INTERPARFUMS INC 10-K

Item 9 A. Controls and Procedures. Evaluation of Disclosure Controls and Procedures Our Chief Executive Officer and Chief Financial Officer have reviewed and evaluated the effectiveness of our disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this annual report on Form 10-K (the “Evaluation Date”). In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, could provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on this evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that, as a result of the material weakness in internal control over financial reporting described below in “Management’s Annual Report on Internal Control over Financial Reporting”, the Company’s disclosure controls and procedures were not effective as of December 31, 2025. 50 Management’s Annual Report on Internal Control over Financial Reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles (“GAAP”). Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that compliance with policies or procedures may deteriorate. M anagement, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s internal control over financial reporting as of December 31, 2025, based on the criteria set forth in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this evaluation, management determined that we did not maintain effective internal control over financial reporting as of December 31, 2025, as the Company has not remediated the material weakness described below. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. Previously Reported Material Weaknesses A s previously disclosed in Part II, Item 9A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, management identified the following material weakness in internal control over financial reporting; The Company does not have an annual risk assessment process sufficiently designed to identify the risks that could impact on the Company’s consolidated financial statements. This includes processes to review any previously recognized risks and identify any potential new risks that could have a material impact on the Company. As a result, the Company could not properly assess if the key controls in place were sufficient to mitigate the risks of material misstatement and the Company could not adequately provide oversight over the testing of management’s internal control over financial reporting. In response to this material weakness, the following remedial actions have been implemented by the Company: hired an experienced Chief Audit Executive to improve our internal control over financial reporting capabilities. engaged a third party firm to assist us with designing and implementing a risk assessment process and establish processes and controls to support an effective control environment. completed a global entity wide risk assessment process. performed a risk assessment over the IT systems used as part of financial reporting and business processes, including various layers of technology. designed and implemented risk assessment procedures and monitoring activities; and implemented additional review and reconciliation controls to support the period end financial reporting process. Additionally, we are completing design enhancements to certain process-level controls, including controls over the approval of pricing for our products and implementing appropriate segregation of duties for manual journal entries. These enhancements include system-supported improvements designed to strengthen our ability to identify, assess, and monitor risks of material misstatement . While we have made significant progress towards the remediation of the material weakness noted above, management has concluded that the material weakness as of December 31, 2024 was not fully remediated as of December 31, 2025. The remaining material weakness will not be considered remediated until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively. Despite the finding of this material weakness, we have concluded that our consolidated financial statements and related notes thereto included in this Annual Report on Form 10-K fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of , and for, the periods presented. 51 Also as previously disclosed in Part II-Item 9A "Controls and Procedures" in our Annual Report on Form 10-K for the year ended December 31, 2024, we identified a material weakness in our internal control over financial reporting related to the following: The Company did not design and maintain an effective control environment commensurate with its financial reporting requirements. Specifically, the Company did not maintain sufficient documentation to evidence that controls have operated as designed with respect to key financial statement accounts and assertions. T he Company did not design and maintain effective information technology general controls related to user access at our Interparfums SA subsidiary, which limited management’s ability to rely on technology-dependent controls relevant to the preparation of the Company’s consolidated financial statements. During fiscal 2025, management implemented remedial actions to address these material weaknesses. These actions included strengthening documentation protocols to ensure that sufficient evidence of control execution is retained, enhancing management review procedures over key financial reporting controls, and providing training to control owners regarding internal control documentation and execution requirements. With respect to the Information Technology General Controls ("ITGC") material weakness related to user access, the Company implemented improvements to its access management processes, including removing inappropriate privileged access rights (including SAP‑ALL access), implementing role‑based access controls designed to enforce appropriate segregation of duties, and establishing periodic user access review procedures to monitor access to financial reporting systems. The Company also implemented monitoring controls designed to identify and remediate inappropriate access on a timely basis. We ha ve completed our testing of both the design and operating effectiveness of these controls and have determined that these controls have been appropriately designed and implemented, and have operated effectively for a sufficient period of time for management to conclude, that these two previously identified material weaknesses have been remediated as of December 31, 2025. Changes in Internal Control Over Financial Reporting Except as described above, there were no significant changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended), that occurred during the fiscal quarter of the year ended December 31, 2025 that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting. Item 9B. Other Information. (a) None. (b) During the fourth quarter of 2025 , no director or officer has adopted or terminated either any “ Rule 10b5-1 trading arrangement ” or “ non-Rule 10b5-1 trading arrangement ,” as such terms are defined in the applicable regulation. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. None. 52 PART III Item 10 . Directors, Executive Officers and Corporate Governance Executive Officers and Directors As of the date of this report, our executive officers and directors were as follows: Name Position Jean Madar Chairman of the Board, Chief Executive Officer of Interparfums, Inc. and Director General of Interparfums SA Philippe Benacin Vice Chairman of the Board, President of Interparfums, Inc. and Chief Executive Officer of Interparfums SA Michel Atwood Director and Chief Financial Officer Philippe Santi Director and Executive Vice President of Interparfums SA Herve Bouillonnec Director and Global Chief Commercial Officer for Interparfums, USA LLC François Heilbronn Director Robert Bensoussan Director Veronique Gabai-Pinsky Director Gilbert Harrison Director Gerard Kappauf Director Patrick Bousquet-Chavanne Director Our directors will serve until the next annual meeting of stockholders and thereafter until their successors shall have been elected and qualified. Messrs. Jean Madar and Philippe Benacin have a verbal agreement or understanding to vote their shares and the shares of their respective holding companies in a like manner. With the exception of Mr. Benacin, the officers are elected annually by the directors and serve at the discretion of the Board of Directors. There are no family relationships between executive officers or directors of our Company. Board of Directors Our Board of Directors has the responsibility for establishing broad corporate policies and for the overall performance of our Company. Although certain directors are not involved in day-to-day operating details, members of the Board of Directors are kept informed of our business by various reports and documents made available to them. Our Board of Directors held seventeen (17) meetings (or executed consents in lieu thereof), including meetings of committees of the full Board of Directors during 2025, and all of the directors attended at least 75% of the meetings (or executed consents in lieu thereof) of the full Board of Directors and committees of which they were a member. Our Board of Directors presently consists of eleven (11) directors. We have adopted a Code of Conduct that applies to our principal executive officer, principal financial officer, principal accounting officer or controller, as well as other persons performing similar functions and all employees, applicable, and we agree to provide to any person without charge, upon request, a copy of our Code of Conduct. Any person who requests a copy of our Code of Conduct should provide their name and address in writing to: Interparfums, Inc., 551 Fifth Avenue, New York, NY 10176, Att.: Shareholder Relations. In addition, our Code of Conduct is also maintained on our website, at www.interparfumsinc.com. During 2025 , our Board of Directors had the following standing committees: ● Audit Committee – The Audit Committee has the sole authority and is directly responsible for, the appointment, compensation and oversight of the work of the independent accountants employed by our Company which prepare or issue audit reports for our Company. During 2025, this committee consisted of Messrs. Francois Heilbronn, the Chairman, and Robert Bensoussan, and Ms. Gabai-Pinsky. The charter of the Audit Committee is posted on our Company’s website. 53 The Company does not have an “audit committee financial expert” within the definition of the ap plicable Securities and Exchange Commission rules. Finding qualified nominees to serve as a director of a public company without the comparable financial resources of other larger, more established companies has been challenging. In addition, despite the applicable Securities and Exchange Commission rule which states that being named as the audit committee financial expert does not impose any greater duty, obligation or liability, our Company has been met with resistance from both present and former directors to being named as such, primarily due to potential additional personal liability. However, as the result of the background, education and experience of the members of the Audit Committee, our Board of Directors believes that such committee members are fully qualified to fulfill their obligations as members of the Audit Committee. The Chair of the Audit Committee, Mr. François Heilbronn, is a graduate of Harvard Business School with a Master of Business Administration degree and is currently the managing partner of the consulting firm of M.M. Friedrich, Heilbronn & Fiszer which is specialized in busines s strategy and complex financial operations and investments. ● Executive Compensation and Stock Option Committee – The Executive Compensation and Stock Option Committee oversees the compensation of our Company’s executives and administers our Company’s stock option plans. During 2025, this committee consisted of Messrs. Francois Heilbronn, the Chairman, and Robert Bensoussan, and Ms. Gabai-Pinsky. The charter of the Executive Compensation and Stock Option Committee as amended as of the date of this report is posted on our Company’s website. ● Nominating Committee – During 2025, this committee consisted of Messrs. Francois Heilbronn, the Chairman, and Robert Bensoussan, and Ms. Gabai-Pinsky. The purpose of the Nominating Committee is to determine and recommend qualified persons to the Board of Directors who will be put forth as management’s slate of directors for vote of the Corporation’s stockholders, as well as to fill vacancies in the Board of Directors. The charter of the Nominating Committee as amended as of the date of this report is posted on our Company’s website. We have adopted a board diversity policy, which was revised in early 2024 and in 2025. This policy provides that the selection of candidates for appointment to our board will be based on an overriding emphasis on merit, but the Nominating Committee will seek to fill board vacancies by considering candidates that bring a diversity of background and industry or related expertise to our board. The Nominating Committee is to consider an appropriate level of diversity having regard for factors such as skills, business and other experience, education, gender, age, ethnicity and geographic location. A copy of the board diversity policy as amended as of the date of this report is posted on our Company’s website. Of the eleven (11) board of directors of our Company, we presently have one (1) member who self-identifies as a female and white, and one (1) male member who identifies as Hispanic and white (two or more races or ethnicities). Business Experience The following sets forth biographical information as to the business experience of each executive officer and director of our Company for at least the past five years. Jean Madar Jean Madar, age 65, a Director, has been the Chairman of the Board since our Company’s inception, and is a co-founder of our Company with Mr. Philippe Benacin. From inception until December 1993, he was the President of our Company; in January 1994, he became Director General of Interparfums SA, our Company’s subsidiary; and in January 1997, he became Chief Executive Officer of our Company. Mr. Madar was previously the managing director of Interparfums SA, from September 1983 until June 1985. At such subsidiary, he had the responsibility of overseeing the marketing operations of its foreign distribution, including market research analysis and actual marketing campaigns. Mr. Madar graduated from The French University for Economic and Commercial Sciences (ESSEC), the prestigious French business school, in 1983. We believe that Mr. Madar’s skills in guiding, leading and determining the strategic direction of our Company since its inception together with Mr. Benacin, in addition to his contacts in the fragrance and cosmetic industry, render him qualified to serve as a member of our Board of Directors. 54 Philippe Benacin Mr. Benacin, age 67, a Director, is President of our Company and the Chief Executive Officer of Interparfums SA, has been the Vice Chairman of the Board since September 1991, and is a co-founder of our Company with Mr. Madar. He was elected the Executive Vice President in September 1991, Senior Vice President in April 1993, and President of the Company in January 1994. In addition, he has been the President of our Company and Chief Executive Officer of Interparfums SA for more than the past five years. Mr. Benacin graduated from The French University for Economic and Commercial Sciences (ESSEC), the prestigious French business school, in 1983. In June 2014 Mr. Benacin was elected as a member of the Supervisory Board of Vivendi, and Chairman of its Corporate Governance, Nominations and Remuneration Committee. We believe that Mr. Benacin’s skills in guiding, leading and determining the strategic direction of our Company since its inception together with Mr. Madar, in addition to his contacts in the fragrance and cosmetic industry, render him qualified to serve as a member of our Board of Directors. Michel Atwood Mr. Atwood, age 56, became our Chief Financial Officer on September 6, 2022, and was first elected to our Board of Directors at the 2022 Annual Meeting held in September 2022. From September 2018 through March 2022 while at Estée Lauder, Mr. Atwood had strategic oversight for the fragrance category across that company and operational accountability for several of its fragrance brands. He also had senior level merger and acquisition (“M&A”) duties, including acquisition integration and brand divestitures/discontinuations. Over his nearly four years at Estée Lauder, he also drove cross-brand synergies across research and development and supply chain for the fragrance category. From February 2017 to August 2018, he was an independent consultant as an M&A advisor on multiple fragrance license acquisitions and also acted as a private investor. From 1995 to 2017, Mr. Atwood has held several executive positions at Procter & Gamble (“P&G”) in France, Switzerland, Italy and Germany. His final title at P&G was Divisional CFO of Global Prestige Fragrances, leading a 90 member team, and ultimately spearheading the divestiture of that division to Coty. Earlier he was CFO Global Markets – Prestige Fragrances, a business generating over $2 billion in sales, where he headed a globally dispersed team of 60 people supporting the go-to-market organization (affiliates, Travel Retail and distributors) of the Prestige Division. Before that, he was Global Prestige Director of Strategic Planning, Licensing and Acquisition shaping and executing the overall business direction and licensing and acquisition strategy of P&G’s Global Fragrance and Premium skin and cosmetics businesses. Michel Atwood holds a master’s degree in software engineering from the Institut National des Sciences Appliquées of Lyon, and a master’s in international finance from HEC Paris, the prestigious French business school. He also earned the designation of Certified Management Accountant from the Institute of Management Accountants. He has a truly international background, working/living in France, Switzerland, the U.S., Canada, Turkey and Italy. We believe that Mr. Atwood’s skills and experience in accounting, international tax, mergers and acquisitions, as well as his knowledge of the fragrance industry, render him qualified to serve as a member of our Board of Directors. Philippe Santi Philippe Santi, age 64, and a Director since December 1999, is the Executive Vice President of Interparfums SA. Mr. Santi, who is a Certified Accountant and Statutory Auditor in France, was the Chief Financial Officer of Interparfums SA beginning in February 1995 until November 2023. Prior to February 1995, Mr. Santi was the Chief Financial Officer for Stryker France and an Audit Manager for Ernst and Young. We believe that Mr. Santi’s skills in accounting and tax, as well as his knowledge of the fragrance industry and our Company’s European based operations, render him qualified to serve as a member of our Board of Directors. 55 Francois Heilbronn Mr. Heilbronn, age 65, a Director since 1988, an independent director and Chairman of the Audit Committee, Nominating Committee and the Executive Compensation and Stock Option Committee, is a graduate of Harvard Business School with a Master of Business Administration degree and is currently the managing partner of the consulting firm of M.M. Friedrich, Heilbronn & Fiszer. He was formerly employed by The Boston Consulting Group, Inc. from 1988 through 1992 as a manager. Mr. Heilbronn graduated from Institut d’ Etudes Politiques de Paris in June 1983. From 1984 to 1986, he worked as a financial analyst for Lazard Freres & Co. In addition, during 2009, Mr. Heilbronn became an Associate Professor in Business Strategy at Sciences Po, Paris, France. As the result of his business and financial acumen, as well as his experience as managing partner of a business consulting firm in the area of mergers and acquisitions of large international companies in retail, consumer goods and consumer services throughout the world, we believe Mr. Heilbronn is qualified to serve as a member of our Board of Directors. Robert Bensoussan Mr. Robert Bensoussan, age 68, has served as a Director since March 1997 and is an independent director. He is a member of the Audit Committee, Nominating Committee, and the Executive Compensation and Stock Option Committee. Mr. Bensoussan founded RBS Conseil, an investment company focused on retail and branded luxury goods. He remains an investor in Hapy Sweet Bee Ltd., a natural health food products company. Mr. Bensoussan currently serves as Chairman of Oriflame Holding Limited and Oriflame Investment Holding PLC, a global beauty and wellbeing company operating in approximately 60 markets through a multilevel marketing model and supported by approximately three million beauty entrepreneurs worldwide, a role he has held since 2025. He is also Chairman of the Supervisory Board of 2Ride Holding, a Marseille-based European leader in premium protective gear for motorcycle riding and outdoor sports, since 2025. Previously, Mr. Bensoussan was Chief Executive Officer of J. Choo Limited from 2001 to 2007 and a member of its board from 2001 to 2011, during which time the company operated as a privately held luxury shoe wholesaler and retailer. He also served as Chairman of Camaïeu, a French retail conglomerate, and as a board member of Celio International and Vivarte. In 2019, Mr. Bensoussan resigned after six years as the only non-North American board member of Lululemon Athletica Inc. Following the successful sale of the company in 2021, he stepped down from the board of Feelunique.com, one of Europe’s largest online beauty retailers, after nine years of service. Mr. Bensoussan has also served on the boards of SNS, a prominent aspirational streetwear and entertainment hub, Pronovias, the worldwide leader in wedding dresses and Yonderland, Europe’s largest premium outdoor retailer. We believe Mr. Bensoussan is qualified to serve as a member of our Board of Directors due to his business and financial acumen and his experience in the retail and branded luxury goods market. Veronique Gabai-Pinsky Ms. Gabai-Pinsky, age 60, was elected for the first time to our board as an independent director in September 2017. She became a director of Interparfums, SA in April 2017. She is currently operating a startup specialty fragrance business, a director of Lifetime Brands (Nasdaq: LCUT), which is in the home goods business, and a member of the board of directors of Parfums de Marly, a privately held company. She was President of Vera Wang Group from January 2016 through June 2018, after a year of consulting with the company and she oversaw all product categories and markets. Prior to joining Vera Wang, from 2006 to December 2014, Ms. Gabai-Pinsky was the Global President for Aramis and Designers Fragrances as well as Beauty Bank and Idea Bank at The Estée Lauder Companies, reporting to the Chief Executive Officer of such company. During her tenure, Ms. Gabai-Pinsky developed and ensured the growth of several beauty and skin care brands, including Lab Series for Men. She was highly instrumental in the evolution of the fragrance category for such company, as she improved its overall business model, globally grew brands such as Donna Karan and Michael Kors, evolved and harmonized the portfolio, divested dilutive brands and brought in Tory Burch, Zegna and Marni under licenses. She ultimately actively participated in the acquisitions of Le Labo, Frederic Malle, and By Kilian and assisted in the transformation of the long-term strategic direction of such company. 