\n\nQ2 2026<\/b><\/p><\/td> | \n | \nQ2 2025<\/b><\/p><\/td> | \n | \nOrganic<\/b><\/p><\/td> | \n | \nTotal<\/b><\/p><\/td> | \n | \n(in millions of \u20ac)<\/i><\/b><\/p><\/td> | \n | \nH1 2026<\/b><\/p><\/td> | \n | \nH1 2025<\/b><\/p><\/td> | \n | \nF\/X<\/b><\/p><\/td> | \n | \nM&A<\/b><\/p><\/td> | \n | \nOrganic<\/b><\/p><\/td> | \n | \nTotal<\/b><\/p><\/td><\/tr>\n\n\n507<\/p><\/td> | \n | \n483<\/p><\/td> | \n | \n-1.3%<\/p><\/td> | \n | \n4.9%<\/p><\/td> | \n | \nEMEA<\/p><\/td> | \n | \n990<\/p><\/td> | \n | \n979<\/p><\/td> | \n | \n-0.6%<\/p><\/td> | \n | \n6.3%<\/p><\/td> | \n | \n-4.6%<\/p><\/td> | \n | \n1.1%<\/p><\/td><\/tr>\n | \n\n397<\/p><\/td> | \n | \n376<\/p><\/td> | \n | \n5.9%<\/p><\/td> | \n | \n5.6%<\/p><\/td> | \n | \nAmericas<\/p><\/td> | \n | \n748<\/p><\/td> | \n | \n760<\/p><\/td> | \n | \n-3.9%<\/p><\/td> | \n | \n0.0%<\/p><\/td> | \n | \n2.3%<\/p><\/td> | \n | \n-1.6%<\/p><\/td><\/tr>\n | \n\n221<\/p><\/td> | \n | \n202<\/p><\/td> | \n | \n12.7%<\/p><\/td> | \n | \n9.3%<\/p><\/td> | \n | \nAsia Pacific<\/p><\/td> | \n | \n428<\/p><\/td> | \n | \n420<\/p><\/td> | \n | \n-6.2%<\/p><\/td> | \n | \n0.0%<\/p><\/td> | \n | \n8.2%<\/p><\/td> | \n | \n2.0%<\/p><\/td><\/tr>\n | \n\n1,125<\/b><\/p><\/td> | \n | \n1,061<\/b><\/p><\/td> | \n | \n3.9%<\/b><\/p><\/td> | \n | \n6.0%<\/b><\/p><\/td> | \n | \nGroup revenue<\/b><\/p><\/td> | \n | \n2,166<\/b><\/p><\/td> | \n | \n2,159<\/b><\/p><\/td> | \n | \n-2.8%<\/b><\/p><\/td> | \n | \n2.9%<\/b><\/p><\/td> | \n | \n0.3%<\/b><\/p><\/td> | \n | \n0.3%<\/b><\/p><\/td><\/tr>\n\n\n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td><\/tr>\n | \n\n134<\/p><\/td> | \n | \n123<\/p><\/td> | \n | \n1.4%<\/p><\/td> | \n | \n9.3%<\/p><\/td> | \n | \nEMEA<\/p><\/td> | \n | \n257<\/p><\/td> | \n | \n249<\/p><\/td> | \n | \n-0.5%<\/p><\/td> | \n | \n7.8%<\/p><\/td> | \n | \n-4.0%<\/p><\/td> | \n | \n3.2%<\/p><\/td><\/tr>\n | \n\n98<\/p><\/td> | \n | \n90<\/p><\/td> | \n | \n10.2%<\/p><\/td> | \n | \n9.6%<\/p><\/td> | \n | \nAmericas<\/p><\/td> | \n | \n182<\/p><\/td> | \n | \n182<\/p><\/td> | \n | \n-4.2%<\/p><\/td> | \n | \n0.0%<\/p><\/td> | \n | \n3.9%<\/p><\/td> | \n | \n-0.2%<\/p><\/td><\/tr>\n | \n\n45<\/p><\/td> | \n | \n39<\/p><\/td> | \n | \n18.9%<\/p><\/td> | \n | \n16.3%<\/p><\/td> | \n | \nAsia Pacific<\/p><\/td> | \n | \n86<\/p><\/td> | \n | \n84<\/p><\/td> | \n | \n-5.5%<\/p><\/td> | \n | \n0.0%<\/p><\/td> | \n | \n7.0%<\/p><\/td> | \n | \n1.5%<\/p><\/td><\/tr>\n | \n\n278<\/b><\/p><\/td> | \n | \n251<\/b><\/p><\/td> | \n | \n7.2%<\/b><\/p><\/td> | \n | \n10.5%<\/b><\/p><\/td> | \n | \nGroup