PolyPeptide Group Ltd

Latest Results (10.07.2026):

PolyPeptide Group Ltd — Q4 2025 (full‑year 2025 results): The company reported strong full‑year 2025 financials with revenue of EUR 389.3m (up 15.6% vs 2024) and a marked improvement in profitability (EBITDA EUR 46.8m, 12.0% margin). Results reflect growth in metabolic programs, higher production volumes and the ramp‑up of large‑scale SPPS capacity, while the net result remained negative due mainly to non‑operational financing items.

Revenue

Revenue: EUR 389.3m in 2025, +15.6% versus 2024 (+16.0% at constant currency). Development revenue +29.9%, commercial revenue +7.9%; commercial now 61% of total. Metabolics accounted for 57% of revenue (2024: 40%), becoming the primary growth driver.

Profitability & EBITDA

EBITDA: EUR 46.8m, up 84.4% year‑on‑year; EBITDA margin improved to 12.0% (2024: 7.5%). Operating result (EBIT) turned positive at EUR 8.7m vs EUR -7.4m in 2024. Profitability gains were driven by higher volumes, operational efficiencies and the Braine‑l’Alleud SPPS ramp‑up, partially offset by ERP‑related exceptional costs.

Net result & main non‑operational drivers

Result for the year: EUR -21.2m (vs -19.6m in 2024). Earnings per share (basic) EUR -0.64. The weak bottom line was mainly caused by a EUR -28.7m financial result driven by unfavorable FX revaluation of intercompany loans and non‑cash financing components, while interest costs were broadly stable.

Cash flow & Capital Expenditure

Operating cash flow: EUR 77.5m (2024: EUR 89.4m). Free cash flow was negative at EUR -31.4m after investing cash outflows of EUR 111.7m. Capex: EUR 110.0m (28.2% of revenue), reflecting major capacity investments across sites.

Balance sheet & financing

Cash and equivalents: EUR 74.6m (end‑2025). Contract liabilities show continued customer support with net inflows of EUR 27.4m in 2025 and cumulative customer prepayments ≈ EUR 156.2m for 2023–2025. EUR 20m outstanding under a short‑term shareholder facility; EUR 51m available under the EUR 151m committed RCF.

Capacity expansion & operations

Capacity: Large‑scale SPPS in Braine‑l’Alleud reached target utilization and identified upside to potential revenue. Strasbourg SPPS now operational and ramping in 2026; Malmö modules installed and on track to start ramp‑up in 2027; investments planned in Ambernath (India) and downstream expansion in Torrance (US).

Business mix & pipeline

Pipeline: 196 active custom projects at year‑end (30 acquired in 2025); 30 projects in Phase III and 38 in Phase II. Metabolic exposure within the custom pipeline ≈ 20% (37 metabolic projects across ≈25 customers). Number of commercial projects rose to 68.

2026 guidance & mid‑term targets

Outlook 2026: revenue growth guidance 20–25% vs 2025 (constant currency); EBITDA margin expected in the mid‑ to high‑teens; capex expected at 15–20% of revenue. Mid‑term targets: double 2023 revenue by 2028 and approach ~25% EBITDA margin by 2028.

Sustainability & governance

ESG: Continued focus on green chemistry and decarbonization; science‑based GHG targets approved by SBTi (Scope 1+2: -42% by 2030 vs 2023; Scope 3 intensity target -61% by 2033 vs 2022). All manufacturing sites certified to ISO45001, ISO14001 and ISO27001 (since Jan 2026).