56 In the earlier years of her career, Ms. Gabai-Pinsky served as Vice President of Marketing and Communication for Guerlain, a division of LVMH Moet Hennessy Louis Vuitton S.A., where she led the successful re-launch of Shalimar, the introduction of Aqua Allegoria, and contributed to the re-focus of the beauty category around its pillars, Terracotta, Meteorites and Issima, while redesigning all communication strategies and content. She started her career at L’Oréal, and was also Vice President of Marketing for Giorgio Armani, where she was instrumental in the overall development of its fragrance business by developing the successful Acqua di Gio for men and introducing the Emporio Armani franchise. A graduate from ESSEC Business School in Paris, France, she has received several awards, including Marketer of the Year by Women’s Wear Daily in December 2013. Ms. Gabai-Pinsky is an independent director, and is a member of the Audit Committee, Executive Compensation and Stock Option Committee and the Nominating Committee of our Company. We believe Ms. Gabi-Pinsky is qualified to serve as a member of our Board of Directors due to her more than 25 years of experience in the luxury, fashion, beauty and fragrance fields, success as a brand builder, creative thinker, business acumen, and a broad understanding of consumers, brands and business models. Gilbert Harrison Mr. Harrison, age 85, an independent director, was appointed to our board in April 2018. Mr. Harrison has more than 50 years of experience in corporate finance and strategic transactions, specializing in the consumer products space. He began his career in 1965 practicing corporate and securities law in New York and Philadelphia. In 1971 he founded Financo, which he grew to become one of the leading independent middle market transaction firms in the country. In 1985, Financo was acquired by Lehman Brothers, where the firm’s primary efforts were focused on increasing its expertise in retail, apparel and other merchandising transactions of all types. At Lehman, Mr. Harrison was Chairman of the Merchandising Group and on the firm’s Investment Banking Operating Committee while continuing as Chairman of Financo, which was renamed the Middle Market Group of Lehman. In 1989, he re-acquired Financo from Lehman, re-establishing Financo as one of the leading investment banking firms handling transactions and providing strategic advice in connection with merchandising companies. Mr. Harrison retired as Chairman of Financo in December of 2017, after which he formed the Harrison Group, a firm that provides consulting and financial advisory services to merchandising and products companies. Mr. Harrison’s other activities include his membership and past membership on the Advisory Council of the GRC Global Conference World Retail Congress, Shoptalk and the Financial Times Business of Luxury Summit. Additionally, he created a course on mergers and acquisitions at The Wharton School and has published various articles and academic studies on the state of retailing and mergers and acquisitions, including a chapter in the book entitled, “The Mergers and Acquisitions Handbook.” Mr. Harrison lectures throughout the country, including chairing seminars for Retail Week as well as for the International Council of Shopping Centers, the National Retail Federation, Young President’s Center, The Wharton Aresty Institute of Executive Education and The President’s Association of the American Management Association. He also appears frequently on Bloomberg TV and CNBC as an expert on retail and apparel. Mr. Harrison received a Bachelor of Science in Economics from The Wharton School of The University of Pennsylvania in 1962 and his Juris Doctor from The University of Pennsylvania Law School in 1965. He is also Chairman Emeritus of the Fashion Division of UJA, Treasurer, a former board member of the Southampton Hospital, a retired Director of the Peggy Guggenheim Collection, and former board member of The Wharton School of the University of Pennsylvania. We believe Mr. Harrison is qualified to serve as a member of our Board of Directors due to his tremendous depth and breadth of knowledge about the merchandising and consumer industry, and he has a long track record of facilitating value-creating transactions for companies in this sector. Mr. Harrison’s autobiography, Deal Junky , was published in January 2022. 57 Kappauf Gerard Kappauf (“Kappauf”), age 64, an independent director, was born in Madagascar. After studying Classic Literature at the Sorbonne in Paris, he attended the San Francisco Art Institute on a scholarship and worked as a special effects make-up artist in Los Angeles. Upon traveling to Paris, Kappauf became interested in fashion and worked at a Jean Paul Gaultier fashion show. Thanks to this experience, he began to expand his network by meeting emblematic figures in the industry such as Paco Rabanne. While providing marketing and acquisition consulting services to L’Oreal Group during the tenure of Lindsay Owen Jones as its Chairman, in a bid for independence and emancipation he founded his own magazine in 1992, Citizen K. Through Citizen K , he realized his ambition to launch a major magazine for a wide audience on fashion, luxury, culture, and the art of living, truly different from the magazines already in existence. Citizen K magazine then became Citizen K International in 2012, a benchmark in fashion, luxury, and lifestyle. Kappauf expanded the magazine's offering with the launch of Citizen K Homme in 2013, and 2014 was the year of change for Citizen K International with a new format and a fresh look. In 2016 Kappauf launched Citizen K Arabia. This title, distributed in the Middle East, benefits from editorial development and format adapted to the market. Although 80% of Citizen K International’s editorial content is contained in Citizen K Arabia, this magazine still features 20% of content tailored to The Emirates and the Middle East. In 2021, Kappauf launched The Kurator, the first a-gender magazine in the Middle East, as a luxury supplement to Gulf News, the leading daily newspaper in the region. In 2024, Kappauf launched two new magazines: Citizen K Sport, which combines fashion and sport, and The Kurator India, the luxury supplement of the country’s leading business daily, Mint. Founded in January 1992 by Kappauf, he has been the Chief Executive Officer, and Creative and Editorial Director of the K Group since inception, which owns Citizen K magazines in Paris, as well as Enkore Studio in Dubai. Enkore Studio specializes in visual brand identity, digital content, storytelling and concept development for the fashion, luxury, beauty, and lifestyle industries. Kappauf now lives in Dubai. We believe that Kappauf’s perspective on fashion, luxury, culture, and the art of living will bring diversity of viewpoints to our Board of Directors. Patrick Bousquet-Chavanne Patrick Bousquet-Chavanne, age 67, an independent director, is an accomplished executive in the fast moving consumer goods and retail sectors, with over 35 years of international experience across London, Paris, Dubai, and New York. He has held senior leadership roles at prestigious companies including, The Estee Lauder Companies Inc, LVMH, Marks & Spencer PLC, EMAAR PJSC, and most recently served as CEO of ESW Americas. Recently, Mr. Bousquet-Chavanne spearheads the Abu Dhabi Retail Development Program for the Abu Dhabi Investment Office, an arm of the Abu Dhabi Department of Economic Development. From September 2023 to the present, he acts as consultant through his company, PBC Consulting, in the retail industry. From October 2020 to September 2023, Mr. Bousquet-Chavanne served on the Advisory Board of ESW, a leading global direct to consumer e-commerce service provider where he led Americas operations and the global luxury practice, focusing on structuring United States operations for accelerated growth and guiding the diversification and global expansion of ESW in the luxury, fashion, beauty, and personal care industries. Previously, as CEO of EMAAR Malls—the owner of The Dubai Mall, the world’s largest travel retail and entertainment destination—Mr. Bousquet-Chavanne brought transformative perspectives to the Middle East retail market during a period of rapid digital transformation. He led the acquisition of Namshi.com, expanded the Dubai Mall's digital footprint, and introduced advanced analytics and consumer insight capabilities to enhance customer experience across channels. 58 Prior to his tenure at EMAAR Malls, Mr. Bousquet-Chavanne was Chief Customer, Marketing, and Digital Officer at Marks & Spencer PLC. There, he spearheaded the department store’s digital transformation, positioning marksandspencer.com as one of the top three online destinations for clothing and footwear in the United Kingdom. He also led M&S's Beauty transformation initiative, cantered decision-making on customer insights, and launched the award-winning Sparks™ CRM program. Mr. Bousquet-Chavanne is a former Independent Director of Brown-Forman (NYSE: BF-B), one of the largest American spirits companies, 2005 to 2017, and previously chaired the Compensation Committee of HSNi (NASDAQ: HSNI), a multi-channel retailer in the USA. He holds MBAs from Purdue University Krannert School of Management and an Advanced Management degree from Stanford Executive Program in Strategy and Organization. Mr. Bousquet-Chavanne is a CCE, “ Conseiller du Commerce Exterieur de la France ”, a member of Purdue University's Marketing Advisory Board and was part of the Retail Leadership Group for The Prince’s Trust, a UK charity founded by Charles, Prince of Wales. He contributes to Forbes.com on topics related to beauty and luxury. We believe Mr. Bousquet-Chavanne’s beauty and retail experience will contribute valuable insights to our Board of Directors. Herve Bouillonnec Hervé Bouillonnec, age 56, is the Global Chief Commercial Officer at Interparfums, USA LLC, a wholly owned subsidiary of the Company based in New York City, and oversees the commercial strategy and licensing acquisitions for Interparfums, USA LLC. Mr. Bouillonnec joined Interparfums, USA LLC in May 2007 to spearhead its worldwide fragrance business, based in New York City. He brought Interparfums USA his extensive experience in luxury brand management, including time with Yves Saint Laurent (Kering Group) and Givenchy (LVMH). He was responsible for growing their prestige beauty and fragrance business to its full potential in global domestic and travel retail markets. He has strong leadership skills and is responsible for managing teams worldwide. As an experienced executive with an entrepreneurial spirit, he continually strives to grow and build the business, starting from the ground up, with strategic initiatives to create profitable and economically sound brands. Mr. Bouillonnec grew up in France and has worked in the United States since 2001. He is passionate about golf, football, and rugby, and remains a passionate fan of sports today. He studied in France, England, and Barcelona, earning a Bachelor of Arts in European Business in Great Britain and a Master of European Economics from the University of Barcelona in Spain. He speaks French, Spanish, and English fluently. Hervé enjoys traveling with his family and lives with his wife and daughter in New York City. We believe that Mr. Bouillonnec’s extensive experience in building and growing Interparfums’ fragrance business will be a welcome asset to our Board of Directors. Section 16(a) Beneficial Ownership Reporting Compliance Based solely upon a review of Forms 3, 4 and 5 and any amendments to such forms furnished to us, and written representations from various reporting persons furnished to us, we are not aware of any reporting person who has failed to file the reports required to be filed under Section 16(a) of the Securities Exchange Act of 1934 on a timely basis. 59 Insider Trading Policy The use of material non-public information in securities transactions (“Insider Trading”) or the communication of such information to others who use it in securities trading (“Tipping”) violates the federal securities laws. Such violations are likely to result in harsh consequences for the individuals involved including exposure to investigations by the SEC, criminal and civil prosecution, disgorgement of any profits realized or losses avoided through use of the non-public information and penalties equal to three times such profits or losses. Further, Insider Trading violations expose the Company, its management, and other personnel acting in supervisory capacities to potential civil liabilities and penalties for the actions of employees under their control who engage in Insider Trading violations. If a director, officer or employee of our Company is aware of material information relating to the Company, which has not yet been made available to the public for at least two (2) full business days, then such person is prohibited by law as well as by Company policy from trading in the Company’s shares or directly or indirectly disclosing such information to any other persons so that they may trade in the Company’s shares. It is difficult to describe what constitutes “material” information, but one should assume that any information, positive or negative, which might be of significance to an investor in determining whether to purchase, sell or hold our stock, would be material. Information may be significant for this purpose even if it would not alone determine the investor’s decision. Examples include a potential business acquisition, internal financial information which departs in any way from what the market would expect, important product developments, the acquisition or loss of a major contract, or an important financing transaction. We emphasize that this list is not meant to be exhaustive, but merely illustrative. Not only is it illegal to engage in Insider Trading or convey such information to others in breach of a duty, it is also generally illegal to “tip” such information to others who may trade in the securities involved or to recommend the purchase or sale of securities to others while you are in possession of such information. It is the policy of the Company that one should never trade while in possession of material, non-public information or tip or communicate such information to others without first receiving authorization from the Company or our counsel. This policy applies to your personal transactions and those indirectly through a spouse, friend, corporation or other entity. This applies to the securities of the Company and of other corporations. Thus, if in the course of the Company’s business, a person learns of material non-public information concerning another corporation (such as a customer or supplier) you should abstain from trading in that corporation’s securities. Further, this policy applies to securities transactions by individuals who reside in the same household with directors, officers and employees of the Company. Strict compliance with these policies and procedures is expected of all directors, officers and employees and members of their households, and any infringement thereof may result in sanctions, up to and including, termination of office or employment. Insider Trading Procedure In addition, to avoid the appearance of impropriety, no trading in the Company’s securities is permitted to take place without compliance with the following rules. ● The person who intends to trade in the Company’s securities must first contact the Chief Financial Officer of Interparfums, Inc., prior to any contemplated purchase or sale. ● There shall be no trading in the Company’s securities by Company personnel within ten (10) full business days before the earlier of (i) the issuance of a press release by the Company concerning its periodic financial information, which occurs approximately five (5) to ten (10) business days before the filing with the SEC of the Company’s periodic reports, which are due no later than March 1, May 10, August 9 and November 9 of each year, or (ii) the actual filing of such periodic reports; and until two (2) full business days AFTER the actual filing of such periodic reports. ● There shall also be no trading in the Company’s securities until not less than two (2) full business days after the release of any other press release or filing with the SEC of a Current Report on Form 8-K by the Company. ● In no event shall there be any trading in the Company’s securities by Company personnel without the prior consent from the Company. 60 Anti-Hedging Policy Under the terms of our Anti-Hedging Policy, no officers, employees or members of our Board of Directors (and their respective family members or any affiliated entities) may engage in hedging or monetization transactions involving our securities, including buying any financial instrument or entering into any transaction that may offset any potential decrease in the market value of stock options or similar security that is granted as compensation. This policy also prohibits all actions to avoid any downward price of such compensation award. This same prohibition applies as well to any other person or company who is holding such equity security for the benefit of our employees, officers, directors or family members. This policy is not intended to prohibit the exercise of our stock options granted under our stock option plans. Option Grants Policy and Practice Option grants to officers and employees have historically been granted on the last business day of the calendar year, as the board believes that as a general rule, there should not be any material non-public information available at that time of year. However, no options were granted during the years 2025, 2024 and 2023 to any executive officers, other than Michel Atwood, Chief Financial Officer, who received options to purchase 4,000 shares on the last business day each such calendar year, respectively, and Mr. Bouillonnec, the Global Chief Commercial Officer of Interparfums, USA LLC, who also received options to purchase 4,000 shares on the last business day of each such calendar year. Options have historically been granted at the fair market value on the date of grant with a 6-year term, and vested 20% each year after the first year on a cumulative basis. Options granted to officers and employees terminate upon the termination of association with the Company, for other than death or permanent disability. Our board authorized automatic grants to our independent directors commencing on the last business day of each year, which was approved by our shareholders at the 2023 annual meeting. On December 31, 2025, options to purchase 1,500 shares were granted to all six (6) of our independent directors, Messrs. Heilbronn, Bensoussan, Harrison, Kappauf, Bousquet Chavanne and Ms. Gabai-Pinsky at the fair market value on the date of grant, $84.64 per share. Clawback Policy for Erroneously Awarded Executive Compensation Our Board of Directors has adopted a policy for the recovery of the award of erroneously awarded incentive compensation for our executive officers (the “Recovery Policy”). If the Company is required to prepare an accounting restatement due to the material noncompliance with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period, then, in accordance with the provisions of this Recovery Policy, the Company will recover reasonably promptly the amount of all Erroneously Awarded Compensation from its executive officers, as defined below. The term “Erroneously Awarded Compensation” is defined in the Recovery Policy as the amount of incentive-based compensation that exceeds the amount of incentive-based compensation that otherwise would have been received had it been determined based on the restated amounts, and computed without regard to any tax liability. For incentive-based compensation based on stock price or total shareholder return, where the amount of erroneously awarded compensation is not subject to mathematical recalculation directly from the information in an accounting restatement, the amount must be based on a reasonable estimate of the effect of the accounting restatement on the stock price or total shareholder return upon which the incentive-based compensation was received. 61 The Recovery Policy applies to all incentive-based compensation received by an executive officer during the three (3) completed fiscal years immediately preceding the date that the Company is required to prepare an accounting restatement, for all incentive-based compensation received by executive officers on or after October 2, 2023. Item 11 . Executive Compensation. Compensation Discussion and Analysis General The Executive Compensation and Stock Option Committee of our Board of Directors is comprised entirely of independent directors and oversees all elements of compensation (base salary, annual bonus, long-term incentives and perquisites) of our Company’s executive officers and administers our Company’s stock option plans, other than the non-employee directors stock option plan, which is self-executing. The objectives of our compensation program are designed to strike a balance between offering sufficient compensation to either retain existing or attract new executives on the one hand, and maintaining compensation at reasonable levels on the other hand. We do not have resources comparable to the cosmetic giants in our industry, and, accordingly, cannot afford to pay excessive executive compensation. In furtherance of these objectives, our executive compensation packages generally include a base salary, as well as annual incentives tied to individual performance and long-term incentives tied to our operating performance. Mr. Madar, the Chairman and Chief Executive Officer, took the initiative after discussions with Mr. Atwood, the Chief Financial Officer and board member, and recommended executive compensation levels for executives for United States based operations. Mr. Benacin, the Chief Executive Officer of Interparfums SA, took the initiative after discussions with Philippe Santi, the Executive Vice President of Interparfums SA, and recommended executive compensation levels for executives for European based operations. The recommendations are presented to the Compensation Committee for its consideration, and the Compensation Committee makes a final determination regarding salary adjustments and annual award amounts to executives, including Jean Madar and Philippe Benacin. Messrs. Madar and Benacin are not present during deliberations or determination of their executive compensation by the Compensation Committee. Further, Messrs. Madar and Benacin, in addition to being executive officers and directors, are our largest beneficial shareholders, and therefore, their interests are aligned with our shareholder base in keeping executive compensation at a reasonable level. The Compensation Committee was pleased that the most recent shareholder advisory vote on executive compensation held at our last annual meeting of shareholders in September 2025 overwhelmingly approved the compensation policies and decisions of the Compensation Committee. The Compensation Committee has determined to continue its present compensation policies in order to determine similar future decisions. Our Compensation Committee believes that individual executive compensation is at a level comparable with executives in other companies of similar size and stage of development that operate in the fragrance industry, and takes into account our Company’s performance as well as our own strategic goals. During 2025 , the members of such committee consisted of Messrs. Francois Heilbronn and Robert Bensoussan, and Ms. Gabai-Pinsky. Elements of Compensation General The compensation of our executive officers is generally comprised of base salaries, including a fee paid to the holding companies of each of Messrs. Madar and Benacin, annual cash bonuses and long-term equity incentive awards. In determining specific components of compensation, the Compensation Committee considers individual performance, level of responsibility, skills and experience, other compensation awards or arrangements and overall company performance. The Compensation Committee reviews and approves all elements of compensation for all of our executive officers taking into consideration recommendations from the Chief Executive Officer of our Company and the Chief Executive Officer of Interparfums SA, as well as information regarding compensation levels at competitors in our industry. 