1H26 beat, growth improves; Better FY outlook.

Research evidence excerpt

1H26 beat, growth improves; Better FY outlook.

Update

July 30, 2026 06:05 AM GMT

Morgan Stanley & Co. International plc+MAzelis | Europe Annelies Vermeulen

Equity Analyst

1H26 beat, growth improves; Annelies.Vermeulen@morganstanley.comZachariah Al-Qaryooti +44 20 7425-4367

Zach.Al-Qaryooti@morganstanley.com +44 20 7425-2400

Better FY outlook. Remi Grenu

Remi.Grenu@morganstanley.com +44 20 7425-0552

AlphaSignals Earnings Reaction

Azelis (AZE.BR, AZE BB)

Unchanged Modest upside Modest revision higher

Business Services | Belgium

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Equal-weight

Source: Company data, Morgan Stanley Research Industry View Attractive

Price target €12.00

Shr price, close (Jul 29, 2026) €11.39

Key Takeaways 52-WeekMkt cap, currRange(mn) €14.72-6.88€2,774

Net debt (12/26e) (mn)* €1,470

2Q26 organic revenue growth accelerates to+3.9% (vs cons +1.8%). 2Q EBITA EV, curr (mn)* €4,370

organic of 9.2% yoy and EBITA c.11% above cons.

* = GAAP or approximated based on GAAP

EMEA remains more challenging, especially in Life Sciences, while Americas saw

an acceleration on stronger Personal Care and Food, though CASE still soft.

No quantitative guidance as usual, though Azelis now expects positive adj EBITA

growth for FY26, implying a slight upgrade to cons.

FCF declined yoy due to higher working capital, while leverage remains elevated

at 3.4x.

Overall a solid print. Shares were +3% yesterday on peer IMCD's print, but should

see some support today given better organic growth and guidance comments.

2Q26 results ahead of cons; Organic growth turns positive: Azelis reports 2Q26

revenues of €1,125m and an operating gross profit of €278m, 2-7% ahead of

consensus and +6-10% yoy.