Eurofins Scientific (ERF) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was €5,614m, up 3.7% YoY; organic growth improved sequentially to 3.5% in Q3, or 3.2% adjusted for public working days.

• FY 2026 organic growth is expected below the prior objective, while profitability and cash-flow objectives remain unchanged.

• Management expects mid-single-digit organic growth in 2027 and reaffirmed mid-term objectives; the 2027 growth objective may be slightly below the 6.5% mid-term target.

• Laboratory footprint and digital-system investments continued, with current programs expected to be completed or nearly completed by end-2027.

Financial highlights

• 9M revenue growth comprised 3.0% organic growth, €168m from M&A, a 1.7% FX headwind and a 0.7% headwind from discontinuations and disposals.

• Organic growth improved quarter by quarter: 2.5% in Q1, 3.0% in Q2 and 3.5% in Q3; PWD-adjusted rates were 2.6%, 2.9% and 3.2%.

• Q3 revenue was €1,913m, up 6.1% YoY.

• FY 2026 profit and cash flow are expected to improve YoY, although H2 profit improvement may be lower than H1.

Outlook and guidance

• FY 2026 organic growth is expected below the previous mid-single-digit objective amid slower-than-normal markets and clinical programmes not expected to restart this year.

• FY 2027 organic growth is expected to return to mid-single digits; management described the objective as 4%–6%, potentially slightly below the 6.5% mid-term target.

• Adjusted EBITDA margin is expected to improve in 2026 from FY 2025’s 22.5%, progressing toward the 24% FY 2027 objective; cash-flow objectives remain intact.

• FY 2027 objectives include EBITDA-level SDI of ~0.5% of revenue, cash conversion above 50%, and continued FCFF and ROCE increases.