IMCD (IMCD) Q1 2025 earnings summary

Executive summary

• CEO transition completed, with Marcus Jordan taking over after Valerie Diele-Braun's departure for personal reasons, reaffirming confidence in the diversified business model.

• Q1 2025 saw revenue grow 9% year-over-year to EUR 1,260 million, with gross profit up 10% to EUR 325 million and operating EBITA up 12% to EUR 142 million.

• Cash earnings per share rose 10% to EUR 1.55, and net result increased 14% to EUR 69 million.

• The company remains confident in its asset-light, diversified, and digitally enabled business model.

• Free cash flow was EUR 102 million, with a cash conversion margin of 70.2%.

Financial highlights

• Revenue grew 9% to EUR 1,260 million, with 4% organic growth and 5% from 2024 acquisitions; gross profit margin improved to 25.8%.

• Operating EBITA margin increased to 11.3%, and conversion margin rose to 43.7%.

• Net result up 14% to EUR 69 million; free cash flow was EUR 102 million, down from EUR 106 million in Q1 2024.

• Net working capital in days of revenue was 65 days, up from 63 days in Q1 2024.

• Net debt reduced to EUR 1,228 million, with leverage ratio improved to 2.1x EBITDA.

Outlook and guidance

• Management expresses confidence in sustaining growth through strong commercial teams, digital infrastructure, and resilient business model.

• Short-term visibility remains limited due to market volatility and tariff uncertainty.

• Focus remains on organic growth, acquisitions, and expanding market positions.