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Highlights Q3 2026
Revenue in the third quarter increased by 8.5% in constant currency compared to the prior year to EUR 1.1bn, driven by strong organic growth of 8.2%, supplemented by a 0.3% growth contribution from acquisitions. The organic growth acceleration drove revenue for the first nine months of the year to EUR 3.3bn, representing a year-on-year growth of 4.9%.
Gross profit during the quarter was EUR 263m, representing a year-on-year growth of 8.8%, of which 8.5% was organic. Gross profit margin was 23.4%, with the 6bp expansion reflecting volume growth and constructive pricing, more than offsetting the normalisation of the favourable Q2 inventory position. Gross profit for the first nine months of the year was EUR 786m.
Adjusted EBITA grew 14.6% to EUR 114m, driven by organic growth of 14.3%, and a 0.3% growth contribution from recent acquisitions. Adjusted EBITA margin was 10.2%, a 54bp expansion compared to the prior year, supported by strong topline and continued positive pricing dynamics. The strong growth during the quarter drove adjusted EBITA for the first nine months to EUR 347m.
Conversion margin during the quarter was 43.4%, with the 219bp expansion reflecting the Group's continued cost discipline whilst pursuing growth.
Free cash flow was EUR 67m during the period, translating to FCF conversion ratio of 58.6%, and reflecting higher working capital investments amidst ongoing positive business performance.
Net debt and leverage remained stable versus the previous reporting period, at EUR 1.6bn and 3.46x respectively.
Impairment. A EUR 350m non-cash goodwill impairment was recorded in the Americas, reflecting lower market valuations of acquisitions completed between 2021 and 2023. EMEA and Asia Pacific are unaffected.
Azelis continues to deliver strong non-financial performance. During the period, the Group obtained an MSCI AAA ESG rating, and won five industry awards for its Industrial Chemicals and Life Sciences formulations, bringing the total number of innovation awards received since 2015 to 49.
Outlook. We continue to see positive developments, although volume growth vary across end markets and volatility remains elevated. In light of this, Azelis remains confident of delivering positive organic adjusted EBITA growth for the full year.
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