Guerbet: Nearly Stable Activity in First Half, 2026 Targets Confirmed
Guerbet has published its first half 2026 accounts, marked by revenue that is virtually stable on a comparable basis and profitability impacted by the costs of the Raleigh site compliance remediation plan.
Beyond the results, attention is focused on financial structure: the group shows a leverage ratio of 5.3x and continues discussions with its financial partners with a view to completing refinancing before October 31, 2026.
Stable Revenue on Comparable Basis, Negative Net Income
At June 30, 2026, the group's revenue stood at €379.2 million, down 2.2% on a reported basis (€387.8 million a year earlier). Excluding currency effects (-€8.0 million, linked to the depreciation of the yen and dollar), revenue at constant exchange rates declined by 0.2%, and is virtually flat (-0.1%) at constant exchange rates and on a comparable basis.
EBITDA stood at €30.6 million, down €15.5 million compared to €46.1 million in the first half of 2025. The adjusted EBITDA margin rate stands at 9.1% of revenue, compared to 12.9% a year earlier, including €14.3 million in exceptional costs related to the Raleigh site compliance remediation plan.
Operating income is negative at -€18.4 million, compared to +€15.0 million in the first half of 2025, following the recognition of €17.9 million in provisions (compared to €1.7 million) covering restructurings, including the French employment protection plan. Net income stands at -€32.7 million, compared to a profit of €1.3 million a year earlier.
Negative Free Cash Flow and Refinancing Discussions Underway
Free Cash Flow is negative at -€30.2 million, compared to -€8.4 million a year earlier, due to the decline in EBITDA and the increase in capex, the latter standing at €30.2 million at mid-year compared to €17.2 million in the first half of 2025.
Net financial debt reaches €355.9 million, compared to €325.7 million six months earlier, reflecting a financial leverage of 5.3x. At June 30, 2026, gross financial debt amounts to €488.1 million, with cash and equivalents of €132 million.
The group has secured waivers from its financial partners covering the leverage ratio test at June 30, 2026, December 31, 2026 and June 30, 2027. Guerbet continues discussions to finalize the refinancing terms before October 31, 2026. Debt has been reclassified in the accounts as current debt in the amount of €438.6 million, with waivers having been obtained after June 30, 2026.
2026 Targets Confirmed and Raleigh Schedule Maintained
Guerbet has reiterated all annual financial targets communicated on July 23, 2026: revenue between stable and slightly declining at constant exchange rates and on a comparable basis, an adjusted EBITDA margin rate of around 8% (including approximately €35 million in costs related to the Raleigh site compliance remediation plan) and a strongly negative Free Cash Flow of between -€50 million and -€70 million.
At the Raleigh site, the group confirms the schedule communicated during 2025 annual results: the return to a normative level of batch release is expected at the end of 2026, with a new FDA inspection from that date onwards and normal operating conditions over the entire 2027 fiscal year.
The group also announced changes within its executive committee, with the appointment of a Chief Transformation Officer, Océane Mignot, and the resignation for personal reasons of its Chief Financial Officer, Jérôme Estampes, whose departure will be effective at the end of December.
