Holland Colours (HOLCO) H2 25/26 earnings summary

Executive summary

• Revenue declined by 2.9% year-over-year to €109.0 million, with a modest 0.5% increase in constant currency.

• Operating result fell to €4.6 million from €7.9 million, and net result dropped to €3.5 million from €5.9 million.

• Market headwinds included geopolitical tensions, deglobalization, and weaker demand in key segments and regions.

• Final dividend proposed at €2.02 per share, representing 50% of net profit.

Financial highlights

• Contribution margin decreased to €51.8 million, with margin as a percentage of revenue at 47.6% versus 49.5% last year.

• Operating expenses were €47.3 million, down 0.6% year-over-year.

• Net cash flow was negative €10.4 million, compared to positive €2.0 million the previous year.

• EBITDA was €8.2 million, down from €11.4 million year-over-year.

Outlook and guidance

• High international political and economic uncertainty expected to persist.

• Cautious business expectations for 2026/2027 due to ongoing geopolitical and market risks.

• Strategic focus on accelerating core business growth and developing recycling and circularity opportunities.