Euroapi (EAPI) investor relations material

Executive summary

• Net sales for H1 2026 were €356.5 million, down 13.5% year-over-year, reflecting challenging market conditions, planned product discontinuations, and a portfolio shift toward higher value-added products.

• Core EBITDA dropped to €20.7 million (5.8% margin) from €39.5 million (9.6% margin) in H1 2025, with EBITDA at €(43.1) million due to €42.5 million in exceptional employee-related expenses and non-recurring FOCUS-27 costs.

• Transformation initiatives progressed, including the divestment agreement for the Brindisi site to Huvepharma and operational streamlining in Germany and France.

• The period was marked by €63.8 million in restructuring costs under the FOCUS-27 transformation plan, including personnel-related charges and under-activity costs.

• Net income was €(141.5) million, significantly lower than €(28.5) million in H1 2025, impacted by impairments and restructuring costs.

Financial highlights

• Net sales declined 13.5% year-over-year to €356.5 million; on a comparable basis, sales were down 11.8%.

• Core EBITDA margin decreased to 5.8% from 9.6% year-over-year.

• Gross profit was €55.8 million, down from €76.6 million in H1 2025; gross margin declined to 15.7% from 18.6%.

• Net debt position at June 2026 was €(37.9) million, compared to a net cash position of €68.2 million at December 2025.

• Free cash flow before financing activities was €(103.4) million, versus €(19.9) million in H1 2025.

Outlook and guidance

• FY 2026 net sales expected to be in line with initial outlook, representing a decrease of around 10% on a comparative basis.

• FY 2026 Core EBITDA margin now expected to be around 6%, reflecting adverse FX impacts, particularly from the Hungarian Forint.

• Cost discipline and commercial execution remain key priorities for the next phase of development.