2G Energy (2GB) H1 2026 earnings summary

Executive summary

• H1 order intake reached a record €479.4m vs €110.7m; backlog exceeded €600m at June-end, and Q3 order intake topped €400m.

• H1 net sales and EBIT declined year over year, while customer prepayments supported strong operating cash flow and production remained solid.

• Data center demand drove major orders and extended delivery visibility; management raised 2027 revenue guidance and issued 2028 guidance.

Financial highlights

• Net sales were €136.0m vs €169.9m; new systems revenue was €52.6m and service revenue €83.5m. The prior-year Ukraine deliveries accounted for ~€33m of the machine-revenue difference.

• Total operating revenue was €184.0m vs €193.0m, supported by a €47.9m increase in work in progress; EBIT was €0.8m vs €5.7m and net loss was €0.9m.

• Operating cash flow was €39.5m vs negative €25.1m, mainly reflecting a €44.0m working-capital inflow and a €123.2m increase in order advances received.

• Cash and cash equivalents were €29.3m at June 30; closing cash was reported at €25m, vs €40m a year earlier.

• Costs included higher depreciation and IT project costs, workforce expansion, and consolidation; personnel expenses rose to €49.1m.

Outlook and guidance

• FY 2026 revenue guidance was reaffirmed at €440m–€490m, with an EBIT margin of 9.5%–10.5%; management expected a robust H2 and to meet full-year forecasts.

• 2027 revenue guidance was raised to €600m–€650m from €570m–€620m; the expected EBIT margin is above 11%.

• First 2028 revenue guidance was issued at €750m–€850m, implying revenue doubling from 2025 to 2028; the minimum EBIT-margin case is 11%.

• Data center deliveries were fully booked into H2 2028; H2 2026 was expected to be significantly stronger than H2 2025, with revenue recognized on delivery milestones.

• Strong orders were expected to continue; capacity utilization was expected to peak in H2, with a new Heek assembly hall planned to support expansion.