Eurofins Scientific SE

Latest Results (10.09.2026):

Eurofins Scientific SE — H1 2026 (covering Q1–Q2 2026): the company reported solid half‑year results with revenues of €3,701m (+2.5% reported; +2.7% organic), adjusted EBITDA of €877m (+8.3%) and adjusted EBITDA margin expanding to 23.7% (+130bps). Basic EPS rose to €1.55 (+29.4%) and free cash flow to the firm improved to €403m (+46.1%), while leverage remained within target at c.2.2x. Management continued active portfolio moves (divestment and an agreed acquisition) aligned to its “testing for life” strategy.

Key financials

Revenues €3,701m (H1 2025: €3,612m); organic growth +2.7%; adjusted EBITDA €877m (H1 2025: €810m); adjusted EBITDA margin on total revenues 23.7% (H1 2025: 22.4%). Basic EPS €1.55 (H1 2025: €1.20).

Profitability drivers

Adjusted EBITDA margin expanded +130bps (to 23.7%) driven by operational leverage from the five‑year investment programme, better personnel productivity, closure of less profitable operations and improving start‑up/integration profitability; separately disclosed items (SDIs) reduced (SDI impact -€15m vs -€37m prior year, including one‑time legal gains of €19m).

Cash generation & balance sheet

Free cash flow to the firm €403m (+46.1%); cash conversion (FCFF / reported EBITDA) 47% (vs 36%); net leverage ~2.2x (within the stated 1.5–2.5x target). Capex intensity declined to 5.7% of revenues and NWC intensity improved (NWC / revenues ≈ 4.9%).

Capital allocation & transactions

Agreement to divest MET Labs (Electrical & Electronic Testing) to UL Solutions for an EV of €575m (expected close end‑2026; MET Labs est. >€180m revs in 2026). Agreement to acquire Element Materials Technology’s Life Sciences Testing Services in North America for EV $400m (27 labs, ~750 FTEs; est. >$150m revs; expected close Q4 2026). H1 saw 17 smaller acquisitions (aggregated FY‑2025 pro‑forma revenue >€80m); M&A added ~€22.5m to H1 revenues. Proceeds expected to support debt reduction, lab capex, digital/AI, buybacks and targeted M&A.

Regional and segment performance

Organic growth was weighted to Rest of World (9.1%); Europe and North America both ~2.0% organic. Food & Feed Testing showed c.+4.8% organic; Consumer & Technology/Products Testing strong (+7.4%). BioPharma overall soft (H1 BioPharma organic ~‑0.1%) with ancillary activities weaker; Environment Testing rebounded after Q1 weather disruption.

Outlook & strategy

Management signals H1 profitability is approaching the mid‑term 2027 adjusted EBITDA margin objective (24% mid‑term target), expects BioPharma to improve in H2, and to continue value creation through hub‑and‑spoke network roll‑outs, digitalisation, targeted capex and M&A aligned to core testing for life capabilities.