SCHOTT Pharma (1SXP) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenues rose to EUR 252 million, up 8% year-on-year (10% at constant currencies), driven by strong demand for high-value solutions (HVS) in both drug containment and delivery segments.

• EBITDA increased 63% year-on-year to EUR 72 million, with a margin of 28.6% (28.2% at constant currencies), reflecting a favorable product mix and efficiency measures.

• HVS sales accounted for 56% of total revenues, reinforcing confidence in achieving fiscal year targets and midterm goal of over 60% HVS revenue share.

• H1 2025 revenue grew 3.4% year-on-year to EUR 482.2 million, with HVS accounting for 55% of sales.

• EBITDA for H1 2025 increased 11.1% to EUR 129.9 million, with margin rising to 26.9%.

Financial highlights

• Q2 2025 revenue: EUR 252 million (+8% year-on-year, +10% at constant currencies); H1 2025 revenue: EUR 482.2 million (+3.4% year-on-year).

• EBITDA: EUR 72 million in Q2 (+63% year-on-year), margin 28.6%; H1 EBITDA: EUR 129.9 million (+11.1%), margin 26.9%.

• EPS: EUR 0.26 in Q2 (+54% year-on-year); H1 EPS: EUR 0.45, down from EUR 0.46.

• Free cash flow: EUR 19 million in Q2; H1 free cash flow: EUR 22 million, down from EUR 34 million.

• Capital expenditures: EUR 29-30 million in Q2, EUR 52.2 million in H1, focused on expansion in Serbia and Hungary.

Outlook and guidance

• Full-year 2025 targets confirmed: high single-digit organic revenue growth and EBITDA margin around prior year's 26.9%.

• FY 2025 and mid-term targets reiterated: high single-digit organic revenue growth for FY 2025 and >10% CAGR mid-term.

• EBITDA margin guidance for FY 2025 in the low 30s percent, up from 26.9% in FY 2024.

• HVS revenue share expected to remain strong at ~55% in FY 2025, with a mid-term target of >60%.

• CapEx guidance reduced by EUR 20 million for the year due to market volatility; FY 2025 CapEx expected at EUR 140-160 million.