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Highlights H1 2026
- Revenue of EUR 2.2bn, representing a 3.2% increase in constant currency, reflecting organic growth of 0.3% and a 2.9% growth contribution from acquisitions. In Q2, revenue increased by 6.3% in constant currency to EUR 1.1bn, driven by a return to organic growth (+3.9% year-on-year) following four quarters of decline, as well as a 2.4% growth contribution from acquisitions.
- Gross profit of EUR 524m resulting in gross profit margin of 24.2%. The 28bp expansion (in constant currency) reflects the positive pricing momentum across some end markets and are supported by a favourable inventory position, offsetting the mix effect from higher growth contribution from Asia Pacific.
- Adjusted EBITA of EUR 233m, corresponding to an adjusted EBITA margin of 10.7%, with the positive pricing dynamics offsetting most of the impact of general cost inflation.
- Net profit increased to EUR 86m, resulting in cash earnings per share of EUR 0.52, representing an uplift of 3.7% and 5.5% respectively, expressed in constant currency.
- Free cash flow was EUR 122m, reflecting the positive business performance during the period.
- Leverage and net debt were stable compared to March at 3.4x and EUR 1.6bn respectively.
- In June, Azelis was upgraded to MSCI ESG AAA, reflecting the Group's commitment to sustainability. This follows the validation of the Group's science-based targets by SBTi in May.
- Outlook: The stabilisation that started at the beginning of the year across many end markets has continued despite price inflation. However, the volatile situation in the Middle East continues to impact businesses across the world. Whilst visibility remains limited, Azelis will continue to focus on capturing growth and preserving cash, and aim to deliver positive adjusted EBITA growth for the full year, assuming no significant changes in the market.
| (in millions of €) | H1 2026 | H1 2025 | Change | Constant currency |
|---|---|---|---|---|
| Revenue | 2,166 | 2,159 | 0.3% | 3.2% |
| Gross profit | 524 | 515 | 1.7% | 4.3% |
| Gross profit margin | 24.2% | 23.9% | 33 bp | 28 bp |
| Adjusted EBITA1 | 233 | 234 | -0.8% | 2.6% |
| Adjusted EBITA margin | 10.7% | 10.9% | -12 bp | -6 bp |
| Conversion margin1 | 44.4% | 45.5% | -113 bp | -76 bp |
| Net profit | 86 | 85 | 0.6% | 3.7% |
| Cash earnings per share1 | 0.52 | 0.51 | 2.4% | 5.5% |
| Free cash flow1 | 122 | 151 | -19.0% | |
| FCF conversion ratio1 | 52.3% | 63.8% | -1149 bp | |
| Leverage ratio1 | 3.4x | 3.1x | + 0.3x |
1 Refer to the definitions of alternative performance measures in the Group's Integrated Report
Comment from Anna Bertona, Group CEO:
"I am pleased to report a solid performance, delivering organic revenue growth as a Group for the first half of 2026, after the slow start in the first quarter was followed by strong growth in the second quarter. Price inflation during the period provided additional uplift to some of the positive momentum that we reported in the first quarter. I would like to thank all our colleagues for the agility in implementing the price adjustments, and for responding effectively to broader supply chain disruptions, creating value for both customers and principals during these volatile times.
Azelis's diversified portfolio and strong customer relationships position the Group well to navigate the current environment. We aim to maintain our strong performance for the rest of the year, despite volatility remaining high due to the ongoing Middle East conflict."
Outlook
The market for speciality chemicals and food ingredient distribution remains structurally attractive. While near-term conditions continue to limit visibility on the pace of recovery, Azelis is confident in its strategy and positioning to navigate the current environment and capture the opportunities created by the long-term trends shaping the industry. Supported by its asset-light, diversified, resilient business model, the Group is well positioned to manage volatility while continuing to generate sustainable cash flow.
In the near-term, we aim to deliver positive adjusted EBITA growth for the full year, assuming no significant changes in the market.
Conference call
The management of Azelis invites you to a conference call and live webcast at 09:00 CET to discuss our H1 2026 results and current operating trends. Please click here to view the webcast.
