The Group's strategy and recent acquisitions enable upselling to higher-value markets
+8% turnover growth to €4.9 billion (-5% Like-For-Like basis, LFL1) and +13% Current EBITDA increase to €612 million, driven by the pharmaceutical and food specialties businesses.
+54 bps increase in Current EBITDA margin to 12.6% showing the value of recent strategic acquisitions and the resulting evolution of the Group's portfolio.
Excluding the cash impact of the IFF Pharma Solutions acquisition, Free Cash-Flow landed at €301 million.
In 2025, Roquette maintained a robust balance sheet with a strong liquidity position and a net debt to combined Current EBITDA ratio of 3.48x versus 3.72x end of June.
Early 2026, Roquette launched ‘Shift & Lead', a comprehensive company plan to reinforce its competitiveness, strengthen its market position, and provide long-term value creation to all stakeholders.
Lille, March 19th, 2026, Roquette, a global leader in plant-based ingredients, excipients and pharmaceutical solutions, today announced its 2025 full-year results, following the approval of its financial statements by the Board of Directors.
Thierry Fournier, CEO of Roquette, commented on the period: "We are seeing the significant benefits of our recent strategic moves and acquisitions, which allow Roquette to offer a more comprehensive portfolio and reinforce our focus on high-value products and markets. Despite a very challenging environment characterized by soft demand, overcapacity, and persistent geopolitical and economic uncertainties, our specialty products remain the key driver of our resilient performance in 2025."
Regarding the Health & Pharma Solutions Business Unit, the strong performance from new product lines coming from the recent IFF Pharma Solutions acquisition mitigated the effect of softer demand and destocking in the starch and capsules markets, with notable gains from cellulose and alginates products for oral dosage.
The Nutrition & Bioindustry Business Unit delivered strong results in food specialties, even in the face of sluggish markets and intense competition, with higher demand in food and nutrition, particularly for fiber and protein products. Combined with increased unit prices and lower variable costs, this has resulted in significant margin improvements for specialty products.
Collectively, these achievements strengthened Roquette's market position and delivered resilient results in a complex landscape, affirming how the company's strong foundations allow it to continue growing in a volatile and highly competitive environment. "Throughout 2026, we will maintain our commitment to operational excellence, innovation, financial discipline, and cash generation. Guided by our purpose: "Together, we turn the potential of nature into the essentials of life", we are determined to become the global leader in sustainable plant-based solutions, driven by outstanding innovation and strong client partnerships that shape the future of nutrition, health and bioindustry. By defining and executing ‘Shift & Lead', our comprehensive company plan, we will reinforce our competitiveness, strengthen our market position, and build for long-term value creation for all our stakeholders", concluded Thierry Fournier.
FULL YEAR 2025 CONSOLIDATED KEY FIGURES2
(in millions of euros)
2024
2025
Var. (%)
Var. LFL (%)
Turnover
4,495
4,877
+8%
-5%
Current EBITDA
540
612
+13%
-14%
Current EBITDA margin
12.0%
12.6%
+54bps
-115bps
Net result
61
(265)
-
-
Adjusted net result (a)
114
70
-39%
-
Free Cash-Flow IFRS (excluding IFF Pharma Solutions) (b)
275
301
-
-
(in millions of euros)
2024
2025
Net debt IFRS
237
2,390
Restated leverage ratio (Net debt IFRS / Combined Current EBITDA) (c)
0.44x
3.48x
(a) Excluding non-recurring items amounting to €335 million (€44 million in FY 24), associated taxes and one-off deferred tax charges in the USA.(b) IFF Pharma Solutions acquired on May 1st, 2025 (c) Combined Current EBITDA includes IFF Pharma Solutions estimated Current EBITDA over the last twelve months.
FINANCIAL PERFORMANCE
EXPANDED PORTFOLIO DRIVES PERFORMANCE IN A HIGHLY CHALLENGING ENVIRONMENT
In 2025, Roquette operated in a particularly demanding environment marked by soft global demand, overcapacity in certain commodity markets, intensified competition, and continued geopolitical and macroeconomic uncertainties. Against this backdrop, the Group delivered resilient full-year results, demonstrating the relevance of its strategic repositioning toward higher-value markets and products.
Full-year turnover reached €4,877 million, up 8% compared to 2024, given the integration of IFF Pharma Solutions from May 1st, 2025. On a Like-for-Like basis, sales were down 5%, reflecting continued pressure in commodity markets and softer demand in selected pharmaceutical segments.
