(Reuters) -SEB lowered its annual sales growth objective on Wednesday, the group citing “persistent uncertainties” in particular linked to American customs duties and their application.

Now anticipating organic sales growth of between 2 and 4% in 2025, against “around 5%” previously, SEB underlines a “pronounced wait -and -see attitude” in North America due to the trade policies of American president Donald Trump, which, according to a press release, penalizes performance in the region.

“The uncertainties surrounding the evolution of customs duties and their implementation calendar have significantly disrupted the group’s activity in the region in recent months,” said a press release.

“This instability results in a generalized wait -and -see attitude of distributors and a upheaval of the import patterns.”

In North America, the owner of the TEFAL brand displays a decline of 11.5% at constant sales and perimeter of sales in the second quarter, after growth of 4.9% recorded in the previous quarter.

Groupe SEB specifies having implemented “several adjustment measures” to mitigate the impact of customs duties increases, but warns that “disruptions of activity” should be extended to the second half with a very lack of visibility.

“We still have no scenario, we are in uncertainty, we lack visibility on the situation, and it lasts much longer and is much deeper than what we could have imagined,” Stanislas de Gramont, general manager of Seb said on Wednesday at a conference with analysts.

“We have increased our prices in the United States in order to mitigate the impact of customs duties and protect our gross margin. But outside the United States, the group does not plan any price increase in the second half,” he also said.

“Extension of uncertainties”

In the first half, the specialist in small domestic equipment reports sales at 3.75 billion euros, up 0.6% at constant exchange rate and perimeter.

It also displays an activity operating profit (ROPA) at 119 million euros over the period, withdrawn by 51% compared to 2024.

The group reports on a “clear acceleration” in Europe with an increase of 3.4% of sales on the semester, and quotes a “confirmed return to growth in Asia, in particular in China”, where sales are up 3.4% on the semester.

In South America, half -yearly sales are down 8.3% under the effect of a very high comparison base in 2024 linked to the El Niño climate phenomenon, which led to high sales of fans in the first half of the previous year.

SEB also says it anticipates an activity of activity in a range between 700 and 750 million euros in 2025, a target only announced “growing” previously. According to the press release, the new objective takes into account the decline in the results of the first half and the high volatility of the environment.

“The extension of uncertainties, particularly in North America, will continue to negatively impact the ROPA”.

(Written by Etienne Breban, edited by Augustin Turpin)

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