Contact information
Azelis Investor Relations
T: +32 3 613 01 27
E: investor-relations@azelis.com
Operational review
Headline results
| Q2 2026 | Q2 2025 | Organic | Total | (in millions of €) | H1 2026 | H1 2025 | F/X | M&A | Organic | Total |
|---|---|---|---|---|---|---|---|---|---|---|
| 507 | 483 | -1.3% | 4.9% | EMEA | 990 | 979 | -0.6% | 6.3% | -4.6% | 1.1% |
| 397 | 376 | 5.9% | 5.6% | Americas | 748 | 760 | -3.9% | 0.0% | 2.3% | -1.6% |
| 221 | 202 | 12.7% | 9.3% | Asia Pacific | 428 | 420 | -6.2% | 0.0% | 8.2% | 2.0% |
| 1,125 | 1,061 | 3.9% | 6.0% | Group revenue | 2,166 | 2,159 | -2.8% | 2.9% | 0.3% | 0.3% |
| 134 | 123 | 1.4% | 9.3% | EMEA | 257 | 249 | -0.5% | 7.8% | -4.0% | 3.2% |
| 98 | 90 | 10.2% | 9.6% | Americas | 182 | 182 | -4.2% | 0.0% | 3.9% | -0.2% |
| 45 | 39 | 18.9% | 16.3% | Asia Pacific | 86 | 84 | -5.5% | 0.0% | 7.0% | 1.5% |
| 278 | 251 | 7.2% | 10.5% | Group gross profit | 524 | 515 | -2.6% | 3.8% | 0.6% | 1.7% |
| 69 | 61 | 5.9% | 13.0% | EMEA | 127 | 123 | -0.7% | 7.9% | -3.7% | 3.5% |
| 48 | 45 | 7.2% | 6.0% | Americas | 83 | 88 | -4.3% | 0.0% | -1.1% | -5.5% |
| 23 | 19 | 27.2% | 23.5% | Asia Pacific | 43 | 43 | -6.9% | 0.0% | 8.2% | 1.3% |
| 128 | 115 | 9.2% | 11.5% | Group adjusted EBITA1 | 233 | 234 | -3.4% | 4.2% | -1.6% | -0.8% |
1 Total adjusted EBITA includes holding companies.
EMEA
| Q2 2026 | Q2 2025 | Change | (in millions of €) | H1 2026 | H1 2025 | Change | Constant currency |
|---|---|---|---|---|---|---|---|
| 507 | 483 | 4.9% | Revenue | 990 | 979 | 1.1% | 1.7% |
| 134 | 123 | 9.3% | Gross profit | 257 | 249 | 3.2% | 3.7% |
| 26.4% | 25.4% | 104 bp | Gross profit margin | 25.9% | 25.4% | 53 bp | 52 bp |
| 74 | 66 | 11.5% | Adjusted EBITDA | 138 | 133 | 3.1% | 3.9% |
| 14.6% | 13.7% | 87 bp | Adjusted EBITDA margin | 13.9% | 13.6% | 27 bp | 29 bp |
| 69 | 61 | 13.0% | Adjusted EBITA | 127 | 123 | 3.5% | 4.2% |
| 13.6% | 12.6% | 98 bp | Adjusted EBITA margin | 12.9% | 12.6% | 30 bp | 31 bp |
| 51.5% | 49.8% | 173 bp | Conversion margin | 49.7% | 49.5% | 15 bp | 22 bp |
In H1 2026, EMEA achieved revenue of EUR 990m, representing a year-on-year increase of 1.7% in constant currency, with revenue of EUR 507m in Q2, an increase of 4.9% versus the prior year. The revenue growth in Q2 was driven by a 5.4% growth contribution from acquisitions and a 0.9% F/X tailwind, offsetting a slight organic decline of 1.3%.
Revenue in Life Sciences increased by 1.9% in constant currency to EUR 625m in H1, with growth contribution from acquisitions of 8.6% offsetting the organic decline of 6.6%. During the period, revenue in Industrial Chemicals increased by 1.2% in constant currency compared to the prior year, with a 2.4% growth contribution from acquisitions offsetting the organic decline of 1.2%.
Gross profit increased by 3.7% year-on-year (in constant currency) to EUR 257m, translating to a gross margin of 25.9% for the period. The 52 bp gross margin expansion reflects the positive pricing environment in some end markets, offsetting continued volume softness. Adjusted EBITA increased by 4.2% (in constant currency) to EUR 127m, resulting in a 31 bp adjusted EBITA margin expansion during the period, with the growth acceleration in Q2 reversing the decline earlier in the year. The improvement in adjusted EBITA drove a 22 bp expansion in conversion margin to 49.7%.