Current EBITDA increased by +13% to €612 million, representing a margin of 12.6%, up +54 basis points compared to 2024. On a Like-for-Like basis, Current EBITDA was down -14% (margin down -115 basis points), reflecting competitive pressures, partially offset by disciplined cost management and a favorable product mix. Margin improvement was primarily driven by the contribution of IFF Pharma Solutions, consolidated since May 1st, 2025, strong performance in food specialties, continued execution of the Group's competitiveness program and a favorable cost environment compared to the peak inflationary period of 2022–2023.
Reported net loss for 2025 amounted to €265 million, mainly reflecting the impact of non-recurring items, including the acquisition and integration costs related to IFF Pharma Solutions (€87 million) and impairment charges (€231 million). Excluding non-recurring items and associated taxes, adjusted net result stood at €70 million.
FREE CASH-FLOW GENERATION
Consolidated figures, full year(in millions of euros)
2024
2025
Operating Cash-Flow
352
352
Variation in working capital requirement
157
212
Investments paid
(234)
(263)
Free Cash-Flow IFRS
275
301
IFF Pharma Solutions Acquisition
-
(2 403)
Free Cash-Flow IFRS (after acquisition)
275
(2 102)
Excluding the impact of the IFF Pharma Solutions acquisition, the Group generated positive free cash-flow of €301 million in 2025, supported in particular by solid operating cash-flow and a positive contribution from working capital requirement (WCR).
WCR remained broadly stable at 19.0% of sales in 2025, compared with 18.9% at year-end 2024. This evolution reflects higher sales following the integration of IFF Pharma Solutions and, to a lesser extent, higher inventory levels, which were contained thanks to proactive and efficient inventory management initiatives.
The Group maintained a strong focus on WCR management throughout the year, including the use of receivables factoring at year-end, which contributed approximately €128 million to free cash-flow generation in 2025. This measure helped to preserve financial flexibility and support the Group's investment capacity.
Total investments amounted to €263 million in 2025, compared with €234 million in 2024, reflecting the Group's continued commitment to innovation, industrial excellence and capacity expansion in higher-value segments, thereby supporting its long-term profitable growth potential.
PERFORMANCE BY BUSINESS UNIT
HEALTH & PHARMA SOLUTIONS, STRONG PERFORMANCE FROM NEW PRODUCT LINES MITIGATES MARKET PRESSURE
(in millions of euros)
FY 24
FY 25
Var. (%)
Var. LFL (%)
Sales
823
1 391
+69%
-8%
Eliminations (int. sales)
(13)
(119)
Current EBITDA
236
349
+48%
-18%
Current EBITDA margin %
28.7%
25.1%
-364bps
-311bps
The full-year performance of the Health & Pharma Solutions Business Unit was primarily driven by the integration of IFF Pharma Solutions, which generated a positive perimeter effect, and by strong momentum across specialty excipient technologies, including cellulose, alginates and polymers. Polyox achieved record sales over the year, reflecting sustained demand in high-value applications.
The enlarged portfolio has significantly strengthened Roquette's position as a global drug delivery partner, offering a comprehensive range of excipient technologies including starch, cellulose, alginates, and capsules, while further rebalancing the Group's mix toward higher-value markets and products.
However, the business operated in a complex market environment marked by soft demand and destocking in the capsules segment, intense competition on polyols from Chinese players, particularly in Europe, and pricing pressure in selected product categories. Lower volumes in capsules were partially offset by variable cost improvement.
Despite these headwinds, the contribution of IFF Pharma Solutions and the resilience of high-value excipient technologies supported overall commercial and operating performance. The IFF Pharma Solutions acquisition nurtured profitability, confirming its strong strategic relevance and placing Roquette on a sustained value creation trajectory.
NUTRITION & BIOINDUSTRY, SPECIALTIES HOLDING UP AS COMMODITIES REACH CYCLICAL LOW
(in millions of euros)
FY 24
FY 25
Var. (%)
Var. LFL (%)
Sales
3 847
3 750
-3%
-4%
Eliminations (int. sales)
(277)
(245)
Current EBITDA
303
263
-13%
-10%
Current EBITDA margin %
7.9%
7.0%
-88bps
-51bps
The Nutrition & Bioindustry Business Unit demonstrated resilience with strong performance in food specialties despite a particularly challenging market environment.