62 Our named executive officers have all been with the Company for more than the past ten (10) years, other than Mr. Atwood who joined our Company in September 2022, with Messrs. Madar and Benacin being founders of the Company. As Messrs. Madar and Atwood, the Chief Financial Officer, and Benacin and Santi for European based operations, were most familiar with the individual performance, level of responsibility, skills and experience of each executive officer in their respective operating based operations, the Compensation Committee relies upon the information provided by such executive officers in determining individual performance, level of responsibility, skills and experience of each executive officer. The Compensation Committee views the competitive marketplace very broadly, which would include executive officers from both public and privately held companies in general, including fashion and beauty companies, but not limited to the peer companies contained in the corporate performance graph contained in our annual report. Generally, rather than tie the Compensation Committee’s determination of compensation proposals to any specific peer companies, the members of our committee have used their business experience, judgment and knowledge to review the executive compensation proposals recommended to them by Mr. Madar for United States based operations and Mr. Benacin for European based operations. As such, as a general rule the Compensation Committee did not determine the need to benchmark any material item of compensation or overall compensation. The members of the Compensation Committee have extensive experience and business acumen and are well qualified in determining the appropriateness of executive compensation levels. Mr. Heilbronn is a managing partner of a business consulting firm in the area of mergers and acquisitions of large international companies in retail, consumer goods and consumer services throughout the world. Ms. Gabai-Pinsky has executive experience as the former President of Vera Wang Group, as well as the Global President for Aramis and Designers Fragrances in addition to Beauty Bank and Idea Bank at The Estée Lauder Companies. Mr. Bensoussan, the final committee member, currently serves as Chairman of Oriflame Holding Limited and Oriflame Investment Holding PLC, a global beauty and wellbeing company. He is also Chairman of the Supervisory Board of 2Ride Holding, a Marseille-based European leader in premium protective gear for motorcycle riding and outdoor sports, since 2025. Finally, he was previously a member of the boards of lululemon athletica Inc., Feelunique.com, one of Europe’s largest online beauty retailers, and Jimmy Choo Ltd, from 2001 to 2011. Base Salary Base salaries for executive officers are initially determined by evaluating the responsibilities of the position held and the experience of the individual, and by reference to the competitive marketplace for executive talent. Base salaries for executive officers are reviewed on an annual basis, and adjustments are determined by evaluating our operating performance, the performance of each executive officer, as well as whether the nature of the responsibilities of the executive has changed. As stated above, as Messrs. Madar and Atwood for United States based operations, and Messrs. Benacin and Santi for European based operations, were most familiar with the individual performance, level of responsibility, skills and experience of each executive officer in their respective based operations, the committee relied upon the information provided by such executive officers in determining individual performance, level of responsibility, skills and experience of each executive officer. For executive officers of United States based operations, the bulk of their annual compensation is in base salary including a fee paid to the holding company for Mr. Madar for services rendered outside the United States. However, for executive officers of European based operations, base salary comprises a smaller percentage of overall compensation. We have paid a lower percentage of overall compensation in the form of base salary to executive officers of European based operations for several years, principally because European based operations historically have had higher profitability than United States based operations, and European based operations are run differently from United States based operations by the Chief Executive Officer of European based operations, Mr. Benacin. As the result of this historically higher profitability, European based operations have had the ability to pay higher bonus compensation in addition to base salary. As bonus compensation is and has historically been discretionary, no targets were set in order to maintain flexibility. Further, if results of operations for European based operations were not satisfactory (again, no target amounts were set to maintain flexibility), then bonus compensation, as well as overall compensation could be lowered without otherwise affecting base salary. Further still, by keeping annual bonus compensation at a higher percentage of overall compensation and base salary at a lower percentage, our Company benefits because the base amount for annual salary adjustments would be smaller. Finally, initial executive compensation matters for Interparfums SA are authorized by an independent committee, the Interparfums SA Corporate Governance, Nominations and Remuneration Committee (the “IPSA Remuneration Committee”). 63 For 2025, Mr. Benacin received a base salary of $846,600 as compared to $821,500 in 2024. Included in this amount are payments made to Mr. Benacin’s holding company of $250,000 for each year. This same consulting fee has been paid for more than each of the past three years, in accordance with the consulting agreement with Mr. Benacin’s holding company, which provides for review on an annual basis of the amount of compensation payable to such company. The Compensation Committee considered the following salient factors in ratifying Mr. Benacin’s base compensation that was approved by the IPSA Remuneration Committee, and in authorizing payment to Mr. Benacin’s holding company; services rendered to United States based operations for several years by Mr. Benacin in connection with licensing and distribution of international brands, as well as future services to be performed by Mr. Benacin internationally relating to licensing and distribution of international brands for United States based operations. For 2025, the base salary of Mr. Santi was $548,000 an increase from $514,000 in 2024. Such increase amounted to 6.2% from the prior year. For IPSA, bonus compensation constituted a larger portion of total executive compensation, as discussed later in the section. The Compensation Committee considered the recommendations of Mr. Benacin, base compensation that was approved by the IPSA Remuneration Committee, results of operations for the year, as well as the services performed for European based operations by Mr. Santi in ratifying his salary level. A different approach is taken for United States based operations as that based operations is smaller and less profitable. A more significant base salary is paid in order to attract and retain employees with the skills and talents needed to run the operation with a lesser emphasis placed on bonuses. Neither of the executive officers for United States based operations have employment agreements (although Mr. Madar’s personal holding company has a consulting agreement that provides for review on an annual basis of the amount of compensation payable to such company), as we believe that having flexibility in structuring annual base salary is a benefit, which permits us to act quickly to meet a changing economic environment. For each of years 2025, 2024 and 2023, Mr. Madar’s Holding Company received the same management fee of $2 million. The major factors in the determination for the lack of an increase in the management fee paid to Jean Madar Holding SAS were the disappointing sales and results of United States based operations for 2025. The same two factors also were determinative in the nominal increase in base salary awarded to Mr. Atwood, the Chief Financial Officer of both Interparfums, Inc. and its United States based operating subsidiary, Interparfums, USA LLC. Mr. Atwood, who became the Chief Financial Officer in September 2022, was paid a base salary of $721,000 for 2025, a nominal increase of 3.0% from his 2024 base salary of $700,000. The Compensation Committee considered the following material factors in approving the base salary of Mr. Atwood for 2025: his individual performances, level of responsibilities, and skill, as well as the recommendation of the Chief Executive Officer. For Mr. Bouillonnec, the Global Chief Commercial Officer for United States based operations who was elected to our board of directors for the first time in September 2025, his base salary was $927,000 in 2025, also a 3.0% increase from his salary of $900,000 in 2024, also due to disappointing sales and results of United States based operations in 2025. As 2024 sales and results were improved from the prior year, he had received a $50,000 increase in base salary from $850,000 in 2023, or a 5.8% increase. 64 Bonus Compensation/Annual Incentives The discretionary bonuses for Mr. Benacin were $475,000 and $411,000, in recognition of the record setting performances in both sales and earnings of Interparfums SA, our French operating subsidiary for 2025 and 2024 respectively. In addition, the Compensation Committee agreed with the recommendations of Mr. Benacin, IPSA Remuneration Committee and the contributions made by Mr. Santi to the Company’s success and growth. Mr. Santi was awarded a discretionary bonus of $537,000, $425,000, and $458,000, in 2025, 2024, and 2023, respectively, or 98% , 83%, and 92%, of his base salary for those years. A different approach is taken for United States based operations as they are smaller and less profitable. As discussed above, a more significant base salary is paid in order to attract and retain employees with the skills and talents needed to run United States based operations with a lesser emphasis placed on bonuses. Jean Madar Holding SAS, the management company beneficially owned by Mr. Madar, the Chief Executive Officer, has not received any cash bonus for more than in the past three years. Mr. Atwood, the Chief Financial Officer, who as part of a verbal agreement with the Company, is entitled to a guaranteed annual bonus of $100,000, as well as a $100,000 bonus based upon achieving certain milestones. For 2025, 2024 and 2023, Mr. Atwood received a discretionary bonus of $110,000, $125,000 and $125,000. The Compensation Committee considered the same factors in granting these two as in approving his annual base salary. For Mr. Bouillonnec, his bonus compensation was relatively constant, $135,000 being paid in 2025, and $150,000 being paid in each of 2023 and 2024, reflecting the decrease in sales for United States based operations in 2025 as compared to 2024. As required by French law, Interparfums SA maintains its own profit sharing plan for all French employees who have completed three months of service, including executive officers of our European based operations other than Mr. Benacin, the Chief Executive Officer of Interparfums SA. Benefits are calculated based upon a percentage of taxable income of Interparfums SA and allocated to employees based upon salary. The maximum amount payable per year per employee is approximately $37,480. Calculation of the total annual benefits contribution is made according to the following formula: 50% of (Interparfums SA fiscal income after taxes, less 2.5% of shareholders’ equity excluding current year income and pension provision) times a fraction, the numerator of which is wages, and the denominator of which is net income before tax + wages + taxes (other than income tax) + valuation allowances + amortization expenses + interest expenses. Contribution to individual employees is then made pro rata based upon their individual salaries for the year. Long-Term Incentives Stock Options . In prior years, we had linked long-term incentives with corporate performance through the grant of stock options. However, no options were granted in 2021 or 2020 to either employees of United States based operations or European based operations, as other compensation arrangements were being considered as part of a review of the executive compensation strategy. In December 2025, 2024 and 2023, at the recommendation of the Chief Executive Officer, the Compensation Committee authorized the grant of a stock option to purchase 4,000, shares for each such year, to Mr. Atwood, at the fair market value on the dates of grant, as part of his long-term incentives. Unless the market price of our common stock increases, Mr. Atwood will have no tangible benefit from this option. Thus, the option holder is provided with the additional incentive to increase individual performance with the ultimate goal of increasing our overall performance. We believe that enhanced executive incentive that result in increased corporate performance tend to build company loyalty. Mr. Herve Bouillonnec, the Global Chief Commercial Officer of Interparfums, USA LLC, who is also a member of our board of directors, was granted a stock option to purchase 4,000 shares at the fair market value on the dates of grant, for contributions to the Company in such capacity, not as a member of our board of directors. However, no other stock option grants were made to other executive officers in 2025, 2024 or 2023, including Messrs. Jean Madar and Philippe Benacin. 65 Interparfums SA Stock Compensation Plans 2025 Free Share Plan – On December 1, 2025, the Board of Interparfums SA (“IPSA”) decided to grant 137,900 free shares of its capital stock to all of the IPSA’s employees and corporate officers subject to their employment on the vesting date of March 1, 2029. Issuance of these shares is based on satisfaction of performance conditions, relating to IPSA's 2028 fiscal year achievement's of consolidated sales and operating income for 45% of the shares and an EcoVadis rating for 10% of the shares. IPSA used the services of third party to assist them in the valuation of the plan, with the calculations and assumptions as follows: ● Management expects the rate of staff turnover to be 10%. ● Using the Monte Carlo method, management expects the performance rate to be 86.2% on the IPSA and subsidiaries consolidated sales, 60% on the consolidated operating income and 80% on the EcoVadis rating. ● As of December 31, 2025, management, using the above Monte Carlo method assumptions, expects total expenses related to this plan to be valued at $2.2 million (€2 million). As of December 31, 2025: ● No shares of IPSA Capital Stock were purchased in the open market and allocated to this plan $0.1 million of expense was recorded ($0.1 million including social contributions). 2024 - 2023 No shares were granted to any employees or corporate officers during either year. 2022 Free Share Plan – On March 16, 2022, the Board of Interparfums SA (“IPSA”) decided to grant 88,400 free shares of its capital stock to all of the IPSA’s employees and corporate officers having more than 6 months seniority at the grant date. The free shares were issued in June 2025. Issuance of those shares is based on satisfaction of performance conditions, relating to the 2024 IPSA sales for 50% of the shares and 2024 operating income for the balance. IPSA used the services of third party to assist them in the valuation of the plan, with the calculations and assumptions as follows: ● Management expects the rate of staff turnover to be 12%. ● Using the Monte Carlo method, management expects the performance rate to be 80% on the IPSA and subsidiaries consolidated sales and 80.8% on the consolidated operating income. ● As of December 31, 2022 management has updated its expectation related to the performance rate to be 100% for both consolidated sales and consolidated operating income based on the above assumptions, the total expenses related to this plan are valued at $4.1 million. As of December 31, 2024: ● 96,371 shares of IPSA Capital Stock, representing $ 4.1 million were purchased in the open market and allocated to this plan. $ 1.4 million of expense was recorded (or $ 1.6 million including social contributions). As of December 31, 2025: ● 106,046 shares of IPSA Capital Stock, representing $ 4.1 million were purchased in the open market and allocated to this plan. All shares were vested and distributed to eligible employees on June 16, 2025. $0.7 million of expense was recorded (or $0.9 million including social contributions). Stock Appreciation Rights Our stock option plans authorize us to grant stock appreciation rights, or SARs. An SAR represents a right to receive the appreciation in value, if any, of our common stock over the base value of the SAR. To date, we have not granted any SARs under our plans. While the Compensation Committee currently does not plan to grant any SARs under our plans, it may choose to do so in the future as part of a review of the executive compensation strategy. 66 Restricted Stock We have not in the past, and we do not have any future plans to grant restricted stock to our executive officers. However, while the Compensation Committee currently does not plan to authorize any restricted stock plans, the Compensation Committee may choose to do so in the future as part of a review of the executive compensation strategy. Other Compensation For 2025, Mr. Benacin received an automobile allowance of $12,204. No Stock Ownership Guidelines We do not require any minimum level of stock ownership by any of our executive officers. As stated above, Messrs. Madar and Benacin, are our largest beneficial shareholders, which aligns their interests with our shareholder base in keeping executive compensation at a reasonable level. Retirement and Pension Plans We maintain a 401(k) plan for United States based operations, and match the first 50% of the first 6% of contributions made by each employee on an annual basis, as we have determined that base compensation together with annual bonuses, are sufficient incentives to retain talented employees. Our European based operations maintain a pension plan for its employees as required by French law. For each of 2025, 2024, and 2023, each of Messrs. Benacin and Santi received an increase of approximately $20,000, $19,000, and $17,600, respectively, in their value of deferred compensation earnings. Compensation Committee Report We have reviewed and discussed with management the Compensation Discussion and Analysis provisions to be included in this Annual Report on Form 10-K for fiscal year ended December 31, 2025 and the proxy statement for the upcoming annual meeting of shareholders. Based on this review and discussion, we recommend to the Board of Directors that the Compensation Discussion and Analysis referred to above be included in this Annual Report on Form 10-K as well as the proxy statement for the upcoming annual meeting of shareholders. François Heilbronn Veronique Gabai-Pinsky and Robert Bensoussan 67 The following table sets forth a summary of all compensation awarded to, earned by or paid to our “named executive officers,” who are our principal executive officer, our principal financial officer, and each of the three most highly compensated executive officers of our Company. This table covers all such compensation during fiscal years ended December 31, 2025 , December 31, 2024 and December 31, 2023 . For all compensation related matters disclosed in the summary compensation table, and elsewhere where applicable, all amounts paid in euro have been converted to U.S. dollars at the average rate of exchange in each year. SUMMARY COMPENSATION TABLE Name and Principal Position Year Salary ($) Bonus ($) Stock Awards ($) Option Awards ($)( 1 ) Non-Equity Incentive Plan Compensation ($)( 2 ) Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) All Other Compensation ($)( 3 ) Total ($) Jean Madar, ( 4 ) 2025 2,000,000 - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - 2,000,000 Chairman and 2024 2,000,00 0 - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - 2,000,000 Chief Executive Officer 2023 2,000,00 0 - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - 2,000,000 Michel Atwood 2025 721,000 110,000 - 0 - 82,053 - 0 - - 0 - - 0 - 913,053 Chief Financial Officer 2024 700,000 125,000 - 0 - 133,251 - 0 - - 0 - - 0 - 958,251 2023 525,000 125,000 -0- 140,327 -0- -0- -0- 790,327 Philippe Benacin, President 2025 846,640 474,600 - 0 - - 0 - - 0 - 20,225 12,204 1,353,669 Interparfums, Inc. and Chief Executive 2024 821,507 411,312 - 0 - - 0 - - 0 - 19,072 11,690 1,263,581 Officer of Interparfums SA 2023 794,975 216,260 - 0 - - 0 - - 0 - 17,600 11,678 1,040,513 Philippe Santi, Executive Vice 2025 547,618 536,750 - 0 - - 0 - 37,480 19,681 - 0 - 1,141,529 President, Interparfums SA 2024 513,558 425,058 - 0 - - 0 - 31,688 18,920 - 0 - 989,224 2023 495,668 457,714 - 0 - - 0 - 37,603 17,600 - 0 - 1,008,585 Herve Bouillonnec, 2025 927,000 135,000 - 0 - 82,053 - 0 - - 0 - - 0 - 1,144,053 Global Chief Commercial Officer 2024 900,000 150,000 - 0 - 133,251 - 0 - - 0 - - 0 - 1,183,251 of Interparfums, USA LLC 2023 850,000 150,000 - 0 - 140,327 - 0 - - 0 - - 0 - 1,140,327 68 1 Amounts reflected under Option Awards represent the grant date fair values in 2025, 2024 and 2023 based on the fair value of stock option awards using a Black-Scholes option pricing model. The assumptions used in this model are detailed in Footnote 12 to the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025 and filed with the SEC. 2 As required by French law, Interparfums SA maintains its own profit sharing plan for all French employees who have completed three months of service, including executive officers of our European based operations other than Mr. Benacin, the Chief Executive Officer of Interparfums SA. Benefits are calculated based upon a percentage of taxable income of Interparfums SA and are allocated to employees based upon salary. The maximum amount payable per year is approximately $37,480. Calculation of total annual benefits contribution is made according to the following formula: 50 % of (Interparfums SA fiscal income after taxes, less 2.5 % of shareholders’ equity excluding current year income and pension provision) times a fraction, the numerator of which is wages, and the denominator of which is net income before tax + wages + taxes (other than income tax) + valuation allowances + amortization expenses + interest expenses. Contribution to individual employees is then made pro rata based upon their individual salaries for the year. 3 The following table identifies (i) perquisites and other personal benefits provided to our named executive officers in fiscal 2025 , and quantifies those required by SEC rules to be quantified and (ii) all other compensation that is required by SEC rules to be separately identified and quantified. 