Guerbet (GBT) H1 2026 earnings summary

Executive summary

• H1 revenue was €379.2m, down 2.2% reported and 0.1% at constant exchange rates and like-for-like.

• EBITDA was €30.6m; Raleigh remediation and restructuring contributed to an operating loss of €18.4m and net loss of €32.7m.

• Net debt reached €355.9m; FY 2026 targets remain stable or slightly lower revenue, ~8% restated EBITDA margin and -€50m to -€70m FCF.

Financial highlights

• Revenue was €379.2m versus €387.8m in H1 2025; an €8.0m negative currency effect mainly reflected yen and dollar depreciation.

• Published EBITDA was €30.6m versus €46.1m; restated EBITDA was €34.3m versus €50.0m.

• Published EBITDA margin was 8.1% versus 11.9%; restated margin was 9.1% versus 12.9%.

• Operating result was -€18.4m versus €15.0m; net result was -€32.7m versus €1.3m in H1 2025.

• Free cash flow was -€30.2m versus -€8.4m; H1 capex was €30.2m versus €17.2m.

Outlook and guidance

• FY 2026 revenue guidance is stable or slightly down at constant exchange rates and like-for-like; restated EBITDA margin target is ~8%.

• FY 2026 FCF is forecast at -€50m to -€70m; exceptional Raleigh remediation costs are expected to total €35m, including stock destruction.

• H2 outlook anticipates positive trends in EMEA and the Americas and growth in APAC excluding China; China remains disrupted amid the direct-sales transition begun in August.

• Raleigh batch-release rates are expected to normalize by year-end 2026, with normal operations throughout 2027; transformation-plan benefits are expected from 2027.