Tear Sheet: Azelis Group NV

Organic growth remained muted in the first half of 2025, as subdued industrial activity and pricing pressure weighed on volumes--particularly in the Americas and Asia-Pacific, where demand across less specialized product lines was weak. We forecast that revenue will increase marginally by 0.0%-0.4% to €4.23 billion in 2025, with nearly all incremental growth driven by bolt-on acquisitions. We anticipate that S&P Global Ratings-adjusted EBITDA will decline to about €477 million in 2025, with the margin narrowing to 11.3% from 11.9% in 2024, due to a less favorable sales mix, delayed integration synergies, and FX. We expect a gradual recovery in 2026, with the adjusted EBITDA margin improving to 11.8% and adjusted EBITDA increasing to €518 million, driven by stabilizing pricing,

...September 2, 2025 We expect Azelis Group NV (Azelis) to deliver marginal topline growth and reduced profitability in 2025, amid persistent macroeconomic headwinds, soft industrial demand, and FX pressures. Organic growth remained muted in the first half of 2025, as subdued industrial activity and pricing pressure weighed on volumes--particularly in the Americas and Asia-Pacific, where demand across less specialized product lines was weak. We forecast that revenue will increase marginally by 0.0%-0.4% to 4.23 billion in 2025, with nearly all incremental growth driven by bolt-on acquisitions. We anticipate that S&P Global Ratings-adjusted EBITDA will decline to about 477 million in 2025, with the margin narrowing to 11.3% from 11.9% in 2024, due to a less favorable sales mix, delayed integration synergies, and FX. We expect a gradual recovery in 2026, with the adjusted EBITDA margin improving to 11.8% and adjusted EBITDA increasing to 518 million, driven by stabilizing pricing, volume growth,...

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