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Aspen Pharmacare (APN) investor relations material
Aspen Pharmacare Q2 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Focused on executing strategic priorities, including reshaping sterile FDF Manufacturing in South Africa and France.
H1 2026 marked as a transitional period with stronger performance expected in H2 2026.
Commercial Pharmaceuticals segment showed strong momentum and organic growth across all sub-segments.
Financial highlights
H1 2026 normalised EBITDA decreased by 11% to 16% year-over-year, reflecting the absence of prior mRNA contract contributions.
One-off restructuring costs of approximately R700 million negatively impacted EPS and HEPS.
NHEPS expected to decrease by 19% to 24% year-over-year; HEPS by 33% to 38%; EPS by 36% to 41%.
Free cash flows (excluding dividends) expected to exceed R1.7 billion, with strong operating cash conversion.
Net debt reduced to R28.6 billion from R31.2 billion in June 2025; leverage ratio below 3.5x.
Outlook and guidance
Guidance for FY 2026 remains unchanged, excluding the impact of the APAC Divestment.
Double-digit growth in normalised HEPS (NHEPS) in constant exchange rates expected for FY 2026.
Commercial Pharmaceuticals to deliver mid-single digit revenue growth and stronger normalised EBITDA growth in CER.
Manufacturing normalised EBITDA for FY 2026 expected to be in line with FY 2025 in CER.
Sterile FDF Manufacturing in South Africa and France expected to achieve positive normalised EBITDA and cash flow by FY 2027.
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