4 Represents fees paid to Jean Madar Holding SAS in accordance with a Supervising and Coordinating Service Agreement, as amended. Name and Principal Position Perquisites and other Personal Benefits ($) Personal Automobile Expense ($) Lodging Expense ($) Total ($) Jean Madar, Chairman Chief Executive Officer - 0 - - 0 - - 0 - - 0 - Michel Atwood, Chief Financial Officer - 0 - - 0 - - 0 - - 0 - Philippe Benacin, President of Interparfums, Inc. and Chief Executive Officer of Interparfums SA - 0 - 12,204 - 0 - 12,204 Philippe Santi, Executive Vice President and Chief Financial Officer, Interparfums SA - 0 - - 0 - - 0 - - 0 - Herve Bouillonnec, Global Chief Commercial Officer, Interparfums USA LLC - 0 - 0 - 0 - 0 69 Plan based Awards The following table sets certain information relating to each grant of an award made by our Company to the executive officers of our Company listed in the Summary Compensation Table during the past fiscal year. Grants of Plan-based Awards Name Grant Date Estimated Future Payouts Under Non-Equity Incentive Plan Awards Estimated Future Payouts Under Equity Incentive Plan Awards All Other Stock Awards: Number of Shares of Stock or All Other Option Awards: Number of Securities Underlying Exercise or Base Price of Option Closing Threshold ($) Target ($) Maximum ($) Threshold (#) Target (#) Maximum (#) Units (#) Options (#) Awards ($/Sh) Price ($/Sh) Jean Madar NA - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - NA NA Michel Atwood 12/31/2025 - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - 4,000 $84.64 $84.83 Philippe Benacin NA - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - NA NA Philippe Santi NA - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - NA NA Herve Bouillonnec 12/31/2025 - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - 4,000 $84.64 $84.83 NA means not applicable. Interparfums SA Stock Compensation Plan The following table sets certain information relating to each grant of an award made by Interparfums SA to the executive officers of our Company listed in the Summary Compensation Table during the past fiscal year. Equity awards relate to the shares of Interparfums SA. Grants of Plan-based Awards Name Grant Date Estimated Future Payouts Under Non-Equity Incentive Plan Awards Estimated Future Payouts Under Equity Incentive Plan Awards All Other Stock Awards: Number of Shares of Stock or All Other Option Awards: Number of Securities Underlying Exercise or Base Price of Option Closing Threshold ($) Target ($) Maximum ($) Threshold (#) Target (#) Maximum (#) Units (#) Options (#) Awards ($/Sh) Price ($/Sh)(1) Jean Madar 12/1/2025 - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - 4,000 - 0 - NA €21.53 Michel Atwood NA - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - NA NA Philippe Benacin 12/1/2025 - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - 4,000 - 0 - NA € 21.53 Philippe Santi 12/1/2025 - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - 4,000 - 0 - NA € 21.53 Herve Bouillonnec NA - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - - 0 - NA NA 1 Price listed represents the fair value per share on the grant date. Interparfums SA Profit Sharing Plan As discussed above and required by French law, Interparfums, SA maintains its own profit sharing plan for all French employees who have completed three months of service, including executive officers of our European based operations other than Mr. Benacin, the Chief Executive Officer of Interparfums, SA. Benefits are calculated based upon a percentage of taxable income of Interparfums SA and allocated to employees based upon salary. The maximum amount payable per year per employee is approximately $37,480. 70 Calculation of total annual benefits contribution is made according to the following formula: 50 % of (Interparfums SA fiscal income after taxes, less 2.5 % of shareholders equity excluding current year income and pension provision) times a fraction, the numerator of which is wages, and the denominator of which is net income before tax + wages + taxes (other than income tax) + valuation allowances + amortization expenses + interest expenses. The following table sets certain information relating to each grant of a non-equity award made by Interparfums SA to the executive officers of our Company listed in the Summary Compensation Table during the past fiscal year. Equity awards relate to the shares of Interparfums SA. Name Plan Name Amount Awarded Jean Madar NA $ 0 Michel Atwood NA $ 0 Philippe Benacin NA $ 0 Philippe Santi Interparfums SA Profit Sharing Plan $37,480 Herve Bouillonnec NA $0 Outstanding Equity Awards at Fiscal Year-End The following table sets forth certain information relating to outstanding equity awards of our Company held by the executive officers listed in the Summary Compensation Table as of December 31, 2025 . Option Awards Name Number of Securities Underlying Unexercised Options (#) Exercisable ( 1 ) Number of Securities Underlying Unexercised Options (#) Unexercisable Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) Option Exercise Price ($) Option Expiration Date Jean Madar -0- -0- -0- -0- NA Michel Atwood 3,000 2,000 -0- 97.84 12/30/28 1,600 2,400 -0- 147.71 12/28/29 800 3,200 -0- 130.60 12/30/30 -0- 4,000 -0- 84.64 12/30/31 Philippe Benacin -0- -0- -0- -0- NA Philippe Santi -0- -0- -0- -0- NA Herve Bouillonnec 3,000 2,000 -0- 97.84 12/30/28 1,600 2,400 -0- 147.71 12/28/29 800 3,200 -0- 130.60 12/30/30 -0- 4,000 -0- 86.84 12/30/31 [ Footnotes from table above ] 1 All options expire 6 years from the date of grant, and vest 20 % each year commencing one year after the date of grant. 71 The following table sets certain information relating to outstanding equity awards granted by Interparfums SA, our majority-owned French subsidiary which has its shares traded on the NYSE Euronext, held by the executive officers of our Company listed in the Summary Compensation Table as of the end of the past fiscal year. OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END OF INTERPARFUMS SA Option Awards Stock Awards Name Number of Securities Underlying Unexercised Options (#) Exercisable) Number of Securities Underlying Unexercised Options (#) Unexercisable Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) Option Exercise Price ($) Option Expiration Date Number of Shares or Units of Stock that Have Not Vested (#)( 1 ) Market Value of Shares or Units of Stock that Have Not Vested ($)(2) Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that Have Not Vested (#) Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested($) Jean Madar - 0 - 0 - 0 - NA NA 4,000 118,534 - 0 - - 0 - Michel Atwood - 0 - 0 - 0 - NA NA - 0 - - 0 - - 0 - - 0 - Philippe Benacin - 0 - 0 - 0 - NA NA 4,000 118,534 - 0 - - 0 - Philippe Santi - 0 - 0 - 0 - NA NA 4,000 118,534 - 0 - - 0 - Herve Bouillonnec - 0 - 0 - 0 - NA NA - 0 - - 0 - - 0 - - 0 - 1 Estimated number of shares are to be issued only to the extent that the performance conditions have been met. 2 As of December 31, 2025 , the closing price of Interparfums SA as reported by the Euronext was 25.22 euros, and the exchange rate was 1.175 U.S. dollars to 1 euro. 72 Option Exercises and Stock Vested The following table sets forth certain information relating to each option exercise affected during the past fiscal year, and each vesting of stock, including restricted stock, restricted stock units and similar instruments of our Company during the past fiscal year, for the executive officers of our Company listed in the Summary Compensation Table. OPTION EXERCISES AND STOCK VESTED Option Awards Stock Awards Name Number of Shares Acquired on Exercise (#) Value Realized on Exercise ($) 1 Number of Shares Acquired on Vesting (#) Value Realized On Vesting ($) Jean Madar 25,000 253,950 - 0 - - 0 - Michel Atwood - 0 - - 0 - - 0 - - 0 - Philippe Benacin 25,000 252,282 - 0 - - 0 - Philippe Santi 2,000 131,888 - 0 - - 0 - Herve Bouillonnec 4,500 195,132 - 0 - - 0 - [Footnotes from table above] 1 Total value realized on exercise of options in dollars is based upon the difference between the fair market value of the common stock on the date of exercise, and the exercise price of the option. Regarding Interparfums SA, our majority-owned French subsidiary which has its shares traded on the Euronext, no options were exercised during the past fiscal year, and there was no vesting of stock, including restricted stock, restricted stock units and similar instruments during the past fiscal year, for the executive officers of our Company listed in the Summary Compensation Table. Pension Benefits The following table sets forth certain information relating to payment of benefits in connection with retirement plans during the past fiscal year, for the executive officers of our Company listed in the Summary Compensation Table. PENSION BENEFITS Name Plan Name Number of Years Credited Service (#) Present Value of Accumulated Benefit* ($) Payments During Last Fiscal Year ($) Jean Madar NA NA - 0 - - 0 - Michel Atwood NA NA - 0 - - 0 - Philippe Benacin Interparfums SA Pension Plan NA 434,323 20,225 Philippe Santi Interparfums SA Pension Plan NA 433,62 2 19,681 Herve Bouillonnec NA NA - 0 - - 0 - * Does not include any contributions made by prior employers, or individually by the recipients as such information is confidential under French law. 73 Interparfums SA maintains a pension plan for all of its employees, including all executive officers. The calculation of commitments for severance benefits involves estimating the probable present value of projected benefit obligations. This projected benefit obligations are then prorated to take into account seniority of the employees of Interparfums SA on the calculation date. In calculating benefits, the following assumptions were applied: - voluntary retirement at age 65; - employer social security contribution rates of 42.5% for executives and 46.8% for non-executives; - a 4% average annual salary increase; - an annual rate of turnover for all employees under 55 years of age and nil above; - a turnover rate based on employee age and prospective mortality tables; - a discount rate of 3.96%. The normal retirement age is 65 years, but employees, including Messrs. Benacin and Santi can collect reduced benefits if they retire at age 62. Nonqualified Deferred Compensation We do not maintain any nonqualified deferred compensation plans. CEO Pay Ratio As required by Section 953 (b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402 (u) of Regulation S-K, we are providing the following information about the relationship of the annual total compensation of our mean employee and the annual total compensation of Mr. Jean Madar, Chief Executive Officer (the “CEO”): For 2025, our last completed fiscal year: ● Our median employee’s compensation was $80,971 ● Our Chief Executive Officer’s total 2025 compensation was $2,253,950 ● Accordingly, our 2025 CEO to Median Employee Pay Ratio was 27.84 to 1 This pay ratio is a reasonable estimate calculated in a manner consistent with SEC rules based on our payroll and employment records. We identified our median employee using our total employee population as of December 31, 2025 by applying a consistently applied compensation measure across our global employee population. For our consistently applied compensation measure, we used all compensation, including actual base salary, bonuses, commissions, and any overtime paid during the 12-month period ending December 31, 2025. We did not use any material estimates, assumptions, adjustments or statistical sampling to determine the worldwide median employee. The SEC rules for identifying the median compensated employee and calculating the pay ratio based on that employee’s annual total compensation allow companies to adopt a variety of methodologies, to apply certain exclusions, and to make reasonable estimates and assumptions that reflect their compensation practices. As such, the pay ratio reported by other companies may not be comparable to the pay ratio reported above, as other companies may have different employment and compensation practices and may utilize different methodologies, exclusions, estimates and assumptions in calculating their own pay ratios. 74 Employment and Service/Consulting Agreements Please see our Annual Report on Form 10-K for the year ended December 31, 2021, Item 11 under the heading “ Employment and Consulting Agreements ” for the material terms of the employment agreement with Philippe Benacin, individually, and the consulting agreement and fees previously granted to, Philippe Benacin Holding SAS, which is incorporated by reference herein. Compensation of Directors The following table sets forth certain information relating to the compensation for each of our directors who is not an executive officer of our Company named in the Summary Compensation Table for the past fiscal year. DIRECTOR COMPENSATION Name Fees Earned or Paid in Cash ($) Stock Awards ($) Option Awards ($) Non-Equity Incentive Plan Compensation ($) Change in Pension Value and Nonqualified Deferred Compensation Earnings All Other Compensation ($) 1 Total ($) François Heilbronn 26,000 - 0 - 30,770 - 0 - - 0 - 110,019 166,789 Robert Bensoussan 23,000 - 0 - 30,770 - 0 - - 0 - 90,324 144,094 Veronique Gabai-Pinsky 26,000 - 0 - 30,770 - 0 - - 0 - 89,697 146,467 Gilbert Harrison 9,000 - 0 - 30,770 - 0 - - 0 - 90,324 130,094 Kappauf 15,000 - 0 - 30,770 - 0 - - 0 - - 0 - - 0 - Patrick Bousquet - Chavanne 3,000 - 0 - 30,770 - 0 - - 0 - - 0 - - 0 - [Footnotes from table above] 1 . Represents gain from exercise of stock options. All nonemployee directors receive $6,000 for each board meeting at which they participate in person, and $3,000 for each meeting held by conference telephone. In addition, the annual fee for each member of the Audit Committee is $8,000. We maintain a stock option plan for our nonemployee or independent directors. The purpose of this plan is to assist us in attracting and retaining key directors who are responsible for continuing the growth and success of our Company. Under such plan, options to purchase 1,500 shares are granted on the last business day of each year at the fair market value on the date of grant to all nonemployee directors for as long as each is a nonemployee director on such date. Such options vest and become exercisable to purchase shares of Common Stock as follows: 20% one year after the date of grant, and then 20% on each of the second, third, fourth and fifth consecutive years from the date of grant on a cumulative basis, so that each option shall become fully vested and exercisable on the first day of the sixth year from the date of grant. However, if a nonemployee director does not attend certain of the board meetings, then such option grants are reduced according to a schedule. 75 Item 12 . Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The following table sets forth information with respect to the beneficial ownership of our common stock by (a) each person we know to be the beneficial owner of more than 5% of our outstanding common stock, (b) our executive officers and directors and (c) all of our directors and officers as a group. Messrs. Madar and Benacin own 99.99% of their respective personal holding companies. As of March 10 , 2026 , we had 32,071,785 shares of common stock outstanding. Name and Address of Beneficial Owner Amount of Beneficial Ownership 1 Approximate Percent of Class Jean Madar Jean Madar Holding SAS 166 rue du Faubourg Saint-Honoré 75008 Paris, France 7,096,841 2 22.1 % Philippe Benacin Interparfums SA 10 rue de Solférino 75007 Paris, France 6,846,064 3 21.3 % Michel Atwood c/o Interparfums, Inc. 551 Fifth Avenue New York, NY 10176 5,400 4 Less than 1 % Philippe Santi Interparfums SA 10 rue de Solférino 75008 , Paris, France 0 0 % François Heilbronn 60 Avenue de Breteuil 75007 Paris, France 31,863 5 Less than 1 % Robert Bensoussan Victor Palace, 31 Avenue de Grande Bretagne, 98000 Monaco 14,300 6 Less than 1 % Veronique Gabai-Pinsky 200 East End Avenue New York, NY 10128 1,800 7 Less than 1 % Gilbert Harrison Harrison Group 239 Ox Pasture Road South Hampton, NY 11968 4,850 8 Less than 1 % Gerard Kappauf 44 rue Notre de Dame de Nazareth 75003 Paris, France 900 9 Less than 1 % Patrick Bousquet-Chavanne 231 Flying Point Road South Hampton, NY 11968 -0- 0 % Herve Bouillonnec Interparfums, USA LLC 551 Fifth Avenue New York, NY 10176 6,900 10 Less than 1 % All Directors and Officers (As a Group 11 Persons) 14,008,918 11 43.7 % 76 1 All shares of common stock are directly held with sole voting power and sole power to dispose, unless otherwise stated. Options which are exercisable within 60 days are included in beneficial ownership calculations. 2 Consists of 10,500 shares held directly and 7,086,341 shares held indirectly through Jean Madar Holding SAS, a personal holding company. 3 Consists of 6,846,064 shares held indirectly through Philippe Benacin Holding SAS, a personal holding company. 4 Consists of shares of common stock underlying options for Mr. Atwood. 5 Consists of 30,063 shares held directly and options to purchase 1,800 shares for Mr. Heilbronn. 6 Consists of 12,500 shares held directly and options to purchase 1,800 shares for Mr. Bensoussan . 7 Consists of shares of common stock underlying options for Ms. Gabai -Pinsky. 8 Consists of 3,050 shares held directly and 1,800 shares of common stock underlying options for Mr. Harrison. 9 Consists of shares of common stock underlying options for Mr. Kappauf . 10 Consists of 1,500 shares held directly and 5,400 shares of common stock underlying options for Mr. Bouillonnec. 11 Consists of 14,008,918 shares held directly or indirectly, and options to purchase 18,900 shares. The following table sets forth certain information as of the end of our last fiscal year regarding all equity compensation plans that provide for the award of equity securities or the grant of options, warrants or rights to purchase our equity securities. Equity Compensation Plan Information Plan category Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) Weighted-average exercise price of outstanding options, warrants and rights (b) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) Equity compensation plans approved by security holders 187,050 $112.67 451,535 Equity compensation plans not approved by security holders - 0 - NA - 0 - Total 187,050 $112.67 451,535 77 Item 13 . Certain Relationships and Related Transactions, and Director Independence Transactions with European Subsidiaries We also provide (or had provided on our behalf) certain financial, accounting and legal services for Interparfums SA, and during 2025 , 2024 , and 2023 , and fees for such services were $240,000 , $240,000, and $530,000, respectively. In March 2024, Interparfums SA, a majority owned subsidiary of Interparfums, Inc. made a short-term loan to Interparfums, Inc. of $24 million to fund the dividend payment for the first quarter of 2024. The loan was repaid in one lump sum on May 31, 2024, together with interest at approximately 4.95% per annum. In September 2023, Interparfums Luxury Brands, Inc., an indirect majority-owned subsidiary of the Company, loaned the Company $20 million, which was repaid in 2024 with interest at 5.3% per annum. In December 2023, Interparfums Luxury Brands, Inc. made a second loan to the Company in the amount of $12 million, which was repaid in 2024 with interest at 5.3% per annum. These loans partially funded our share repurchase plan during 2023 and cash dividend payments. Management and Consulting Agreements In April 2023, our Board of Directors approved an amendment to the Coordinating and Supervising Service Agreement (“Service Agreement”) that amended the fee arrangement Jean Madar Holding SAS, which replaced a prior agreement that was initially entered into in 2013, as amended. The amendment to the Service Agreement was previously approved by the Executive Compensation and Stock Option Committee, as well as the Audit Committee due to the related party nature of the Service Agreement. The aggregate increase in fees payable to Jean Madar Holding SAS is from $1.23 million to $2.0 million on an annual basis, effective as of January 1, 2023. Further, as requested by Jean Madar Holding SAS, effective April 1, 2023 and continuing thereafter, all fees are to be paid entirely to Jean Madar Holding SAS, and for the balance of calendar year 2023, the amount of such fees are inclusive of the salary paid to Jean Madar individually from January 1, 2023 to March 31, 2023. As Jean Madar, our Chief Executive Officer and Chairman of the Board, is the beneficial owner of Jean Madar Holding SAS, all of such fees paid to Jean Madar Holding SAS have been characterized as base salary for the disclosure purposes for the Summary Compensation Table and related discussion in Item 11. The same $2.0 million fee was paid to Jean Madar Holding SAS under the Service Agreement during 2024 and in 2025. Please see our Annual Report on Form 10-K for the year ended December 31, 2021, Item 11 under the heading “ Employment and Consulting Agreements ” for a material terms of the employment agreement with Philippe Benacin, individually, and the consulting agreements with, and fees and stock options previously granted to, Philippe Benacin Holding SAS, which is incorporated by reference herein. Procedures for Approval of Related Person Transactions Transactions between related persons, such as between an executive officer or director and our Company, or any company or person controlled by such officer or director, are required to be approved by our Audit Committee of our Board of Directors. Our Audit Committee Charter contains such explicit authority, as required by the applicable rules of The Nasdaq Stock Market. 