Azelis Group N.V.

Latest Results (04.04.2026):

Azelis Group N.V. — reporting full‑year 2025 results (including Q4 2025) — delivered revenue of EUR 4.11bn (‑2.4% reported; +1.3% constant currency) and Q4 revenue of EUR 937m (‑7.6% reported; ‑1.3% cc). The year saw weaker profitability (gross profit EUR 968m; adjusted EBITA EUR 411m) but materially stronger cash generation (free cash flow EUR 442m; 106% cash conversion). Results were driven by modest organic contraction, contribution from four acquisitions, FX headwinds and a company-wide cost‑savings programme.

Top-line

Full‑year revenue: EUR 4,111m (‑2.4% reported; +1.3% cc). Organic decline of 1.6% for 2025; acquisitions contributed +2.9% to revenue. Q4 revenue was EUR 937m, with an organic Q4 contraction of 4.9% offset partly by acquisition contribution of 3.6% and a significant FX headwind.

Profitability

Gross profit of EUR 968m (gross margin 23.6%, ‑91bp y/y). Adjusted EBITA fell to EUR 411m (‑12.7%; margin 10.0%, ‑117bp). Net profit declined to EUR 113m (‑40.1%), with EPS EUR 0.46 — impacted by lower operating profit, reduced revaluation gains on acquisition liabilities and a higher effective tax rate (35.3% vs 26.0% in 2024).

Cash flow & balance sheet

Free cash flow increased 29.2% to EUR 442m, producing a 106% FCF conversion ratio (up from 72.1%). Net debt ~EUR 1.6bn and leverage 3.3x at year‑end (peaked 3.4x in Sept). Group liquidity ~EUR 713m (cash + undrawn facilities).

Regional performance

EMEA grew to EUR 1,871m (+4.4% / +6.4% cc) and remained the strongest region. Americas revenue fell to EUR 1,435m (‑6.6% / ‑1.9% cc) with margin pressure in Latin America. Asia Pacific declined to EUR 805m (‑9.0% / ‑3.4% cc), hit by demand weakness and pricing pressure; APAC reported the largest gross margin contraction.

M&A and capital allocation

Four acquisitions completed in 2025 (combined prior‑year revenue > EUR 110m); 2025 contribution from those deals was EUR 61.1m revenue and EUR 8.8m adjusted EBITA. Board proposes dividend of EUR 0.226 per share. Management retains de‑leveraging, selective M&A, investments for organic growth and shareholder returns as priorities.

Cost actions & conversion

A structural cost‑savings plan (annualised > EUR 20m) was fully implemented, helping limit margin erosion and supporting a conversion margin of 42.4% despite lower top‑line and mix headwinds.

ESG & non‑financials

CDP rating upgraded to A‑. Scope 1 & 2 emissions down 16.9% year‑on‑year; 81.1% of revenue from ESG‑assessed suppliers. Some internal ethics breaches were identified and addressed. Sustainability programme Impact 2030 launched and metrics provided.

Outlook

Azelis says market recovery timing is uncertain but remains confident in its asset‑light model to manage volatility, generate cash and pursue targeted investments, dividends and de‑leveraging. Management will monitor trading and provide updates per the financial calendar (next Q1 trading update: 23 April 2026).