gross profit<\/b><\/p><\/td> | \n | \n524<\/b><\/p><\/td> | \n | \n515<\/b><\/p><\/td> | \n | \n-2.6%<\/b><\/p><\/td> | \n | \n3.8%<\/b><\/p><\/td> | \n | \n0.6%<\/b><\/p><\/td> | \n | \n1.7%<\/b><\/p><\/td><\/tr>\n\n\n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td><\/tr>\n | \n\n69<\/p><\/td> | \n | \n61<\/p><\/td> | \n | \n5.9%<\/p><\/td> | \n | \n13.0%<\/p><\/td> | \n | \nEMEA<\/p><\/td> | \n | \n127<\/p><\/td> | \n | \n123<\/p><\/td> | \n | \n-0.7%<\/p><\/td> | \n | \n7.9%<\/p><\/td> | \n | \n-3.7%<\/p><\/td> | \n | \n3.5%<\/p><\/td><\/tr>\n | \n\n48<\/p><\/td> | \n | \n45<\/p><\/td> | \n | \n7.2%<\/p><\/td> | \n | \n6.0%<\/p><\/td> | \n | \nAmericas<\/p><\/td> | \n | \n83<\/p><\/td> | \n | \n88<\/p><\/td> | \n | \n-4.3%<\/p><\/td> | \n | \n0.0%<\/p><\/td> | \n | \n-1.1%<\/p><\/td> | \n | \n-5.5%<\/p><\/td><\/tr>\n | \n\n23<\/p><\/td> | \n | \n19<\/p><\/td> | \n | \n27.2%<\/p><\/td> | \n | \n23.5%<\/p><\/td> | \n | \nAsia Pacific<\/p><\/td> | \n | \n43<\/p><\/td> | \n | \n43<\/p><\/td> | \n | \n-6.9%<\/p><\/td> | \n | \n0.0%<\/p><\/td> | \n | \n8.2%<\/p><\/td> | \n | \n1.3%<\/p><\/td><\/tr>\n | \n\n128<\/b><\/p><\/td> | \n | \n115<\/b><\/p><\/td> | \n | \n9.2%<\/b><\/p><\/td> | \n | \n11.5%<\/b><\/p><\/td> | \n | \nGroup adjusted EBITA<\/b>1<\/sup><\/p><\/td>| \n | \n233<\/b><\/p><\/td> | \n | \n234<\/b><\/p><\/td> | \n | \n-3.4%<\/b><\/p><\/td> | \n | \n4.2%<\/b><\/p><\/td> | \n | \n-1.6%<\/b><\/p><\/td> | \n | \n-0.8%<\/b><\/p><\/td><\/tr>\n\n\n1 Total adjusted EBITA includes holding companies.<\/p><\/td><\/tr>\n<\/table> \nEMEA<\/b><\/p>\n\n\nQ2 2026<\/b><\/p><\/td> | \n | \nQ2 2025<\/b><\/p><\/td> | \n | \nChange<\/b><\/p><\/td> | \n | \n(in millions of \u20ac)<\/i><\/b><\/p><\/td> | \n | \nH1 2026<\/b><\/p><\/td> | \n | \nH1 2025<\/b><\/p><\/td> | \n | \nChange<\/b><\/p><\/td> | \n | \nConstant currency<\/b><\/p><\/td><\/tr>\n\n\n507<\/p><\/td> | \n | \n483<\/p><\/td> | \n | \n4.9%<\/p><\/td> | \n | \nRevenue<\/p><\/td> | \n | \n990<\/p><\/td> | \n | \n979<\/p><\/td> | \n | \n1.1%<\/p><\/td> | \n | \n1.7%<\/p><\/td><\/tr>\n | \n\n134<\/p><\/td> | \n | \n123<\/p><\/td> | \n | \n9.3%<\/p><\/td> | \n | \nGross profit<\/p><\/td> | \n | \n257<\/p><\/td> | \n | \n249<\/p><\/td> | \n | \n3.2%<\/p><\/td> | \n | \n3.7%<\/p><\/td><\/tr>\n | \n\n26.4%<\/p><\/td> | \n | \n25.4%<\/p><\/td> | \n | \n104 bp<\/p><\/td> | \n | \nGross profit margin<\/p><\/td> | \n | \n25.9%<\/p><\/td> | \n | \n25.4%<\/p><\/td> | \n | \n53 bp<\/p><\/td> | \n | \n52 bp<\/p><\/td><\/tr>\n | \n\n74<\/p><\/td> | \n | \n66<\/p><\/td> | \n | \n11.5%<\/p><\/td> | \n | \nAdjusted