HOLLAND COLOURS HALF-YEAR RESULTS 2026/2027
Apeldoorn, 30 October 2026
- Revenues of € 55.2 million compared to € 56.8 million in the same period last year, a decrease of 2.8% including a 0.2 percentage point negative currency translation effect.
- Operating result remained stable at € 2.7 million.
- Net result was € 2.0 million compared to € 2.1 million in the same period last year, resulting in net earnings per share of € 2.29 compared to € 2.44 in the same period last year.
I. HALF-YEAR MANAGEMENT REPORT
Important events and their impact on the interim financial statements
Our key markets faced challenging conditions in the first half of the financial year, reflecting heightened geopolitical uncertainty, lower volumes and continued inflationary pressures. Strategic growth initiatives progressed, particularly in Dark Profiles, but below our ambitions and not enough to offset softer demand in parts of the core business. Overall performance was below expectations; improved margins and cost discipline partly mitigated this.
Division EMEIA saw revenue in the first half-year decrease by 8.4% versus the same period last year including the impact of the lost Russian business due to increased sanctions. The Packaging and Building & Construction segments were particularly affected by weaker demand and subdued market conditions. Coatings & Sealants showed a recovery compared with the same period last year.
Division Americas saw revenue in USD increase by 7.6% across segments versus the same period last year, primarily driven by higher volumes in Dark Profiles and UHT dairy applications within Packaging.
Division Asia revenue in USD saw a decline of 8.8% mainly driven by declines in the Building & Construction and Packaging segments in both domestic and export markets. Coatings & Sealants increased, reflecting a recovery compared with last year.
The contribution margin for the Group was € 27.3 million, an increase of € 0.5 million compared to the same period last year. The margin for the Group as a percentage of revenue increased to 49.4%, versus 47.1% in the same period last year. Disciplined margin management resulted in an improved contribution margin despite volatility in raw material and freight costs.
Operating expenses were € 24.6 million, up by € 0.6 million (2.5%) compared with the same period last year. This slight overall increase was mainly driven by inflation, while we continued to invest in our strategic roadmap, including initiatives to strengthen our IT capabilities, enhance commercial effectiveness and improve operational efficiency through targeted automation.
Net cash flow amounted to negative € 0.5 million, compared with negative €10.1 million in the same period last year. We continued to invest in future growth, while improved cash flow from operating activities and a lower absolute dividend payment based on net profit 2025/2026 contributed positively to our cash position compared with the same period last year.
No material related-party transactions occurred during the first six months of 2026/2027 and there were no material changes to the related-party transactions described in the annual report 2025/2026.
Audit
The half-year results of 2026/2027 are unaudited and have not been reviewed by an auditor.
OUTLOOK 2026/2027
For the remaining six months of 2026/2027, the principal risks and uncertainties continue to be shaped by a challenging global economic environment. These include persistent inflationary pressures, volatility in raw material and freight costs, ongoing trade tensions and sanctions, geopolitical uncertainty, currency movements and softness in demand in parts of the core business. These factors may adversely affect revenue, margins, costs, working capital and cash generation. Against this backdrop, Holland Colours remains cautious regarding the remainder of the financial year and continues to focus on restoring sales momentum, protecting margins, controlling costs and improving cash generation.
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 key segments, 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.
II. HALF-YEAR RESPONSIBILITY STATEMENT
The members of the Board of Management hereby declare that, to the best of their knowledge: (i) the condensed consolidated interim financial statements for the six-month period ended September 30, 2026, prepared in accordance with IAS 34 “Interim Financial Reporting” as adopted by the European Union give a true and fair view of the assets, liabilities, financial position and profit or loss of Holland Colours N.V. and the undertakings included in the consolidation taken as a whole; and (ii) the half-year management report gives a fair view of the information required pursuant to section 5:25d, subsections 8 and 9, of the Dutch Financial Supervision Act (Wet op het financieel toezicht).
Apeldoorn, October 30, 2026
Board of Management
Chris Roggeband (CEO)
Martijn Klomp (CFO)
Eelco van Hamersveld (CTO)
KEY DATES (provisional)
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