Azelis Group N.V. — Cyborg Score 5/10

Strategic Profile

Azelis combines a wide product portfolio of specialty chemicals and food ingredients from over 2,200 suppliers with application know-how, technical support and an extensive network of application laboratories to serve over 45,000 customers. The company has presence in Europe, the Middle East and Africa, Asia-Pacific, and the Americas.

Cyborg Score Rationale

The stock has declined 54.50% over the last year, signaling market headwinds. Revenue declined 7.6% in Q4 2025 driven by a 6.3% FX impact and 4.9% organic contraction. However, the group completed four acquisitions in 2025 adding €61.1 million of revenue and €8.8 million of adjusted EBITA.

Top Insights

• Stock has experienced significant decline (-54.5% YTD), trading well below IPO price of €26 in 2021
• Recent 2025 full-year results showed organic revenue contraction amid challenging market conditions
• Company maintains strong cash flow generation capability and aggressive M&A strategy with 4 acquisitions in 2025
• Trading at modest valuation multiples (P/S 0.72, P/B 0.87) suggesting potential value opportunity but also market skepticism

Named Competitors

• Specialty Chemicals Distribution — Global specialty chemicals and food ingredients distributor
• Specialty Chemicals Distribution — Global chemical and ingredients distributor

Recent Developments

• (February 2026) Full-year 2025 results showed strong cash flow growth despite 7.6% revenue decline in Q4; analyst raised price target from €10 to €10.50
• (2025) Completed four acquisitions adding €61.1M revenue and €8.8M adjusted EBITA to 2025 results
• (January 2026) Stock hit all-time low of €7.89, marking significant pressure from IPO levels

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