65%.

The Company and its domestic subsidiaries have credit lines totaling $45 million provided by a consortium of domestic financial institutions. These credit lines bear interest at the Secured Overnight Financing Rate ("SOFR") plus a margin.

Borrowings outstanding pursuant to these lines of credit were zero as of September 30, 2026 and December 31, 2025.

The Company’s foreign subsidiaries have available credit lines totaling approximately $9.1 million (€8 million) provided by a consortium of international financial institutions. These credit lines bear interest at thethree-month Euribor rate plus 1.65%. Borrowings outstanding pursuant to lines of credit were $4.0 and $9.4 million as of September 30, 2026 and December 31, 2025, respectively.

The weighted average interest rate on these short-term borrowings was 4.3% and 5.2% as of September 30, 2026 and December 31, 2025, respectively.

Long-Term Debt

Long-term debt consists of the following:

On August 12, 2026, the Company entered into a €200 million senior secured credit facility with a syndicate of lenders to finance the share repurchase program disclosed in Q2 2026 10-Q and related transaction costs. The Facility Agreement provides for an availability period during which the Company may draw funds in one or more euro-denominated borrowings, subject to the terms and conditions of the agreement.

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During the availability period, the facility operates as a delayed-draw credit facility. Borrowings bear interest at variable rates based onthree-month EURIBOR plus a contractual margin determined by the Company's leverage ratio. The effective interest rate on the credit facility was 3.81%, as of September 30, 2026. The Facility Agreement requires the Company to pay a commitment fee of 0.42% per annum on the undrawn portion of the facility during the availability period. Interest and commitment fees incurred during the availability period are either paid when due or added to the outstanding loan balance upon conversion to a term loan.

Upon the end of the availability period or an earlier election by the Company in accordance with the Facility Agreement, the facility converts into a long-term amortizing term loan. Upon conversion, outstanding borrowings, accrued interest and certain unpaid fees are combined into a single term loan balance. An amount equal to one-twenty-first (1/21) of the outstanding principal balance becomes immediately due upon conversion, with the remaining balance amortized ratably over twenty subsequent quarterly installments. The facility matures on August 2032.

In connection with obtaining the financing, the Company incurred approximately €1.14 million of deferred financing fees which were capitalized as original issue discounts and included in the carrying amount of the debt in the Consolidated Balance Sheet. Capitalized fees are amortized over the life of the debt under the straight-line method and are included in interest expense.

The Facility Agreement contains a financial maintenance covenant requiring the Company to maintain a leverage ratio not exceeding 3.0x, measured annually using the Company's consolidated audited financial statements. Failure to comply with the covenant may constitute an event of default, subject to any applicable cure rights, waivers or amendments available under the Facility Agreement.

As of September 30, 2026, the Company had drawn €55.0 million under the facility and had €145.0 million of the remaining borrowing capacity available under the Facility Agreement.

In June 2025, IPSA entered into a $34.1 million (€30 million)three-year loan agreement bearing interest at a variable rate ofone-month EURIBOR plus a margin of 0.88% and a $22.7 million (€20 million)three-year loan agreement bearing interest at 3.0% per annum. In July 2024, IPSA entered into a $45.4 million (€40 million)three-year loan agreement bearing interest at 4.03% per annum. The proceeds from these loans were used to improve the Company's short-term cash position.

In December 2022, to finance Interparfums SA’s acquisition of the Lacoste trademark, the Company entered into a $56.8 million (€50 million)four-year loan agreement. The loan agreement bears interest atone-month Euribor rates plus a margin of 0.825%. This variable rate debt was swapped for variable interest rate debt with a maximum rate of 2% per annum. The swap is a derivative instrument and is therefore recorded at fair value and changes in fair value are reflected in the accompanying consolidated statements of income.

In April 2021, to finance the acquisition of Interparfums SA’s corporate headquarters, the Company entered into a $136.3 million (€120 million)ten-year credit agreement. Approximately $94 million (€80.0 million) of the variable rate debt was swapped for variable interest rate debt with maximum rate of 2% per annum. The swap is a derivative instrument and is therefore recorded at fair value and changes in fair value are reflected in the accompanying consolidated statements of income.

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Leases

The Company leases its offices and certain office equipment, substantially all of which are classified as operating leases. The Company currently has no material finance leases. The Company determines if an arrangement is a lease at inception. Operating lease right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term.

In determining the lease term and measurement of the right-of-use asset and lease liability, the Company considers fixed or variable payment terms, prepayments, incentives, and options to extend or terminate, depending on the lease. Renewal, termination, or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised. The Company uses its incremental borrowing rate based on information available at the lease commencement date and the location of the underlying lease, to determine the present value of lease payments.

