Akwel (AKW) investor relations material

Executive summary

• Revenue for H1 2026 declined 18.7% to €415.0M, mainly due to the end of SCR tank production, adverse currency effects, and project cancellations, with the steepest impact in Europe.

• Net income attributable to the group was €10.5M, down 22.7% from €13.6M in H1 2025.

• Profitability remained resilient due to cost adaptation, efficiency gains, and industrial performance despite lower volumes.

• EBITDA reached €35.8M, up sharply year-over-year due to one-off SCR litigation impacts in 2025.

• Workforce reduced to 7,796 employees, reflecting ongoing restructuring and cost-saving measures.

Financial highlights

• Operating income was €18.0M, a 35.3% decrease from €27.8M in H1 2025.

• Net margin was 2.5%, down from 2.7% a year earlier.

• Earnings per share fell to €0.40 from €0.51.

• Net cash at June 30, 2026, was €123.7M, including €11.8M lease liabilities and €36.1M in term deposits.

• Equity stood at €614.5M, representing 75.5% of total assets.

Outlook and guidance

• Full-year 2026 revenue is expected to decline by 12–15%, mainly due to the SCR tank production stop and ongoing market uncertainty.

• Revenue is projected to recover to 2025 levels by 2029–2030, supported by new client orders and strategic initiatives.

• H2 2026 is expected to show early signs of recovery, with improved order intake and delayed projects starting by year-end.

• Margins are protected by indexation mechanisms, though cost increases from the Middle East crisis have a slight lag effect.

• Focus remains on product development for electric vehicles, operational agility, and ESG commitments.