Aquafil’s 1Q26 was better than the revenue decline implies, with cost savings, production efficiencies, and operating cash generation reinforcing the FY25 margin reset. Revenue declined 7.1% to €133.8M, largely reflecting raw material-linked pricing resets and FX, while first-grade volumes increased 0.9% y/y. EBITDA increased 15.8% to €19.8M, representing a 14.8% EBITDA margin versus 11.9% in 1Q25, as the €17M cost rationalization program began flowing through reported results. In our view, the key takeaway is that Aquafil is converting the FY25 cost program into visible margin expansion before a broader top-line recovery. NFP remained stable q/q at €209.5M, while leverage improved to 2.79x from 2.89x at YE25, reinforcing management’s focus on cash generation, controlled capex, and debt reduction heading into the balance of 2026.
