Medmix (MEDX) H1 2026 earnings summary

Executive summary

• Revenue declined by 1.6% organically and 4.9% nominally year-over-year to CHF 214.4 million, mainly due to lower Beauty volumes and FX headwinds.

• Adjusted EBITDA margin improved by 40 bps to 20.3%, marking the fifth consecutive half-year of margin expansion, driven by operational improvements and cost savings.

• Gross profit margin rose by 120 bps to 37.8%, supported by favorable product mix and efficiency gains.

• Strategic focus on Healthcare, with strong Surgery (+31.6%) and Dental (+1.5%) growth, offset by a 13.8% decline in Drug Delivery due to customer dual sourcing.

• Growth and Efficiency program continues to deliver operational improvements and cost savings, with restructuring in Industry dispenser and Beauty businesses.

Financial highlights

• Revenue: CHF 214.4 million, down 4.9% year-over-year (down 1.6% organically).

• Gross profit: CHF 81.8 million, margin improved to 37.8% from 36.6%.

• Adjusted EBITDA: CHF 43.5 million, margin up to 20.3%.

• EBIT: CHF 10.6 million, down 32.9% year-over-year, impacted by CHF 6.4 million in restructuring and impairment charges.

• Net income: CHF 0.8 million, down from CHF 6.9 million, impacted by restructuring and impairment charges.

• Free cash flow increased to CHF 12.0 million (+4.6% YoY); operating net cash flow up 27.2% to CHF 19.4 million.

• Net debt/adjusted EBITDA ratio improved to 2.36x from 2.41x.

Outlook and guidance

• Full-year 2026 guidance unchanged: flat to low single-digit organic revenue growth and adjusted EBITDA margin around 20%.

• Midterm targets reaffirmed: revenue CAGR above 4% and adjusted EBITDA margin above 21% over three years.

• Anticipate return to growth in H2 2026, with Beauty and Drug Delivery stabilizing.