Hawesko Holding (HAW) investor relations material

Executive summary

• H1 2026 revenue fell 3.6% YoY to €274.8m amid weak demand; deliberate exit from €5m of unprofitable B2B sales prioritized margins and earnings quality.

• Gross margin rose to 45.2% from 43.9%, while operating EBIT declined to €5.1m from €6.1m; the full-year forecast was cut after Q3 trading proved weaker than expected.

Financial highlights

• Revenue €274.8m, down 3.6% YoY; gross profit €124.2m, down 0.9%; operating EBITDA €17.4m, down 4.8%, and operating EBIT €4.9m, down 12.6%.

• Reported EBIT was €4.9m versus €5.6m; restructuring expenses were €0.3m versus €0.5m, producing an operating result of €5.1m versus €6.1m.

• Consolidated net income was €1.05m versus €1.41m; basic and diluted EPS €0.11 versus €0.14.

• Staff costs fell 3.3% to €36.5m; advertising costs increased 3.1% to €20.7m, including spending to support customer acquisition.

Outlook and guidance

• FY 2026 revenue forecast revised to a 2–4% decline YoY from growth of up to 2%; FY 2025 revenue was €622m.

• Operating EBIT before one-off expenses now expected at €23–26m, down from €28–32m; one-off expenses up to €4m versus prior guidance of up to €2m.

• Free cash flow guidance reduced to €28–33m from €30–36m; ROCE guidance cut to 9–11% from 11–14%.

• Q3 trading was weaker than expected, with at best a modest seasonal improvement anticipated for the remainder of 2026; a comprehensive E-Commerce transformation is planned from autumn.