EBITDA<\/p><\/td> | \n | \n138<\/p><\/td> | \n | \n133<\/p><\/td> | \n | \n3.1%<\/p><\/td> | \n | \n3.9%<\/p><\/td><\/tr>\n | \n\n14.6%<\/p><\/td> | \n | \n13.7%<\/p><\/td> | \n | \n87 bp<\/p><\/td> | \n | \nAdjusted EBITDA margin<\/p><\/td> | \n | \n13.9%<\/p><\/td> | \n | \n13.6%<\/p><\/td> | \n | \n27 bp<\/p><\/td> | \n | \n29 bp<\/p><\/td><\/tr>\n | \n\n69<\/p><\/td> | \n | \n61<\/p><\/td> | \n | \n13.0%<\/p><\/td> | \n | \nAdjusted EBITA<\/p><\/td> | \n | \n127<\/p><\/td> | \n | \n123<\/p><\/td> | \n | \n3.5%<\/p><\/td> | \n | \n4.2%<\/p><\/td><\/tr>\n | \n\n13.6%<\/p><\/td> | \n | \n12.6%<\/p><\/td> | \n | \n98 bp<\/p><\/td> | \n | \nAdjusted EBITA margin<\/p><\/td> | \n | \n12.9%<\/p><\/td> | \n | \n12.6%<\/p><\/td> | \n | \n30 bp<\/p><\/td> | \n | \n31 bp<\/p><\/td><\/tr>\n | \n\n51.5%<\/p><\/td> | \n | \n49.8%<\/p><\/td> | \n | \n173 bp<\/p><\/td> | \n | \nConversion margin<\/p><\/td> | \n | \n49.7%<\/p><\/td> | \n | \n49.5%<\/p><\/td> | \n | \n15 bp<\/p><\/td> | \n | \n22 bp<\/p><\/td><\/tr>\n<\/table> \nIn H1 2026, EMEA achieved revenue of EUR 990m, representing a year-on-year increase of 1.7% in constant currency, with revenue of EUR 507m in Q2, an increase of 4.9% versus the prior year. The revenue growth in Q2 was driven by a 5.4% growth contribution from acquisitions and a 0.9% F\/X tailwind, offsetting a slight organic decline of 1.3%.<\/p> \nRevenue in Life Sciences increased by 1.9% in constant currency to EUR 625m in H1, with growth contribution from acquisitions of 8.6% offsetting the organic decline of 6.6%. During the period, revenue in Industrial Chemicals increased by 1.2% in constant currency compared to the prior year, with a 2.4% growth contribution from acquisitions offsetting the organic decline of 1.2%.<\/p> \nGross profit increased by 3.7% year-on-year (in constant currency) to EUR 257m, translating to a gross margin of 25.9% for the period. The 52 bp gross margin expansion reflects the positive pricing environment in some end markets, offsetting continued volume softness. Adjusted EBITA increased by 4.2% (in constant currency) to EUR 127m, resulting in a 31 bp adjusted EBITA margin expansion during the period, with the growth acceleration in Q2 reversing the decline earlier in the year. The improvement in adjusted EBITA drove a 22 bp expansion in conversion margin to 49.7%.