Eurofins: accelerating growth in the third quarter, but 2026 organic target out of reach
Eurofins Scientific published on October 21, 2026 revenue of 5,614 million euros for the first nine months of the year, up 3.7%, with organic growth rising from 2.5% in the first quarter to 3.5% in the third quarter. The group, however, indicated that its organic growth for the full year 2026 should remain below its initial target, while maintaining its profitability and cash-flow objectives.
Nine months: €5,614 million in revenue and 3% organic growth
Over the first nine months, published revenue rose from €5,415 million to €5,614 million. The increase combines organic growth and acquisitions, while exchange rate effects weighed 1.7% and the shutdown or disposal of non-strategic activities accounted for 0.7%. Organic growth came in at 3.0% (2.9% after adjustment for working days). It improved by 0.5 percentage points each quarter: 2.5% in the first, 3.0% in the second and 3.5% in the third. For the third quarter alone, revenue reached €1,913 million, up 6.1% year-on-year. By region, Europe (52% of revenue) shows organic growth of 1.9% over nine months, driven by environmental testing and clinical diagnostics in France. North America (36%) advanced 2.8% organically over nine months, but 4.2% in the third quarter alone. Rest of world (11%) recorded 9.3%, driven by food testing and consumer product testing.
BioPharma and North America accelerating in the third quarter
The Life division, the group's largest at 42% of revenue, shows organic growth of 4.4% over nine months. BioPharma (28%) advanced only 0.9% organically over the cumulative period, but 2.9% in the third quarter. The group reported single-digit average growth in biopharmaceutical product testing and a return to growth in Discovery & Genomics activities. The CDMO activity improved as expected, while other ancillary activities remain mixed. During its half-year publication on July 23, 2026, Eurofins cited among its risks the slow growth of BioPharma, particularly in ancillary activities in North America, and anticipated their recovery in the second half. Consumer and technology product testing (10%) advanced 7.9% organically over nine months, compared to 0.7% for diagnostics (20%), whose published revenue declined 1.6% in the third quarter. External growth continued: 22 acquisitions were completed, representing more than €210 million in 2025 revenue, excluding Element activities. Laboratories created from scratch contributed 0.6 percentage points to organic growth, with 15 new sites and 4 blood collection points opened. The unfavorable exchange rate effect stood at 1.7% over nine months, compared to 2.9% in the first half according to the July publication.
2026 growth target lowered, 24% margin target for 2027 maintained
Eurofins indicated that its 2026 organic growth should be below the previous target of single-digit average growth. The group attributes this to market conditions remaining slower than normal after nine months and to the fact that certain anticipated clinical programs will not restart in 2026. Revenue from acquisitions should, however, exceed the target of an annualized amount of €250 million, based on operations already completed, including Element.
For 2027, the group expects a return to single-digit average organic growth and confirms its medium-term objectives.
Profitability and cash-flow targets for 2026 are unchanged: adjusted EBITDA margin should progress beyond the 22.5% of fiscal year 2025, items presented separately at EBITDA level should continue to decrease and free cash-flow available to the company should increase.
Chief Executive Officer Gilles Martin emphasized that these margin targets rely on the execution of strategic initiatives rather than on growth and external market factors. The target of an adjusted EBITDA margin of 24% in 2027 is maintained.