Americas
| Q2 2026 | Q2 2025 | Change | (in millions of €) | H1 2026 | H1 2025 | Change | Constant currency |
|---|---|---|---|---|---|---|---|
| 397 | 376 | 5.6% | Revenue | 748 | 760 | -1.6% | 2.3% |
| 98 | 90 | 9.6% | Gross profit | 182 | 182 | -0.2% | 3.9% |
| 24.8% | 23.9% | 91 bp | Gross profit margin | 24.3% | 23.9% | 34 bp | 40 bp |
| 51 | 49 | 5.3% | Adjusted EBITDA | 90 | 95 | -5.3% | -1.0% |
| 12.9% | 12.9% | -3 bp | Adjusted EBITDA margin | 12.1% | 12.6% | -47 bp | -42 bp |
| 48 | 45 | 6.0% | Adjusted EBITA | 83 | 88 | -5.5% | -1.1% |
| 12.0% | 11.9% | 5 bp | Adjusted EBITA margin | 11.1% | 11.6% | -46 bp | -40 bp |
| 48.4% | 50.1% | -164 bp | Conversion margin | 45.8% | 48.4% | -255 bp | -246 bp |
Revenue in the Americas was EUR 748m in H1 2026, representing a year-on-year increase of 2.3 % in constant currency, with revenue of EUR 397m in Q2 (+ 5.6% year-on-year) reversing some of the decline earlier in the year. The revenue growth in Q2 was driven by a 5.9% organic growth, slightly offset by a 0.3% F/X headwind.
In H1, revenue in Life Sciences was EUR 430m, representing a year-on-year increase of 3.4%, while Industrial Chemicals recorded revenue of EUR 317m, indicating an increase of 0.9%. Both growth rates expressed in constant currency, and entirely organic.
Gross profit was EUR 182m, implying a gross profit margin of 24.3%. The 40 bp gross profit margin expansion (in constant currency) during the period reflects broadly positive pricing environment in Industrial Chemicals in North America, and improved performance in Latin America. Adjusted EBITA declined by 1.1% (in constant currency) to EUR 83m, resulting in adjusted EBITA margin of 11.1% for the period. The 40 bp margin contraction was driven mainly by changes in provisions reflecting improving performance. The lower adjusted EBITA resulted in a 246 bp contraction in conversion margin in the region.
Asia Pacific
| Q2 2026 | Q2 2025 | Change | (in millions of €) | H1 2026 | H1 2025 | Change | Constant currency |
|---|---|---|---|---|---|---|---|
| 221 | 202 | 9.3% | Revenue | 428 | 420 | 2.0% | 8.2% |
| 45 | 39 | 16.3% | Gross profit | 86 | 84 | 1.5% | 7.0% |
| 20.6% | 19.3% | 125 bp | Gross profit margin | 20.0% | 20.1% | -10 bp | -24 bp |
| 25 | 21 | 19.6% | Adjusted EBITDA | 46 | 47 | -0.2% | 6.6% |
| 11.2% | 10.2% | 97 bp | Adjusted EBITDA margin | 10.8% | 11.1% | -23 bp | -16 bp |
| 23 | 19 | 23.5% | Adjusted EBITA | 43 | 43 | 1.3% | 8.2% |
| 10.5% | 9.3% | 121 bp | Adjusted EBITA margin | 10.1% | 10.1% | -7 bp | 1 bp |
| 51.0% | 48.0% | 295 bp | Conversion margin | 50.4% | 50.5% | -7 bp | 66 bp |
In H1 2026, revenue in APAC was EUR 428m, representing a year-on-year increase of 8.2% in constant currency. In Q2, APAC achieved revenue of EUR 221m, driven by a 12.7% organic growth, partially offset by a 3.4% negative F/X impact.
In H1, revenue in Life Sciences was EUR 303m, representing a year-on-year increase of 8.2%, while Industrial Chemicals recorded revenue of EUR 125m, an increase of 8.0%, with both growth rates expressed in constant currency, and entirely organic.
Gross profit increased by 7.0% in constant currency to EUR 86m in H1, as strong growth in Q2 reversed the decline earlier in the year. This resulted in gross profit margin of 20.0% for H1. The 24 bp gross profit margin contraction during the period reflects the continued weakness in Australia and New Zealand, mitigated by volume growth as well as positive pricing in most end markets in the rest of the region. Adjusted EBITA was EUR 43m, an increase of 8.2% compared to the prior year (in constant currency), driven by strong revenue growth, and supported by consistent cost management. Conversion margin was broadly stable in H1 at 50.4% (+ 66bp in constant currency).
