- Q1 revenue EUR 677.3M (-4% y/y), operative EBITDA EUR 117.3M (-13%, margin 17.3%), operative EBIT EUR 65.4M (-24%), operating cash flow EUR 91.7M, diluted EPS EUR 0.29.
- 2026 outlook: revenue EUR 2,600–3,000M and operative EBITDA EUR 470–570M; long-term targets: >4% annual organic growth, operative EBITDA margin 18–21% and operative ROCE >16%.
- Q1 capex EUR 41.1M (EUR 35.6M excl. acquisitions); completed acquisition of AquaBlue, announced SIDRA Wasserchemie pending German competition review; plan to build an activated-carbon reactivation site in Tarragona, Spain.
Key figures and performance
Q1 revenue EUR 677.3m (-4% y/y); operative EBITDA EUR 117.3m (-13%), margin 17.3%; operative EBIT EUR 65.4m (-24%); EBITDA EUR 117.7m; operating cash flow EUR 91.7m; diluted EPS EUR 0.29; capital expenditure EUR 41.1m (EUR 35.6m excl. acquisitions).
Segment performance
Water Solutions revenue remained close to prior year but operative EBITDA margin fell to 18.4% (21.4%); Packaging & Hygiene and Fiber Essentials revenue declined y/y; Packaging margin 10.1% (12.0%), Fiber margin improved to 26.7% (26.3%); sales prices down y/y, volumes stable, with sequential increases in both.
Outlook and assumptions
2026 guidance reiterated: revenue EUR 2,600–3,000m and operative EBITDA EUR 470–570m; assumptions include weaker end‑market demand (notably packaging and pulp), modest urban water growth, ability to largely mitigate raw‑material and logistics cost increases linked to the war in Iran, no major manufacturing or supply‑chain disruptions, and a slightly weaker USD; announced acquisitions are included.
Actions and M&A
Company has implemented price increases, will drive efficiency and adjust cost base to regain operative EBITDA margin target of 18–21% quarterly; completed acquisition of AquaBlue, announced SIDRA Wasserchemie (pending German competition review), and plans an activated‑carbon reactivation site in Tarragona, Spain.
