Belgium's Azelis Q1 profit dips, sees uplift from geopolitical tensions more moderate than post-Covid

Azelis NV

23/04/2026 06:13

Overview

Belgium specialty chemicals distributor's Q1 revenue fell 0.7% yr/yr in constant currency

Adjusted EBITA declined 7.9% yr/yr in constant currency, with margin contracting to 10% from 10.9%

Company maintained strong free cash flow despite volatile market conditions

Outlook

Azelis says near-term market conditions continue to limit visibility on pace of recovery

Company expects any uplift from current geopolitical tensions to be more moderate than post-Covid

Azelis remains focused on cost discipline and strong cash generation amid market volatility

Result Drivers

ORGANIC DECLINE OFFSET BY ACQUISITIONS - Revenue fell as a 3.9% organic decline, mainly in EMEA, was partly offset by a 3.3% contribution from acquisitions

NEGATIVE MIX EFFECTS - Gross profit margin contracted due to negative mix effects across the group, notably in Asia Pacific where market weakness and competitive pressure persisted

COST DISCIPLINE - Cost discipline and lower operating costs partially mitigated the impact of lower revenue and margin pressures

Company press release: ID:nBwbr5KcQa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Slight Miss*
EUR 1.04 bln
EUR 1.05 bln (2 Analysts)
Q1 Adjusted EBITA
EUR 104 mln
Q1 Adjusted EBITA Margin
10.00%
Q1 Free Cash Flow
EUR 119 mln
Q1 Gross Profit
EUR 246 mln


*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 7 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the diversified industrial goods wholesale peer group is "buy"

Wall Street's median 12-month price target for Azelis Group NV is €13.00, about 25.1% above its April 22 closing price of €10.39

The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 11 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)