BRAIN Biotech Reports 9M Results, Continues to Target Break-even Adjusted Group-EBITDA
核心洞察
BRAIN Biotech AG (搜索) reported revenue of €34.6 million for the first nine months of fiscal year 2025/26, a 10.5% decline from €38.7 million in the prior year.
The core BRAINBiocatalysts segment fell 13.3% to €30.8 million, driven by weak baking enzyme sales and production interruptions from facility relocation in the Netherlands.
The BRAINBioIncubator segment grew to €3.9 million, supported by a €1.0 million deucrictibant milestone payment, prompting the company to raise its full-year forecast for this segment.
BRAIN Biotech AG (搜索), a leading provider of specialty enzymes and innovative biological solutions for industry, has published its financial results for the first nine months of fiscal year 2025/26. The company reported Group revenue of €34.6 million, down 10.5% from €38.7 million in the prior-year period, while continuing to target a break-even adjusted Group-EBITDA.
In the third quarter, revenue declined 16.6% compared to the same period last year. The company attributed this partly to the particularly strong performance in the third quarter of 2024/25, which created a high basis for comparison. Adjusted consolidated EBITDA declined slightly in absolute terms, from €-0.4 million to €-0.7 million, primarily due to lower Group revenues. Strict cost discipline and the high contribution margin from the deucrictibant milestone payment helped offset a more significant negative impact on earnings.
Adriaan Moelker, CEO of BRAIN Biotech AG (搜索), commented: "For my final quarterly report as CEO of the company, I certainly would have liked to see a more positive revenue trend in our core segment. I am absolutely satisfied though with the development of the BRAINBioIncubator as well as the Group's overall EBITDA. The company's clear focus remains on further increasing the growth momentum of product sales in the BRAINBiocatalysts division. I am confident that our company will return to profitable growth in this area in both the short and over the longer term, and I wish my designated successor, Dr. Sven Weber, every success in further expanding BRAIN Biotech AG into a leading company in the field of specialty enzymes."
Segment Performance
Revenue in the core BRAINBiocatalysts segment, which encompasses enzymes, microorganisms, and ingredients, amounted to €30.8 million in the first nine months of the reporting period, representing a 13.3% decline compared with €35.5 million in the same period last year. The absolute decline in revenue was due to weak revenue growth, particularly in the baking enzymes segment. In addition, production interruptions occurred due to the relocation of production facilities to a new joint manufacturing site in the Netherlands. Adjusted EBITDA in this segment fell from €3.4 million to €1.6 million, primarily due to the decline in revenue and the production relocation.
Revenue in the BRAINBioIncubator segment, which comprises research-intensive R&D projects with industry partners and in-house projects, totaled €3.9 million, up €0.7 million from €3.2 million in the previous year. In the first quarter, a milestone payment of €1.0 million was received for the deucrictibant project, which contributed significantly to revenue growth. The high contribution margin from the milestone payment, combined with lower personnel costs in the segment, led to a significantly improved adjusted EBITDA of €0.4 million, compared with €-1.1 million in the same period of the previous year.
The BRAIN Biotech Holding segment primarily includes personnel and other expenses related to Group administration, the further development of the BRAIN Biotech Group, the costs of the stock exchange listing, central Group financing, and M&A activities. This segment's adjusted EBITDA amounted to €-2.7 million, unchanged from the prior year and in line with the full-year plan.
Outlook
Due to the deteriorating overall economic environment and additional company-specific challenges, the company now forecasts revenue in its core BRAINBiocatalysts segment to be below the prior-year level, revised from a previous expectation of around the prior-year level. The related adjusted segment EBITDA margin is now expected to be below 10%, down from a previous forecast of around 10%.
In contrast, the company is raising its forecast for the BRAINBioIncubator segment in fiscal year 2025/26 to revenue of around €6.0 million, up from a previous forecast of around €5.0 million, and positive adjusted EBITDA of at least €1.0 million, up from a previous expectation of simply positive adjusted EBITDA.
Despite the weaker revenue performance in the core BRAINBiocatalysts segment, the company continues to expect an adjusted Group-EBITDA around the break-even point.
Key Financial Data
For the first nine months of fiscal year 2025/26, total operating performance (revenues plus change in inventories plus other income including R&D grants) amounted to €35.9 million, compared with €40.6 million in the prior-year period. Unadjusted EBITDA was €-2.0 million, versus €-1.6 million in the prior year. Cash and cash equivalents stood at €0.93 million as of June 30, 2026, compared with €6.2 million as of September 30, 2025. In addition, the company has access to a revolving credit line in the amount of €9.0 million.
The BRAIN Biotech Group is a leader in researching, developing, and producing specialty enzymes, focusing on the food and life sciences industries. The group also develops microbial production strains and scalable bioprocesses for the economic production of specialty enzymes and other proteins, and offers customized biological solutions to industry for more sustainable products and efficient processes. BRAIN Biotech AG (搜索) has been listed on the Frankfurt Stock Exchange since February 9, 2016 (Ticker symbol: BNN; ISIN: DE0005203947). In the 2024/25 fiscal year, the group generated revenue of €49.6 million with around 280 employees.