78 The following are our directors who are independent directors within the applicable rules of The Nasdaq Stock Market: François Heilbronn Robert Bensoussan Veronique Gabai-Pinsky Gilbert Harrison Gerard Kappauf Patrick Bousquet-Chavanne We follow and comply with the independent director definitions as provided by The Nasdaq Stock Market rules in determining the independence of our directors, which are posted on our Company’s website. In addition, such rules are also available on The Nasdaq Stock Market’s website. In addition, The Nasdaq Stock Market maintains more stringent rules relating to director independence for the members of our Audit Committee, and the members of our Audit Committee, Messrs. Heilbronn and Bensoussan, as well as Ms. Gabai-Pinsky, are independent within the meaning of those rules. Board Leadership Structure and Risk Management Please see our Annual Report on Form 10-K for the year ended December 31, 2021, Item 13 . Certain Relationships and Related Transactions, and Director Independence, under the heading “ Board Leadership Structure and Risk Management ,” for prior disclosure on this topic, which is incorporated by reference herein. Item 14 . Principal Accountant Fees and Services Fees The following sets forth the fees billed to us by Forvis Mazars, LLP and Mazars USA LLP, as well as discusses the services provided for the past two fiscal years, fiscal years ended December 31, 2025 and December 31, 2024 . Audit Fees Fees billed by Forvis Mazars, LLP and its affiliates, Forvis Mazars SA and Forvis Mazars S.p.A. for audit services and review of the consolidated financial statements contained in our Quarterly Reports on Form 10-Q was $1.6 million for 2025 and $1.4 million for the Q2 and Q3 10-Qs and the annual 10-K for 2024. Fees billed by Mazars USA LLP and its affiliates, Mazars S.A. and Mazars Italia S.p.A. for review of the consolidated financial statements contained in our Quarterly Reports on Form 10-Q were $0.3 million for the Q1 2024 10-Q. Audit-Related Fees Forvis Mazars, LLP and its affiliates did not bill us for any audit-related services during 2025 and 2024 . Tax Fees Forvis Mazars, LLP and its affiliates billed us $0.01 million and $0 for tax services during 2025 and 2024 . All Other Fees Forvis Mazars, LLP and its affiliates billed us $0.1 million for other services during 2025 and 2024, respectively. Audit Committee Pre-Approval Policies and Procedures The Audit Committee has the sole authority for the appointment, compensation and oversight of the work of our independent accountants, who prepare or issue an audit report for us. 79 During the second quarter of 2025, the Audit Committee authorized the following non-audit services to be performed by Forvis Mazars, LLP. ● We authorized the engagement of Forvis Mazars , LLP if deemed necessary to provide tax consultation in the ordinary course of business for fiscal year ended December 31, 2025 . ● We authorized the engagement of Forvis Mazars , LLP if deemed necessary to provide tax consultation as may be required on a project by project basis that would not be considered in the ordinary course of business, up to a $10,000 fee limit per project (or €10,000 in the case of Interparfums SA), subject to an aggregate fee limit of $50,000 for fiscal year ended December 31, 2025 . If we require further tax services from Forvis Mazars , LLP , then the approval of the Audit Committee must be obtained. ● We authorized the engagement of Forvis Mazars , LLP if deemed necessary to provide attestation or other services as may be required on a project by project basis that would not be considered in the ordinary course of business, up to a $10,000 fee limit per project (or €10,000 in the case of Interparfums SA), subject to an aggregate fee limit of $50,000 for fiscal year ended December 31, 2025 . If we require further other services from Forvis Mazars , LLP , then the approval of the Audit Committee must be obtained. ● If we require other services by Forvis Mazars , LLP on an expedited basis such that obtaining pre-approval of the audit committee is not practicable, then the Chairman of the Committee has authority to grant the required pre-approvals for all such services. ● We imposed a cap of $100,000 on the fees that Forvis Mazars , LLP can charge for services on an expedited basis that are approved by the Chairman without obtaining full Audit Committee approval. ● None of the non-audit services of Forvis Mazars , LLP had the pre-approval requirement waived in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X. 80 PART IV Item 15. Exhibits, Financial Statement Schedules Page ( a)(1) Financial Statements annexed hereto Reports of Independent Registered Public Accounting Firms F-2 Audited Financial Statements: Consolidated Balance Sheets as of December 31, 2025 and 2024 F-6 Consolidated Statements of Income for each of the years in the three-year period ended December 31, 2025 F-7 Consolidated Statements of Comprehensive Income for each of the years in the three-year period ended December 31, 2025 F-8 Consolidated Statements of Changes in Shareholders’ Equity for each of the years in the three-year period ended December 31, 2025 F-9 Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, 2025 F-10 Notes to Consolidated Financial Statements F-11 (a)(2) Financial Statement Schedule: Schedule II – Valuation and Qualifying Accounts F-39 (a)(3) Exhibits – The list of exhibits is contained in the Exhibit Index, which follows the signature page of this report. Item 16. Form 10-K Summary None. 81 INTERPARFUMS, INC. AND SUBSIDIARIES Consolidated Financial Statements and Schedule Index Page Report of Independent Registered Public Accounting Firm F-2 ( Forvis Mazars, LLP, New York, New York, PCAOB ID 686 ) Report of Independent Registered Public Accounting Firm F-5 ( Mazars USA LLP, New York, New York, PCAOB ID 339 ) Audited Financial Statements: Consolidated Balance Sheets as of December 31, 2025 , and 2024 F-6 Consolidated Statements of Income for each of the years in the three-year period ended December 31, 2025 F-7 Consolidated Statements of Comprehensive Income for each of the years in the three-year period ended December 31, 2025 F-8 Consolidated Statements of Changes in Shareholders’ Equity for each of the years in the three-year period ended December 31, 2025 F-9 Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, 2025 F-10 Notes to Consolidated Financial Statements F-11 Financial Statement Schedule: Schedule II – Valuation and Qualifying Accounts F-39 F-1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To Shareholders and the Board of Directors of Interparfums, Inc. Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Interparfums, Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes and Schedule II – Valuation and Qualifying Accounts and Reserves listed in the Index at Item 15 (collectively referred to as the “consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework: (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). We also have audited the adjustments to the 2023 consolidated financial statements (i) to correct the immaterial misstatements in the 2023 consolidated financial statements, as described in Notes 1 and 15, (ii) to retrospectively apply the Company’s adoption of ASU 2023 ‑ 07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures as presented in Note 14, and (iii) the adoption of ASU 2023 ‑ 09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, as described in Note 1 and presented in Note 15. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or perform any procedures with respect to the Company’s 2023 consolidated financial statements other than those related to the adjustments described above, and, accordingly, we do not express an opinion or any other form of assurance on the 2023 consolidated financial statements taken as a whole. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim consolidated financial statements will not be prevented or detected on a timely basis. The following material weakness has been identified and included in management’s assessment: As previously disclosed, the Company does not have an annual risk assessment process sufficiently designed to identify the risks that could impact the Company's consolidated financial statements. This includes processes to review any previously recognized risks and identify any potential new risks that could have a material impact on the Company. As a result, the Company could not properly assess if the key controls in place were sufficient to mitigate the risks of material misstatement and the Company could not adequately provide oversight over the testing of management's internal control over financial reporting. Management has implemented certain remediation measures, however, the material weakness has not been remediated as of December 31, 2025. This material weakness was considered in determining the nature, timing, and extent of auditing procedures applied in our audit of the Company’s consolidated financial statements, and our opinion regarding the effectiveness of the Company’s internal control over financial reporting does not affect our opinion on those consolidated financial statements. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of their operations and their cash flows for the each of the years in the two-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, because of the effect of the material weakness described above on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework: (2013) issued by the COSO. F-2 Basis for Opinion The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of reliable consolidated financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the consolidated financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current-period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. F-3 Valuation of Indefinite-Lived Intangible Assets As described in Note 7 to the consolidated financial statements, the Company’s indefinite-lived intangible assets were $153.2 million as of December 31, 2025. The balance is primarily attributable to the Rochas Fragrance trademark, which comprises the majority of the Company’s indefinite‑lived intangible assets. The Company evaluates indefinite-lived intangible assets for impairment at least annually during the fourth quarter, or more frequently when events occur or circumstances change. When testing indefinite-lived intangible assets for impairment, the evaluation requires a comparison of the estimated fair value of the asset to the carrying value of the asset. The fair values used in management’s evaluations are estimated based upon discounted future cash flow projections using a weighted average cost of capital and long-term growth rate. We have identified the valuation of the Rochas Fragrance trademark as a critical audit matter. The principal considerations for our determination are (i) the significant judgment used by management when developing the fair value of the indefinite-lived intangible assets; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to estimates of projected future sales, discount rates and long-term growth rate; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge. The procedures we performed to address this critical audit matter included: ● Obtained an und erstanding of the Company’s valuation model and process for assessing impairment of the Rochas Fragrance indefinite-lived intangible asset, and evaluated the design and tested the operating effectiveness of controls relating to the indefinite-lived intangible assets impairment assessments. ● Used the work of a valuation specialist to assist in our procedures in evaluating the appropriateness of management’s valuation models and assumptions, specifically related to the weighted average cost of capital (i.e., the discount rate) and long-term growth rate. ● Evaluated the reasonableness of the significant assumptions used by management related to projected future sales and cash flows. ● Tested the completeness and accuracy of data used by management in their valuation model, and the mathematical accuracy of management’s valuation model. Forvis Mazars, LLP /s/ Forvis Mazars, LLP We have served as the Company's auditor since 2024 . New York, New York March 10, 2026 F-4 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To Shareholders and the Board of Directors of Interparfums, Inc. (f/k/a Inter Parfums, Inc.) Opinion on the Financial Statements We have audited, before the effects of the correction of immaterial misstatements described in Note 1 and the adjustments to retrospectively apply the changes in accounting described in Notes 14 and 15, the accompanying consolidated statements of income, comprehensive income, changes in shareholders' equity, and cash flows of Interparfums, Inc. (the “Company”) for the year ended December 31, 2023, and the related notes and the schedule listed in the Index in Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements, before the effects of the correction of immaterial misstatements (as described in Note 1) and the adjustments to retrospectively apply the changes in accounting (as described in Notes 14 and 15), present fairly, in all material respects, the results of the Company’s operations and its cash flows for the year ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America. We were not engaged to audit, review, or apply any procedures to the correction of immaterial misstatements (as described in Note 1) and the adjustments to retrospectively apply the changes in accounting (as described in Notes 14 and 15) and, accordingly, we do not express an opinion or any other form of assurance about whether such correction and adjustments are appropriate and have been properly applied. The correction and adjustments were audited by Forvis Mazars, LLP. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor from 2004 to 2024. Mazars USA LLP /s/ Mazars USA LLP New York, New York February 27, 2024 F-5 INTERPARFUMS, INC. AND SUBSIDIARIES Consolidated Balance Sheets December 31, 2025 , and 2024 (In thousands except share and per share data) Assets 2025 2024 Current assets: Cash and cash equivalents $ 158,091 $ 125,433 Short-term investments 137,093 109,311 Accounts receivable, net 320,625 274,705 Inventories 351,377 371,920 Receivables, other 9,014 6,122 Other current assets - As Revised, See Note 1 39,954 38,604 Income taxes receivable 11,211 306 Total current assets 1,027,365 926,401 Property, equipment and leasehold improvements, net 184,891 153,773 Right-of-use assets, net 23,347 24,603 Trademarks, licenses and other intangible assets, net 325,185 282,484 Deferred tax assets - As Revised, See Note 1 4,234 5,465 Other assets 20,226 18,535 Total assets $ 1,585,248 $ 1,411,261 Liabilities and Equity Current liabilities: Loans payable - banks $ 9,400 $ 8,311 Current portion of long-term debt 54,774 41,607 Current portion of lease liabilities 6,326 6,087 Accounts payable - trade 77,210 91,049 Accrued expenses 189,622 172,758 Income taxes payable 6,671 12,615 Total current liabilities 344,003 332,427 Long–term debt, less current portion 121,254 115,734 Lease liabilities, less current portion 15,967 20,455 Equity: Interparfums, Inc. shareholders’ equity: Preferred stock, $ 0.001 par value. Authorized 1,000,000 shares: none issued — — Common stock, $ 0.001 par value. Authorized 100,000,000 shares: outstanding, 32,067,285 and 32,110,170 shares on December 31, 2025 , and 2024 , respectively 32 32 Additional paid-in capital 127,541 106,702 Retained earnings 828,906 763,240 Accumulated other comprehensive loss ( 9,029 ) ( 72,239 ) Treasury stock, at cost, 9,032,840 and 9,981,665 common shares on December 31, 2025 , and 2024 , respectively ( 66,734 ) ( 52,864 ) Total Interparfums, Inc. shareholders’ equity 880,716 744,871 Noncontrolling interest 223,308 197,774 Total equity 1,104,024 942,645 Total liabilities and equity $ 1,585,248 $ 1,411,261 See accompanying notes to consolidated financial statements. F-6 INTERPARFUMS, INC. AND SUBSIDIARIES Consolidated Statements of Income Years ended December 31, 2025 , 2024 , and 2023 (In thousands except share and per share data) 2025 2024 2023 Net sales $ 1,488,509 $ 1,452,325 $ 1,317,675 Cost of sales 541,290 524,984 478,597 Gross margin 947,219 927,341 839,078 Selling, general and administrative expenses 676,902 648,540 587,696 Impairment loss — 4,005 — Income from operations 270,317 274,796 251,382 Other expenses (income): Interest expense 7,248 7,825 11,253 Loss on foreign currency 4,779 1,085 1,582 Interest and investment income ( 3,877 ) ( 2,218 ) ( 10,729 ) Other income ( 9,165 ) ( 287 ) ( 317 ) Nonoperating Income (Expense) ( 1,015 ) 6,405 1,789 Income before income taxes 271,332 268,391 249,593 Income taxes 63,187 64,958 61,817 Net income 208,145 203,433 187,776 Less: Net income attributable to the noncontrolling interest 39,758 39,075 35,122 Net income attributable to Interparfums, Inc. $ 168,387 $ 164,358 $ 152,654 Net income attributable to Interparfums, Inc. common shareholders: Basic $ 5.25 $ 5.13 $ 4.77 Diluted $ 5.24 $ 5.12 $ 4.75 Weighted average number of shares outstanding: Basic 32,102,264 32,036,728 31,994,328 Diluted 32,138,197 32,124,285 32,139,702 Dividends declared per share $ 3.20 $ 3.00 $ 2.50 See accompanying notes to consolidated financial statements. F-7 INTERPARFUMS, INC. AND SUBSIDIARIES Consolidated Statements of Comprehensive Income Years ended December 31, 2025 , 2024 , and 2023 (In thousands except share and per share data) 2025 2024 2023 Net income $ 208,145 $ 203,433 $ 187,776 Other comprehensive income: Net derivative instrument income (loss), net of tax 1,257 ( 2,249 ) ( 3,329 ) Transfer of OCI into earnings 1,631 ( 64 ) 1,709 Pension benefits, net of tax ( 208 ) 2,785 — Foreign currency translation adjustments 86,421 ( 42,059 ) 24,042 Other comprehensive income (loss), before tax 89,101 ( 41,587 ) 22,422 Comprehensive income 297,246 161,846 210,198 Comprehensive income attributable to noncontrolling interests: Net income 39,758 39,075 35,122 Net derivative instrument income (loss), net of tax 345 ( 618 ) 25 Pension benefits, net of tax ( 57 ) 766 — Foreign currency translation adjustments 25,603 ( 9,684 ) 6,529 Comprehensive income (loss), net of tax, attributable to noncontrolling interest 65,649 29,539 41,676 Comprehensive income attributable to Interparfums Inc. $ 231,597 $ 132,307 $ 168,522 See accompanying notes to consolidated financial statements. F-8 INTERPARFUMS, INC. AND SUBSIDIARIES Consolidated Statements of Changes in Shareholders’ Equity Years ended December 31, 2025 , 2024 , and 2023 (In thousands except share and per share data) 2025 2024 2023 Common stock, beginning and end of year $ 32 $ 32 $ 32 — — — 32 32 32 Additional paid-in capital, beginning of year 106,702 98,565 90,186 Shares issued upon exercise of stock options 7,579 7,049 8,025 Share-based compensation 819 1,039 1,246 Other ( 775 ) — — Transfer of subsidiary shares purchased 13,216 49 ( 892 ) Additional paid-in capital, end of year 127,541 106,702 98,565 Retained earnings, beginning of year 763,240 693,848 620,095 Net income 168,387 164,358 152,654 Dividends ( 102,721 ) ( 96,026 ) ( 80,047 ) Share-based compensation — 1,060 1,146 Retained earnings, end of year 828,906 763,240 693,848 Accumulated other comprehensive loss, beginning of year ( 72,239 ) ( 40,188 ) ( 56,056 ) Foreign currency translation adjustment 60,818 ( 32,375 ) 17,513 Transfer from other comprehensive income into earnings 1,631 ( 64 ) 1,709 Pension benefits, net of tax ( 151 ) 2,019 — Net derivative instrument income (loss), net of tax 912 ( 1,631 ) ( 3,354 ) Accumulated other comprehensive loss, end of year ( 9,029 ) ( 72,239 ) ( 40,188 ) Treasury stock, beginning of year ( 52,864 ) ( 52,864 ) ( 37,475 ) Shares repurchased ( 13,870 ) — ( 15,389 ) Treasury stock, end of year ( 66,734 ) ( 52,864 ) ( 52,864 ) Noncontrolling interest, beginning of year 197,774 192,777 171,364 Net income 39,758 39,075 35,122 Foreign currency translation adjustment 25,603 ( 9,684 ) 6,529 Pension benefits, net of tax ( 57 ) 766 — Net derivative instrument income (loss), net of tax 345 ( 618 ) 25 Dividends ( 26,875 ) ( 24,729 ) ( 20,301 ) Share-based compensation 749 236 180 Other 775 — — Transfer of subsidiary shares purchased ( 14,764 ) ( 49 ) ( 142 ) Noncontrolling interest, end of year 223,308 197,774 192,777 788,146 738,332 702,450 187,776 151,037 110,027 Total equity $ 1,104,024 $ 942,645 $ 892,170 See accompanying notes to consolidated financial statements. F-9 INTERPARFUMS, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows Years ended December 31, 2025 , 2024 , and 2023 (In thousands) 2025 2024 2023 Cash flows from operating activities: Net income $ 208,145 $ 203,433 $ 187,776 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization including impairment loss 25,302 28,358 17,331 Provision for doubtful accounts 1,770 618 ( 1,734 ) Noncash stock compensation 1,568 2,379 2,525 Share of income of equity investment ( 939 ) ( 460 ) ( 317 ) Noncash lease expense 6,667 6,271 5,448 Gain on debt extinguishment ( 7,599 ) — — Deferred tax benefit - As Revised, See Note 1 1,673 ( 2,084 ) ( 1,713 ) Change in fair value of derivatives ( 963 ) 93 ( 301 ) Changes in: Accounts receivable ( 22,099 ) ( 41,281 ) ( 36,843 ) Inventories 55,166 ( 17,203 ) ( 73,700 ) Other assets - As Revised, See Note 1 3,208 4,156 10,594 Operating lease liabilities ( 6,990 ) ( 6,128 ) ( 5,290 ) Accounts payable and accrued expenses ( 32,040 ) 4,868 3,064 Income taxes, net ( 17,969 ) 4,622 ( 1,066 ) Net cash provided by operating activities 214,900 187,642 105,774 Cash flows from investing activities: Purchases of short-term investments ( 162,150 ) ( 206,222 ) ( 221,111 ) Proceeds from sale of short-term investments 149,204 183,742 281,741 Purchase of property, equipment and leasehold improvements ( 24,414 ) ( 4,740 ) ( 6,465 ) Payment for intangible assets acquired ( 23,786 ) ( 17,612 ) ( 46,903 ) Net cash (used in) provided by investing activities ( 61,146 ) ( 44,832 ) 7,262 Cash flows from financing activities: Proceeds from loans payable, bank — 4,330 4,325 Proceeds from issuance of long-term debt 56,500 43,296 — Repayment of long-term debt ( 50,320 ) ( 34,689 ) ( 28,800 ) Proceeds from exercise of options 7,579 7,049 8,025 Purchase of subsidiary shares from noncontrolling interests ( 1,548 ) — ( 1,027 ) Dividends paid ( 102,721 ) ( 96,026 ) ( 80,047 ) Dividends paid to noncontrolling interests ( 26,875 ) ( 24,729 ) ( 20,301 ) Purchase of treasury stock ( 13,870 ) — ( 15,389 ) Net cash used in financing activities ( 131,255 ) ( 100,769 ) ( 133,214 ) Effect of exchange rate changes on cash 10,159 ( 5,070 ) 3,927 Net increase (decrease) in cash and cash equivalents 32,658 36,971 ( 16,251 ) Cash and cash equivalents – beginning of year 125,433 88,462 104,713 Cash and cash equivalents – end of year $ 158,091 $ 125,433 $ 88,462 Supplemental disclosures of cash flow information: Cash paid for: Interest $ 6,688 $ 7,495 $ 5,823 Income taxes 77,711 63,197 60,990 See accompanying notes to consolidated financial statements. F-10 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) ( 1 ) The Company and its Significant Accounting Policies Business of the Company Interparfums, Inc. and its subsidiaries (the “Company”) are in the fragrance business and manufacture, market and distribute a wide array of prestige fragrances and fragrance related products. 