Eurofins (AO) | Buy | Eurofins

Research evidence excerpt

Eurofins (AO) | Buy | Eurofins

#EarningsPreview

Release date: 22 June 2026

François Digard

Head of French Equity Research, Food retail & TIC analyst

+33 1 70 81 57 47

fdigard@keplercheuvreux.com

BuyEurofins

France | Support services Beta Profile: MCap: EUR11.0bn

Target Price: EUR86.00 Bloomberg: ERF FP Reuters: EUFI.PA

Current Price: EUR62.52 Free float 63%

Up/downside: 37.6% Avg. daily volume (EURm) 39.0

YTD abs performance 0.2% Market data: 19 June 2026

52-week high/low (EUR) 73.12/56.74

Eurofins H1 preview: Q2 to be less perturbated than Q1

Key points:

Eurofins will report its H1 2026 results on 23 July before market open.

The company has not issued any new communication since its Q1 sales release. Q1 was notably affected by particularly adverse

weather conditions in January and February. Management indicated that March was more in line with its annual growth target,

which allowed the group to reiterate its Company Guidance of mid-single-digit organic growth for FY 2026, assuming sufficient

catch-up over the remainder of the year.

We do not expect BioPharma to accelerate meaningfully in Q2. However, given that several contracts have reportedly been

signed, more visibility on the timing of their ramp-up — which has now been awaited for about a year — would be welcome at the

H1 release.

The available consensus sample appears too narrow to be fully meaningful. That said, our Analyst Estimate of 4% organic growth

in Q2 looks broadly aligned with market expectations.

Despite weaker-than-expected sales, the company highlighted the continued mechanical improvement in profitability. As an

Analyst Estimate, we expect the adjusted EBITDA margin to improve by 10bp in H1.

Eurofins share price has partly recovered since the fall of the Q1 announcement.