Eurofins Scientific (EUFI.PA) - ALQ read through from 2Q26 result

研报英文原文证据摘录

Eurofins Scientific (EUFI.PA) - ALQ read through from 2Q26 result

Equity Research

24 July 2026 | 9:18AM AEST

AUSTRALIA INDUSTRIALS

Bottom line Niraj Shah +61(2)9320-1369 | niraj.shah@gs.com

Eurofins’ 2Q26 (see the first take here) organic growth accelerated slightly from Goldman Sachs Australia Pty Ltd

1Q26, albeit still slightly weaker top line trends vs expectations. However, margins Sophie Yu

+61(3)9679-1076 | sophie.x.yu@gs.com

came in better vs expectations. Eurofins reiterated expectations for MSD% yoy Goldman Sachs Australia Pty Ltd

growth for FY26, which was broadly consistent with GSe ALQ Life Sciences organic Alex Nosatti

growth estimate of 5% for FY27 (vs. management guidance of MSD). +61(2)9321-8342Goldman Sachs Australia| alex.nosatti@gs.comPty Ltd

Key takeaways:

n Group organic revenue growth accelerated slightly to 3.0% yoy in 2Q26 (vs. 2.5%

in 1Q26).

o North America (+2.0%): activity rebounded following severe weather

impacts in 1Q26 in Life, delivering MSD% organic growth, while BioPharma

market conditions remain varied. Clinical Diagnostics was impacted by

regulatory and reimbursement changes.

o Europe (+2.3%): Activity rebounded following severe weather impacts in

1Q26 in Europe Life, which showed clear growth in 1H26 vs 1H25. The

performance was mixed across BioPharma activities.

o ROW (+9.6%): Strong performance across APAC, with significant growth

from Food & Feed Testing. Latam also remained a growth contributor.

n Life business (Environmental & Food). Organic revenue increased 5.3% in 2Q26

(vs 4.2% in 1Q26). North America and Europe recovery has driven 2Q26 growth,

with activity rebounding in both markets following severe weather impacts in

1Q26. Europe showed clear growth vs 1H26 while North America delivered MSD