Euroapi

Latest Results (05.02.2026):

EUROAPI — Half‑year (H1) 2025 results (period ended June 30, 2025): Net sales were €412.1m (-8.2% year‑on‑year), the Group reported a net loss of €28.5m (basic EPS -€0.30), and Core EBITDA was €39.5m (9.6% of sales). Gross margin declined to 18.6% from 21.8% a year earlier, operating loss was €27.8m and free cash flow before financing was negative (€‑20.0m). The period was marked by the completion of the disposal of EUROAPI UK (Haverhill), implementation of a factoring program and material FOCUS‑27 restructuring costs.

Sales by business

Total net sales €412.1m. API Solutions €299.7m (-9.8% YoY) and CDMO €112.4m (-3.4% YoY). Sales to Sanofi fell to €176.1m (-15.3%) while sales to Other clients were €236.0m (-2.0%). Notable product moves: large molecules and highly potent molecules declined sharply; biochemistry/fermentation products rose ~20.6% (helped by Pristinamycin sales).

Profitability and margins

Gross profit €76.6m (gross margin 18.6% vs 21.8% in H1‑2024). EBITDA was €5.0m, Core EBITDA €39.5m (9.6% of sales). Operating income was a loss of €27.8m (includes a €4.7m capital gain on the Haverhill disposal); net loss €28.5m.

One‑offs, restructuring and transformation costs

Restructuring and related costs totaled €40.3m (part of FOCUS‑27), including €21.6m of under‑activity costs, €12.4m personnel‑related items and €4.1m external/transformation costs. These exceptional items heavily affected reported EBITDA and operating results.

Cash flow, liquidity and balance sheet

Cash and cash equivalents €51.5m at June 30, 2025; reported net cash position approximately €1.1m. Operating cash flow was €18.4m; investing cash flow €‑38.3m (capex €37.8m, ~60% to growth projects); financing cash flow €‑4.0m. Free cash flow before financing was €‑20.0m.

Working capital and receivables

Group implemented a factoring program and had €14.3m of receivables factored by end‑June; reported trade receivables declined as a result. Inventories increased vs 31.12.2024; DSO (excluding factoring) remained stable at ~43 days.

Portfolio & corporate events

Sale of EUROAPI UK (Haverhill) completed June 30, 2025 and deconsolidated (cash proceeds and a €4.7m gain included). EUROAPI also signed an IPCEI Med4Cure aid agreement with France for up to €140m (2025–2035) and implemented new share‑based compensation measures (May 2025 Board grants).

Outlook and guidance

Full‑year 2025 net sales now expected to decline low single digits on a comparable basis (second half expected to be stronger vs H1). EUROAPI reaffirms Core EBITDA margin target of 7–9% and aims for the upper end of that range, assuming continued execution of FOCUS‑27 and commercial recovery.

Risks

Main risks and uncertainties remain those disclosed in the 2024 Universal Registration Document (market, operational, liquidity and regulatory risks). Management highlights that these risks could materialize in H2 and affect targets and outlook.