Overview Conclusion: Q2 results exceeded expectations, driven primarily by VWR's earlier-than-expected return to growth and the visible effectiveness of the Revival plan.

Key Figures: Revenue of $1.69 billion, down 0.4% organically; adjusted EPS of $0.21 beat expectations; VWR organic growth of +1.7%, a marked improvement from -4.8% in Q1.

Business Progress: VWR benefited from the easing of contract renewal pressure with large customers, the relaunch of its e-commerce platform vwr.com, and growth among small and mid-sized customers; BMP orders grew double digits with a book-to-bill of 1.1x, with growth expected to resume in 2H. The company repaid $112 million in debt during the quarter, leverage stood at 3.3x, and Moody's outlook turned positive.

Guidance & Outlook: FY2026 organic growth raised to -0.5% to +0.5%, EPS raised to $0.80-$0.83; BMP Q3 organic growth of approximately 250bp, with FX a headwind of approximately 125bp.

Risk Signals: FX and freight inflation remain persistent headwinds; discrete BMP factors dragged Q2 by 600bp and Q3 by 150bp; management is highly confident in 2027 growth and will host an Investor Day on December 8.