Robertet, a French natural ingredients group, reported first-half 2026 revenue of €444 million, falling short of analyst estimates by 2.67% and reflecting a 0.5% year-over-year decline.
Organic growth decelerated to 2.8% from 4.9% in the first quarter, with a further drop to 0.7% in the second quarter, amid adverse currency effects of three percentage points. Full-year organic growth guidance was revised downward to a 3% to 5% range, down from an earlier forecast of approximately 5%.
Recurring EBITDA came in at €94 million, yielding a margin of 21.1% versus 22.5% in the prior-year period. Gross profit margin expanded five basis points to 59.7%, while operating income contracted 11.4% to €75 million with a margin of 17.0%.
Net income attributable to the group declined 7.4% to €54 million. Financial expenses were halved to €2 million from €6 million in the corresponding period last year.
Divisional results showed fragrance revenue growing 12.6% organically to €176 million, accounting for 40% of total group sales. Flavor output fell 1.7% to €149 million, representing 33% of revenue. Raw materials declined 5.5% to €107 million, or 24% of sales. Health and beauty grew 11.3% to €13 million.
Geographically, Latin America led with 21.2% organic growth, Asia advanced 11.7%, while North America and Europe/MEA each posted slight declines of 0.8%.
Free cash flow totaled €15 million after capex of €18 million and financial investments of €6 million. Group equity strengthened to €647 million at June 30.
Chief Executive Officer Jérôme Bruhat stated the company has "a clearer view now than we had in July" based on improved visibility from country-level teams. Management characterized the recurring EBITDA margin as remaining at a high level.
The company also highlighted progress on its "Seed to Success 2030" plan, targeting revenue of €1.1 billion to €1.2 billion by 2030 and sustained EBITDA margins above 20%, with expected M&A contributions of €50 million to €80 million.
