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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Immsi
Immsi (IMS) investor relations material
Immsi H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary10 Sep, 2026
Executive summary
Revenue for H1 2026 reached €905.4M at current rates (+2% YoY) and €943.6M at constant rates (+6.3% YoY), driven by strong growth in the naval segment and solid industrial performance.
EBITDA rose to €152.4M (16.8% margin), up from €145.7M (16.4%) in H1 2025.
Net profit attributable to the group was €7.3M, while net profit including minorities was €19.4M, both up year-over-year.
Net financial debt improved to €869.9M, down €116.7M from December 2025.
Subsidiaries focused on stock management and prudent financial resource allocation.
Financial highlights
Consolidated revenue: €905.4M (+2% YoY) at current rates, €943.6M (+6.3% YoY) at constant rates; EBITDA: €152.4M (+4.6% YoY); EBIT: €75.9M (+12.2% YoY).
Net profit: €7.3M (0.8% margin) attributable to the group, €19.4M including minorities (+6.9% YoY).
Net financial debt: €869.9M, improved from €986.6M at year-end 2025.
Operating cash flow: €168.4M; investments in tangible and intangible assets: €53M.
Equity: €393.3M, of which €210.2M attributable to the group.
Outlook and guidance
Management highlights ongoing geopolitical and economic uncertainty impacting consumer demand and sector outlook.
Industrial segment to focus on liquidity, productivity, and continued investment in brands and technology.
Naval segment aims to optimize production capacity and expand order backlog.
Real estate/hospitality to continue commercial and rental activities, targeting growth in resort clientele.
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Latest events from Immsi
- Record EBITDA and wider margins despite lower sales and rising net debt.IMS
H2 2023 - Net sales fell 15.2% to €1,391.6m, net profit dropped 40.8%, but EBITDA margin rose to 16%.IMSQ3 2024
- Net sales rose at constant FX, cash flow surged, and shipbuilding sales nearly doubled.IMSQ1 2026
- Record EBITDA margin achieved in 2025 despite lower sales and net profit; no dividend proposed.IMSH2 2025
- Revenue and profit declined, but naval growth and no interim dividend marked the period.IMSQ3 2025
- Revenue and profit declined, but naval sector revenue surged over 50%.IMSH1 2025
- Revenue fell 14.3% but margins held; major naval contract boosted outlook.IMSH1 2024
- Sales and profits fell, but investments and order backlog support future growth.IMSQ1 2025
- Despite lower sales, Immsi achieved record margins and expanded its defence order book.IMSH2 2024
Next Immsi earnings date
Q3 202612 Nov, 2026
Immsi
Next Immsi earnings date
Q3 202612 Nov, 2026
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Frequently asked questions
Immsi S.p.A. is an Italy-based holding company that oversees a diverse portfolio of around 40 companies across various sectors. It operates primarily through three main business segments: the industrial sector, represented by the Piaggio group, which focuses on the production and distribution of scooters, motorcycles, and light commercial vehicles; the naval sector, through Intermarine S.p.A., which specializes in the production of defense ships including mine countermeasure vessels, fast patrol boats, hydrofoils, and fast ferries; and the real estate sector, including the management of a tourist and holiday resort through Is Molas S.p.A. The company is headquartered in Mantua, Italy, and its shares are listed on the Borsa Italiana.