AlzChem Group (ACT) H1 2026 earnings summary

Executive summary

• Sales increased by 6% year-over-year to nearly EUR 304 million in H1 2026, driven by higher volumes, improved pricing, and a strategic focus on high-margin specialty chemical ingredients, despite a challenging market environment.

• EBITDA rose 14% to EUR 64.5 million, with margin expanding from 19.6% to 21.2%, supported by high utilization of specialty production and a shift to high-margin products.

• Net income grew 14% to EUR 34.8 million, and earnings per share increased to EUR 3.43.

• Major investments included refurbishment of a carbide furnace, expansion of nitroguanidine and creatine production, and selection of a new U.S. production site.

• EUR 100 million in new growth financing was secured, supporting further expansion and confirming a positive outlook for 2026.

Financial highlights

• Group sales reached EUR 303.9 million in H1 2026, up 6% year-over-year; Specialty Chemicals contributed 70% of sales.

• EBITDA increased by 14% to EUR 64.5 million; EBIT rose 16% to EUR 50.3 million; net income up 14% to EUR 34.8 million.

• Operating cash flow was EUR 51 million, with free cash flow negative at EUR -30.5 million due to high investment activity.

• Equity ratio at 40.3%, down from 41.8% at year-end 2025, reflecting balance sheet growth.

• Dividend increased by 17% to EUR 2.10 per share.

Outlook and guidance

• Full-year 2026 sales expected at approximately EUR 600 million (+7%), and EBITDA at EUR 126 million (+8%), with margin forecasted to slightly increase to 21.0%.

• Growth to be driven organically, especially by volume increases in Specialty Chemicals, with Human Nutrition and defense as key drivers.

• Temporary Q3 slowdown anticipated due to timing effects, but Q4 expected to benefit from new nitroguanidine capacity; full-year guidance remains unchanged.

• Ramp-up costs for new facilities expected in Q3, with low single-digit million euro impact.

• Geopolitical risks and energy price volatility are not expected to materially impact 2026 results.