PolyPeptide Group (PPGN) H1 2026 earnings summary

Executive summary

• Achieved 41.6% year-over-year revenue growth in H1 2026, reaching EUR 236.6 million, driven by strong demand in metabolic therapeutics and high utilization of new capacity, especially in Belgium.

• EBITDA margin improved to 20.7% from 2.7% in H1 2025, reflecting operational leverage, efficiencies, and one-time favorable items.

• Net income turned positive at EUR 9.1 million, reversing a loss of EUR 26.5 million in H1 2025.

• Expanded phase III pipeline to 37 projects, representing about half of global phase III synthetic peptide drug development.

• Samsung Biologics announced an all-cash public tender offer at CHF 44.31 per share, a 40% premium to undisturbed price, with board and anchor shareholder support.

Financial highlights

• H1 2026 revenue reached EUR 236.6 million, up 41.6% year-over-year (43.7% at constant currency).

• EBITDA rose to EUR 49.1 million (20.7% margin), up from EUR 4.4 million (2.7% margin) in H1 2025.

• Operating result (EBIT) improved to EUR 22.0 million (9.3% margin) from a loss of EUR -13.7 million (-8.2% margin).

• Net income reached EUR 9.1 million, reversing a loss of EUR -26.5 million in H1 2025.

• Cash and cash equivalents at period end were EUR 59 million, with EUR 100 million drawn from a EUR 200 million revolving credit facility.

Outlook and guidance

• Upgraded 2026 revenue growth guidance to 25%-30% (from 20%-25%) at constant currency and EBITDA margin to high teens.

• CapEx guidance unchanged at 15%-20% of revenues.

• Mid-term targets: double 2023 revenues by 2028 and EBITDA margin approaching 25%.