Holding companies
| Q2 2026 | Q2 2025 | Change | H1 2026 | H1 2025 | Change | Constant currency | |
|---|---|---|---|---|---|---|---|
| -12 | -10 | 18.2% | Adjusted EBITA (in millions of €) | -21 | -19 | 10.2% | 10.2% |
| -1.0% | -0.9% | -11 bp | As % of Group revenue | -1.0% | -0.9% | -9 bp | -6 bp |
Operating costs at the Group’s holding companies, which relate to the Group’s non-operating entities as well as the head office in Belgium, increased by 10.2% to EUR 21m, due to higher IT investments, as well as general cost inflation in services.
Financial review
| Q2 2026 | Q2 2025 | Change | (in millions of €) | H1 2026 | H1 2025 | Change | Constant currency |
|---|---|---|---|---|---|---|---|
| 697 | 656 | 6.1% | Life Sciences | 1,359 | 1,350 | 0.7% | 3.8% |
| 428 | 405 | 5.7% | Industrial Chemicals | 807 | 809 | -0.3% | 2.1% |
| 1,125 | 1,061 | 6.0% | Group revenue | 2,166 | 2,159 | 0.3% | 3.2% |
| 278 | 251 | 10.5% | Gross profit | 524 | 515 | 1.7% | 4.3% |
| 24.7% | 23.7% | 100 bp | Gross profit margin | 24.2% | 23.9% | 33 bp | 28 bp |
| 128 | 115 | 11.5% | Adjusted EBITA | 233 | 234 | -0.8% | 2.6% |
| 11.4% | 10.8% | 57 bp | Adjusted EBITA margin | 10.7% | 10.9% | -12 bp | -6 bp |
| 46.1% | 45.7% | 45 bp | Conversion margin | 44.4% | 45.5% | -113 bp | -76 bp |
| Operating profit | 188 | 191 | -1.6% | 1.3% | |||
| Net profit | 86 | 85 | 0.6% | 3.7% |
Revenue
In H1 2026, Azelis delivered revenue of EUR 2.2bn, representing year-on-year growth of 3.2% in constant currency, supported by 0.3% organic growth during the period and 2.9% revenue growth contribution from acquisitions. In Q2, revenue increased by 6.3% in constant currency versus the prior year, driven by a 3.9% organic growth, and a 2.4% revenue growth contribution from acquisitions.
In H1 2026, revenue in Life Sciences was EUR 1.4bn, a year-on-year increase of 3.8% in constant currency, while revenue from Industrial Chemicals was EUR 807m, an increase of 2.1% in constant currency versus the prior year. In Q2, revenue in Life Sciences increased by 6.9% in constant currency, driven by a 3.7% organic growth and 3.2% revenue growth contribution from acquisitions. Revenue in Industrial Chemicals increased by 5.4% in constant currency, driven mainly by organic growth of 4.2%, as well as growth contribution of 1.2% from recent acquisitions.
Profitability
For H1 2026, gross profit was EUR 524m, representing a 4.3% year-on-year increase in constant currency, supported by a modest organic growth of 0.6%, and a 3.8% growth contribution from recent acquisitions. This resulted in a gross profit margin of 24.2% for the period, implying a 33bp expansion over the prior year.
In the second quarter, gross profit increased by 10.6% year-on-year in constant currency to EUR 278m, driven by a 7.2% organic growth and 3.4% gross profit growth contribution from recent acquisitions. Gross profit margin during the quarter was 24.7%, a 96 bp expansion over the prior year despite the negative mix effect from higher growth contribution from our businesses in Asia Pacific, reflecting the positive momentum in both price and volumes in some end-markets.
Adjusted EBITA in H1 2026 was EUR 233m, representing an increase of 2.6% in constant currency versus the prior year, driven by a 4.2% EBITA growth contribution from recent acquisitions with a 1.6% organic decline. This resulted in adjusted EBITA margin of 10.7% for the period, or a 6bp contraction versus the prior year.
In the second quarter, adjusted EBITA increased by 12.7% in constant currency to EUR 128m, driven by a 9.2% organic growth and 3.5% EBITA growth contribution from recent acquisitions. Adjusted EBITA margin during the quarter expanded by 66bp to 11.4% as topline growth offset general cost inflation.
