ROBERTET: A SOLID FIRST HALF 2026
A SOLID FIRST HALF 2026
- Organic revenue growth of 2.8%
- Recurring EBITDA of €94 million, or 21.1% of revenue
- Organic growth of between +3% and +5% for FY 2026
Grasse, September 17, 2026 – At its meeting on September 16, 2026, Robertet's Board of Directors, chaired by Philippe Maubert, approved the Group's results for first-half 2026.
| Consolidated financial statements* in thousands of euros | H1 2026 | % of revenue | H1 2025 | % of revenue | Year-on-year change |
| Revenue | 444,281 | 446,337 | -0.5% | ||
| Recurring EBITDA | 93,646 | 21.1% | 100,222 | 22.5% | -6.6% |
| Operating income | 75,424 | 17.0% | 85,138 | 19.1% | -11.4% |
| Net income attributable to owners of the Company | 54,154 | 12.2% | 58,501 | 13.1% | -7.4% |
| Earnings per share (in euros) | 25.8 | 27.9 |
* The financial statements have been reviewed by the Statutory Auditors; their review report was issued on
September 17, 2026.
Change in revenue
Consolidated net revenue for the first half of 2026 amounted to €444 million, with organic growth of 2.8% at constant exchange rates and scope. Reported revenue at current exchange rates was slightly lower than in the same period of 2025.
By division, Fragrances (up 13%) maintained strong momentum, driven by niche fine fragrance brands and the emergence of new players, particularly in Latin America and in the Middle East. The Raw Materials (down 6%) and Flavors (down 2%) divisions faced a more challenging environment, following several years of strong growth and high bases of comparison in 2025. Health & Beauty (up 11%) continued to benefit from initiatives aimed at expanding its markets.
By region1, the traditional markets – Europe and North America (down 1%) – moved at a more measured pace, while the other regions enjoyed strong momentum. South America (up 21%) continued to see robust growth, driven in particular by Brazil, while Asia (up 12%) was boosted by the ramp-up of investments in Indonesia and India. Robertet generates more than 80% of its revenue internationally.
Continued high profitability
Recurring EBITDA for first-half 2026 came to €94 million, or 21.1% of revenue, compared with €100 million in first-half 2025 – still a notably strong performance considering the unstable environment. The year-on-year decline is primarily due to ongoing investments to support the Group’s future growth, particularly in manufacturing capacity, the expansion of the scientific and sales teams, and information systems.
Operating income totaled €75 million, or 17.0% of revenue, from €85 million in the first half of 2025. This trend also reflects the increase in depreciation and amortization expenses associated with industrial investments and commercial expansion.
Financial income improved thanks to the decrease in debt servicing costs and less adverse currency effects than in 2025. Attributable net income amounted to €54 million, or 12.2% of revenue, compared with €59 million in first-half 2025.
ESG: progress made on sustainable sourcing and climate matters
As part of its ongoing commitment to sustainable sourcing, Robertet has a total of 67 supply chains with CSR verification or certification. Since the beginning of the year, additional certifications have been added, including one for Robertet’s iconic damascena rose supply chain in Bulgaria.
Robertet raised the bar on its climate goals in October 2025 with the validation of its carbon emissions reduction targets by the Science-Based Targets initiative (SBTi). Carbon-reduction plans through 2033 covering Scope 1, 2, and 3 emissions have been developed and are now being implemented.
By continuing to prioritize its CSR commitments, Robertet was able to retain its Platinum rating in its most recent EcoVadis assessment, received in August 2026, with a steadily improving score that places it among the top 1% of companies assessed worldwide.
Outlook
After a first half of the year marked by more moderate market conditions and given limited visibility, Robertet is targeting organic revenue growth of between 3% and 5% for full-year 2026.
The Group remains confident in its growth prospects, reaffirms its 2030 goals, and continues to pursue its investment strategy to support future growth.
