IMCD (IMCD) Q2 2026 earnings summary

Executive summary

• Gross profit reached EUR 658 million, up 7% on a constant currency basis, and EBITA rose to EUR 285 million, an 8% increase on a constant currency basis.

• Revenue was EUR 2,638 million, up 7% year-over-year (11% constant currency), with free cash flow increasing to EUR 222 million.

• Net result improved by 14% on a constant currency basis to EUR 142 million, with cash earnings per share rising to EUR 3.18.

• Three acquisitions (Dong Yang FT, Willows Ingredients, Merit Solution) completed or signed, adding approximately EUR 70 million in annualised revenues.

• Continued investment in digital tools, AI-driven sales support, and talent, including a global people director.

Financial highlights

• Revenue grew 7% year-over-year to EUR 2,638 million, with 11% FX-adjusted growth and 3% organic growth.

• Gross profit margin was 24.9%, down 0.7 percentage points due to lower-margin acquisitions and product mix.

• Operating EBITA margin at 10.8%, slightly down from 11.1% in HY 2025; conversion margin at 43.3%.

• Cash conversion margin improved to 76.2% from 61.4% year-over-year.

• Cash earnings per share rose to EUR 3.18, up from EUR 2.94 in HY 2025.

Outlook and guidance

• Early Q3 shows a promising start amid dynamic market conditions, but macroeconomic and political uncertainty continues to impact demand visibility.

• Focus remains on earnings growth, service optimisation, and market position strengthening.

• Confidence in resilient business model and strong commercial teams to sustain growth.

• No significant changes expected in working capital days; typical seasonal cycle anticipated with a drop towards year-end.

• Leverage ratio expected to decrease in H2, depending on acquisition activity.