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Kesla (KELAS) investor relations material
Kesla Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue grew 8.8% to €11.9 million in Q2 2026 and 3.4% to €19.9 million for H1 2026 year-over-year.
Operating result turned positive in Q2 at €165 thousand (from -€491 thousand), and improved to -€575 thousand for H1 (from -€1,269 thousand).
Order backlog surged 178% to €25.4 million at the end of June 2026, driven by a major Defence order.
Cash flow from operations strengthened significantly to €3.7 million in Q2 and €4.7 million in H1.
Strategic restructuring and cost-saving measures continued, including divestment processes and workforce adjustments.
Financial highlights
Orders received in H1 rose 74.7% to €37.6 million, with Defence contributing €17 million.
EBITDA improved to €104 thousand in H1 (from -€514 thousand), and to €501 thousand in Q2 (from -€116 thousand).
EPS improved to -€0.32 in H1 (from -€0.46) and to -€0.06 in Q2 (from -€0.19).
Net financial expenses increased due to new financing arrangements.
Net result for H1 was -€1.09 million (from -€1.57 million).
Outlook and guidance
Revenue for 2026 is expected at €38–45 million, with operating margin between -2% and +2%, assuming stable market conditions.
Focus remains on restructuring, cost efficiency, and strengthening Defence segment.
- Order intake and backlog soared on defense demand, but profitability stayed negative.KELAS
Q1 2026 - Revenue and profit declined sharply, but major defense order boosts 2026 outlook.KELAS
Q4 2025 - Revenue and profitability fell sharply, with further declines expected amid weak demand.KELAS
Q3 2025 - Revenue and operating profit fell significantly, with a negative outlook for the rest of 2025.KELAS
Q2 2025 - Revenue fell 31% and operating result turned negative amid weak demand and market uncertainty.KELAS
Q3 2024 - Kesla's H1 2024 profit stayed positive despite a 24% revenue drop and weak market demand.KELAS
Q2 2024 - Revenue down, losses deepened, but order intake rebounded 26% year-over-year.KELAS
Q1 2025 - Revenue down 20%, order backlog halved, 2025 outlook stable with slight profit improvement.KELAS
Q4 2024
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