Azelis Revenue Grows 3.2% in H1 2026, Boosted by Acquisitions and Organic Growth

Azelis Group reported a 3.2% increase in revenue in constant currency terms for the first half of 2026, reaching €2.17 billion, as the Belgium-based specialty chemicals distributor benefited from a return to organic growth and contributions from recent acquisitions.

First-Half Financials

The company announced its financial results on Thursday, providing a detailed look at its performance for the six months ending June 30, 2026.

• Revenue: €2.17 billion, up 3.2% in constant currency.
• Adjusted EBITA: €233 million, a 2.6% increase in constant currency.
• Adjusted EBITA Margin: Contracted slightly to 10.70%.
• Net Income: €86 million.
• Gross Profit: €524 million.

Azelis attributed the expansion in its gross profit margin to positive pricing momentum in certain end markets and a favorable inventory position, according to its statement.

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Cash Flow and Outlook

Despite the growth in revenue and earnings, Azelis' free cash flow declined 19% year-over-year to €122 million. The company cited higher working capital requirements as the primary driver for the decrease, even as overall business performance improved.

Looking ahead, Azelis said it aims to deliver positive adjusted EBITA growth for the full year, contingent on stable market conditions. The company noted that while markets continue to stabilize, visibility remains limited due to ongoing volatility. Its strategic focus will be on capturing growth opportunities and preserving cash.