In 2025, PolyPeptide generated EUR 389.3 million in revenue, representing a 15.6% increase versus 2024 (+16.0% at constant currency rates).
Development revenue increased by 29.9% and commercial revenue increased by 7.9%, driven by the successful ramp-up of the new large-scale SPPS capacity in Braine-l’Alleud, further improved utilization of existing assets, and continued strong demand for peptide-based therapeutics. The revenue share related to metabolics further increased to 57% (vs. 40% in 2024)1.
Throughout 2025, PolyPeptide remained committed to meeting the needs of its customers and maintaining a rich development pipeline. With 30 (2024: 29) projects acquired during 2025, and with other projects being completed, discontinued, or paused, the active custom projects pipeline at the end of 2025 included 196 (201) projects, with 30 (32) projects for phase III and 38 (38) projects for phase II of clinical development. Overall, the pipeline included 37 metabolic projects across ~25 customers, of which 7 were in Phase III. The number of commercial projects supported during 2025 increased to 68 (65), of which 10 were metabolic programs.
In 2025, PolyPeptide delivered a marked improvement in profitability. Gross profit for 2025 was EUR 66.6 million versus EUR 39.3 million in 2024, and EBITDA was EUR 46.8 million (+84.4%) versus EUR 25.4 million in 2024. The EBITDA margin increased by 4.5 percentage points to 12.0% versus 7.5% in 2024.
The increase in EBITDA reflects an improvement of EUR 21.4 million, driven by higher production volumes, improved operational performance and product mix, as well as the ramp-up of the large-scale SPPS facility in Braine-l’Alleud (EUR +1.4 million), which was partially offset by exceptional costs from ERP-related investments (EUR -4.1 million). With an 8.1% increase in average full-time equivalents, personnel expenses were EUR 16.4 million (+13.4%) higher versus 2024, reflecting ongoing preparations for further growth, including the ramp-up of new assets and continued organizational development.
The operating result (EBIT) in 2025 was EUR 8.7 million versus EUR -7.4 million in 2024. The financial result was EUR -28.7 million versus EUR -10.8 million in 2024, driven mainly by an unfavorable revaluation of intercompany loans based on foreign exchange movements (unrealized) and non-cash financing components related to contract liabilities, while interest expense was broadly in line with prior year. The result for the year was EUR -21.2 million versus EUR -19.6 million in 2024.
The increased profitability and preparations for growth with customer support contributed to a strong operating cash flow. Net cash flows from operating activities reached EUR 77.5 million in 2025 versus EUR 89.4 million in 2024. Inventories increased by EUR 7.9 million (+5.4% versus year-end 2024), reflecting an improved inventory turnover driven by disciplined working capital management and the Company’s procurement improvement initiative. Contract liabilities recorded further net inflows of EUR 27.4 million, bringing net proceeds from customer prepayments between 2023–2025 to EUR 156.2 million and reflecting continued customer support for capacity expansion initiatives.
Net cash flows from investing activities were EUR -111.7 million versus EUR -91.0 million in 2024, bringing free cash flow to EUR -31.4 million versus EUR 2.4 million in 2024. With net inflows from financing activities in the amount of EUR 33.8 million (2024: EUR -25.3 million), cash and cash equivalents at the end of 2025 were at EUR 74.6 million versus EUR 68.3 million at the end of 2024.
PolyPeptide announced the expansion of its existing credit facilities in May 2025. As at the end of 2025, EUR 20 million was outstanding under the unsecured short-term credit facility with the Group’s main shareholder. EUR 51 million remained available under the EUR 151 million committed revolving credit facility (RCF), with advanced negotiations for a further increase of the RCF ongoing. In addition, the capital band and conditional share capital for financing created at the general meeting held on 9 April 2025 (“AGM 2025”) provide the Group with further flexibility.
In 2025, capital expenditures reached EUR 110.0 million or 28.2% of revenue, in line with the Company’s revised guidance and reflecting investments across PolyPeptide’s manufacturing sites to meet strong customer demand.
The large-scale solid-phase peptide synthesis (SPPS) asset in Braine-l’Alleud, Belgium achieved its target utilization rate at the end of 2025. During ramp-up, optimization measures were identified, raising potential revenues from the asset from EUR ~100 million to EUR ~125 million. The newly added SPPS capacity at the site in Strasbourg, France, has become operational and is expected to ramp up production throughout 2026. In Malmö, Sweden, PolyPeptide achieved a significant milestone for its SPPS capacity expansion, where the pre-built modules were successfully delivered and installed in September 2025. The modules are currently undergoing mechanical completion and are on track to start ramp-up in 2027. In Torrance, plans were made in late 2025 to expand downstream capacity.
Throughout 2025, PolyPeptide engaged with customers to discuss their mid- and long-term capacity requirements as well as the evaluation of optimal manufacturing locations within the Group’s network. With geopolitical uncertainty remaining an important consideration, PolyPeptide’s manufacturing network across three continents puts the Group in a strong position to serve customers locally, as needed.
The Group continued to advance the specialization of its network as it transitions from laboratory-scale production to an industrialized manufacturing model. This increased focus on allocating activities to the sites best equipped to meet specific customer needs involved shifting projects between locations, supported by the necessary technology transfers, regulatory documentation and filings. Over time, these measures are expected to enhance operational efficiency, increase output, and contribute to revenue growth.
As part of its large-scale capacity expansion, PolyPeptide uses proprietary manufacturing technology with an integrated engineering design, advanced automation, and process control to ensure high productivity, safety, and sustainability. The Company also strives to leverage the potential for modularity and optimize the SPPS reactor size to reduce project complexity, while shortening time to market and enhancing flexibility.
