Viscofan (VIS) Q2 2026 earnings summary

Executive summary

• Revenue grew 1.8% year-over-year to €629.8 million in 1H26, with like-for-like growth of 4.8% driven by higher volumes and pricing, despite FX and energy headwinds.

• Net profit increased 2.2% year-over-year to €71.3 million, with improved FX differences and an effective tax rate of 21.6%.

• Volume growth was seen across all regions, with South America, APAC, and North America standing out.

• Food, Packaging and Ingredients division showed solid growth, while Pet treats and Health divisions posted strong double-digit gains.

• Cost environment shifted in Q2 due to Middle East conflict, prompting price increases and cost-control measures.

Financial highlights

• EBITDA declined 7.4% year-over-year to €134.5 million, but grew 3.1% on a like-for-like basis, with margin at 21.4% (-2.1pp year-over-year).

• Operating profit fell 9.9% year-over-year to €91.8 million.

• Profit before tax rose 8.1% year-over-year to €90.5 million, while taxes increased 39.7%.

• Gross margin for 1H26 was 68.0%, down 1.6 p.p. year-over-year, reflecting higher consumption costs.

• Cash flow from operations was €83.2 million, up 34.1% year-over-year.

Outlook and guidance

• Price increases and cost-control measures are expected to support achievement of revenue, EBITDA, and net profit guidance, with EBITDA likely at the low end of the range.

• Cost pressures from energy and raw materials are expected to persist due to geopolitical tensions, especially the Middle East conflict.

• Capacity expansions in cellulose (Mexico) and collagen (USA) casings are on track to meet future demand.