Euroapi (EAPI) H1 2025 earnings summary

Executive summary

• Net sales for H1 2025 declined 8.2% year-over-year to €412.1 million, mainly due to a high prior-year base and lower sales to Sanofi; net loss narrowed to €28.5 million from €34.8 million.

• Core EBITDA margin was 9.6%, with Core EBITDA at €39.5 million, down from €47.6 million (10.6%) in H1 2024.

• The FOCUS-27 plan advanced, including cost discipline, portfolio derisking, and divestment of the Haverhill site.

• CDMO activity showed strong performance with Sanofi, offsetting declines in API sales and legacy contract downsizing.

• A €140 million public aid agreement was signed with the French government for the IPCEI Med4Cure project.

Financial highlights

• Gross profit was €76.6 million (18.6% margin), down from €98.0 million (21.8%) in H1 2024.

• EBITDA improved to €5.0 million from a €1.4 million loss in H1 2024.

• Net income was a €28.5 million loss, improved from a €34.8 million loss in H1 2024.

• Free cash flow before financing was €(20.0) million, compared to €10 million in H1 2024.

• Net cash position at end of June 2025 was €1.1 million, down from €25.2 million at end-2024.

Outlook and guidance

• Full-year 2025 net sales are expected to decline low single digits, revised from previous steady expectations.

• Core EBITDA margin target reaffirmed at 7–9%, with expectations to reach the upper end of the range.

• H2 performance is anticipated to strengthen, supported by HP API sales, increased CMO activity, inventory buildup, and vitamin B12 catch-up.

• Full-year CAPEX expected between €80 and €90 million.