Robertet (RBT) H1 2026 earnings summary

Executive summary

• Organic revenue grew 2.8% in H1 2026, despite a reported decline of 0.5% due to adverse currency effects and a moderate market environment.

• Fragrance and Health & Beauty divisions delivered double-digit organic growth, while Raw Materials and Flavors declined due to tough comparatives.

• Recurring EBITDA reached €94 million (21.1% margin), maintaining high profitability despite a 6.6% year-over-year decline.

• Continued investments in industrial capacity, commercial expansion, and IT systems, including a new creation center in São Paulo, Brazil.

• Maintained EcoVadis Platinum recognition for sustainability, ranking in the top 1% globally.

Financial highlights

• Revenue reached €444 million, down 0.5% year-over-year, but organic growth was positive at 2.8%.

• Gross profit margin improved by 50 bps to 59.7%, driven by favorable product mix.

• Recurring EBITDA was €94 million (21.1% margin), down from €100.2 million (22.5%) in H1 2025.

• Operating income reached €75 million (17.0% margin); net income attributable to group was €54 million (12.2% margin), both down year-over-year.

• Operating cash flow increased to €40 million (vs. €32 million in H1 2025); free cash flow remained positive at €12.15 million.

Outlook and guidance

• Full-year 2026 organic growth targeted at 3%-5%, with continued strong momentum in Fragrance and key growth regions.

• EBITDA margin expected to remain above 21% for the year, with disciplined cost management offsetting investment.

• Pricing actions taken to mitigate higher petroleum-derived raw material costs and US tariff changes; FX headwinds expected to ease in H2.

• Long-term ambition: €1.1–1.2 billion revenue by 2030, implying 5%-7% annual growth including €50–80 million from targeted acquisitions.

• All divisions and regions, especially Asia and Health & Beauty, expected to drive growth.