<\/p> \nAmericas<\/b><\/p>\n\n\nQ2 2026<\/b><\/p><\/td> | \n | \nQ2 2025<\/b><\/p><\/td> | \n | \nChange<\/b><\/p><\/td> | \n | \n(in millions of \u20ac)<\/i><\/b><\/p><\/td> | \n | \nH1 2026<\/b><\/p><\/td> | \n | \nH1 2025<\/b><\/p><\/td> | \n | \nChange<\/b><\/p><\/td> | \n | \nConstant currency<\/b><\/p><\/td><\/tr>\n\n\n397<\/p><\/td> | \n | \n376<\/p><\/td> | \n | \n5.6%<\/p><\/td> | \n | \nRevenue<\/p><\/td> | \n | \n748<\/p><\/td> | \n | \n760<\/p><\/td> | \n | \n-1.6%<\/p><\/td> | \n | \n2.3%<\/p><\/td><\/tr>\n | \n\n98<\/p><\/td> | \n | \n90<\/p><\/td> | \n | \n9.6%<\/p><\/td> | \n | \nGross profit<\/p><\/td> | \n | \n182<\/p><\/td> | \n | \n182<\/p><\/td> | \n | \n-0.2%<\/p><\/td> | \n | \n3.9%<\/p><\/td><\/tr>\n | \n\n24.8%<\/p><\/td> | \n | \n23.9%<\/p><\/td> | \n | \n91 bp<\/p><\/td> | \n | \nGross profit margin<\/p><\/td> | \n | \n24.3%<\/p><\/td> | \n | \n23.9%<\/p><\/td> | \n | \n34 bp<\/p><\/td> | \n | \n40 bp<\/p><\/td><\/tr>\n | \n\n51<\/p><\/td> | \n | \n49<\/p><\/td> | \n | \n5.3%<\/p><\/td> | \n | \nAdjusted EBITDA<\/p><\/td> | \n | \n90<\/p><\/td> | \n | \n95<\/p><\/td> | \n | \n-5.3%<\/p><\/td> | \n | \n-1.0%<\/p><\/td><\/tr>\n | \n\n12.9%<\/p><\/td> | \n | \n12.9%<\/p><\/td> | \n | \n-3 bp<\/p><\/td> | \n | \nAdjusted EBITDA margin<\/p><\/td> | \n | \n12.1%<\/p><\/td> | \n | \n12.6%<\/p><\/td> | \n | \n-47 bp<\/p><\/td> | \n | \n-42 bp<\/p><\/td><\/tr>\n | \n\n48<\/p><\/td> | \n | \n45<\/p><\/td> | \n | \n6.0%<\/p><\/td> | \n | \nAdjusted EBITA<\/p><\/td> | \n | \n83<\/p><\/td> | \n | \n88<\/p><\/td> | \n | \n-5.5%<\/p><\/td> | \n | \n-1.1%<\/p><\/td><\/tr>\n | \n\n12.0%<\/p><\/td> | \n | \n11.9%<\/p><\/td> | \n | \n5 bp<\/p><\/td> | \n | \nAdjusted EBITA margin<\/p><\/td> | \n | \n11.1%<\/p><\/td> | \n | \n11.6%<\/p><\/td> | \n | \n-46 bp<\/p><\/td> | \n | \n-40 bp<\/p><\/td><\/tr>\n | \n\n48.4%<\/p><\/td> | \n | \n50.1%<\/p><\/td> | \n | \n-164 bp<\/p><\/td> | \n | \nConversion margin<\/p><\/td> | \n | \n45.8%<\/p><\/td> | \n | \n48.4%<\/p><\/td> | \n | \n-255 bp<\/p><\/td> | \n | \n-246 bp<\/p><\/td><\/tr>\n<\/table> \nRevenue in the Americas was EUR 748m in H1 2026, representing a year-on-year increase of 2.3 % in constant currency, with revenue of EUR 397m in Q2 (+ 5.6% year-on-year) reversing some of the decline earlier in the year. The revenue growth in Q2 was driven by a 5.9% organic growth, slightly offset by a 0.3% F\/X headwind.<\/p> \nIn H1, revenue in Life Sciences was EUR 430m, representing a year-on-year increase of 3.4%, while Industrial Chemicals recorded revenue of EUR 317m, indicating an increase of 0.9%. Both growth rates expressed in constant currency, and entirely organic.