Robertet (RBT) H1 2026 earnings summary

Executive summary

• Organic revenue grew 2.8% in H1 2026 at constant exchange rates, despite a reported decline of 0.5% due to adverse currency and scope effects.

• Fragrance and Health & Beauty divisions delivered double-digit organic growth, while Raw Materials and Flavors declined due to tough comparatives.

• Recurring EBITDA reached €94 million (21.1% margin), down 6.6% year-over-year, reflecting ongoing investments in industrial capacity, technology, and commercial expansion.

• Sustainability remains a core differentiator, with EcoVadis Platinum recognition for the third consecutive year and SBTI approval of emissions targets.

• Opened a new creation center in São Paulo, Brazil, and continued investments in innovation and IT systems.

Financial highlights

• Revenue reached €444 million, down 0.5% year-over-year, but organic growth was positive at 2.8%.

• Recurring EBITDA was €94 million (21.1% margin), down from €100 million in H1 2025.

• Operating income was €75 million (17.0% margin); net income attributable to the group was €54 million (12.2% margin).

• Operating cash flow increased to €40 million from €32 million in H1 2025.

• Free cash flow remained positive at €12.15 million despite €18 million in industrial and €6 million in financial investments.

• Group equity stood at €647 million at June-end.

Outlook and guidance

• Full-year 2026 organic growth targeted at 3%-5%, with continued strong momentum in fragrances and key growth regions.

• EBITDA margin expected to remain above 21% for the year, despite ongoing investments and raw material cost pressures.

• Long-term ambition to reach €1.1–1.2 billion in revenue by 2030, implying 5%-7% annual growth including €50–80 million from targeted acquisitions.