Turpaz Industries (TRPZ) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue was $173.870M, up 40.5% YoY with 8.1% organic growth; Q2 revenue was $90.229M, up 42.3% with 7.3% organic growth.

• H1 Adjusted EBITDA was $40.008M at a 23.0% margin; Q2 Adjusted EBITDA was $20.619M at a 22.9% margin.

• Acquisition-led expansion and organic growth supported record results; eight acquisitions were completed since the start of 2025.

Financial highlights

• H1 gross profit was $72.468M, up 50.2%, with a 41.7% margin; Q2 gross profit was $37.439M, up 51.5%, with a 41.5% margin.

• H1 net income rose 80.9% to $19.233M; non-GAAP net income was $23.428M, up 52.7%.

• Q2 net income rose 56.4% to $8.168M; non-GAAP net profit was $11.7M, up 56.9%.

• H1 operating cash flow was $15.779M vs. $13.134M; Q2 cash flow was $10.0M, up 79.2%.

• H1 operating income was $24.974M vs. $19.556M; Q2 operating income was $12.100M, up 22.0%.

Outlook and guidance

• Strategic goal is to double sales every four years or less; annualized sales run rate, including Phoenix and Romessence as if consolidated from Q2 start, was estimated at ~$380M.

• Growth plans emphasize organic expansion, synergies, cross-selling, strategic M&A, partnerships and an active acquisition pipeline.

• Phoenix and Klabin-Turpaz US consolidation is expected to generate $2M in synergies over coming quarters; acquired fragrance businesses are also expected to improve profitability.

• New specialty-ingredient molecules and production lines are expected to support improved sales and profitability as ramp-up progresses.