Eurofins delivered steady improvement in both organic and reported revenue growth throughout the first nine months of 2026:
- Reported revenues in 9M 2026 totalled €5,614m, a 3.7% increase versus 9M 2025. Growth was driven by both organic growth and acquisitions, despite a -1.7% headwind from foreign exchange, and a -0.7% headwind from discontinuations and disposals as Eurofins exited certain non-core activities.
- Organic revenue growth in 9M 2026 was 3.0%, and 2.9% including a -0.1% adjustment for public working days.
- Organic revenue growth13 was 2.5% in Q1, 3.0% in Q2, and 3.5% in Q3 (and 2.6%, 2.9% and 3.2% respectively corrected for public working days), with growth increasing sequentially by 0.5% each quarter.
- For 9M 2026:
- In Europe, organic growth was 1.9% (1.6% including public working days adjustment), led by good growth in Environment Testing, and Clinical Diagnostics in France.
- In North America, organic growth was 2.8% (2.8% including public working days adjustment), with a stronger third quarter including continued solid growth in the Life businesses, and improving growth across a number of categories within BioPharma.
- In Rest of the World, organic growth of 9.3% (9.8% including public working days adjustment) included robust performance in Food & Feed Testing and Consumer Product Testing.
- Eurofins’ strategic growth investments continued in the first nine months of 2026, with the closure of 22 acquisitions with 2025 revenues of more than €210m (not including Element’s North America Life Sciences Testing Services). Start-ups contributed 0.6% to organic growth, with 15 new start-up laboratories and 4 blood collection points opened during the period.
- Organic growth in Q3 2026 of 3.5% (3.2% including public working days adjustment) included a broadbased acceleration in BioPharma, with mid-single digit growth in BioPharma Product Testing, and Discovery & Genomics returning to positive growth. We also saw an expected improvement in the CDMO business, although other ancillary activities remain mixed.
Objectives
Eurofins is confirming its mid-term and FY 2027 objectives, as previously confirmed at the H1 2026 results presentation. For FY 2026 Eurofins is updating its objectives:
- FY 2026 organic growth is likely to be below the previous mid-single-digit objective. This reflects the fact that market conditions have remained slower than normal after nine months, and that some expected clinical programmes will not restart in 2026; and as a result, organic growth is unlikely to reach the initial objective for the year as a whole.
- Revenues from acquisitions in 2026 are expected to be above the previous objective of an annualised €250m, based on transactions already completed, including Element’s North America Life Sciences Testing Services business.
- For FY 2027, Eurofins expects to return to mid-single-digit organic growth.
- Objectives for profitability and cash flow for FY 2026 are unchanged. Eurofins continues to expect the adjusted EBITDA margin to show further progress towards the 2027 objective (24% remains the objective for 2027), with improvement in 2026 above FY 2025 margin of 22.5%.
- Also, SDI at the EBITDA level should further decline from the FY 2025 level, and FCFF is expected to grow, with continued strong cash conversion.
Comments from the CEO, Dr Gilles Martin:
“I am encouraged by Eurofins’ sequential improvement in growth each quarter as we have progressed through 2026, including a broad-based acceleration in BioPharma in the third quarter.
Even in an uncertain macroeconomic environment in Europe, Eurofins continues making progress towards its profitability and margin objectives, which are based on the delivery of key strategic initiatives rather than depending on growth and external market factors. There are further significant opportunities still to come, as the benefits of our hub and spoke networks and maturing start-up investments accumulate, and we realise productivity gains and material cost savings as key IT projects and digitalisation initiatives complete.
Eurofins remains on track to reach its target profile for the end of 2027, of a very profitable and cash-generative global testing group, operating a well-invested and fully digital hub and spoke laboratory network. With a portfolio increasingly focused on core activities following the recently completed acquisition of Element’s North America Life Sciences Testing Services, and the divestment of Eurofins’ Electrical & Electronic Testing business, Eurofins resources can be used even more effectively to further innovate and improve service to clients.
We look forward to discussing Eurofins’ progress at our forthcoming Investor Days, and showcasing two of the state-of-the-art sites being delivered as the investment programme approaches completion.”
Conference Call
Eurofins will hold a conference call with analysts and investors today at 15:00 CEST to discuss the results and the performance of Eurofins, as well as its outlook, and will be followed by a questions and answers (Q&A) session.
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