Net financial expense in H1 2026 was EUR 66m, a 5.5% decrease compared to the prior year, as lower financial expense offset the decline in financial income during the period. The lower financial expense was mainly driven by a significant reduction in interest expense and other financial costs despite the one-off refinancing costs linked to the bond refinancing executed in March. Tax expense for the first half of the year was EUR 36m, implying an effective tax rate (ETR) of 29.4%, versus 29.3% in the prior year.
Net profit was EUR 86m, resulting in cash earnings per share of EUR 0.52 for the first half of 2026.
| (in millions of €) | H1 2026 | H1 2025 |
|---|---|---|
| Operating profit | 188 | 191 |
| Net financial expense | -66 | -70 |
| Financial income | 3 | 8 |
| Financial expense | -69 | -78 |
| Interest expense on bank loans and overdrafts | -39 | -42 |
| Interest lease commitments | -5 | -4 |
| Other financial cost | -25 | -32 |
| Profit before tax | 122 | 121 |
| Tax expense | -36 | -35 |
| Net profit | 86 | 85 |
| Effective tax rate | 29.4% | 29.3% |
| Earnings per share | 0.35 | 0.34 |
| Cash earnings per share | 0.52 | 0.51 |
Cash flow and financing
Net working capital to revenue normalised for acquisitions was 16.0% at the end of June, versus 13.9% at the end of March, and 15.8% at the end of June 2025. The Group continues to actively manage its working capital in-line with demand, and remains committed to optimising its working capital investments.
Free cash flow for the first half of the year was EUR 122m, a 19% decline over the prior year, and resulting in a FCF conversion ratio of 52.3%, compared to 63.8% in the prior year. The reduction in the FCF conversion ratio reflects higher working capital requirements driven by improved business performance during the period.
Net debt was stable at EUR 1.6bn, and leverage ratio stood at 3.4x at the end of June 2026. At the end of the period, the Group had liquidity of EUR 745m.
| (in millions of €) | H1 2026 | H1 2025 |
|---|---|---|
| Operating cash flow | 144 | 177 |
| Free cash flow | 122 | 151 |
| FCF conversion | 52.3% | 63.8% |
| Net working capital / revenue normalised for acquisitions | 16.0% | 15.8% |
| Net indebtedness | 1,588 | 1,604 |
| Leverage ratio | 3.4x | 3.1x |
Alternative performance measures
Throughout its financial communication (annual and interim reports, website, press releases, presentations, etc.), Azelis presents certain financial measures and adjustments that are not in accordance with IFRS, or any other internationally accepted accounting principles. Certain of these measures are termed 'alternative performance measures' (APMs) because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using financial measures that are not calculated in accordance with IFRS. For more information regarding these APMs, including definitions and calculation methodology, refer to the section 'alternative performance measures' in the Azelis Group Integrated reports.
Appendix
All figures and tables contained in this appendix have been extracted from Azelis's unaudited condensed consolidated interim financial statements for the first six months of 2026, which have been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by the European Union.
The statutory auditor, PwC Bedrijfsrevisoren BV / Reviseurs d’Entreprises SRL, represented by Peter D'hondt, has reviewed these condensed consolidated interim financial statements and concluded that based on the review, nothing has come to the attention that causes them to believe that the condensed consolidated interim financial information is not prepared, in all material respects, in accordance with IAS 34, as adopted by the European Union.
For the condensed consolidated interim financial statements for the first six months of 2026 and the review report of the statutory auditor we refer to Azelis's website.
