IMCD: EBITA of €425 million over nine months, up 11% at constant exchange rates, net income up 20% at constant exchange rates
IMCD published EBITA of €425 million for the first nine months of the year on 5 November 2026. It is up 8% on a reported basis and 11% at constant exchange rates: the three-point gap between the two measures reflects the effect of currencies over the period.
At constant exchange rates, growth is seen at every level of the income statement of the specialty chemicals and ingredients distributor. It is more pronounced at EBITA level than at sales level, and even more so at net income level, which rises by 20%.
EBITA and net income grow faster than sales
Revenue reached €3,965 million, up 10% at constant exchange rates. Gross profit in value terms, at €991 million, grows somewhat more slowly, by 9% on the same basis.
The hierarchy reverses further down the income statement. At constant exchange rates, EBITA increases by 11%, faster than gross profit and revenue. Net income, at €211 million, rises by 20%.
Over the period, activity growth measured at constant exchange rates therefore exceeds that shown in the published accounts. EBITA illustrates this: its reported increase of 8% remains below that of underlying activity.
Organic EBITA growth of 14% in the third quarter
Chief Executive Officer Marcus Jordan highlighted the most recent quarter: “The third quarter showed strong commercial momentum, with healthy free cash flow and organic EBITA growth of 14%, with contributions from all regions.”
This quarterly figure is expressed as organic growth, whereas the nine-month cumulative figure is presented at constant exchange rates. The two measures are not based on the same basis and therefore cannot be compared directly.
The executive nevertheless points out that the quarter's growth does not rely on a single geographic area, since all regions contributed. He concludes that EBITA for the first nine months increased substantially across the whole period.
Free cash flow up 12%, organic growth expected for the financial year
Cash generation follows the same trend as results. Free cash flow amounted to €317 million, compared with €284 million in the first nine months of 2025, an increase of 12%.
Cash earnings per share rose from €4.16 to €4.73 over one year. This indicator is specific to the group and differs from net accounting earnings per share.
Looking ahead, management has set a qualitative course: “For the full year, we anticipate organic EBITA growth.” The group also states that it continues its initiatives for commercial, operational and digital excellence.
Over the first nine months, activity growth at constant exchange rates thus more than offset the currency effect on EBITA. The target set for the financial year relates precisely to this aggregate, measured as organic growth.