Philippe Maubert, Chairman of Robertet's Board of Directors, commented: “In a period of geopolitical uncertainty, Robertet has once again demonstrated the strength of its business model, which is based on natural products, agility, and independence. We are pursuing our strategy of growth and value creation with confidence.”
Jérôme Bruhat, Robertet's Chief Executive Officer, added: “Our organic growth and profitability confirm Robertet’s momentum in the first half of the year, driven by the Fragrance Division and new growth regions. In an unstable environment, we combine strict budget control with forward-looking investments to support the future growth of the Group for the benefit of our customers.”
An earnings call will be held on Friday, September 18, 2026 at 11:00 a.m. (CET).
- To register for the webcast, please click here.
- To register for the analyst conference call, please click here.
Financial calendar
- September 21, 2026: publication of the 2026 half-year financial report
- February 11, 2027: 2026 full-year revenue press release
About the Robertet Group
Robertet SA was founded in Grasse in 1850 and is the world leader in natural products. Based in France and mostly family-owned since its creation, the Robertet Group is still controlled by the Maubert family and is the only fragrance, flavor and natural ingredient company that is fully integrated throughout the entire creative process, from source to final fragrance or flavor. Today, the Robertet Group is represented in more than 50 countries, employs around 2,800 people worldwide and offers its customers a range of over 1,600 natural materials and bespoke products created in one of its 18 global creation centers. In 2025, the Robertet Group recorded total revenue of more than €843 million.
Investor contact
Matthieu Lugez: matthieu.lugez@robertet.com / ir@robertet.com
Press contacts
Clélia Revinci: clelia.revinci@robertet.com
Teneo: robertet@teneo.com / +33 (0)6 17 96 61 41
ADDITIONAL INFORMATION
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RECONCILIATION BETWEEN RECURRING EBITDA AND OPERATING INCOME
| In thousands of euros | H1 2026 | H1 2025 | H1 2024 |
| Operating income | 75,424 | 85,138 | 73,052 |
| Additions to and reversals of depreciation, amortization and provisions | 18,209 | 14,947 | 16,024 |
| Other operating expenses | 15 | 88 | 86 |
| Asset disposals | (2) | 49 | (243) |
| Recurring EBITDA* | 93,646 | 100,222 | 88,919 |
* Recurring EBITDA corresponds to operating income before additions to and reversals of depreciation, amortization and provisions, and excluding other operating expenses that are considered non-recurring.
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KEY BALANCE SHEET INDICATORS
| In thousands of euros | June 30, 2026 | December 31, 2025 | June 30, 2025 |
| Equity (attributable to owners of the Company) | 647,096 | 602,502 | 557,438 |
| Net cash (net debt) position* | (79,734) | (72,715) | (121,108) |
| Current assets – Current liabilities | 434,534 | 408,137 | 421,821 |
* Net cash (net debt) position = cash and cash equivalents plus other current financial assets minus financial liabilities (including IFRS 16 financial liabilities)
REMINDER
At June 30, 2026, the change in revenue breaks down as follows in terms of organic growth, scope effect and currency effect:
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| Revenue in thousands of euros | H1 2026 | H1 2025 | Organic growth (%) | Currency effect | Scope effect | Change (%) |
| Group total | 444,281 | 446,337 | +2.8% | -3.0% | -0.3% | -0.5% |
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BREAKDOWN BY DIVISION
| Revenue in thousands of euros | H1 2026 | H1 2025 | Change (%) | Organic growth (%) |
| Group total | 444,281 | 446,337 | -0.5% | +2.8% |
| Raw Materials | 106,972 | 117,294 | -8.8% | -5.5% |
| Fragrances | 175,667 | 159,741 | +10.0% | +12.6% |
| Flavors | 148,874 | 157,659 | -5.6% | -1.7% |
| Health & Beauty | 12,768 | 11,643 | +9.7% | +11.3% |
1 By delivery region.
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