B&C Speakers (BEC) investor relations material

Executive summary

• Net profit rose 8.2% year-over-year to €6.2 million in H1 2026, despite a 7.2% decline in revenues to €47.0 million, reflecting operational resilience amid temporary market slowdowns and international tensions.

• EBITDA margin remained robust at 19.4%, with EBITDA at €9.1 million, demonstrating high profitability despite reduced demand and non-recurring legal costs.

• Free cash flow generation reached €5.1 million, nearly matching the €7.6 million dividend paid in May 2026, reflecting strong cash flow resilience.

• Europe accounted for 50% of revenues, with notable growth in Italy (+44%) and Latin America (+26%), while North America and Asia-Pacific contributed 18.2% and 13.9% respectively.

• Geographic diversification and improved financial management supported stable performance across key metrics.

Financial highlights

• Revenues for H1 2026 were €47.0 million, down 7.2% year-over-year due to OEM order delays and softer demand.

• EBITDA was €9.1 million (19.4% margin), down from €11.0 million (21.6%) in H1 2025.

• Net profit reached €6.2 million (13.1% margin), up 8.2% year-over-year.

• Net financial position was negative €4.7 million after the dividend payout.

• Gross margin remained stable at 37.5% despite lower sales volumes.

Outlook and guidance

• Major European OEM clients signaled a strong recovery in orders starting September, with expectations to return to 2025 levels.

• Visibility remains short-term, but confirmed orders for September and October suggest a rebound in the second half.

• Management remains focused on profitability, financial efficiency, and cash generation, with ongoing investments in international commercial presence and product portfolio.

• Current demand caution is viewed as temporary, though ongoing geopolitical tensions and trade policies continue to impact short-term visibility.

• Management is monitoring risks from ongoing wars but does not foresee significant direct impacts.