<\/p> \nGross profit was EUR 182m, implying a gross profit margin of 24.3%. The 40 bp gross profit margin expansion (in constant currency) during the period reflects broadly positive pricing environment in Industrial Chemicals in North America, and improved performance in Latin America. Adjusted EBITA declined by 1.1% (in constant currency) to EUR 83m, resulting in adjusted EBITA margin of 11.1% for the period. The 40 bp margin contraction was driven mainly by changes in provisions reflecting improving performance. The lower adjusted EBITA resulted in a 246 bp contraction in conversion margin in the region.<\/p> \nAsia Pacific<\/b><\/p>\n\n\nQ2 2026<\/b><\/p><\/td> | \n | \nQ2 2025<\/b><\/p><\/td> | \n | \nChange<\/b><\/p><\/td> | \n | \n(in millions of \u20ac)<\/i><\/b><\/p><\/td> | \n | \nH1 2026<\/b><\/p><\/td> | \n | \nH1 2025<\/b><\/p><\/td> | \n | \nChange<\/b><\/p><\/td> | \n | \nConstant currency<\/b><\/p><\/td><\/tr>\n\n\n221<\/p><\/td> | \n | \n202<\/p><\/td> | \n | \n9.3%<\/p><\/td> | \n | \nRevenue<\/p><\/td> | \n | \n428<\/p><\/td> | \n | \n420<\/p><\/td> | \n | \n2.0%<\/p><\/td> | \n | \n8.2%<\/p><\/td><\/tr>\n | \n\n45<\/p><\/td> | \n | \n39<\/p><\/td> | \n | \n16.3%<\/p><\/td> | \n | \nGross profit<\/p><\/td> | \n | \n86<\/p><\/td> | \n | \n84<\/p><\/td> | \n | \n1.5%<\/p><\/td> | \n | \n7.0%<\/p><\/td><\/tr>\n | \n\n20.6%<\/p><\/td> | \n | \n19.3%<\/p><\/td> | \n | \n125 bp<\/p><\/td> | \n | \nGross profit margin<\/p><\/td> | \n | \n20.0%<\/p><\/td> | \n | \n20.1%<\/p><\/td> | \n | \n-10 bp<\/p><\/td> | \n | \n-24 bp<\/p><\/td><\/tr>\n | \n\n25<\/p><\/td> | \n | \n21<\/p><\/td> | \n | \n19.6%<\/p><\/td> | \n | \nAdjusted EBITDA<\/p><\/td> | \n | \n46<\/p><\/td> | \n | \n47<\/p><\/td> | \n | \n-0.2%<\/p><\/td> | \n | \n6.6%<\/p><\/td><\/tr>\n | \n\n11.2%<\/p><\/td> | \n | \n10.2%<\/p><\/td> | \n | \n97 bp<\/p><\/td> | \n | \nAdjusted EBITDA margin<\/p><\/td> | \n | \n10.8%<\/p><\/td> | \n | \n11.1%<\/p><\/td> | \n | \n-23 bp<\/p><\/td> | \n | \n-16 bp<\/p><\/td><\/tr>\n | \n\n23<\/p><\/td> | \n | \n19<\/p><\/td> | \n | \n23.5%<\/p><\/td> | \n | \nAdjusted EBITA<\/p><\/td> | \n | \n43<\/p><\/td> | \n | \n43<\/p><\/td> | \n | \n1.3%<\/p><\/td> | \n | \n8.2%<\/p><\/td><\/tr>\n | \n\n10.5%<\/p><\/td> | \n | \n9.3%<\/p><\/td> | \n | \n121 bp<\/p><\/td> | \n | \nAdjusted EBITA margin<\/p><\/td> | \n | \n10.1%<\/p><\/td> | \n | \n10.1%<\/p><\/td> | \n | \n-7 bp<\/p><\/td> | \n | \n1 bp<\/p><\/td><\/tr>\n | \n\n51.0%<\/p><\/td> | \n | \n48.0%<\/p><\/td> | \n | \n295 bp<\/p><\/td> | \n | \nConversion margin<\/p><\/td> | \n | \n50.4%<\/p><\/td> | \n | \n50.5%<\/p><\/td> | \n | \n-7 bp<\/p><\/td> | \n | \n66 bp<\/p><\/td><\/tr>\n<\/table> \nIn H1 2026, revenue in APAC was EUR 428m, representing a year-on-year increase of 8.2% in constant currency. In Q2, APAC achieved revenue of EUR 221m, driven by a 12.7% organic growth, partially offset by a 3.4% negative F\/X impact.