Fagron (FAGR) Q3 2026 TU earnings summary

Executive summary

• Q3 revenue was €281.260m, up 23.2% reported and 19.5% at CER; organic growth at CER was 3.4%, led regionally by EMEA and Latin America.

• 9M revenue reached €833.743m, up 18.4% reported and 18.1% at CER, with 3.2% organic growth at CER.

• FY 2026 revenue and adjusted EBITDA margin guidance was confirmed; stabilized IV bag supply is expected to support progressive Compounding Services recovery in Q4.

• All announced acquisitions are closed and integration is on track, with full contribution expected in 2027.

Financial highlights

• Q3 category revenue: Essentials €133.646m, up 47.4%; Brands €42.886m, up 13.3%; Compounding Services €104.727m, up 5.0%.

• 9M revenue was €833.743m versus €704.353m, up 18.4% reported and 18.1% at CER; organic growth at CER was 3.2%.

• Management cited 6% year-to-date growth when normalizing for GLP-1 effects.

• Injeplast revenue was described as a low-double-digit amount; its acquisition multiple was 6x–9x EBITDA, with margins in line with the group average.

Outlook and guidance

• FY 2026 revenue guidance remains €1,125m–€1,150m, with adjusted EBITDA margin of 19.5%–20.0%.

• FY 2026 CapEx is expected to be ~3.5% of revenue, excluding one-off projects; guidance assumes no significant changes in market conditions.

• IV bag supply has stabilized; Compounding Services volumes are expected to recover progressively through Q4, with the business expected back at its Q1 2026 level during Q1 2027.

• The pace of U.S. Compounding Services recovery depends on customer sales cycles and order commitments; 2027 is expected to be on track, supported by capacity and demand.

• Medium-term objectives remain unchanged, and North America–Pacific is viewed as at an inflection point.