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: Year Ended December 31, 2025 2024 2023 Jimmy Choo 17 % 17 % 17 % Coach 15 % 14 % 15 % Montblanc 15 % 15 % 17 % GUESS 12 % 12 % 12 % Lacoste 7 % 6 — Donna Karan/DKNY 7 % 7 % 7 % Ferragamo 4 % 5 % 5 % Basis of Preparation The consolidated financial statements include the accounts of the Company and its subsidiaries, including 72 % owned Interparfums SA, a subsidiary whose stock is publicly traded in France. All material intercompany balances and transactions have been eliminated. Management Estimates Management makes assumptions and estimates to prepare financial statements in conformity with accounting principles generally accepted in the United States of America. Those assumptions and estimates directly affect the amounts reported and disclosures included in the consolidated financial statements. Actual results could differ from those assumptions and estimates. Significant estimates for which changes in the near term are considered reasonably possible and that may have a material impact on the financial statements are disclosed in these notes to the consolidated financial statements. Foreign Currency Translation For foreign subsidiaries with operations denominated in a foreign currency, assets and liabilities are translated to U.S. dollars at year-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the year. Gains and losses from translation adjustments are accumulated in a separate component of shareholders’ equity. Cash and Cash Equivalents and Short-Term Investments All highly liquid investments purchased with a maturity of three months or less are considered to be cash equivalents. The Company also has short-term investments which consist of certificates of deposit with maturities greater than three months, marketable equity securities and other contracts. The Company monitors concentrations of credit risk associated with financial institutions with which the Company conducts significant business. The Company believes its credit risk is minimal, as the Company primarily conducts business with large, well-established financial institutions. Substantially all cash and cash equivalents are primarily held at financial institutions outside the United States and are readily convertible into U.S. dollars. F-11 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) Accounts Receivable Accounts receivable represent payments due to the Company for previously recognized net sales, reduced by allowances for doubtful accounts or balances which are estimated to be uncollectible, which aggregated $ 3.2 million and $ 2.4 million as of December 31, 2025 , and 2024 , respectively. Accounts receivable balances are written-off against the allowance for doubtful accounts when they become uncollectible. Recoveries of accounts receivable previously recorded against the allowance are recorded in the consolidated statement of income when received. We generally grant credit based upon our analysis of the customer’s financial position, as well as previously established buying patterns. 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 on the first-in, first-out method. 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. Derivatives All derivative instruments are recorded as either assets or liabilities and measured at fair value. The Company uses derivative instruments to principally manage a variety of market risks. For derivatives designated as hedges of the exposure to changes in fair value of the recognized asset or liability or a firm commitment (referred to as fair value hedges), the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. The effect of that accounting is to include in earnings the extent to which the hedge is not effective in achieving offsetting changes in fair value. For cash flow hedges, the effective portion of the derivative’s gain or loss is initially reported in equity (as a component of accumulated other comprehensive income) and is subsequently reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The ineffective portion of the gain or loss of a cash flow hedge is reported in earnings immediately. The Company also holds certain instruments for economic purposes that are not designated for hedge accounting treatment. For these derivative instruments, changes in their fair value are recorded in earnings immediately. Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful lives for furniture and equipment, which range between three and fifteen years . Depreciation on buildings and leasehold improvements is calculated using the straight-line method over the shorter of the lease term or estimated useful asset lives, which range between seven and fifty years . Depreciation provided on equipment used to produce inventory, such as tools and molds, is included in cost of sales. Long-Lived Assets Indefinite-lived intangible assets principally consist of trademarks which are not amortized. The Company evaluates indefinite-lived intangible assets for impairment at least annually during the fourth quarter, or more frequently when events occur or circumstances change, such as an unexpected decline in sales, that would more-likely-than-not indicate that the carrying value of an indefinite-lived intangible asset may not be recoverable. When testing indefinite-lived intangible assets for impairment, the evaluation requires a comparison of the estimated fair value of the asset to the carrying value of the asset. The fair values used in our evaluations are estimated based upon discounted future cash flow projections using a weighted average cost of capital of 8.34 % and 9.47 % in 2025 and 2024 , respectively. The cash flow projections are based upon a number of assumptions, including future sales levels, future cost of goods and operating expense levels, as well as economic conditions, changes to our business model or changes in consumer acceptance of our products which are more subjective in nature. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, an impairment charge is recorded. F-12 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) Intangible assets subject to amortization principally consist of licenses and are amortized on a straight-line basis over the shorter of the license term or estimated economic life, ranging from three to thirty-eight years. Intangible assets subject to amortization are evaluated for impairment testing whenever events or changes in circumstances indicate that the carrying amount of an amortizable intangible asset may not be recoverable. If impairment indicators exist for an amortizable intangible asset, the undiscounted future cash flows associated with the expected service potential of the asset are compared to the carrying value of the asset. If our projection of undiscounted future cash flows is in excess of the carrying value of the intangible asset, no impairment charge is recorded. If our projection of undiscounted future cash flows is less than the carrying value of the intangible asset, an impairment charge would be recorded to reduce the intangible asset to its fair value. Revenue Recognition The Company sells its products to department stores, perfumeries, specialty stores and domestic and international wholesalers and distributors. Our revenue contracts represent single performance obligations to sell our products to customers. Sales of such products by our domestic subsidiaries are denominated in U.S. dollars, and sales of such products by our foreign subsidiaries are primarily denominated in either euro or U.S. dollars. Our product revenue is recognized at a point in time when control of the promised goods is transferred to customers based on agreed upon shipping terms, which usually occurs upon shipment. Revenue is recognized in an amount that reflects the consideration that we expect to receive in exchange for those goods. Net sales are comprised of gross revenues less incentives to customers such as returns, trade discounts and allowances, which give rise to variable consideration. The Company does not bill its customers for freight and handling charges. The Company grants credit to all qualified customers and does not believe it is exposed significantly to any undue concentration of credit risk. Macy's, our top retail customer, accounted for approximately 10 % of net sales in 2025 and 12 % of net sales in 2024 and 2023 respectively. Sales Returns Generally, the Company does not permit customers to return their unsold products. However, for U.S. based customers, we allow returns if properly requested, authorized and approved. The Company regularly reviews and revises, as deemed necessary, its estimate of reserves for future sales returns based primarily upon historic trends and relevant current data including information provided by retailers regarding their inventory levels. In addition, as necessary, specific accruals may be established for significant future known or anticipated events. The types of known or anticipated events that we consider include, but are not limited to, the financial condition of our customers, store closings by retailers, changes in the retail environment and our decision to continue to support new and existing products. The Company records its estimate of potential sales returns as a reduction of sales and cost of sales with corresponding entries to accrued expenses, to record the refund liability, and inventory, for the right to recover goods from the customer. The refund liability associated with estimated returns was $ 12.2 million and $ 10.8 million at December 31, 2025 and 2024 , respectively, and the amounts recognized for the rights to recover products was $ 4.7 million and $ 4.1 million at December 31, 2025 and 2024 , respectively. The physical condition and marketability of returned products are the major factors we consider in estimating realizable value. Actual returns, as well as estimated realizable values of returned products, may differ significantly, either favorably or unfavorably, from our estimates, if factors such as economic conditions, inventory levels or competitive conditions differ from our expectations. Payments to Customers The Company records revenues generated from purchase with purchase and gift with purchase promotions as sales and the costs of its purchase with purchase and gift with purchase promotions as cost of sales. Certain other incentive arrangements require the payment of a fee to customers based on their attainment of pre-established sales levels. These fees have been recorded as a reduction of net sales. F-13 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) Advertising and Promotion Advertising and promotional costs are expensed as incurred and recorded as a component of cost of goods sold (in the case of free goods given to customers) or selling, general and administrative expenses. Advertising and promotional costs included in selling, general and administrative expenses were $ 294.7 million , $ 280.5 million and $ 261.3 million for 2025 , 2024 and 2023 , respectively. Costs relating to purchase with purchase and gift with purchase promotions that are reflected in cost of sales aggregated $ 54.6 million , $ 61.5 million and $ 52.3 million in 2025 , 2024 and 2023 , respectively. Package Development Costs Package development costs associated with new products and redesigns of existing product packaging are expensed as incurred. Operating Leases The Company leases its offices and warehouses, vehicles, and certain office equipment, substantially all of which are classified as operating leases. The Company currently has no material financing leases. The Company determines if an arrangement is a lease at inception. Operating lease assets and obligations are recognized at the lease commencement date based on the present value of lease payments over the lease term. License Agreements The Company’s license agreements generally provide the Company with worldwide rights to manufacture, market and sell prestige fragrances and fragrance related products using the licensors’ trademarks. The licenses typically have an initial term of approximately 5 to 15 years and are potentially renewable subject to the Company’s compliance with the license agreement provisions. The remaining terms, excluding potential renewal periods, range from approximately 1 to 23 years. Under each license, the Company is required to pay royalties in the range of 6 % to 11 % to the licensor, at least annually, based on net sales to third parties. In certain cases, the Company may pay an entry fee to acquire, or enter into, a license where the licensor or another licensee was operating a pre-existing fragrance business. In those cases, the entry fee is capitalized as an intangible asset and amortized over its useful life. Most license agreements require minimum royalty payments, incremental royalties based on net sales levels and minimum spending on advertising and promotional activities. Royalty expenses are accrued in the period in which net sales are recognized while advertising and promotional expenses are accrued at the time these costs are incurred. In addition, the Company is exposed to certain concentration risk. Most of our prestige fragrance brands are licensed from unaffiliated third parties, and our business is dependent upon the continuation and renewal of such licenses. Income Taxes The Company accounts for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. The net deferred tax assets assume sufficient future earnings for their realization, as well as the continued application of currently enacted tax rates. Included in net deferred tax assets is a valuation allowance for deferred tax assets, where management believes it is more-likely-than-not that the deferred tax assets will not be realized in the relevant jurisdiction. If the Company determines that a deferred tax asset will not be realizable, an adjustment to the deferred tax asset will result in a reduction of net earnings at that time. Accrued interest and penalties are included within the related tax asset or liability in the accompanying consolidated financial statements. F-14 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) Issuance of Common Stock by Consolidated Subsidiary The difference between the Company’s share of the proceeds received by the subsidiary and the carrying amount of the portion of the Company’s investment deemed sold, is reflected as an equity adjustment in the consolidated balance sheets. Treasury Stock The Board of Directors has authorized share repurchases of the Company’s common stock (Share Repurchase Authorizations). Share repurchases under Share Repurchase Authorizations are made through open market transactions, negotiated purchase or otherwise, at times and in such amounts within the parameters authorized by the Board. Shares repurchased under Share Repurchase Authorizations are held in treasury for general corporate purposes, including issuances under various employee stock option plans. Treasury shares are accounted for under the cost method and reported as a reduction of equity. Share Repurchase Authorizations may be suspended, limited or terminated at any time without notice. Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued A ccounting Standards Update (" ASU") No. 2023 - 09 , Income Taxes (Topic 740 ): Improvements to Income Tax Disclosures. The ASU includes amendments requiring enhanced income tax disclosures, primarily related to standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and shall be applied on a prospective basis with the option to apply retrospectively. The Company adopted the ASU as of December 31, 2025 and applied its provisions prospectively (See Note 15). Recently Issued Accounting Pronouncements In November 2024, the FASB issued 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 - 04 . 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. There are no other recent accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial statements. Reclassifications Certain prior year amounts in the accompanying notes to consolidated financial statements have been reclassified to conform with current period presentation. F-15 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) Correction of Immaterial Misstatements in Prior Period Financial Statements During the year ended December 31, 2025 , management identified a misclassification in the presentation of deferred tax asset within the Consolidated Balance Sheet and Consolidated Statement of Cash Flows in the Company's previously issued consolidated financial statements for the year ended December 31, 2024 and 2023. Specifically, certain amounts previously presented in Deferred tax asset should have been presented in Other current assets as prepaid tax. The Company evaluated the misclassification under ASC 250, Accounting Changes and Error Corrections, and considered both quantitative and qualitative factors in assessing materiality, including the guidance in Staff Accounting Bulletin (“SAB”) No. 99 , Materiality, and SAB No. 108 , Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. Management concluded that misclassification was not material to any of the Company's previously issued consolidated financial statements for the affected periods. However, management further concluded that revising the affected prior-period presentation in the current period is appropriate to ensure comparability. As a result, the Company has revised the Consolidated Balance Sheet as of December 31, 2024 and the Consolidated Statement of Cash Flows for the periods ended December 31, 2024 and 2023 presented in this Annual Report on Form 10-K for the year ended December 31, 2025. The revision impacted only the presentation within the consolidated financial statements and did not impact the Company's previously reported net income, income from operations, total operating, investing, or financing cash flows, total assets, total liabilities, or stockholders' equity for the period presented. The following table presents a summary of the effect of correcting this error on the Company's previously issued financial statements: For the Year Ended December 31, 2024 Consolidated Balance Sheet As previously reported Adjustment As revised (in thousands) Other current assets 27,035 11,569 38,604 Total current assets 914,832 11,569 926,401 Deferred tax assets 17,034 ( 11,569 ) 5,465 The Company revised the Statement of Cash Flows for the years ended December 31, 2024 and 2023 to reflect the reduction in adjustments to reconcile net income for Deferred tax benefit and the reduction of cash inflows related to Other assets in the amounts of $ 1.3 million, respectively. The revisions did not impact the total cash flows or total net cash provided by operating activities for either period. Amounts within Note 15 - Income Taxes were also revised to correct the previously presented Effect of inventory profit elimination and net deferred tax assets for the year ended December 31, 2024. F-16 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025, 2024 and 2023 (In thousands except share and per share data) ( 2 ) Recent Agreements 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. 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 the earlier of April 1, 2028 or the termination of the existing license agreement. 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 . Longchamp In July 2025, we announced that our 72 % 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. Goutal In March 2025, we announced that our 72 % owned French subsidiary, Interparfums SA, acquired all intellectual property rights relating to Goutal Paris held by Amorepacific Europe. Amorepacific Europe operated the Goutal brand under an existing license agreement that expired on December 31, 2025 , and Interparfums SA began commercial use of the fragrance brand on January 1, 2026. 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 June 30, 2026. In March 2025, the license agreement was renewed for an additional 5 -year term, extending the license through June 30, 2031 . F-17 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025, 2024 and 2023 (In thousands except share and per share data) Abercrombie & Fitch and Hollister In March 2025, we expanded our Fierce distribution agreement, which now allows for global distribution of the iconic Fierce fragrance line that either party may terminate on two years ’ notice. Furthermore, our existing Abercrombie & Fitch and Hollister fragrance license agreement will expire on March 14, 2028 . The goal of the updated Fierce distribution agreement is to drive, over time, more consistency between the products that are carried in the Abercrombie & Fitch stores and unaffiliated retailers. Off-White In December 2024, we announced that our 72 % owned French subsidiary, Interparfums SA, signed for all Off-White brand names and registered trademarks for Class 3 fragrance and cosmetic products, subject to an existing license that expires on December 31, 2025 , when Interparfums SA will begin commercial use of the fragrance brand. Van Cleef & Arpels In 2006 , Van Cleef & Arpels and Interparfums SA signed a 12 -year worldwide license agreement to manufacture and distribute perfumes and related products under the Van Cleef & Arpels brand name, which was subsequently extended for a further six years until December 31, 2024. In December 2024, the license agreement was renewed for an additional 9 -year term, through December 31, 2033 . Roberto Cavalli In July 2023, we closed a transaction agreement with Roberto Cavalli, whereby an exclusive and worldwide license was granted for the production and distribution of Roberto Cavalli brand perfumes and fragrance related products. Our rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry. The license became effective in July 2023 and will last for 6.5 years. We began shipping Roberto Cavalli perfumes and fragrance related products in February 2024. Lacoste In December 2022, we closed a transaction agreement with Lacoste, whereby an exclusive and worldwide license was granted for the production and distribution of Lacoste brand perfumes and cosmetics. Our rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry. The license became effective in January 2024 and will last for 15 years. We began shipping Lacoste fragrances in January 2024. Dunhill The Dunhill fragrance license expired on September 30, 2023 and was not renewed. The Company had a twelve -month sell-off period during which it maintained the right to sell-off remaining Dunhill fragrance inventory, which is customary in the fragrance industry. As of September 30, 2024, all finished goods and components were sold and we no longer carry any inventory related to Dunhill. F-18 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) Rochas Fashion As a result of operational challenges faced by the Rochas Fashion business we took a $ 2.4 million impairment charge on our Rochas fashion trademark in the first quarter of 2021 and a $ 6.8 million impairment charge in the fourth quarter of 2022 after an independent expert concluded that the valuation of the trademark was $ 11.2 million. In 2023 , the Rochas teams underwent a strategic shift to take over their own brand operations, exiting contracts with manufacturers and distributors to make this new structure operational beginning in 2024 . In the fourth quarter of 2024 , we again took a $ 4.0 million impairment charge on the Rochas fashion