<\/p> \nIn H1, revenue in Life Sciences was EUR 303m, representing a year-on-year increase of 8.2%, while Industrial Chemicals recorded revenue of EUR 125m, an increase of 8.0%, with both growth rates expressed in constant currency, and entirely organic.<\/p> \nGross profit increased by 7.0% in constant currency to EUR 86m in H1, as strong growth in Q2 reversed the decline earlier in the year. This resulted in gross profit margin of 20.0% for H1. The 24 bp gross profit margin contraction during the period reflects the continued weakness in Australia and New Zealand, mitigated by volume growth as well as positive pricing in most end markets in the rest of the region. Adjusted EBITA was EUR 43m, an increase of 8.2% compared to the prior year (in constant currency), driven by strong revenue growth, and supported by consistent cost management. Conversion margin was broadly stable in H1 at 50.4% (+ 66bp in constant currency).<\/p> \nHolding companies<\/b><\/p>\n\n\nQ2 2026<\/b><\/p><\/td> | \n | \nQ2 2025<\/b><\/p><\/td> | \n | \nChange<\/b><\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \nH1 2026<\/b><\/p><\/td> | \n | \nH1 2025<\/b><\/p><\/td> | \n | \nChange<\/b><\/p><\/td> | \n | \nConstant currency<\/b><\/p><\/td><\/tr>\n\n\n-12<\/p><\/td> | \n | \n-10<\/p><\/td> | \n | \n18.2%<\/p><\/td> | \n | \nAdjusted EBITA (in millions of \u20ac)<\/i><\/p><\/td> | \n | \n-21<\/p><\/td> | \n | \n-19<\/p><\/td> | \n | \n10.2%<\/p><\/td> | \n | \n10.2%<\/p><\/td><\/tr>\n | \n\n-1.0%<\/p><\/td> | \n | \n-0.9%<\/p><\/td> | \n | \n-11 bp<\/p><\/td> | \n | \nAs % of Group revenue<\/p><\/td> | \n | \n-1.0%<\/p><\/td> | \n | \n-0.9%<\/p><\/td> | \n | \n-9 bp<\/p><\/td> | \n | \n-6 bp<\/p><\/td><\/tr>\n<\/table> \nOperating costs at the Group\u2019s holding companies, which relate to the Group\u2019s non-operating entities as well as the head office in Belgium, increased by 10.2% to EUR 21m, due to higher IT investments, as well as general cost inflation in services.<\/p> \nFINANCIAL REVIEW<\/b><\/p>\n\n\nQ2 2026<\/b><\/p><\/td> | \n | \nQ2 2025<\/b><\/p><\/td> | \n | \nChange<\/b><\/p><\/td> | \n | \n(in millions of \u20ac)<\/i><\/b><\/p><\/td> | \n | \nH1 2026<\/b><\/p><\/td> | \n | \nH1 2025<\/b><\/p><\/td> | \n | \nChange<\/b><\/p><\/td> | \n | \nConstant currency<\/b><\/p><\/td><\/tr>\n\n\n697<\/p><\/td> | \n | \n656<\/p><\/td> | \n | \n6.1%<\/p><\/td> | \n | \nLife Sciences<\/p><\/td> | \n | \n1,359<\/p><\/td> | \n | \n1,350<\/p><\/td> | \n | \n0.7%<\/p><\/td> | \n | \n3.8%<\/p><\/td><\/tr>\n | \n\n428<\/p><\/td> | \n | \n405<\/p><\/td> | \n | \n5.7%<\/p><\/td> | \n | \nIndustrial Chemicals<\/p><\/td> | \n | \n807<\/p><\/td> | \n | \n809<\/p><\/td> | \n | \n-0.3%<\/p><\/td> | \n | \n2.1%<\/p><\/td><\/tr>\n | \n\n1,125<\/b><\/p><\/td> | \n | \n1,061<\/b><\/p><\/td> | \n | \n6.0%<\/b><\/p><\/td> | \n | \nGroup revenue<\/b><\/p><\/td> | \n | \n2,166<\/b><\/p><\/td> | \n | \n2,159<\/b><\/p><\/td> | \n | \n0.3%<\/b><\/p><\/td> | \n | \n3.2%<\/b><\/p><\/td><\/tr>\n\n\n278<\/p><\/td> | \n | \n251<\/p><\/td> | \n | \n10.5%<\/p><\/td> | \n | \nGross profit<\/p><\/td> | \n | \n524<\/p><\/td> | \n | \n515<\/p><\/td> | \n | \n1.7%<\/p><\/td> | \n | \n4.3%<\/p><\/td><\/tr>\n | \n\n24.7%<\/p><\/td> | \n | \n23.7%<\/p><\/td> | \n | \n100 bp<\/p><\/td> | \n | \nGross profit margin<\/p><\/td> | \n | \n24.2%<\/p><\/td> | \n | \n23.9%<\/p><\/td> | \n | \n33 bp<\/p><\/td> | \n | \n28 bp<\/p><\/td><\/tr>\n | \n\n128<\/b><\/p><\/td> | \n | \n115<\/b><\/p><\/td> | \n | \n11.5%<\/b><\/p><\/td> | \n | \nAdjusted EBITA<\/b><\/p><\/td> | \n | \n233<\/b><\/p><\/td> | \n | \n234<\/b><\/p><\/td> | \n | \n-0.8%<\/b><\/p><\/td> | \n | \n2.6%<\/b><\/p><\/td><\/tr>\n\n\n11.4%<\/b><\/p><\/td> | \n | \n10.8%<\/b><\/p><\/td> | \n | \n57 bp<\/b><\/p><\/td> | \n | \nAdjusted EBITA margin<\/b><\/p><\/td> | \n | \n10.7%<\/b><\/p><\/td> | \n | \n10.9%<\/b><\/p><\/td> | \n | \n-12 bp<\/b><\/p><\/td> | \n | \n-6 bp<\/b><\/p><\/td><\/tr>\n\n\n46.1%<\/p><\/td> | \n | \n45.7%<\/p><\/td> | \n | \n45 bp<\/p><\/td> | \n | \nConversion margin<\/p><\/td> | \n | \n44.4%<\/p><\/td> | \n | \n45.5%<\/p><\/td> | \n | \n-113 bp<\/p><\/td> | \n | \n-76 bp<\/p><\/td><\/tr>\n | \n\n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \nOperating profit<\/p><\/td> | \n | \n188<\/p><\/td> | \n | \n191<\/p><\/td> | \n | \n-1.6%<\/p><\/td> | \n | \n1.3%<\/p><\/td><\/tr>\n | \n\n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \n\u00a0<\/p><\/td> | \n | \nNet profit<\/p><\/td> | \n | \n86<\/p><\/td> | \n | \n85<\/p><\/td> | \n | \n0.6%<\/p><\/td> | \n | \n3.7%<\/p><\/td><\/tr>\n<\/table> \nRevenue<\/b><\/p> \nIn H1 2026, Azelis delivered revenue of EUR 2.2bn, representing year-on-year growth of 3.2% in constant currency, supported by 0.3% organic growth during the period and 2.9% revenue growth contribution from acquisitions. In Q2, revenue increased by 6.3% in constant currency versus the prior year, driven by a 3.9% organic growth, and a 2.4% revenue growth contribution from acquisitions.