IMCD (IMCD) Q1 2026 earnings summary

Executive summary

• Revenue rose 6% on a constant currency basis to €1,267 million, with organic decline offset by acquisitions and FX headwinds.

• Q1 2026 gross profit reached €312 million, up 1% on a constant currency basis compared to Q1 2025.

• Operating EBITA was €130 million, down 2% on a constant currency basis year-over-year, reflecting organic decline and FX impact.

• Free cash flow increased 19% to €121 million, driven by reduced net working capital investments.

• Recent acquisitions include Dong Yang FT (South Korea) and Willows Ingredients (Ireland).

Financial highlights

• Revenue for Q1 2026 was €1,267 million, up 1% year-over-year (6% FX adjusted).

• Gross profit margin declined to 24.6% from 25.8% in Q1 2025.

• Operating EBITA margin decreased to 10.2% from 11.3% year-over-year.

• Net result was €63 million, down 8% year-over-year.

• Cash earnings per share declined 6% to €1.46.

Outlook and guidance

• Macroeconomic and political uncertainty, including Middle East conflict, continues to impact demand visibility.

• Focus remains on earnings growth through service optimization, market position strengthening, and leveraging digital and logistics infrastructure.

• Confidence in resilient business model and strong commercial teams to sustain growth.