PolyPeptide Group Ltd

Latest Results (22.01.2026):

PolyPeptide Group Ltd — H1 2025 (first half / Q1–Q2 2025): the company reported strong top-line growth with EUR 167.1m revenue (+23.7% vs H1 2024) driven largely by metabolic therapeutics and commercial ramp‑up, while profitability remained constrained and the group continued heavy investment in capacity expansion.

Revenue

H1 2025 revenue: EUR 167.1m, +23.7% yoy (≈ +23.3% at constant currency). Metabolic therapeutics revenue rose 98.2% and made up 56% of H1 revenue; commercial revenue increased 37.9% and represented nearly two‑thirds of total revenues.

Profitability

EBITDA: EUR 4.4m (2.7% margin) versus EUR 2.9m in H1 2024. Operating result (EBIT) was negative EUR 13.7m; result for the period was negative EUR 26.5m. Basic EPS: EUR -0.80. EBITDA improved but was offset by mix, ramp‑up and investment costs.

Cash flow & liquidity

Net cash from operating activities: EUR 49.7m (vs EUR 0.5m). End‑period cash: EUR 76.7m (up from EUR 48.5m a year earlier). Customer prepayments contributed net inflows of EUR 27.7m in H1 2025.

Investing & capacity expansion

Capital expenditures H1 2025: EUR 46.1m (27.6% of revenue) to support projects in Belgium, Sweden and France. Commercial production at the new large‑scale SPPS site in Braine‑l’Alleud, Belgium progressed to plan; Malmö capacity doubling is on track.

Guidance revision

Full‑year 2025 guidance moved toward the upper end: revenue growth now expected at 13–20% (constant currency), EBITDA margin in the high single‑digit to low double‑digit range, and capex around EUR 100m.

Balance sheet & financing

Total assets: EUR 773.1m; equity: EUR 331.0m; equity ratio fell to 42.8% (from 54.1% a year earlier). Revolving credit facility expanded to EUR 151m (EUR 60m drawn at H1 end), improving financial flexibility.

Operational mix & market position

Strong exposure to GLP‑1 / metabolic opportunity and a diversified pipeline across oncology and neurology. Management cites market tailwinds (peptide therapeutics market growth) and aims to double 2023 revenue by 2028 with a target ~25% EBITDA margin by 2028.

Organization & governance

Headcount increased (avg FTEs 1,366, +7% yoy). Leadership change: appointment of Raoul Bernhardt as Chief Manufacturing and Supply Chain Officer to support ramp‑up and multi‑site expansions.