IMCD (IMCD) Q1 2026 earnings summary

Executive summary

• 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).

Financial highlights

• 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.

Outlook and guidance

• 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.