Robertet reported a solid first half of 2026, with organic revenue growth of 2.8% despite more moderate market conditions and currency headwinds. The Grasse-based fragrance, flavor and natural ingredients group generated €444.3 million in consolidated revenue, down 0.5% on a reported basis from €446.3 million in H1 2025, while management maintained its full-year outlook for 3% to 5% organic revenue growth.
Philippe Maubert, chairman of Robertet's board of directors, said, “In a period of geopolitical uncertainty, Robertet has once again demonstrated the strength of its business model, which is based on natural products, agility, and independence. We are pursuing our strategy of growth and value creation with confidence.”
Jérôme Bruhat, Robertet's CEO, added, “Our organic growth and profitability confirm Robertet’s momentum in the first half of the year, driven by the fragrance division and new growth regions. In an unstable environment, we combine strict budget control with forward-looking investments to support the future growth of the group for the benefit of our customers.”
As noted, the clearest growth engine was fragrances, which delivered 12.6% organic growth and 10.0% reported revenue growth to €175.7 million. Robertet said performance was driven by continued momentum among niche fine fragrance brands and emerging fragrance players, particularly in Latin America and the Middle East. The division's growth contrasts with more challenging conditions in several of the group's other businesses.
Health and beauty also posted strong gains, with organic growth of 11.3% and reported revenue up 9.7% to €12.8 million, reflecting initiatives to expand the division's markets. By comparison, raw materials revenue fell 8.8% to €107.0 million, including a 5.5% organic decline, while flavors revenue declined 5.6% to €148.9 million, with organic revenue down 1.7%. Robertet attributed the pressure on raw materials and flavors partly to difficult comparisons following several years of strong growth and high bases in 2025.
Geographically, Robertet's traditional markets of Europe and North America declined 1%, while growth was substantially stronger elsewhere. South America increased 21%, driven particularly by Brazil, while Asia rose 12%, supported by the ramp-up of investments in Indonesia and India. The international exposure is significant: more than 80% of Robertet's revenue is generated outside its home market.
The regional performance points to an increasingly important role for emerging fragrance and beauty markets in the group's growth strategy. Robertet specifically cited new players in Latin America and the Middle East as contributors to fragrance momentum, while its investments in India and Indonesia are beginning to contribute to the broader regional performance.
Recurring EBITDA reached €93.6 million, representing a 21.1% margin, compared with €100.2 million and a 22.5% margin in H1 2025. Operating income fell 11.4% to €75.4 million, while net income attributable to shareholders declined 7.4% to €54.2 million.
Robertet said the decline in profitability was primarily linked to ongoing investments in manufacturing capacity, scientific and sales teams, and information systems. Higher depreciation and amortization associated with industrial investment and commercial expansion also affected operating income.
The company therefore appears to be accepting some near-term margin pressure while continuing to build capacity for longer-term expansion. Its balance sheet showed €647.1 million in equity at June 30, 2026, compared with €602.5 million at the end of 2025, while its net debt position was €79.7 million, compared with €72.7 million at year-end.
Despite what Robertet described as an unstable environment and limited visibility, the company is maintaining its target for 3% to 5% organic revenue growth in 2026. Management also reaffirmed its 2030 goals and said it would continue investing to support future growth.