trademark after management reviewed and agreed with an independent expert's conclusion that the valuation of the trademark was $ 7.2 million. There were no impairment charges taken in 2025 or 2023 . (3) Inventories Inventories consist of the following: (In thousands) December 31, 2025 December 31, 2024 Raw materials and component parts $ 129,706 $ 137,572 Finished goods 221,671 234,348 $ 351,377 $ 371,920 Overhead included in inventory aggregated $ 6.5 million and $ 6.1 million as of December 31, 2025 and 2024 , respectively. Included in inventories is an inventory reserve, which represents the difference between the cost of the inventory and its estimated net realizable value, based upon sales forecasts and the physical condition of the inventories. In addition, and as necessary, specific reserves for future known or anticipated events may be established. Inventory reserves aggregated $ 24.9 million and $ 18.4 million as of December 31, 2025 and 2024 , respectively. F-19 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) (4) Fair Value of Financial Instruments 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. Fair Value Measurements at December 31, 2025 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1 ) (Level 2 ) (Level 3 ) Assets: Short-term investments $ 137,093 $ 3,801 $ 133,292 $ — Interest rate swaps 1,597 — 1,597 — Foreign currency forward exchange contracts not accounted for using hedge accounting 498 — 498 — Foreign currency forward exchange contracts accounted for using hedge accounting 169 — 169 — Total Assets $ 139,357 $ 3,801 $ 135,556 $ — Fair Value Measurements at December 31, 2024 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1 ) (Level 2 ) (Level 3 ) Assets: Short-term investments $ 109,311 $ 7,703 $ 101,608 $ — Interest rate swaps 1,967 — 1,967 — Total Assets $ 111,278 $ 7,703 $ 103,575 $ — Liabilities: Foreign currency forward exchange contracts not accounted for using hedge accounting 445 — 445 — Foreign currency forward exchange contracts accounted for using hedge accounting 1,435 — 1,435 — Total Liabilities Total Assets $ 1,880 $ — $ 1,880 $ — F-20 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) The carrying amount of cash and cash equivalents including money market funds, short-term investments including marketable equity securities, accounts receivable, other receivables, accounts payable and accrued expenses approximates 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. (5) 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, it is determined 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 hedge contracts 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 $ 58.8 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 other comprehensive income. In connection with the April 2021 acquisition of the office building complex in Paris, € 120 million (approximately $ 141.0 million) of the purchase price was financed through a 10 -year 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 (loss) and gains and losses in derivatives not designated as hedges are included in (gain) loss on foreign currency on the accompanying income statements. Such gains and losses were immaterial in each of the years in the three -year period ended December 31, 2025 . All derivative instruments are reported as either assets or liabilities on the consolidated balance sheet measured at fair value. The valuation of interest rate swaps is included in long-term debt on the accompanying consolidated balance sheets. The valuation of foreign currency forward exchange contracts at December 31, 2025 and December 31, 2024 , resulted in an asset and is included in other current assets on the accompanying consolidated balance sheets. At December 31, 2025 , the Company had foreign currency contracts in the form of forward exchange contracts with notional amounts of approximately U.S. $ 64 million which all have maturities of less than one year . F-21 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) (6) Property, Equipment and Leasehold Improvements December 31, 2025 2024 Land and Building (construction in progress) $ 161,081 $ 147,786 Equipment 92,315 59,800 Leasehold improvements 10,462 8,456 263,858 216,042 Less accumulated depreciation 78,967 62,269 $ 184,891 $ 153,773 Depreciation expense was $ 10.9 million , $ 10.4 million and $ 9.8 million in 2025 , 2024 , and 2023 , respectively. Land and building includes construction in progress in the amount $ 25.2 million and $ 10.5 million at December 31, 2025 and 2024, respectively. (7) Trademarks, Licenses and Other Intangible Assets 2025 Gross Accumulated Net Book Amount Amortization Value Trademarks (indefinite lives) $ 153,502 $ — $ 153,502 Trademarks (finite lives) 46,068 678 45,390 Licenses (finite lives) 224,001 100,918 123,083 Other intangible assets (finite lives) 24,062 20,852 3,210 Subtotal 294,131 122,448 171,683 Total $ 447,633 $ 122,448 $ 325,185 2024 Gross Accumulated Net Book Amount Amortization Value Trademarks (indefinite lives) $ 116,187 $ — $ 116,187 Trademarks (finite lives) 40,732 599 40,133 Licenses (finite lives) 202,852 79,800 123,052 Other intangible assets (finite lives) 20,238 17,126 3,112 Subtotal 263,822 97,525 166,297 Total $ 380,009 $ 97,525 $ 282,484 F-22 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) Amortization expense was $ 14.4 million , $ 13.6 million and $ 7.5 million in 2025 , 2024 and 2023 , respectively. Amortization expense is expected to approximate $ 12.2 million in 2026, $ 12.0 million in 2027, $ 11.3 million in 2028, $ 10.8 million in 2029 , and $ 10.4 million in 2030. The weighted average amortization period for trademarks, licenses and other intangible assets with finite lives are 18 years, 15.5 years and 2.5 years, respectively, and 14.8 years on average. During the year ended December 31, 2025, the majority of the change in gross amount of trademarks with indefinite lives was related to the acquisition of all intellectual property rights of Goutal Paris in March 2025. The Company reviews intangible assets with indefinite lives for impairment annually in the fourth quarter or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. There was an impairment charge for trademarks with indefinite useful lives of $ 4.0 million in 2024 , relating to our Rochas fashion business. There were no impairment charges for trademarks with indefinite useful lives in 2025 and 2023 . The fair values used in our evaluations are estimated based upon discounted future cash flow projections using a weighted average cost of capital of 8.34 %, 9.47 %, and 10.39 % as of December 31, 2025 , 2024 and 2023 , respectively. The cash flow projections are based upon a number of assumptions, including future sales levels and future cost of goods and operating expense levels, as well as economic conditions, changes to our business model or changes in consumer acceptance of our products which are more subjective in nature. The Company believes that the assumptions it has made in projecting future cash flows for the evaluations described above are reasonable and currently no other impairment indicators exist for our indefinite-lived assets. However, if future actual results do not meet our expectations, the Company may be required to record an impairment charge, the amount of which could be material to our results of operations. The cost of trademarks, licenses and other intangible assets with finite lives is being amortized by the straight-line method over the term of the respective license or the intangible assets estimated useful life which range from three to thirty years . If the residual value of a finite life intangible asset exceeds its carrying value, then the asset is not amortized. The Company reviews intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Trademarks (finite lives) primarily represent Lanvin brand names and trademarks. In connection with their purchase, Lanvin was granted the right to repurchase the brand names and trademarks on July 1, 2027 for € 70 million (approximately $ 82.3 million), representing the residual value, in accordance with an amendment signed in 2021 . Because the residual value of the intangible asset exceeds its carrying value, the asset is not being amortized. (8) Accrued Expenses Accrued expenses consist of the following: December 31, 2025 2024 Advertising liabilities $ 71,463 $ 66,248 Salary (including bonus and related taxes) 27,387 26,743 Royalties 29,343 27,206 Due vendors (not yet invoiced) 34,108 24,027 Retirement reserves 5,973 5,012 Refund (return) liability 12,166 10,826 Other 9,182 12,696 $ 189,622 $ 172,758 F-23 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) (9) Loans Payable – Banks In May 2025, the Company and its domestic subsidiaries entered into a € 30 million senior unsecured revolving credit facility, which bears interest at the Euribor plus a margin of 1.65 %. The line of credit which has a maturity date of April 18, 2026 , is expected to be renewed on an annual basis. The company took out an advance on this line of credit in May 2025 of € 30 million and repaid the amount in full in September 2025. The interest on this borrowing was 3.52 %. The Company and its domestic subsidiaries have available a $ 25 million unsecured revolving line of credit due on demand, which bears interest at the Secured Overnight Financing Rate ("SOFR") plus 1.75 % (the SOFR was 3.87 % as of December 31, 2025 ). The line of credit which has a maturity date of April 30, 2026 , is expected to be renewed on an annual basis. The Company and its domestic subsidiaries have available a $ 20 million unsecured revolving line of credit due on demand, which bears interest at the SOFR plus a margin (the SOFR was 3.87 % as of December 31, 2025 ). The line of credit, which has a maturity date of December 31, 2025 , is expected to be renewed on an annual basis. Borrowings outstanding pursuant to all lines of credit were zero as of December 31, 2025 and 2024 . The Company’s foreign subsidiaries have available credit lines totaling approximately $ 9.4 million (€ 8 million) provided by a consortium of international financial institutions. These credit lines bear interest at the three-month Euribor rate plus 1.65 % ( Three-Month Euribor was 2.03 % at December 31, 2025 ). Borrowings outstanding pursuant to lines of credit were $ 9.4 million and $ 8.3 million as of December 31, 2025 and 2024 . The weighted average interest rate on these short-term borrowings was 5.2 % as of December 31, 2025 and 2024 . (10) Long-Term Debt Long-term debt consists of the following: December 31, 2025 2024 $ 35.3 million (€ 30 million) payable in 72 monthly installments of approximately $ 0.5 million each beginning in June 2025 , bearing interest at one-month Euribor plus 0.88 % 31,819 - $ 23.5 million (€ 20 million) payable in 72 monthly installments of approximately $ 0.3 million each beginning in June 2025 , bearing interest at 3.0 % per annum 21,401 - $ 47.0 million (€ 40 million) payable in 36 monthly installments of approximately $ 1.3 million each beginning in August 2024, bearing interest at 4.03 % per annum $ 25,525 $ 36,087 $ 58.8 million (€ 50 million) payable in 48 equal monthly installments of $ 1.2 million beginning in December 2022, bearing interest at one-month Euribor plus 0.825 % 13,463 25,052 $ 141.0 million (€ 120 million) payable in 120 equal monthly installments of $ 1.2 million beginning in April 2021, bearing interest at one-month Euribor plus 0.75 % 73,731 77,481 $ 15.0 million payable in 14 equal annual installments of $ 1.1 million beginning in January 2020 including interest imputed at 4.1 % per annum — 8,416 $ 17.6 million payable (€ 15 million) in 10 equal annual installments of $ 1.8 million beginning in October 2021 including interest imputed at 2.0 % per annum 10,089 10,305 176,028 157,341 Less current maturities 54,774 41,607 Total $ 121,254 $ 115,734 F-24 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) In December 2025, the Company entered into an amendment with a Licensor that released the Company from its obligations to make further installment payments on the $ 15.0 million payable. A gain of $ 7.6 million was recorded within Other income on the consolidated statement of income related to this debt extinguishment. In June 2025, the Company entered into a $ 35.3 million ( € 30 million) three -year loan agreement. The loan agreement bears interest at a variable rate of one-month Euribor plus a margin of 0.88 %. In June 2025, the Company entered into a $ 23.5 million ( € 20 million) three -year loan agreement. The loan agreement bears interest at 3.0 % per annum. In July 2024, the Company entered into a $ 47.0 million (€ 40 million) three -year loan agreement. The loan agreement bears interest at 4.03 % per annum . In December 2022, to finance Interparfums SA’s acquisition of the Lacoste trademark, the Company entered into a $ 58.8 million (€ 50 million) four -year loan agreement. The loan agreement bears interest at one-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 $ 141.0 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. Maturities of long-term debt subsequent to December 31, 2025 are approximately $ 54.8 million in 2026 , $ 35.1 million in 2027 , $ 25.6 million in 2028 , $ 25.7 million in 2029 , $ 24.4 million in 2030 , and $ 10.5 million thereafter through 2033 . (11) Commitments Leases The Company leases offices, warehouses and vehicles, substantially all of which are classified as operating leases. The Company currently has no material financing leases. The Company determines if an arrangement is a lease at inception. Operating lease assets and obligations are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining lease asset value, 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 generally uses its incremental borrowing rate based on information available at the lease commencement date for the location in which the lease is held in determining the present value of lease payments. As of December 31, 2025 , the weighted average remaining lease term was 3.5 years and the weighted average discount rate used to determine the operating lease liability was 3.2 %. Rental expense related to operating leases was $ 7.1 million , $ 6.5 million , and $ 5.8 million for the years ended December 31, 2025 , 2024 and 2023 , respectively. Operating lease payments included in operating cash flows totaled $ 7.0 million , $ 6.1 million , and $ 5.3 million in 2025 , 2024 , and 2023 , respectively. Noncash additions to operating lease assets totaled $ 0.8 million , $ 2.5 million , and $ 4.8 million in 2025 , 2024 , and 2023 , respectively. F-25 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) Maturities of lease liabilities subsequent to December 31, 2025 are as follows: (In thousands) 2026 $ 6,512 2027 6,392 2028 5,727 2029 3,700 2030 128 Thereafter 415 22,874 Less imputed interest (based on 3.2 % weighted-average discount rate) ( 581 ) $ 22,293 License Agreements The Company is party to a number of licenses and other agreements for the use of trademarks and rights in connection with the manufacture and sale of its products expiring at various dates through 2038. In connection with certain of these license agreements, the Company is subject to minimum annual advertising commitments, minimum annual royalties and other commitments as follows: (In thousands) 2026 $ 378,484 2027 355,078 2028 338,869 2029 320,429 2030 275,121 Thereafter 1,308,933 $ 2,976,914 Future advertising commitments are estimated based on planned future sales for the license terms that were in effect at December 31, 2025 , without consideration for potential renewal periods. The above figures do not reflect the fact that our distributors share our advertising obligations. Royalty expense included in selling, general and administrative expenses, aggregated $ 121.7 million , $ 117.8 million and $ 103.8 million in 2025 , 2024 and 2023 , respectively, and represented 8.2 %, 8.1 % and 7.9 % of net sales for the years ended December 31, 2025 , 2024 and 2023 , respectively. F-26 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025, 2024 and 2023 (In thousands except share and per share data) (12) Equity Share-Based Payments The Company maintains a stock option program for key employees, executives and directors. The plans, all of which have been approved by shareholder vote, provide for the granting of both nonqualified and incentive options. Options granted under the plans typically have a six -year term and vest over a four to five -year period. The fair value of shares vested aggregated $ 0.8 million , $ 1.2 million and $ 1.2 million in 2025 , 2024 and 2023 , respectively. Compensation cost, net of estimated forfeitures, is recognized on a straight-line basis over the requisite service period for the entire award. Forfeitures are estimated based on historic trends. It is generally the Company’s policy to issue new shares upon exercise of stock options. The following table sets forth information with respect to nonvested options for 2025 : Number of Shares Weighted Average Grant Date Fair Value Nonvested options – beginning of year 118,650 $ 30.02 Nonvested options granted 50,500 $ 20.51 Nonvested options vested or forfeited ( 37,550 ) $ 28.40 Nonvested options – end of year 131,600 $ 26.83 The effect of share-based payment expenses decreased income statement line items as follows: Year Ended December 31, 2025 2024 2023 Income before income taxes $ 1,568 $ 2,379 $ 2,525 Net income attributable to Interparfums, Inc. 1,071 1,565 1,700 Diluted earnings per share attributable to Interparfums, Inc. 0.03 0.05 0.05 F-27 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025, 2024 and 2023 (In thousands except share and per share data) The following table summarizes stock option activity and related information for the years ended December 31, 2025 , 2024 and 2023 : Year ended December 31, 2025 2024 2023 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Shares under option -beginning of year 248,430 $ 103.00 308,970 $ 86.52 441,580 $ 67.30 Options granted 50,500 84.64 47,250 130.60 47,500 147.71 Options exercised ( 102,240 ) 74.13 ( 105,510 ) 66.83 ( 154,220 ) 52.04 Options forfeited ( 9,640 ) 125.23 ( 2,280 ) 115.59 ( 25,890 ) 76.32 Shares under option - end of year 187,050 112.67 248,430 103.00 308,970 86.52 At December 31, 2025 , options for 410,380 shares were available for future grant under the plans. The aggregate intrinsic value of options outstanding is $ 0.1 million as of December 31, 2025 and unrecognized compensation cost related to stock options outstanding aggregated $ 3.3 million , which will be recognized over the next five years . The weighted average fair values of options granted by Interparfums, Inc. during 2025 , 2024 and 2023 were $ 20.51 , $ 33.31 and $ 35.08 per share, respectively, on the date of grant using the Black-Scholes option pricing model to calculate the fair value. The assumptions used in the Black-Scholes pricing model are set forth in the following table: Year Ended December 31, 2025 2024 2023 Weighted average expected stock-price volatility 31 % 30 % 29 % Weighted average expected option life 4.3 years 4.4 years 4.0 years Weighted average risk-free interest rate 3.7 % 4.4 % 3.8 % Weighted average dividend yield 2.7 % 2.3 % 2.0 % Expected volatility is estimated based on historic volatility of the Company’s common stock. The expected term of the option is estimated based on historic data. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant of the option and the dividend yield reflects the assumption that the dividend payout as authorized by the Board of Directors would maintain its current payout ratio as a percentage of earnings. Proceeds, tax benefits and intrinsic value related to stock options exercised were as follows: Year Ended December 31, 2025 2024 2023 Proceeds from stock options exercised $ 7,579 $ 7,049 $ 8,025 Tax benefits $ 23 $ 673 $ 1,150 Intrinsic value of stock options exercised $ 2,392 $ 7,052 $ 11,578 F-28 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) The following table summarizes additional stock option information as of December 31, 2025 : Exercise prices Options outstanding Options outstanding weighted average remaining contractual life Options exercisable $ 62.18 - $ 69.11 4,500 0.08 years 4,500 $ 97.84 44,300 1.99 years 24,900 $ 147.71 42,500 2.99 years 17,000 $ 130.60 45,250 4.00 years 9,050 $ 84.64 50,500 5.00 years — Totals 187,050 3.47 years 55,450 As of December 31, 2025 , the weighted average exercise price of options exercisable was $ 115.58 and the weighted average remaining contractual life of options exercisable is 2.5 years. The aggregate intrinsic value of options exercisable at December 31, 2025 is $ 0.1 million . In March 2022, Interparfums SA, our 72 % owned French subsidiary, approved a plan to grant an aggregate of 88,400 shares to all Interparfums SA employees and corporate officers having more than six months of employment at grant date, subject to certain corporate performance conditions. The corporate performance conditions were met and therefore in June 2025, 106,046 shares, adjusted for stock splits, were distributed. The fair value of the grant had been determined based on the quoted stock price of Interparfums SA shares as reported by the Euronext on the date of grant. The aggregate cost of the grant of approximately $ 4.2 million was recognized as compensation cost on a straight-line basis over the requisite three and a quarter year service period. In order to avoid dilution of the Company’s ownership of Interparfums SA, all shares distributed or to be distributed pursuant to this plan were pre-existing shares of Interparfums SA, purchased in the open market by Interparfums SA. As of December 31, 2025 , the Company had acquired 106,046 shares at an aggregate cost of $ 4.5 million. In December 2025, Interparfums SA, approved a new performance-based free share plan to grant an aggregate of 137,900 shares to all Interparfums SA employees and corporate officers who are employed as of the final vesting date of March 1, 2029, subject to certain corporate performance conditions. The fair value of the grant was determined based on the quoted stock price of Interparfums SA shares as reported by the Euronext on the date of the grant, adjusted for expected dividends over the vesting period and for performance conditions. Based on the expected retention rate and probability of achieving performance conditions, the total estimated expense for the plan is approximately $ 2.3 million (€ 2 million), recognized on a straight-line basis over the 3.25 year vesting period. In order to avoid dilution of the Company’s ownership of Interparfums SA, all shares to be distributed pursuant to this plan will be pre-existing shares of Interparfums SA, purchased in the open market by Interparfums SA. As of December 31, 2025, the Company has not acquired any shares. All share purchases and issuances have been classified as equity transactions on the accompanying consolidated balance sheet. Treasury Stock In December 2022 and continuing through 2023, our Board of Directors authorized a share repurchase program for our outstanding common stock up to 166,060 shares. In February 2024, our Board of Directors authorized the Company to continue repurchasing up to 130,000 shares throughout 2024 and