Brunel International (BRNL) investor relations material

Executive summary

• Q2 2026 revenue was €298 million, down 2% organically, with gross profit at €52 million, down 1% organically; 1H26 revenue was €597 million, flat organically year-over-year.

• Underlying EBIT for Q2 was €6.2 million, up 2% organically; 1H26 EBIT was €14.2 million, up 3% organically.

• Permanent recruitment grew 6% organically in Q2 and 20% in H1, while contracting declined 2% organically.

• The company accelerated its AI-driven NEO solution rollout and began executing an updated strategy, including expansion into Power, Grid, and Defence verticals.

• Recognized as one of the fastest-growing staffing companies in the U.S. over the past five years.

Financial highlights

• Gross profit for Q2 was €52 million, down 1% organically; gross margin stable at 17.3%.

• Underlying EBIT for Q2 was €6.2 million (2% organic increase); H1 EBIT was €14.2 million (3% organic increase).

• Net profit for Q2 was slightly over €5 million, compared to a loss last year, with EPS at €0.10 (vs. €0.01 last year).

• Free cash flow for H1 was negative €14.1 million, less negative than prior year, reflecting seasonality and dividend payout.

• Effective tax rate normalized at 34.6% in H1, down from 76.8% in H1 2025.

Outlook and guidance

• Cautious outlook maintained due to macroeconomic and geopolitical uncertainty, especially in the Middle East.

• Trends in DACH, global business, Netherlands, and Middle East expected to continue into Q3.

• Growth anticipated in coming months, with operating leverage expected as revenue increases.

• Full-year effective tax rate expected between 30% and 35%.

• Focus remains on executing the strategy for sustainable growth and improved profitability.