As of September 30, 2026, the weighted-average remaining lease term was 3.1 years and the weighted average discount rate for operating leases was 3.2%. Operating lease expense was $1.5 million and $4.7 million for the three and nine months ended September 30, 2026, respectively, compared to $1.8 million and $5.1 million for the corresponding prior-year periods. Rental expense is included in selling, general, and administrative expenses in the accompanying consolidated statements of income. Cash paid for amounts included in the measurement of operating lease liabilities $4.9 million and $5.0 million for thenine months ended September 30, 2026 and 2025, respectively. Noncash additions to operating lease assets totaled $0.6 million and $0.2 million for the nine months ended September 30, 2026 and 2025, respectively.

IEEPA Tariffs

On February 20, 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the President to impose tariffs. On March 4, 2026, the Court of International Trade ordered U.S. Customs and Border Protection to begin refunding tariffs imposed under IEEPA.

The Company submitted claims totaling approximately $17.6 million of IEEPA tariffs. As of September 30, 2026, the Company has received $17.3 million of refunds and is not expecting any material additional refunds. The Company accounts for these recoveries under the gain contingency model in accordance with ASC 450-30, Gain Contingencies, and recognizes a gain when the recovery is realized upon receipt of cash. The accounting for the refunds is consistent with the original accounting for the underlying tariff costs. For thethree and nine months ended September 30, 2026, the Company recognized $7.9 million and $14.8 million, respectively, as reductions to costs of sales for refunds associated with inventory that had been sold. Refunds associated with inventory on hand were recorded as reductions to the carrying amount of inventory and totaled $1.4 million as of September 30, 2026. An additional $1.0 million in refunds were recognized in the third quarter as a reduction to selling, general, and administrative expenses, consistent with the original classification of the underlying tariff costs.

Interest associated with IEEPA tariffs of $0.6 million was recognized in interest and investment income in the Company’s Condensed Consolidated Statements of Income.

Share Repurchase

In July 2026, the Board of Directors of our Company authorized a share repurchase program to purchase outstanding shares in either our Company or its non-wholly owned subsidiary, Interparfums SA, which has its shares traded on the Euronext under the symbol “ITP,” or both. During the third quarter of 2026, the Company invested approximately $49.5 million to acquire additional shares of Interparfums SA, its Paris-based subsidiary listed on Euronext Paris, under this program, increasing its ownership interest from approximately 72.5% to 74.3%. The Company continues to control and consolidate Interparfums SA, and the purchases and related costs were accounted for as equity transactions.

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Net income attributable to Interparfums, Inc. per common share (“basic EPS”) is computed by dividing net income attributable to Interparfums, Inc. by the weighted average number of shares outstanding. Net income attributable to Interparfums, Inc. per share assuming dilution (“diluted EPS”), is computed using the weighted average number of shares outstanding, plus the incremental shares outstanding assuming the exercise of dilutive stock options using the treasury stock method.

The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows:

Not included in the above computations are the effect of antidilutive potential common shares which consist of outstanding options to purchase 0.09 million and 0.15 million shares of common stock for the three and nine months ended September 30, 2026, respectively and 0.09 million shares of common stock for thethree and nine months ended September 30, 2025.

Accrued expenses consist of the following:

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Disaggregation of net sales by the Company’s geographic regions is as follows:

Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties, and our business is dependent upon the continuation and renewal of such licenses. With respect to the Company’s largest brands, we license the Jimmy Choo, Coach, Montblanc, GUESS, Lacoste, Donna Karan/DKNY, and Ferragamo brand names. As a percentage of net sales, product sales for the Company’s largest brands were as follows:

For thenine months ended September 30, 2026 and 2025, Macy's, our top retail customer, accounted for approximately 11% and 10% of net sales, respectively. Macy’s accounted for approximately 16% and 14% of accounts receivable at September 30, 2026 and December 31, 2026, respectively.

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The Company manufactures and distributesone product line, fragrances and fragrance related products. The Company manages its business intwo segments, European based operations and United States based operations. The European based operations, assets and business operations are primarily conducted in France, and include the results and assets of Interparfums Luxury Brands, Inc., located in the United States. For United States based operations, assets and business operations are primarily conducted in the United States, and include the results and assets of Interparfums Italia Srl, located in Italy. Both European based operations and United States based operations primarily represent the sale of prestige brand name fragrances.

Information on the Company’s operations by segments is as follows:

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Other segment disclosures:

(a)Total long-lived assets include property, equipment and leasehold improvements, trademarks, licenses, and other intangible assets, and right-of-use assets.

Management has evaluated subsequent events through the date the financial statements were available to be issued and determined that no subsequent events requiring disclosure have occurred.

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