in February 2025, our Board of Directors again authorized the company to continue repurchasing up to 130,000 shares throughout 2025, which was increased to 260,000 shares in April 2025. During 2025, the Company repurchased 145,125 shares at a cost of $ 13.9 million and during 2023, the Company repurchased 116,860 shares at a cost of $ 15.4 million. No shares were repurchased during 2024. These shares are classified as treasury stock on the accompanying consolidated balance sheet. F-29 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025, 2024 and 2023 (In thousands except share and per share data) During 2025, the cancellation of 1,093,950 of outstanding shares that were classified as treasury stock with $ 0 value was authorized by our Board of Directors on April 2, 2025 and by our shareholders at our 2025 Annual Meeting of Shareholders held on September 9, 2025. The shares were cancelled on September 18, 2025 when the Certificate of Amendment was filed in Delaware. As a result of the cancellation, these shares were removed from the number of treasury stock common shares as of December 31, 2025 on the accompanying consolidated balance sheet. Dividends In February 2023, our Board of Directors authorized an annual dividend to $ 2.50 per share and in February 2024, our Board of Directors increased the annual dividend to $ 3.00 per share. In February 2025, our Board of Directors further increased the annual dividend to $ 3.20 per share, and in 2026 our Board of Directors maintained the annual dividend at $ 3.20 per share. The next quarterly cash dividend of $ 0.80 per share is payable on March 31, 2026 to shareholders of record on March 16, 2026 . ( 13 ) Net Income Attributable to Interparfums, Inc. Common Shareholders 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: Year ended December 31, (In thousands except share and per share data) 2025 2024 2023 Numerator: Net income attributable to Interparfums, Inc. $ 168,387 $ 164,358 $ 152,654 Denominator: Weighted average shares 32,102,264 32,036,728 31,994,328 Effect of dilutive securities: Stock options 35,933 87,557 145,374 Denominator for diluted earnings per share 32,138,197 32,124,285 32,139,702 Earnings per share: Net income attributable to Interparfums, Inc. common shareholders: Basic $ 5.25 $ 5.13 $ 4.77 Diluted 5.24 5.12 4.75 Not included in the above computations is the effect of anti-dilutive potential common shares, which consist of outstanding options to purchase 0.1 million , 0.05 million , and nil shares of common stock for 2025 , 2024 , and 2023 , respectively. F-30 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) ( 14 ) Segments and Geographic Areas Operating and reportable segments ("segments") reflect the way the Company is managed and for which separate financial information is available and evaluated regularly by the Company's chief operating decision maker ("CODM") in deciding how to allocate resources and assess performance. The Company's CODM is the founders of Interparfums, Inc. which includes the Chief Executive Officer and Chairman of the Board of Directors of Interparfums, Inc. and the President of Interparfums, Inc. and Chief Executive Officer of Interparfums SA. The Company manufactures and distributes one product line, fragrances and fragrance related products. The Company manages its business in two 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. The accounting policies for the Company's reportable segments are the same as those described in the summary of significant accounting policies. The Company evaluates the performance of its segments and allocates resources based on gross margin and income from operations. Segment gross margin and segment income from operations include intersegment revenues and expenses. For both segments, the CODM used these measures in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis for both profit measures when making decisions about allocating capital and personnel to the segments and in determining the compensation of employees. The CODM also uses segment gross margin for evaluating product pricing, customer and product mix, cost optimization, and marketing strategies and used segment income from operations to assess the performance and relative profitability of each segment by comparing the results of each segment with one another. Information on the Company’s operations by segments is as follows: Year ended December 31, 2025 United States based operations European based operations Total Net sales $ 482,416 $ 1,016,303 $ 1,498,719 Eliminations (a) — ( 10,210 ) ( 10,210 ) 482,416 1,006,093 1,488,509 Less: (b) Cost of sales 200,927 344,470 Eliminations (a) — ( 4,107 ) Segment gross margin 281,489 665,730 947,219 Less: (b) Advertising and Promotion 75,393 219,261 Employee related costs 51,642 77,328 Royalties 36,007 85,732 Other segment items (c) 39,497 92,042 Segment income from operations $ 78,950 $ 191,367 $ 270,317 Reconciliation: Interest expense 7,248 Loss on foreign currency 4,779 Interest and investment income ( 3,877 ) Other income ( 9,165 ) Income before income taxes $ 271,332 F-31 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) Year ended December 31, 2024 United States based operations European based operations Total Net sales $ 511,307 $ 953,046 $ 1,464,353 Eliminations (a) — ( 12,028 ) ( 12,028 ) 511,307 941,018 1,452,325 Less: (b) Cost of sales 215,207 314,465 Eliminations (a) — ( 4,688 ) Segment gross margin 296,100 631,241 927,341 Less: (b) Advertising and Promotion 79,479 $ 201,065 Employee related costs 51,318 74,071 Royalties 37,081 80,711 Other segment items (c) 39,048 89,772 Segment income from operations $ 89,174 $ 185,622 $ 274,796 Reconciliation: Interest expense 7,825 Loss on foreign currency 1,085 Interest and investment income ( 2,218 ) Other income ( 287 ) Income before income taxes $ 268,391 Year ended December 31, 2023 United States based operations European based operations Total Net sales $ 455,758 $ 863,397 $ 1,319,155 Eliminations (a) — ( 1,480 ) ( 1,480 ) 455,758 861,917 1,317,675 Less: (b) Cost of sales 195,973 282,624 Segment gross margin 259,785 579,293 839,078 Less: (b) Advertising and Promotion 70,033 191,253 Employee related costs 45,880 70,473 Royalties 32,573 71,214 Other segment items (c) 32,622 73,648 Segment income from operations $ 78,677 $ 172,705 $ 251,382 Reconciliation: Interest expense 11,253 Loss on foreign currency 1,582 Interest and investment income ( 10,729 ) Other income ( 317 ) Income before income taxes $ 249,593 F-32 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) (a) Eliminations of intercompany sales relate to European based operations products sold to United States based operations. (b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. (c) Other segment items for each reportable segment include expenses for professional services, travel & entertainment, rent, warehousing, shipping, depreciation & amortization, and other selling, general and administrative costs. Other segment disclosures: Year ended December 31, 2025 2024 2023 Net income attributable to Interparfums, Inc.: United States $ 68,842 $ 68,164 $ 63,354 Europe 104,122 101,698 89,677 Eliminations ( 4,577 ) ( 5,504 ) ( 377 ) $ 168,387 $ 164,358 $ 152,654 Depreciation and amortization expense including impairment loss: United States $ 6,806 $ 6,838 $ 6,517 Europe 18,496 21,520 10,814 $ 25,302 $ 28,358 $ 17,331 Interest and investment income: United States $ 2,175 $ 514 $ 346 Europe 1,702 2,392 10,810 Eliminations — ( 688 ) ( 427 ) $ 3,877 $ 2,218 $ 10,729 Interest expense: United States $ 1,258 $ 1,838 $ 1,351 Europe 5,990 6,675 10,329 Eliminations — ( 688 ) ( 427 ) $ 7,248 $ 7,825 $ 11,253 Income tax expense: United States $ 17,232 $ 17,805 $ 15,180 Europe 45,891 48,988 46,763 Eliminations 64 ( 1,835 ) ( 126 ) $ 63,187 $ 64,958 $ 61,817 F-33 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 2024 and 2023 (In thousands except share and per share data) December 31, 2025 2024 2023 Total assets: United States $ 369,871 $ 352,139 $ 344,341 Europe 1,229,174 1,073,326 1,066,684 Eliminations ( 13,797 ) ( 14,204 ) ( 41,696 ) $ 1,585,248 $ 1,411,261 $ 1,369,329 Additions to long-lived assets(a): United States $ 1,020 $ 1,882 $ 3,918 Europe 47,180 20,470 49,450 $ 48,200 $ 22,352 $ 53,368 Total long-lived assets(a): United States $ 43,885 $ 50,401 $ 57,372 Europe 489,537 410,459 436,819 $ 533,422 $ 460,860 $ 494,191 (a) Total long-lived assets include property, equipment and leasehold improvements, trademarks, licenses, and other intangible assets, and right-of-use assets. United States export sales were approximately $ 200.3 million , $ 218.5 million and $ 230.5 million in 2025 , 2024 and 2023 , respectively. Consolidated net sales to customers by region are as follows: Consolidated net sales to customers by region are as follows: Year ended December 31, 2025 2024 2023 North America $ 556,712 $ 541,850 $ 511,655 Western Europe 383,196 364,308 301,228 Asia/Pacific 188,995 196,978 191,772 Eastern Europe 121,064 118,130 103,227 Middle East and Africa 117,934 122,844 117,115 Central and South America 120,608 108,215 92,678 $ 1,488,509 $ 1,452,325 $ 1,317,675 For net sales, a major country is defined as a group of customers in a country with combined net sales of greater than 10 % of consolidated net sales or as otherwise deemed significant. Net sales in the United States were approximately $ 532.4 million, $ 522.1 million, and $ 493.2 million in 2025 , 2024 and 2023 , respectively. Net sales in France were approximately $ 72.9 million, $ 65.4 million, and $ 51.0 million in 2025 , 2024 and 2023 , respectively. No other country represented greater than 10 % of the Company's consolidated net sales or was otherwise deemed significant. F-34 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) ( 15 ) Income Taxes The components of income before income taxes consist of the following: Year ended December 31, 2025 2024 2023 U.S. operations $ 90,437 $ 83,169 $ 103,517 Foreign operations 180,895 185,222 146,076 $ 271,332 $ 268,391 $ 249,593 The provision for current and deferred income tax expense (benefit) consists of the following: Year ended December 31, 2025 2024 2023 Current: Federal $ 14,107 $ 15,123 $ 18,356 State and local 3,017 2,627 2,297 Foreign 44,856 49,814 42,691 61,980 67,564 63,344 Deferred: Federal ( 523 ) ( 1,246 ) 484 State and local ( 154 ) ( 162 ) 81 Foreign 1,884 ( 1,198 ) ( 2,092 ) 1,207 ( 2,606 ) ( 1,527 ) Total income tax expense $ 63,187 $ 64,958 $ 61,817 F-35 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: December 31, 2025 2024 Net deferred tax assets: Inventory and accounts receivable $ 4,852 $ 4,505 Profit sharing 2,612 2,274 Stock option compensation 86 314 Effect of inventory profit elimination ( 1 ) — — Other 2,490 2,290 Total gross deferred tax assets, net 10,040 9,383 Valuation allowance — — Net deferred tax assets 10,040 9,383 Deferred tax liabilities (long-term): Building expenses ( 332 ) ( 1,196 ) Trademarks and licenses ( 4,075 ) ( 2,104 ) Unrealized gain on marketable equity securities ( 837 ) ( 560 ) Other ( 562 ) ( 58 ) Total deferred tax liabilities ( 5,806 ) ( 3,918 ) Net deferred tax assets $ 4,234 $ 5,465 ( 1 ) As described in Note 1 , Correction of Immaterial Misstatements in Prior Period Financial Statements , the Company revised certain prior-period income tax disclosures to correct the classification of prepaid expenses that were previously presented as a deferred tax asset. No valuation allowances have been provided for deferred tax assets in 2025 as management believes that it is more likely than not that the asset will be realized in the reduction of future taxable income. A reconciliation of the provision for income taxes to the amount computed by applying the 21 % statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023 - 09 is as follows: Year ended December 31, 2025 (in thousands) Percent Tax at U.S. Statutory Rate $ 56,980 21.00 % State and Local Income Taxes ( 1 ) 1,812 0.67 % Foreign Tax Effects France Foreign Rate Differential 7,540 2.78 % Other 1,419 0.52 % Other Foreign Jurisdictions ( 230 ) ( 0.09 ) Effects of Cross-Border Tax Laws ( 1,657 ) ( 0.61 ) % Tax Credits ( 349 ) ( 0.13 ) % Nontaxable or Nondeductible Items 366 0.13 Changes in Unrecognized Tax Benefits 450 0.17 Other Adjustments Amended Return Impacts ( 3,000 ) ( 1.11 ) % Other ( 144 ) ( 0.04 ) % $ 63,187 23.29 % ( 1 ) The states and local jurisdictions that contribute to the majority ( greater than 50 % ) of the tax effect in this category include New York State, New Jersey, and California. F-36 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) A reconciliation of the provision for income taxes to the amount computed by applying the 21 % statutory U.S. federal income tax rate to income before taxes for years prior to the adoption of ASU 2023 - 09 is as follows: Year ended December 31, 2024 2023 Statutory rates 21.0 % 21.0 % State and local taxes, net of Federal benefit 0.7 0.8 Windfall benefit from exercise of stock options ( 0.3 ) ( 0.4 ) Benefit of Foreign Derived Intangible Income ( 0.9 ) ( 0.9 ) Effect of foreign taxes greater than U.S. statutory rates 3.5 4.1 Other 0.2 0.2 Effective rates 24.2 % 24.8 % Below is a tabular reconciliation of the total amounts of unrecognized tax benefits ("UTBs"). Year ended December 31, 2025 2024 2023 Gross increases - tax positions in prior period $ — $ — $ — Gross increases - tax positions in prior period — — — Gross decreases - tax positions in prior period — — — Gross increases - tax positions in current period 571 — — Settlement — — — Lapse of statute of Limitations — — — UTBs - December 31 $ 571 $ — $ — Included in the balance of UTBs are tax benefits that, if recognized, would effect the effective tax rate are $ 0.45 million, $ 0 million and $ 0 million as of December 31, 2025, 2024 and 2023 , respectively. The Company accrued interest and penalties of $ 0 during 2025 and in total, as of December 31, 2025, recognized a liability related to the UTBs noted above for interest and penalties of $ 0 . The Company and its subsidiaries file income tax returns in the U.S. federal, and various states and foreign jurisdictions. A mutual agreement procedure between the French and United States tax authorities in 2025 resulted in a $ 3 million favorable outcome in which we were able to reclaim the tax assessment of € 2.8 million ($ 3.1 million) paid in France in 2023 . The Company’s French subsidiary is no longer subject to foreign tax examination for years before 2022 . Beginning in 2025 , the Company's French subsidiary is undergoing an audit for tax years 2022 and 2023 . They have not been notified of any additional upcoming audits. The Company is no longer subject to U.S. federal, state, and local income tax examinations by tax authorities for years before 2022 . F-37 INTERPARFUMS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2025 , 2024 and 2023 (In thousands except share and per share data) The amount of cash income taxes paid by the Company were as follows: Year ended December 31, 2025 (in thousands) Federal $ 15,629 State and Local 938 Foreign France 53,520 Italy 4,985 All other foreign 2,639 Income taxes, net of amounts refunded $ 77,711 ( 16 ) Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss consist of the following: Year ended December 31, 2025 2024 2023 Net derivative instruments, beginning of year $ ( 1,631 ) $ 64 $ 1,709 Net derivative instrument gain (loss), net of tax 2,543 ( 1,695 ) ( 1,645 ) Net derivative instruments, end of year 912 ( 1,631 ) 64 Net pension benefits, beginning of year 2,019 — — Net pension benefits (loss) gain, net of tax ( 151 ) 2,019 — Net pension benefits, end of year 1,868 2,019 — Cumulative translation adjustments, beginning of year ( 72,627 ) ( 40,252 ) ( 57,765 ) Foreign currency translation adjustments 60,818 ( 32,375 ) 17,513 Cumulative translation adjustments, end of year ( 11,809 ) ( 72,627 ) ( 40,252 ) Accumulated other comprehensive loss $ ( 9,029 ) $ ( 72,239 ) $ ( 40,188 ) (17) Related Party Transactions In 2023 , a foreign subsidiary of Interparfums, Inc. began leasing office space and receiving consulting services from affiliates of the Company’s Chairman and principal stockholder. The Company incurred approximately $ 68 thousand and $ 48 thousand of expenses for these services in the year ended December 31, 2025 and 2024 , respectively. The Company owed $ 34 thousand and $ 0 related to these expenses as of December 31, 2025 and 2024, respectively. F-38 Schedule II INTERPARFUMS, INC. AND SUBSIDIARIES Valuation and Qualifying Accounts (In thousands) Column A Column B Column C Column D Column E Additions ( 1 ) ( 2 ) Description Balance at beginning of period Charged to costs and expenses Charged to other accounts Deductions Balance at end of period Allowance for doubtful accounts: Year ended December 31, 2025 $ 2,368 1,741 306 (d) 1,169 (a) 3,246 Year ended December 31, 2024 $ 2,104 1,046 ( 127 ) (d) 655 (a) 2,368 Year ended December 31, 2023 $ 4,690 ( 1,466 ) ( 670 ) (d) 450 (a) 2,104 Allowance for sales returns, net of inventory: Year ended December 31, 2025 $ 4,760 7,182 — 4,484 (b) 7,458 Year ended December 31, 2024 $ 3,698 4,715 — 3,653 (b) 4,760 Year ended December 31, 2023 $ 5,410 3,071 — 4,783 (b) 3,698 Inventory reserve: Year ended December 31, 2025 $ 18,312 7,211 1,875 (d) 2,535 (c) 24,863 Year ended December 31, 2024 $ 21,243 ( 566 ) ( 883 ) (d) 1,482 (c) 18,312 Year ended December 31, 2023 $ 11,431 10,284 476 (d) 948 (c) 21,243 (a) Write-off of bad debts. (b) Write-off of sales returns. (c) Disposal of inventory (d) Foreign currency translation adjustment See accompanying reports of independent registered public accounting firm. F-39 SIGNATURES Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Interparfums, Inc. By: /s/ Jean Madar Jean Madar, Chief Executive Officer Date: March 10, 2026 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated: Signature Title Date /s/ Jean Madar Chairman of the Board of Directors Jean Madar and Chief Executive Officer March 10, 2026 /s/ Michel Atwood Michel Atwood Chief Financial Officer and Director March 10, 2026 /s/ Philippe Benacin Philippe Benacin Director March 10, 2026 /s/ Philippe Santi Philippe Santi Director March 10, 2026 /s/ François Heilbronn François Heilbronn Director March 10, 2026 /s/ Robert Bensoussan Robert Bensoussan Director March 10, 2026 /s/ Veronique Gabai-Pinsky Veronique Gabai-Pinsky Director March 10, 2026 /s/ Gilbert Harrison Gilbert Harrison Director March 10, 2026 /s/ Gerard Kappauf Gerard Kappauf Director March 10, 2026 /s/ Patrick Bousquet-Chavanne Patrick Bousquet-Chavanne Director March 10, 2026 /s/ Herve Bouillonnec Herve Bouillonnec Director March 10, 2026 Exhibit Index The following documents previously filed with the Commission are incorporated by reference to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019: Exhibit No. Description 10.160 Consulting Agreement with Philippe Benacin Holding SAS 3.1.1 Restated Certificate of Incorporation dated September 3, 1987 3.1.2 Amendment to Restated Certificate of Incorporation dated July 31, 1992 3.1.3 Amendment to Restated Certificate of Incorporation dated July 9, 1993 3.1.4 Amendment to Restated Certificate of Incorporation, as amended, dated July 13, 1999 3.1.5 Amendment to Restated Certificate of Incorporation, as amended, dated July 12, 2000 3.1.6 Amendment to Restated Certificate of Incorporation dated August 6, 2004 10.25 Employment Agreement between the Company and Philippe Benacin dated July 29, 1991 10.26 Lease for portion of 15th Floor, 551 Fifth Avenue, New York, New York 10.61 Lease for 60 Stults Road, South Brunswick, NJ between Forsgate Industrial Complex, LP, and Jean Philippe Fragrances, Inc. dated July 10, 1995 10.61.1 Third Amendment to Lease for 60 Stults Road, South Brunswick, NJ 10.173 Lease for Interparfums SA Distribution Center (confidential information in this exhibit was omitted) The following documents previously filed with the Commission are incorporated by reference to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021: Exhibit No. Description 4.33 2016 Stock Option Plan The following document previously filed with the Commission is incorporated by reference to the Company’s Current Report on Form 8-K as filed on April 20, 2023: Exhibit No. Description 10.171-1 Amendment to Service Agreement (formerly Consulting Agreement) for Jean Madar Holding SAS The following document previously filed with the Commission is incorporated by reference to the Company’s Current Report on Form 10-K for the fiscal year ended December 31, 2023 : Exhibit No. Description 23 Consent of Mazars USA LLP 31.1 Certification Required by Rule 13a-14 of Chief Executive Officer 31.2 Certification Required by Rule 13a-14 of Chief Financial Officer 32.1 Certification Required by Section 906 of the Sarbanes -Oxley Act by Chief Executive Officer 32.2 Certification Required by Section 906 of the Sarbanes -Oxley Act by Chief Executive Officer The following documents previously filed with the Commission are incorporated by reference to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024: Exhibit No. Description 10.174 Non qualified Stock Option Agreeme nt for Michel Atwood dated December 30, 2022 10.175 Nonqualified Stock Option Agreement for Michel Atwood dated December 29, 2023 10.176 Nonqualified Stock Option Agreement for Michel Atwood dated December 31, 2024 19 Insider Trading Policy 23 Consent of Forvis Mazars, LLP 23.1 Consent of Mazars USA LLP 31.1 Certification Required by Rule 13a-14 of Chief Executive Officer 31.2 Certification Required by Rule 13a-14 of Chief Financial Officer 32.1 Certification Required by Section 906 of the Sarbanes -Oxley Act by Chief Executive Officer 32.2 Certification Required by Section 906 of the Sarbanes -Oxley Act by Chief Executive Officer 97 Recovery of Erroneously Awarded Incentive Base Compensation The following documents are filed with this report, the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025: Exhibit No. Description Page Nos. 10.156 Consulting Agreement with Jean Madar Holding SAS ( previously filed with the Commission ) 130 10.168 Eighth Modification of Lease for portions of 551 5th Avenue, New York, NY ( previously filed with the Commission ) 139 10.168.1 Exhibits to Eighth Modification of Lease for portions of 551 5th Avenue, New York, NY ( previously filed with the Commission ) 144 10.171 Amendment to Consulting Agreement for Jean Madar Holding SAS ( previously filed with the Commission ) 155 10.177 Nonqualified Stock Option Agreement for Michel Atwood dated December 31, 2025 157 10.178 Nonqualified Stock Option Agreement for Herve Bouillonnec dated December 31, 2025 159 10.178.1 Nonqualified Stock Option Agreement for Herve Bouillonnec dated December 31, 2024 161 10.178.2 Nonqualified Stock Option Agreement for Herve Bouillonnec dated December 29, 2023 163 10.178.3 Nonqualified Stock Option Agreement for Herve Bouillonnec dated December 30, 2022 165 21 Subsidiaries 167 23 Consent of Forvis Mazars, LLP 168 23.1 Consent of Mazars USA LLP 169 31.1 Certification Required by Rule 13a-14 of Chief Executive Officer 170 31.2 Certification Required by Rule 13a-14 of Chief Financial Officer 171 32.1 Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer 172 32.2 Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer 173