Boiron (BOI) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was €240.3M, down 2.2% year-over-year, with a 0.3% decrease at constant exchange rates, reflecting lower volumes and adverse currency effects, partially offset by favorable pricing.

• Net income attributable to the group fell 56.8% to €4.9M, and EBITDA dropped 24.2% to €24.0M, mainly due to higher costs and lower sales in France.

• Operating income dropped 52.1% to €7.5M compared to H1 2025.

• Operational profitability was impacted by increased costs of goods sold, higher promotional expenses, and a one-off social charge related to changes in French law.

Financial highlights

• Revenue: €240.3M (-2.2% y/y); at constant FX: -0.3%.

• Operating income: €7.5M (3.1% margin), down from €15.7M (6.4% margin) in H1 2025.

• Net income: €4.9M vs. €11.4M in H1 2025.

• EBITDA: €24.0M vs. €31.7M in H1 2025.

• Net cash: €50.0M, down from €62.0M a year earlier.

Outlook and guidance

• Full-year performance will depend on the severity of seasonal illnesses, new product launches, and geopolitical developments.

• No new risk factors identified; risk mapping unchanged from 2025.