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Trading update

H1 performance reflecting sales recovery and inflation in purchasing and freight costs in Q2.

Q2 and Half Year 2021 Earnings trends


  • Net revenues up +2.0% in H1 2021 versus H1 2020 thanks to Q2 2021 performance (revenues up organically +16% in Q2 2021), reflecting organic growth of +6.3% and negative forex impacts;
  • Sequential improvement in Q2 organic growth reflecting favorable comparison basis, but revenues still below 2019 levels by -7.4%;
  • Adjusted EBITDA at €112.7  million in H1 2021, or 8.9% of net revenues (versus 8.6% in H1 2020) as margin recovery was impeded by inflation in purchasing and freight costs in Q2;
  • Net profit should be breakeven in H1 2021 versus -€64.9m in H1 2020 and net financial leverage is expected below 2.0x at the end of June. H1 full earnings will be published on July 29 2021 after market close;
  • Recovery remains muted due to slow improvement in Workplace and Hospitality. Inflation in purchasing costs and raw material shortages accelerated recently, resulting in a negative inflation impact now estimated at €130 million in 2021 (versus €100 million anticipated in April);
  • Therefore the Group expects its 2021 adjusted EBITDA margin to be below 2020 margin. The Group confirms, as announced in April, that it will not reach its mid-term target (at least 12%) by 2022 and anticipates that it will be delayed by at least one year.

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