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Duro Felguera (MDF) investor relations material
Duro Felguera H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
The first half of 2026 was marked by the successful judicial approval and execution of a comprehensive restructuring plan, significantly improving financial stability and operational focus.
The group shifted its business model, reduced workforce, and exited non-core activities, focusing on core EPC projects and specialized services.
Despite a challenging geopolitical and commercial environment, the group maintained resilience, with a stable contract pipeline and improved cost structure.
Financial highlights
Revenue for H1 2026 was €31 million, down from €116.8 million in H1 2025, mainly due to a lower backlog and delayed project awards.
EBITDA improved from a loss of €18 million in H1 2025 to a positive €5.1 million in H1 2026, reflecting cost rationalization.
Net income for H1 2026 was €241.8 million, driven by extraordinary gains from debt cancellations and provision reversals linked to the restructuring.
Net financial debt decreased to €148.1 million at June 2026, with a strengthened liquidity position after asset sales.
Equity remains negative at €97 million, but the mercantile equity is positive at €110.2 million due to regulatory adjustments and participative loans.
Outlook and guidance
The group expects a progressive recovery in commercial activity and project awards in H2 2026, with a major contract in Mexico pending shareholder approval.
The delay in restructuring approval is expected to shift some revenue and EBITDA from 2026 to 2027, but medium-term business plan targets remain intact.
- Severe losses and negative equity in 2025; survival hinges on restructuring plan approval.MDF
H2 2025 - Revenue down 21.9%, net loss €26M, negative equity, and pre-insolvency restructuring ongoing.MDF
H1 2025 - Losses deepened despite higher revenue, triggering pre-insolvency and urgent restructuring.MDF
H2 2024 - Revenue up 11.4% but EBITDA and net income negative; capital increase and legal risks persist.MDF
H1 2024
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