Azelis Industrial Chemicals Sales Rise 21% in Constant Currency
Azelis reported third-quarter 2026 Industrial Chemicals revenue of €451 million, up 21% in constant currency and 24.1% on a reported basis. Group revenue reached €1.122 billion, increasing 8.5% in constant currency and 10.6% on a reported basis, with organic growth of 8.2%. Azelis
CASE Supports Industrial Growth
In its October 22 results announcement, Azelis reported Industrial Chemicals organic growth of 20.2%.
In Europe, the Middle East and Africa, Industrial Chemicals revenue increased 29.1% in constant currency to €209 million. Coatings, adhesives, sealants and elastomers (CASE), along with lubricants and metalworking fluids, supported the improvement.
Industrial Chemicals revenue in the Americas increased 13.5% in constant currency to €173 million. Asia Pacific revenue increased 17.6% to €69 million on the same basis. Both regions benefited from pricing, with relatively stable volumes.
Adjusted Earnings Increase
Group gross profit reached €263 million, up 8.8% in constant currency, with a margin of 23.4%. Adjusted earnings before interest, taxes and amortization increased 14.6% in constant currency to €114 million. The adjusted EBITA margin reached 10.2%.
For the first nine months, group revenue totaled €3.288 billion and adjusted EBITA reached €347 million. Organic growth was 2.8% and 3.1%, respectively.
Azelis recorded a €350 million noncash goodwill impairment in the Americas, primarily involving acquisitions completed between 2021 and 2023. The charge reduces reported net income, assets and equity but has no direct effect on cash flow, working capital or net debt.
Working Capital and Outlook
Quarterly free cash flow totaled €67 million, with a conversion ratio of 58.6%. Net working capital represented 17.2% of revenue at September’s end, compared with 16% in June.
Azelis continues to target positive organic adjusted EBITA growth for the full year, while noting uneven volume growth and elevated volatility.
The company’s medium-term objectives, introduced September 29, include mid- to high-single-digit annual gross profit growth and high-single-digit annual adjusted EBITA growth. Azelis also aims to double earnings per share and achieve a return on capital employed above 11.5% by 2031. These remain forward-looking targets.
The results provide coatings manufacturers with an update on business conditions across chemical distribution. Industrial Chemicals includes CASE and other markets, so its 21% constant-currency increase should not be interpreted as coatings-only market growth.
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