[Guotai Haitong Pharma] Overseas Leader - Fortrea 26Q2: BTB Remains Above 1.0x for Fourth Consecutive Quarter, Raises Full-Year Revenue and Profit Guidance

English summary

26Q2 Revenue YoY -4.5%, Adjusted EBITDA YoY +6.9% 2026Q2 Revenue of $678 million, YoY -4.5%, QoQ +6.6%; Adjusted EBITDA of $58.7 million, YoY +6.9%, margin up ~1.0pct YoY to 8.7%. 2026H1 Revenue of $1.315 billion, YoY -3.4%; Adjusted EBITDA of $106 million, YoY +24.1%, margin up ~1.8pct YoY to 8.0%. The company continues to advance cost optimization, with direct costs down 6.6% YoY and SG&A expenses down 18.2% YoY; full-year plan still targets gross savings of $70-80 million and net savings of $40-50 million. BTB Remained Above 1.0x for Fourth Consecutive Quarter Q2 Book-to-bill was 1.06x, remaining above 1.0x for the fourth consecutive quarter; ...