H1 2026 saw a recovery in operating results and free cash flow, driven by cost discipline, internal levers, and the initial impact of the Rebound plan, despite a challenging macroeconomic and geopolitical environment.
The Rebound plan is progressing as scheduled, delivering early financial benefits and focusing on innovation, digital activation, organizational simplification, and operational efficiency.
ESG commitments were recognized with a Platinum EcoVadis rating and top 1% CDP scores for water and carbon.
H1 sales reached €3.743 billion, up 1.7% like-for-like versus 2025, flat year-over-year on a reported basis; Q2 sales were €1,859 million (+0.6% LFL).
Operating result from activity (ORfA) was €172 million, up 44% versus 2025, with an operating margin of 4.6% (+140 bps year-over-year).
Net profit attributable to shareholders was -€124 million, but adjusted profit (excluding €178 million Rebound plan costs) was €41 million, up from €1 million last year.
Free cash flow improved to €53 million in H1, compared to -€213 million last year.
Net financial debt stood at €2.516 billion, down year-over-year, with leverage trending toward a 2x target by 2027.
Full-year 2026 outlook confirmed: growth in ORfA, return to normative free cash flow, and lower financial leverage targeted at 2x by 2027.
Continued strict management of COGS and OPEX, with targeted pricing actions and cost management to offset inflation and macro volatility.
The Rebound plan aims for €200 million recurring annual savings by end-2027, with €40–60 million expected in 2026.
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