Interim report Q1 2026

Strong start to the year with 7% organic sales growth and 37.8% adjusted EBITDA margin

Ester Baiget, President & CEO:” The year started strong with 7% organic sales growth against a high comparable. We delivered growth across all sales areas and in both Developed and Emerging markets, while achieving an adjusted EBITDA margin of 37.8%. Quarter after quarter, our results demonstrate the strength and resilience of our business model. We are confident in our full-year outlook and in our 2030 targets, including a 6–9% organic sales growth CAGR. As the world continues to change, the relevance and demand for biosolutions continue to grow. “

• Strong broad-based organic sales growth of 7% including ~1.5 pp effect from exiting certain countries. Price and revenue synergies contributed ~1 pp each, and a good 1 pp was attributed to inventory build-up in Animal.
• Food & Health Biosolutions grew 9% organically including ~3 pp effect from exiting certain countries; Planetary Health Biosolutions grew 5% organically.
• Developed Markets grew 8% organically and Emerging Markets 4% including ~3 pp effect from exiting certain countries.
• Adjusted EBITDA margin at 37.8% including a significant year-on-year currency headwind.
• Adjusted net profit excl. PPA increased 8%.
• NIBD/EBITDA at 2.0x, and free cash flow before acquisitions increased 9% to EUR 74 million. CAPEX ratio at 8.3%.
• Successful inaugural bond issuance of EUR 1.7 billion completed to refinance a bridge loan facility. 
• Acquisition of a production facility in Thailand to support growth journey. 
• 2026 outlook confirmed: Organic sales growth is expected to be in the range of 5-7% which includes a close to 1 pp effect from exiting certain countries. Adjusted EBITDA margin expected to be between 37-38%.

Please read the full announcement in PDF

Attachment

• 2026_11_Q1_Interim report

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