Fagron (FAGR) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 revenue reached €263.4 million, up 10.3% year-over-year, driven by strong Latin America growth and M&A contributions.

• All regions delivered organic growth at constant exchange rates, with Latin America significantly outpacing others.

• Integration of recent acquisitions, including Pharmavit, Purifarma, Vepakum, Magilab, CareFirst, and UCP, is progressing as planned.

• Brands performed well, supported by innovation, commercial strategy, and operational excellence initiatives.

• Business model remains resilient, with predictable growth and focus on quality and operational excellence.

Financial highlights

• Q1 2026 revenue was €263.4 million, representing 10.3% growth year-over-year.

• Organic revenue growth at constant exchange rates was 3.2% year-over-year.

• Latin America revenue increased 34.8% (34.1% at CER), with organic growth of 10.4%.

• Group EBITDA/REBITDA margin guidance for 2026 is circa 20%, reflecting initial dilution from acquisitions.

• CapEx expected to remain at around 3.5% of revenues, excluding one-off projects.

Outlook and guidance

• Maintains mid- to high-single digit organic revenue growth guidance at constant rates for FY 2026.

• Profitability margin expected at circa 20% for 2026, with H2 anticipated to be stronger than H1.

• Long-term REBITDA margin target of 21% for 2027 remains unchanged, with synergies from acquisitions expected to support margin improvement.