Consolidated income statement for the period ended 30 June
| (in thousands of €) | Jan-June 2026 | Jan-June 2025 |
|---|---|---|
| Revenue | 2,165,760 | 2,158,925 |
| Other operating income | 11,774 | 12,013 |
| Total income | 2,177,534 | 2,170,938 |
| Costs for goods and consumables | -1,653,655 | -1,655,851 |
| Gross profit | 523,879 | 515,087 |
| Employee benefits expenses | -165,409 | -161,476 |
| External services and other expenses | -108,178 | -104,181 |
| Depreciation of tangible assets | -21,128 | -22,157 |
| Amortisation and impairment of intangible assets | -41,272 | -36,352 |
| Operating profit / loss (-) | 187,892 | 190,921 |
| Financial income | 3,215 | 8,275 |
| Financial expenses | -69,336 | -78,210 |
| Net financial expense | -66,121 | -69,935 |
| Profit / loss (-) before tax | 121,771 | 120,986 |
| Income tax income / expense (-) | -35,743 | -35,488 |
| Net profit / loss (-) for the period from continuing operations | 86,028 | 85,498 |
| Attributable to: | ||
| Equity holders of the parent | 85,155 | 83,547 |
| Non-controlling interests | 873 | 1,951 |
| Net profit / loss (-) for the period | 86,028 | 85,498 |
| in € | in € | |
| Basic earnings per share | 0.35 | 0.34 |
| Diluted earnings per share | 0.35 | 0.34 |
Consolidated statement of financial position
| (in thousands of €) | 30 June 2026 | 31 December 2025 |
|---|---|---|
| Assets | ||
| Goodwill | 2,537,342 | 2,472,223 |
| Intangible assets | 1,269,086 | 1,286,004 |
| Property, plant and equipment | 75,566 | 77,513 |
| Right of use assets | 161,329 | 154,263 |
| Investments in associates | 240 | 240 |
| Other financial assets | 5,231 | 4,226 |
| Deferred tax assets | 31,316 | 25,669 |
| Total non-current assets | 4,080,110 | 4,020,138 |
| Inventories | 683,143 | 588,193 |
| Trade and other receivables | 699,627 | 522,168 |
| Income tax receivables | 9,029 | 13,167 |
| Cash and cash equivalents | 245,307 | 263,009 |
| Total current assets | 1,637,106 | 1,386,537 |
| Total assets | 5,717,216 | 5,406,675 |
| Equity and liabilities | ||
| Share capital | 5,880,000 | 5,880,000 |
| Reserves | -4,114,671 | -4,175,229 |
| Retained earnings | 983,165 | 878,612 |
| Unappropriated result | 85,155 | 111,193 |
| Issued capital and reserves attributable to owners of the parent | 2,833,649 | 2,694,576 |
| Non-controlling interests | 15,482 | 21,152 |
| Total equity | 2,849,131 | 2,715,728 |
| Loans and borrowings | 1,604,043 | 1,602,489 |
| Lease obligations | 142,388 | 134,108 |
| Employee benefit obligations | 12,642 | 13,030 |
| Provisions | 3,273 | 3,265 |
| Other non-current liabilities | 6,577 | 7,430 |
| Deferred tax liabilities | 224,205 | 220,838 |
| Total non-current liabilities | 1,993,128 | 1,981,160 |
| Bank overdrafts | 20,717 | 14,244 |
| Loans and borrowings | 47,845 | 94,609 |
| Lease obligations | 28,684 | 28,364 |
| Provisions | 2,222 | 2,395 |
| Income tax payables | 17,245 | 14,725 |
| Trade and other payables | 758,244 | 555,450 |
| Total current liabilities | 874,957 | 709,787 |
| Total liabilities | 2,868,085 | 2,690,947 |
| Total equity and liabilities | 5,717,216 | 5,406,675 |
Consolidated statement of cash flows
| (in thousands of €) | Jan-June 2026 | Jan-June 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net profit / loss (-) for the period | 86,028 | 85,498 |
| Adjustments for: | ||
| Depreciation, amortisation and impairment expenses | 62,399 | 58,509 |
| Net financial expense | 66,121 | 69,935 |
| Cost of share-based payment | 1,557 | 1,069 |
| Income tax income / expense | 35,743 | 35,488 |
| Change in inventories | -81,695 | -5,975 |
| Change in trade and other receivables and other investments | -168,879 | -90,923 |
| Change in trade and other payables | 143,063 | 23,958 |
| Change in provisions | -723 | -1,030 |
| Cash flow from operating activities | 143,614 | 176,529 |
| Interest received | 1,710 | 2,757 |
| Income tax paid | -36,462 | -38,114 |
| Net cash flow from operating activities | 108,862 | 141,172 |
| Cash flow from investing activities | ||
| Acquisition of property, plant and equipment and intangible assets | -4,518 | -18,420 |
| Acquisition of subsidiaries, net of cash acquired | -780 | -47,425 |
| Net cash flow from investing activities | -5,298 | -65,845 |
| Cash flows from financing activities | ||
| Payments of lease obligation | -19,617 | -19,678 |
| Acquisition of non-controlling interests | -14,799 | -80,638 |
| Purchase of treasury shares | -1,500 | -1,190 |
| Interest paid | -50,478 | -56,031 |
| Proceeds from loans and borrowings | 418,391 | 268,221 |
| Repayments of loans and borrowings | -463,472 | -38,101 |
| Transaction costs related to loans and borrowings | -8,112 | - |
| Other cash flows from financing activities | 5,594 | 6,332 |
| Net cash flow from financing activities | -133,993 | 78,915 |
| Net (decrease) increase in cash and cash equivalents | -30,429 | 154,242 |
| Effect of exchange rate fluctuations on cash held | 6,254 | 1,575 |
| Cash and cash equivalents minus bank overdraft at beginning of the period | 248,765 | 284,798 |
