Syntegon’s first-half 2026 results were solid overall, but the picture varies by business. The Food division, home to the company’s global-leading chocolate & bars unit, grew more slowly than pharma, as customers took a more measured approach to investment amid ongoing cost pressures.

A steadier pace for chocolate & bars

The segment continued to feel the effects of a cautious investment climate. The company said market dynamics remained challenging in the first half, with customers facing cost pressure that led to more careful investment decisions. Growth across the wider Food business was described as muted as a result.

In response, Syntegon has continued to launch new product solutions aimed at giving customers greater efficiency and flexibility. The company pointed to growing customer adoption of its SVX vertical packaging platform as a sign this approach is resonating. Syntegon said it is taking appropriate measures to respond to current market conditions and to maintain its premium margin position in the segment.

“Our first-half results demonstrate Syntegon’s strong operating leverage. Adjusted EBITDA increased more than twice as fast as sales, taking the margin to 16.8 percent,” said Eros Carletti, CFO of Syntegon. “This reflects the stronger earnings contribution from Pharma, operational discipline and continued improvements in project execution.”

CEO Torsten Türling echoed the sentiment: “Our Pharma business remains our strongest growth engine. We achieved major new customer wins and market share gains in the expanding biologics market globally and in the United States in particular.”

Innovation across businesses

Syntegon framed its innovation agenda as a response to shared pressures across its customer base — labour shortages, cost pressure, stricter regulation and growing portfolio complexity. In the first half, the company launched next-generation solutions featuring enhanced automation, robotics and AI-enabled functionality, paired with lifecycle services designed to help customers lower total cost of ownership across their operations.

Group order intake reached €964 million, with a book-to-bill ratio of 1.09 and a record order backlog of €1.3 billion, giving Syntegon a solid foundation heading into the second half.

Outlook

Syntegon’s full-year outlook remains unchanged, with the company still targeting continued growth and margin expansion. Pharma’s structural tailwinds, from biologics expansion to tightening regulation, are currently doing much of the work, while Food navigates a period of more cautious customer spending. 

For a company that leads the chocolate & bars market, the second half will offer a clearer read on whether that caution eases as the year progresses.