Azelis returns to organic growth in first-half 2026 results

Azelis reported H1 2026 revenue of EUR 2.2bn, up 3.2% in constant currency, with organic growth of 0.3% and a 2.9% contribution from acquisitions. Q2 revenue rose 6.3% in constant currency to EUR 1.1bn, with organic growth of 3.9% after four quarters of decline. Gross profit was EUR 524m at a 24.2% margin, adjusted EBITA was EUR 233m at a 10.7% margin, and free cash flow reached EUR 122m. Leverage was 3.4x and net debt EUR 1.6bn. The company aims for positive full-year adjusted EBITA growth.

Key facts

Market context

Azelis is a chemical and food ingredient distributor, buying products from manufacturers and selling them to formulators across coatings, personal care, food, nutrition, pharmaceuticals and other industries. Speciality chemicals and specialty ingredients, such as surfactants, emulsifiers, polymer additives and functional food components, are typically sold in small batches with technical support, so distributors earn margin by combining product supply with application expertise. Demand for these goods tends to follow the health of downstream manufacturing, so a shift from volume declines back to growth usually signals that customers are restocking after a period of destocking. Distributors are sensitive to price swings, freight costs and supplier allocation, which means firmer pricing in some categories can lift gross profit while also raising working capital needs. Geopolitical disruption in shipping routes and energy markets can lengthen lead times and increase costs, making supply continuity an important factor for buyers who rely on intermediaries rather than direct producer contracts.

Source: official release on azelis.com. Summary and context written by Market Krystal.