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Visual22 Oct 2025
Epiroc's cash spent on M&A
Azelis Group (AZE) investor relations material
Azelis Group Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary23 Oct, 2025
Executive summary
Market conditions in the first nine months of 2025 were volatile, with normalization delays from geopolitical and trade dynamics.
Free cash flow increased by 34.3% to €293.2m, reflecting strong working capital management and an asset-light business model.
Cost-saving initiatives are ahead of schedule and ramping up, with significant progress in right-sizing the organization.
Four strategic acquisitions were completed, contributing over €110m in prior-year revenue.
Group CFO Thijs Bakker will depart after nearly a decade, with a successor to be announced.
Financial highlights
Revenue for 9M 2025 was €3.2bn, up 2.1% year-on-year at constant currency, with 2.7% growth from acquisitions offsetting a 0.6% organic decline and a 3.0% FX headwind.
Gross profit was €751.9m (23.7% margin), down 1.3% year-on-year at constant currency, with margin contracting by 80 bp.
Adjusted EBITA was €332.6m (10.5% margin), down 9.9% year-on-year, with margin contraction due to slower revenue and partial cost-saving benefits.
Free cash flow conversion ratio expanded to 87.1%, up 29 percentage points year-on-year.
Leverage increased to 3.4x, influenced by slower EBITDA growth, M&A investments, and deferred payments.
Outlook and guidance
Near-term uncertainty from geopolitical and trade issues continues to weigh on demand.
Cost and working capital controls remain a focus to navigate short-term challenges.
Long-term industry fundamentals remain compelling, with continued investment in innovation and digital capabilities.
No major M&A deals expected until leverage returns below 3x; pipeline remains strong.
Positioned to capture growth as market conditions improve, but near-term visibility remains limited.
Q4 cost-saving impact on EBITA margin
Leverage reduction strategy to below 3.0x
Address specific market weaknesses and growth drivers
M&A pace given leverage and falling multiples
When will APAC oversupply normalize?
What is the 2026 run-rate impact of cost savings?
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Frequently asked questions
Azelis Group NV is a service provider in the specialty chemicals and food ingredients industry, delivering solutions across a broad range of sectors. The company operates through two main business segments: Life Sciences and Industrial Chemicals, catering to a diverse clientele. With a global presence spanning EMEA (Europe, the Middle East, and Africa), the Americas, and Asia Pacific, Azelis is well-positioned to serve its customers with specialized and high-quality products and services. The company's expertise in formulation, application, and technical service supports its partners in developing tailored solutions that meets the clients specific needs. The company is headquartered in Antwerp, Belgium, and its shares are listed on the Euronext Brussels.
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