Our key markets were stagnant in the first half of this financial year, primarily as a result of economic uncertainty. We continued to advance on our strategic growth initiatives, achieving solid progress despite a slower and fluctuating pace due to prevailing uncertainties.
Division EMEIA increased revenue in the first half-year by 4% versus the same period last year. Building and Construction, and Packaging both saw a slight increase in revenue, while Coatings & Sealants underperformed.
Division Americas saw revenue in USD increase by 2% where Packaging was the biggest contributor, while Coatings & Sealants underperformed versus the same period last year.
Division Asia revenue in USD remained flat (0%) where Building and Construction and Packaging both saw increased revenue with a stronger contribution from export sales, while Coatings & Sealants saw a decrease.
The contribution margin for the Group was € 26.8 million, a decrease of € 1.1 million compared to the same period last year including an unfavorable USD to EUR translation of € 0.7 million. The margin for the Group as a percentage of revenue decreased to 47%, versus 49% in the same period last year, partly due to an unfavorable sales mix.
Operating expenses were € 24.0 million, up by € 0.9 million (5%) compared to the same period previous year. This increase was in line with our strategic roadmap and included higher costs related to business development, marketing, and IT.
Net cash flow amounted to € 10.1 million (negative) versus a net cash flow in the same period last year of € 2.7 million (negative), a decrease of € 7.4 million. This was primarily due to a lower operating result, a higher level of investments related to new manufacturing equipment for the Americas and the EMEIA division and the higher dividend that has been paid versus the same period last year.
OUTLOOK 2025/2026
2025/2026 continues to be defined by a challenging global economic environment. Persistent inflationary pressures, ongoing trade tensions, and geopolitical uncertainty remain key concerns. Therefore, we remain cautious in our business expectations for the remainder of 2025/2026.
Despite current market conditions, Holland Colours remains committed to its strategy, mission, and vision. Our strategy includes specific initiatives to accelerate the growth of our core business, and we are committed to developing new, innovative opportunities in the area of recycling and circularity. Our strategy continues to reflect our commitment to solidifying our position as an independent supplier of pigment and additive concentrates.
Apeldoorn, October 31, 2025
Board of Management
Coen Vinke (CEO)
Martijn Klomp (CFO)
Eelco van Hamersveld (CTO)