IMCD 1Q25 EBITA in line with CSS, better than expected after yesterday
IMCD reported € 1,3bn in revenues for 1Q25. This was in line with our and CSS estimates. Gross profit margin of 25.8% was in line with our estimates and above CSS. After yesterday we were afraid the GPm would also have shown a trend reversal this is not the case and very positive. While Adj. EBITA of € 142 was in line with CSS it was 5% below our estimates. This as OpEx was € 8m above our and CSS estimates. After the disappointment yesterday, we are positively surprised with the strong gross profit margin. Our Gross profit margin expectations and acquisitional growth seem robust. The macro environment will have a negative effect on our organic growth expectations for the remainder of the year and OpEx estimates are likely to increase. While the estimates are in line with CSS we expect a positive reaction today given the dynamics of yesterday. For now we maintain our target price of € 154 per share and accumulate rating.IMCD Group is a specialty chemicals group based in the Netherlands. Co. is engaged in the sale, marketing and distribution of specialty chemicals and food ingredients globally. Co.'s business groups are Detergents, Pharma, Personal Care, Coatings, Food & Nutrition, Lubricants, Synthesis, Plastics and others. Co.'s product offering includes additives, antioxidants, extracts, preservatives, acids, lubricants, oils, softeners, wax, components for oral, topical and vaccine drug formulations, fragrances, pigments, solvents, resins, flavors, herbs and spices, surface active agents, and fillers, among others. Co. maintains offices and warehouses in Europe, Asia Pacific, Africa, the USA and Brazil.
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