Top-line Growth
Revenue grew 10% at constant currency and 7% reported to EUR 273.6 million in Q1 FY2026 versus Q1 2025.
BDS Segment Outperformance
Biopharmaceutical and Diagnostic Solutions (BDS) revenue increased 16% at constant currency (13% reported) to EUR 249.0 million, driven by strong demand for pre-fillable syringes and contributions from cartridges and vials.
Syringes and Biologics Momentum
Syringes grew over 20% year-over-year; biologics revenue rose 15% (fastest-growing end market); GLP1s accounted for ~21%–22% of total company revenue in Q1 2026.
Higher Mix of High-Value Solutions
Revenue from high-value solutions increased 17% to EUR 128.6 million and represented 47% of total company revenue (≈52% of BDS segment revenue).
Profitability and Margin Expansion (Adjusted)
Adjusted EBITDA increased 14% to EUR 65.5 million and adjusted EBITDA margin expanded 150 basis points to 23.9%. Adjusted net profit rose 5% to EUR 29.6 million and adjusted diluted EPS increased 10% to EUR 0.11.
Gross and Operating Margin Improvement
Company gross profit margin increased by 30 basis points to 27.5% and operating profit margin rose 70 basis points to 14.2% in Q1 2026.
Operational Progress on Capacity Expansions
Converted an underutilized RTU vial line to a ready-to-use cartridge line (expected commercial production in coming weeks). Latina and Fishers ramps progressing: Fishers device assembly and automation on track (commercial production end-2026/early-2027); RTU 400 EZ-fill cartridge lines targeted for early 2027.
Cash Generation and Investment
Net cash from operating activities was EUR 75.5 million in Q1; capital expenditures totaled EUR 67.6 million ( >90% for growth in Fishers and Latina). Ending cash EUR 111.7 million with maintained guidance for FY2026.
Guidance Reiterated
Company maintained FY2026 guidance: revenue EUR 1.260B–1.290B, adjusted EBITDA EUR 331.8M–346.9M, adjusted diluted EPS EUR 0.59–0.63.
Engineering Segment Margin Recovery Signs
Engineering gross profit margin improved 460 basis points to 15.3% and operating margin improved 190 basis points to 6.6%, reflecting benefits from the optimization plan and right-sizing actions.