Q1 2026 delivered solid results with gross profit of €312 million, up 1% on a constant currency basis, and revenue of €1,267 million, up 6% FX adjusted, despite significant market disruptions and FX headwinds.
Free cash flow increased 19% to €121 million, driven by reduced net working capital investments and robust cash conversion margin of 90.9%.
Operating EBITA fell 2% on a constant currency basis to €130 million, with EBITA margin down to 10.2%.
Cash earnings per share was €1.46, down 6% year-over-year; normalized for FX, EPS was flat.
Completed two acquisitions: Dong Yang FT (South Korea, beauty/personal care) and Willows Ingredients (UK/Ireland, food/nutrition).
Revenue for Q1 2026 was €1,267 million, up 1% year-over-year (6% FX adjusted).
Gross profit margin declined to 24.6% from 25.8% in Q1 2025.
Operating EBITA margin decreased to 10.2% from 11.3% year-over-year.
Net result was €63 million, down 8% year-over-year.
Cash conversion margin improved to 90.9% from 70.2% in Q1 2025.
Macroeconomic and geopolitical uncertainty, including Middle East conflict and tariffs, continues to impact demand visibility and supply chain stability.
Focus remains on earnings growth, service optimization, and leveraging digital and logistics infrastructure.
Teams remain agile to manage price volatility and supply chain risks.
Some pre-buying observed at the start of Q2, but at muted levels compared to post-COVID.
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