PolyPeptide Group (PPGN) H2 2025 earnings summary

Executive summary

• Achieved 16% revenue growth at constant exchange rates in 2025, reaching EUR 389.3 million, mainly driven by metabolic therapeutics and strong customer demand.

• EBITDA margin improved from 7.5% in 2024 to 12% in 2025, with EBITDA of EUR 46.8 million (+84.4%).

• Operating result (EBIT) turned positive at EUR 8.7 million from a loss of EUR -7.4 million in 2024.

• Strong operating cash flow and customer prepayments expanded financing flexibility and supported accelerated investments; no equity raise planned.

• Commercial revenue rose to 61% of total, with large pharma as the main growth driver.

Financial highlights

• 2025 sales reached EUR 389.3 million, up 16% at constant exchange rates.

• Development business grew nearly 30% to EUR 153 million; commercial business up 7.9% to EUR 236 million.

• EBITDA improved by over EUR 40 million, reaching EUR 46.8 million (12% margin); H2 margin at 19%.

• Net result for 2025 was -EUR 21.2 million, impacted by unrealized FX losses and IFRS contract liability treatment.

• Operating cash flow was EUR 77.5 million, with year-end cash at EUR 74.6 million.

Outlook and guidance

• 2026 revenue growth expected at 20%-25% at constant exchange rates.

• EBITDA margin targeted at mid to high teens for 2026, supported by full-year Braine-l'Alleud contribution.

• CapEx for 2026 guided at 15%-20% of revenues, in line with midterm outlook.

• 2028 midterm guidance confirmed, targeting EBITDA margin approaching 25% and doubling 2023 revenue.

• No dividend proposed for 2026 as investments continue.