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Euroapi (EAPI) investor relations material
Euroapi H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net sales for H1 2025 were €412.1M, down 8.2% year-over-year, mainly due to a high prior-year base and lower Sanofi sales; net loss narrowed to €28.5M from €34.8M.
Core EBITDA margin was 9.6% (Core EBITDA €39.5M), down from 10.6% in H1 2024, with EBITDA improving to €5M from a €1.4M loss.
Execution of the Focus 27/FOCUS-27 plan included cost discipline, divestment of the Haverhill/Avahil site, and API discontinuation.
CDMO activity showed strong performance with Sanofi, offsetting declines in API sales and legacy contract downsizing.
€140M public aid agreement signed with the French government for the IPCEI Med4Cure project.
Financial highlights
Gross profit was €76.6M (18.6% margin), down from €98.0M (21.8%) in H1 2024.
Free cash flow before financing was -€20M, compared to €10M in H1 2024.
Net cash position at June 2025 was €1.1M, down from €25M at end-2024, reflecting inventory seasonality and factoring.
CapEx was €37.8M (9.2% of sales), with 60% dedicated to growth projects.
Basic and diluted EPS was -€0.30, improved from -€0.37 in H1 2024.
Outlook and guidance
Full-year 2025 net sales expected to decline low single digits, revised from previous steady outlook.
H2 performance anticipated to strengthen, driven by HPAPI, CMO activities, inventory buildup, and Vitamin B12 catch-up.
Core EBITDA margin target reaffirmed at 7–9%, aiming for the upper end.
CapEx for 2025 guided at €80–90M, in line with Focus 27 targets.
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