Fagron Solid 1Q26 results, Strong Brands Performance
Fagron reported 1Q26 revenues 1% above CSS expectations. Organic revenue growth of 3.2% at CER was supported by all regions, driven in particular by DD growth in Latin America. Despite losing the GLP-1 tailwind, North America still delivered positive organic growth. The continued focus on Brands is clearly paying off, with 22.6% organic revenue growth at CER y/y. Acquisition integrations are progressing as planned. FY26 guidance for MDS to HSD organic revenue growth at CER is reiterated, Fagron expects a REBITDA margin of c. 20.0%, in line with both our and CSS expectations. A solid set of results. We reiterate our Buy rating and maintain our € 30 target price.Fagron supplies products, services to professionals and institutions in the healthcare sector in Europe, the U.S.A. and Brazil. Co.'s activities are subdivided into four divisions. Through Fagron, Co. offers products and concepts for pharmaceutical compounding. Through Arseus Dental, Co. supplies dental products and concepts to dentists and dental laboratories in Belgium, the Netherlands, France, Germany and Switzerland. Through Arseus Medical, Co. supplies medical and surgical products to specialists, elderly homes, homecare nurses and hospitals in Belgium and the Netherlands. Through Corilus, Co. supplies ICT total solutions for medical specialists in Belgium, the Netherlands and France.
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