Roquette reported a 9% increase in turnover to €2,586 million and an 18% rise in Current EBITDA to €337 million for the first half of fiscal year 2026 (H1 2026). The French plant-based ingredients leader saw its Current EBITDA margin expand by 101 basis points to 13.0%, supported by favorable volume and mix effects in its pharmaceutical and healthcare segments.

The company’s net result turned positive at €17 million, compared with a net loss of €115 million in H1 2025. This shift was driven by the absence of significant non-cash impairment charges that weighed on the prior year, alongside disciplined cost management under the new Shift & Lead strategic plan.

Segment performance

The Health & Pharma Solutions (HPS) business unit was the primary growth driver, with sales rising 56% to €852 million. This surge reflects the full six-month contribution of cellulose and alginates product lines, which were consolidated for only two months in the prior-year comparative period. Current EBITDA for HPS rose 40% to €196 million, representing a margin of 23.0%.

In contrast, the Nutrition & Bioindustry (NBI) unit saw sales decline 2% to €1,888 million due to persistent pricing pressure on commodities like liquid sugars and polyols. However, NBI’s Current EBITDA remained resilient at €141 million, with a like-for-like increase of 8% driven by strong volume growth in Asia, particularly India and China.

Balance sheet and cash flow

Free Cash-Flow improved significantly to -€54 million from -€150 million in H1 2025 (excluding acquisition impacts). This improvement was primarily driven by a reduction in working capital outflows, which fell to €94 million from €223 million, aided by a €127 million decrease in inventories.

Net debt decreased by €530 million since December 2025 to stand at €1,860 million as of June 30, 2026. The restated leverage ratio improved to 2.80x from 3.48x at year-end 2025. The deleveraging was supported by the successful issuance of €600 million in perpetual hybrid bonds in April 2026, which strengthened Roquette’s financial position and allowed for the repayment of acquisition-related term loans.

What the numbers show

A key divergence exists between reported growth and underlying operational trends. While reported turnover grew 9%, like-for-like (LFL) turnover declined 2%, indicating that the headline growth is entirely attributable to the perimeter expansion from the IFF Pharma Solutions acquisition rather than organic demand recovery. Similarly, LFL Current EBITDA fell 2%, revealing that core commodity markets remain under pressure despite the strategic pivot toward higher-margin pharmaceutical excipients.