PolyPeptide has implemented an Enterprise Risk Management (“ERM”) framework that provides a consistent, Group wide view of key risks and supports alignment with the Group’s strategic objectives. The ERM framework includes an annual risk assessment to identify, evaluate and address relevant risks, including sustainability‑related risks, with results reported to the Audit and Risk Committee (“ARC”) and the Board of Directors. The Board of Directors, through the ARC, is further supported by the Internal Audit function, which provides independent and objective assurance and supports the evaluation and enhancement of the effectiveness of the Group’s risk management, control and governance processes.
For more details on the Group’s ERM framework and Internal Audit, refer to the Corporate Governance Report 2025.
The Group is committed to driving sustainability by embedding core principles of sustainable business practices, ethical conduct, and regulatory compliance into its operations and ERM framework. At PolyPeptide, material sustainability topics are anchored in our corporate strategy and daily operations, reflecting our commitment to long-term value creation and alignment with evolving regulatory requirements.
PolyPeptide’s strategy builds on its multi-site network to strengthen its foundations and competitive advantages, with innovation in green chemistry playing an increasingly important role in sustainable peptide drug manufacturing. Through its green chemistry agenda, PolyPeptide aims to improve environmental sustainability by reducing and optimizing the use of hazardous solvents across its processes. By prioritizing sustainability in our innovation, development and operational efforts in areas where we believe we can have the greatest influence, we aim to contribute to a more sustainable future.
In 2025, PolyPeptide further strengthened its climate transition plan by including near-term, science-based greenhouse gas (GHG) reduction targets for Scopes 1, 2, and 3, as approved by the Science Based Targets initiative (SBTi). The Group has set the absolute near-term target to reduce Scope 1 and Scope 2 GHG emissions by 2030 by 42% versus 2023. For scope 3, the Group set an intensity near-term target to reduce GHG emissions until 2033 by 61% versus 2022.
To reinforce its commitment and align with evolving expectations of business partners and investors, PolyPeptide is voluntarily reporting in reference to the EU Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) as well as in accordance with the Taskforce on Climate-related Financial Disclosure (TCFD) framework.
The Group participates in the Carbon Disclosure program (CDP), scoring a “B” rating in 2025 (2024: B). This is complemented by the EcoVadis Group rating, where PolyPeptide received an “Advanced” rating for its carbon management program in 2025 and a “Silver” rating for its sustainability program, a recognition awarded to the Top 15% of companies assessed by EcoVadis in the 12 months prior to the medal issue date. Since January 2026, all manufacturing sites are certified according to ISO45001:2018 Occupational health & safety, ISO14001:2015 Environmental management and ISO27001:2022 Information Security.
For more details on PolyPeptide’s efforts related to corporate responsibility and climate-related risks and opportunities, refer to the Sustainability Report 2025.
PolyPeptide operates in an attractive market and competes with a track record of over 1,000 distinct therapeutic peptides manufactured, customer proximity driven by the multi-site network, and a culture of agility and responsiveness. These strengths are reflected in PolyPeptide’s rich pipeline of active custom and commercial projects across therapeutic areas, including a large exposure to metabolic therapeutics.
In 2025, PolyPeptide focused on advancing the execution of its growth strategy. Its vision is to be the most innovative peptide CDMO, strengthening competitive advantages in 1) innovation focused on green chemistry, process intensification and process design, 2) superior pipeline development capabilities, and 3) rapid and flexible capacity expansion leveraging the potential for modularity.
For more details on PolyPeptide’s market and growth strategy, refer to the chapter Strategy.
In 2025, the talent agenda has been further focused on enhancing the organization with industrial-scale manufacturing and supply chain capabilities, while strengthening competences for strategic growth readiness. To enhance PolyPeptide’s scalability, a new provider has been selected for the future enterprise resource planning system (ERP) system to bolster the Group’s control mechanisms. To mobilize the program, technical experts were hired in 2025 to drive the ERP implementation and to support a seamless rollout across all sites.
As part of its organizational development, PolyPeptide continues to promote internal collaboration across its network and global functions. To achieve its goals, PolyPeptide focuses on the needs of its customers, the sharing of best practice across its site network and the alignment of priorities. It thereby adopts an approach of continuous improvement with a dedication to employee development and engagement to position PolyPeptide as an attractive employer.
The progress made in 2025 positions PolyPeptide well to meet its mid-term outlook first communicated with H1 results in August 2024. PolyPeptide targets doubling revenue reported for 2023 by 2028, with profitability approaching an EBITDA margin of 25% by 2028. Over the mid-term horizon and on average, PolyPeptide expects capital expenditures of 15% to 20% of revenue to ensure capacity also beyond 2028.
For 2026, PolyPeptide’s priority is to meet the strong and increasing customer demand. The ramp-up at the new large-scale SPPS facility in Belgium was completed successfully in 2025, providing a strong foundation for continued growth in 2026. PolyPeptide expects revenue to grow 20–25% in 2026 versus 2025, at constant currency rates. The EBITDA margin is expected to continue to rise, reaching mid- to high-teens based on top-line growth and further progress in operations, which will be partially offset by preparations for future growth as well as the ERP implementation previously announced. Growth is expected to be balanced across the year, with both the first and second halves contributing meaningfully to revenue and EBITDA development. Capex is expected to be in line with the Group’s mid-term outlook of 15–20% of revenue.
From a financing perspective, PolyPeptide expects further improvements in profitability and cash flow, customer funding support for large capacity expansion projects, and the utilization of its credit facilities.
As PolyPeptide continues to invest for growth, it will not be proposing the payment of a dividend to the AGM 2026.