Euroapi

Latest Results (24.07.2026):

This summary covers EUROAPI’s financial results for the second quarter and first half of 2025 (Q2 2025 / H1 2025). EUROAPI reported H1 2025 net sales of €412.1m, down 8.2% year‑on‑year (−7.6% at constant FX). The group posted a gross profit of €76.6m (gross margin 18.6%), operating loss of €27.8m and a net loss of €28.5m. EBITDA was €5.0m while Core EBITDA was €39.5m. Cash and equivalents were €51.5m at June 30, 2025 and the net cash position was €1.1m. The period included the Haverhill disposal, implementation of a factoring program and restructuring costs tied to the FOCUS‑27 plan.

Revenue and segment mix

H1 2025 net sales €412.1m (−8.2% y/y). API Solutions: €299.7m (−9.8%); CDMO: €112.4m (−3.4%). Sales to Sanofi fell to €176.1m (−15.3%) while Other clients were €236.0m (−2.0%). By product: large molecules −49.3%, highly potent −34.3%, biochemistry (fermentation) +20.6%.

Profitability and margins

Gross margin compressed to 18.6% from 21.8% a year earlier (one‑off Buserelin stock clearance in H1 2024 noted). Operating loss −€27.8m; net loss −€28.5m. EBITDA was positive at €5.0m; Core EBITDA €39.5m (9.6% of sales).

Exceptional items and restructuring

Restructuring and related costs totaled €40.3m (including €21.6m of under‑activity costs, €12.4m personnel items and €4.1m transformation costs) as part of FOCUS‑27. Other operating items included a €4.7m capital gain on sale of Haverhill.

Cash flow, capex and liquidity

Operating cash flow €18.4m (working‑capital moves included €24.7m reduction in receivables and €14.3m receivables factored). Investing cash flow −€38.3m (CAPEX €37.8m; ~60% to growth projects). Financing cash flow −€4.0m. Cash and cash equivalents €51.5m; net cash position €1.1m at June 30, 2025. Free cash flow before financing was −€20.0m.

Corporate actions and other events

Haverhill divestment completed June 30, 2025 (deconsolidated). A limited factoring program was implemented to optimize working capital. EUROAPI signed a framework for up to €140m public aid under IPCEI Med4Cure (France 2030). Board granted new share‑based compensation in May 2025.

Outlook

Full‑year 2025 net sales now expected to decline low single digits on a comparable basis (second‑half improvement anticipated). The company reaffirms a Core EBITDA margin target of 7–9% and says it now aims for the upper part of that range.

Main risks and uncertainties

Management states the main risks for the next six months remain substantially similar to those disclosed in the 2024 Universal Registration Document (market, operational, regulatory and liquidity risks). Any of these could affect H2 2025 results.