IMCD N.V.

For H1 2026, IMCD reported gross profit of EUR 658 million, up 7% on a constant-currency basis, and EBITA of EUR 285 million, up 8% constant currency. ForEx adjusted revenue increased 11%, driven by 3% organic growth and 7% from acquisitions. Gross profit as a percentage of revenue was 24.9%, about 0.7 percentage points lower than last year, while operating EBITA margin was 10.8% and the conversion margin was 43.3%. Free cash flow rose to EUR 222 million, up EUR 49 million year over year, and cash conversion margin was 76.2%. Net result was EUR 12 million higher, up 10%, and debt ended the period at EUR 1.6 billion with leverage at 2.8x EBITDA. Management did not give full-year financial guidance on the call and referred listeners to the outlook in the press release, but said Q3 had a promising start and that leverage should come down later in the year, depending on acquisitions.

Marcus Jordan framed the first half as disciplined execution in a volatile environment, emphasizing organic growth in gross profit and EBITA, strong cash conversion, and a focus on long-term customer and supplier partnerships. He said demand was generally stable, prebuying was limited, and the business benefited from pricing tailwinds, supplier wins, stronger commercial activity, and digital tools. His tone was confident but cautious: the company sees a promising start to Q3, but he repeatedly said conditions remain dynamic and that IMCD is focused on what it can control.

Hans Kooijmans highlighted that ForEx adjusted revenue rose 11%, gross profit 7%, and operating EBITA 8%, with Q2 showing positive organic growth in all regions after a weak Q1. He explained that gross profit margin fell to 24.9% partly because recently acquired businesses, mainly in EMEA, carry lower margins, and noted currency was a drag, including a EUR 12 million negative impact on EBITDA from translation. He also pointed to 5,200 full-time employees, net headcount savings of about 200 after restructuring and mix changes, stable net debt at EUR 1.6 billion, dividend payments of EUR 107 million, acquisitions of about EUR 50 million, and free cash flow of EUR 222 million with lower CapEx of approximately EUR 3 million.

Analysts focused on why Q2 improved so sharply, asking about pricing versus volume, prebuying, and whether the stronger EMEA and softer Americas trends would persist. Management said growth came from a mix of pricing tailwinds, better execution, stronger commercial teams, and supplier wins, while prebuying was present but limited and mostly worked through during the quarter. Questions also covered Americas weakness, availability/supply issues, tariffs, working capital, M&A, taxes, and the Q1-to-Q2 margin swing; management said Americas remains held back by weak U.S. coatings/construction demand, working capital should follow its normal seasonal pattern, tariff refunds are small, M&A talks are taking longer, and the low cash tax was mainly timing.