Commodity demand for starch and starch derivatives reached historically low levels in late 2025, reflecting structural overcapacity and subdued market conditions. Against this backdrop, Roquette continued to gain market share in starch and starch derivatives, particularly in Europe, while facing strong price pressure in Europe linked to the decline in sugar prices and intense competition in India.
The Food & Nutrition segment delivered strong performance, benefiting from higher demand across specialty applications, including proteins and fibers, especially in Europe, as well as increased unit prices and lower variable costs. As a result, specialty products delivered significant margin improvement within the Business Unit, partially offsetting persistent pressure in commodity segments.
BALANCE SHEET
(in millions of euros)
FY 24
H1 25(a)
FY 25
Financial debt IFRS
1,791
3,320
3,185
Cash & cash equivalents and financial investments
1,554
465
795
Net debt IFRS
237
2,854
2,390
Restated leverage ratio (Net debt IFRS / Combined Current EBITDA) (b)
0.44x
3.72x
3.48x
Gross debt towards financial institutions (cf. Appendix 5)
1,641
3,072
2,801
(a) Non-audited H1 25 consolidated accounts(b) Combined Current EBITDA includes IFF Pharma Solutions estimated EBITDA over the last twelve months.
Acquisition-driven leverage, commitment to maintaining a strong investment-grade credit profile
Net financial debt amounted to €2,390 million at year-end 2025, compared with €2,854 million at half-year 2025. This decrease reflects the intra-year seasonality of working capital requirement and strong free cash-flow generation. The restated leverage ratio (Net debt IFRS / Combined Current EBITDA) improved to 3.48x, compared to 3.72x at the end of June 2025, demonstrating the initial effects of the IFF Pharma Solutions acquisition and disciplined financial management in the second half of the year.
Roquette has defined a clear deleveraging trajectory and targets a return to a leverage ratio between 2.3x and 2.7x by 2027, consistent with its commitment to maintaining a strong investment-grade credit profile (target BBB). Under the "Shift & Lead" strategic plan, the Group is committed to disciplined capital allocation and enhanced cash generation. The plan focuses on operational excellence and margin expansion, supporting a structural improvement in free cash-flow generation and progressive deleveraging.
Successful post-acquisition refinancing
The bridge financing put in place to fund the acquisition of IFF Pharma Solutions has been fully refinanced through the issue by the Group of two US Private Placements (USPP). In November 2025, Roquette issued a USD 450 million USPP with maturities ranging from 2032 to 2040. In December 2025, a second €200 million USPP was issued, with maturities ranging from 2032 to 2037. These transactions further diversified the Group's investor base and funding sources across EUR and USD markets, while significantly extending its debt maturity profile.
The acquisition of IFF Pharma Solutions has been financed through a diversified and balanced combination of instruments, including:
A €0.6 billion hybrid Eurobond (accounted for 100% as equity under IFRS);
A €0.6 billion senior Eurobond, maturing in 2031;
Approximately €0.6 billion equivalent in EUR and USD US Private Placements (USPP), ultimately maturing in 2040;
Approximately €0.6 billion equivalent in EUR and USD amortizing term loans, maturing in 2029.
This successful refinancing demonstrates the Group's continued access to capital markets following the acquisition and reflects investors' confidence in Roquette's credit fundamentals and long-term strategy.
Strong liquidity and balanced maturity profile
As of December 31st, 2025, gross financial debt amounted to €3.2 billion. The Group benefits from a well-balanced and staggered maturity profile, with an average debt maturity of 6.1 years and no material refinancing concentration in the short term. Available liquidity totaled €1,558 million at year-end, including €763 million of undrawn committed credit facilities, €795 billion of undrawn commercial paper programs and available cash. This solid liquidity position provides the Group with financial flexibility to support its operations, ongoing integration of IFF Pharma Solutions and future growth initiatives.
STRATEGY AND OUTLOOK
Roquette expects the current challenging market environment to continue. To sustain competitiveness, financial performance, and long-term value creation in these conditions, the company launched in January 2026 a comprehensive strategic company plan, by the name of ‘Shift & Lead'.
‘Shift & Lead' builds on Roquette's strong foundations as a diversified and resilient company, supported by family ownership and a long‑term vision, to strengthen operational excellence, innovation, financial discipline, and cash generation. This strategic plan aims to sustain growth and fully unlock the value of the company's recent acquisitions, which enhance its leadership positions and open new pathways for profitable expansion.
Delivering this roadmap requires disciplined capital allocation and a robust financial structure. The Group remains committed to maintaining a strong investment-grade credit profile, ensuring ...
