Half Year 2026 Euroapi SA Earnings Call Transcript
Key Points
- Focus 27 transformation is progressing on schedule, with the signing of the Brindisi divestment agreement marking a key milestone.
- CDMO sales increased by 2% overall, with a 13.8% rise for Sanofi, and commercial phase projects now represent 94% of total CDMO sales.
- Cost efficiency improved through disciplined execution of Focus 27, with further reductions in sales and general expenses.
- The company maintains a strong liquidity position with a €451 million RCF, of which only a small portion has been drawn, and no covenants until H1 2027.
- New commercial leadership and organizational changes are building momentum in CDMO, with increased RFPs from top-tier pharma companies and interest in fermentation capabilities.
- Net sales declined 13.5% year-over-year, with a 11.8% drop on a comparable basis, impacted by product discontinuations and softer demand.
- Core EBITDA margin fell to 5.8% from 9.6% in H1 2025, due to lower fixed cost absorption and adverse foreign exchange effects.
- Net loss widened significantly to €141.5 million in H1 2026, from €28.5 million in H1 2025, driven by impairments and restructuring costs.
- The appreciation of the Hungarian forint is expected to weigh approximately €9 million on full-year core EBITDA, leading to a revised margin outlook of around 6%.
- The company's net debt position turned to €37.9 million from a net cash position of €68.2 million at end-2025, reflecting working capital and investment outflows.
Ladies and gentlemen, welcome to the EUROAPI 2026 half-year results presentation. This call will be structured in two parts. First, a presentation by the EUROAPI Group management team, represented by David Sanyal, CEO and Olivier Falout, CFO. Afterwards, there will be a Q&A session. During this session, you may ask question in two ways, by submitting a written question in the box below the player or by joining the conference call and dial pound key five. On your telephone keypad to enter the queue. I will now hand over the call to David Sanyal to begin today's conference. Please go ahead.
If we can move to the following slides.
Thank you.
So before we begin, I would like to mention that our Head of Investor Relations, Sophie Palliers, is unfortunately unable to join us today due to personal reasons and we wish her well.
Let me now begin with a snapshot of our first half performance before Olivier takes you through the financial results in more detail.
In the first half of 2026, EuroPI
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