<\/p> \nIn H1 2026, revenue in Life Sciences was EUR 1.4bn, a year-on-year increase of 3.8% in constant currency, while revenue from Industrial Chemicals was EUR 807m, an increase of 2.1% in constant currency versus the prior year. In Q2, revenue in Life Sciences increased by 6.9% in constant currency, driven by a 3.7% organic growth and 3.2% revenue growth contribution from acquisitions. Revenue in Industrial Chemicals increased by 5.4% in constant currency, driven mainly by organic growth of 4.2%, as well as growth contribution of 1.2% from recent acquisitions.<\/p> \nProfitability<\/b><\/p> \nFor H1 2026, gross profit was EUR 524m, representing a 4.3% year-on-year increase in constant currency, supported by a modest organic growth of 0.6%, and a 3.8% growth contribution from recent acquisitions. This resulted in a gross profit margin of 24.2% for the period, implying a 33bp expansion over the prior year.<\/p> \nIn the second quarter, gross profit increased by 10.6% year-on-year in constant currency to EUR 278m, driven by a 7.2% organic growth and 3.4% gross profit growth contribution from recent acquisitions. Gross profit margin during the quarter was 24.7%, a 96 bp expansion over the prior year despite the negative mix effect from higher growth contribution from our businesses in Asia Pacific, reflecting the positive momentum in both price and volumes in some end-markets.<\/p> \nAdjusted EBITA in H1 2026 was EUR 233m, representing an increase of 2.6% in constant currency versus the prior year, driven by a 4.2% EBITA growth contribution from recent acquisitions with a 1.6% organic decline. This resulted in adjusted EBITA margin of 10.7% for the period, or a 6bp contraction versus the prior year.<\/p> \nIn the second quarter, adjusted EBITA increased by 12.7% in constant currency to EUR 128m, driven by a 9.2% organic growth and 3.5% EBITA growth contribution from recent acquisitions. Adjusted EBITA margin during the quarter expanded by 66bp to 11.4% as topline growth offset general cost inflation.<\/p> \nNet financial expense in H1 2026 was EUR 66m, a 5.5% decrease compared to the prior year, as lower financial expense offset the decline in financial income during the period. The lower financial expense was mainly driven by a significant reduction in interest expense and other financial costs despite the one-off refinancing costs linked to the bond refinancing executed in March. Tax expense for the first half of the year was EUR 36m, implying an effective tax rate (ETR) of 29.4%, versus 29.3% in the prior year.<\/p> \nNet profit was EUR 86m, resulting in cash earnings per share of EUR 0.52 for the first half of 2026.<\/p> | | | | | | | | | | | | | | | | | | |