Akwel (AKW) investor relations material

Executive summary

• H1 2026 saw the end of serial production of SCR tanks, leading to a significant revenue decline, especially in Europe, and lower business volumes.

• Revenue dropped 18.7% to €415.0M, impacted by project cancellations, market volatility, and the end of SCR tank production.

• Profitability remained resilient despite lower volumes, with efficiency gains and cost adaptation offsetting higher costs.

• Net income for H1 2026 was €10.5M, down 22.7% year-over-year.

• Early signs of business recovery are expected in H2 2026.

Financial highlights

• Revenue for H1 2026 was €415.0M, down 18.7% year-over-year from €510.6M.

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

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

• Net margin was 2.5%, a decrease of 0.2 percentage points.

• EBITDA was €35.8M, down 35.3% year-over-year.

Outlook and guidance

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

• Full-year 2026 revenue is expected to decline by 12% to 15%, with ongoing market uncertainty and competitive pressures.

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

• Outlook remains unchanged despite persistent geopolitical instability and shifts in powertrain mix.