| Cash and cash equivalents minus Bank overdraft at 30 June | 224,590 | 440,615 |
Notes to the editor
About Azelis
Azelis is the reference global innovation service provider in the speciality chemical and food ingredients industry, present in 64 countries across the globe with over 4,100 employees. Our knowledgeable teams of industry, market and technical experts are each dedicated to a specific market within Life Sciences and Industrial Chemicals. We offer a comprehensive portfolio of complementary products to more than 65,000 customers, supported by +2,800 principal relationships, creating a turnover of €4.1 billion (2025). Azelis Group NV is listed on Euronext Brussels under ticker AZE and is included in the BEL20 and BEL®ESG indices.
Across our extensive network of more than 70 application laboratories, our award-winning teams develop innovative and sustainable formulations and provide technical guidance throughout the product development process. We combine global market reach with a local footprint to offer reliable, integrated, and unique digital services to local customers and attractive business opportunities to principals. Recognised for our sustainability leadership, we are committed to responsible growth that positively impacts people, communities and the planet. Through the application of science and deep market expertise, we act as catalysts for innovation, enabling our customers to win and our principals to grow.
Impact through ideas. Innovation through formulation.
Important disclaimer
This press release may contain statements relevant to Azelis Group NV (the Company) and/or its affiliated companies (collectively Azelis or the Azelis Group) which are not historical facts, contain wording like 'potential', 'believes', 'anticipates', 'expects', 'intends', 'plans', 'seeks', 'estimates', 'may', 'will', 'continue' and similar expressions, and are hereby identified as 'forward-looking statements'. Such forward-looking statements include, without limitation, those relating to the future business prospects, revenue, working capital, liquidity, capital needs, interest costs, and income, in each case relating to the Azelis Group.
The forward-looking statements and estimates contained herein represent the judgment of and are based on the information available to the Board of Directors and the Company’s management as of the date of this press release. They are subject to a number of known and unknown risks, uncertainties, assumptions and other factors that could cause actual results, financial condition, performance or achievements, or industry results to differ materially from those expressed or implied by the forward-looking statements.
These forward-looking statements should not be considered as guarantees for the future performance of the Azelis Group and should, therefore, be considered in light of various important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements. These include without limitation global spread and impact of military conflicts and pandemics, changes in economic, and business cycles, the terms and conditions of Azelis's financing arrangements, foreign currency rate fluctuations, competition in Azelis's key markets, acquisitions or disposals of businesses or assets, potential or actual data security breaches, changes in laws and regulations, changes or uncertainties in tax laws or the administration thereof, hiring and retention of employees, and trends in Azelis's principal industries or economies. Azelis's efforts to acquire and integrate businesses may not be as successful as Azelis may have believed at the moment of acquisition. Last but not least, a breakdown, cyberattack or information security breach could compromise the confidentiality, integrity and availability of Azelis's data and systems.
The foregoing list of important factors is not exhaustive. When considering forward-looking statements, careful consideration should be given to the foregoing factors and other uncertainties and events, as well as factors described in any other document published by the Company with the Belgian Financial Services and Markets Authority (FSMA) or on the Azelis website from time to time. No undue reliance should be placed on such forward-looking statements, which are relevant only as of the date of this publication and do not reflect any potential impacts from the evolving military conflicts, pandemics or other adversity, unless indicated otherwise. Except as required by the FSMA, Euronext, or otherwise in accordance with applicable law, the Company disclaims any obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Certain financial information in this press release has been rounded according to established commercial standards. As a result, this press release may show minor rounding differences versus comparable periods as presented earlier. Pursuant to Belgian Law, Azelis is required to prepare this press release in Dutch. Azelis has also made this report available in English.