2G Energy (2GB) H2 2025 earnings summary

Executive summary

• Implemented a new ERP system and restructured the group, separating production and international activities into dedicated entities to drive sustainable double-digit growth.

• Achieved record order intake in H1 2026, with orders exceeding EUR 400 million, driven by strong demand in data centers, mining, and international markets.

• Net sales increased by 6% year-over-year to EUR 398.4 million in 2025, continuing a multi-year growth trend.

• International sales surged, with strong performance in the USA and Ukraine, and the share of abroad sales rising to 49%.

• EBIT declined 21% to EUR 26.3 million, with the EBIT margin at 6.6%, mainly due to one-off ERP costs and investments in new segments.

Financial highlights

• Net sales: EUR 398.4 million (up 6.1% year-over-year); new equipment business up 11%.

• EBIT: EUR 26.3 million (down 21.1% year-over-year); EBIT margin at 6.6%.

• Total output rose by 12% to EUR 409.2 million.

• Service revenues were flat at EUR 169 million, with service share of net sales declining to 43%.

• Cost of materials stable at 59.8% of total output; personnel costs ratio increased to 21.0%.

Outlook and guidance

• 2026 forecast: net sales up to EUR 490 million, EBIT margin 9.5–10.5%.

• 2027 sales guidance set at EUR 570–620 million, with EBIT margin expected above 11%.

• Growth expected to exceed the historical formula of 10% plus inflation, driven by new segments and international expansion.

• Management expects book-to-bill ratio of 2.5 or higher for 2026.

• Further acceleration in growth and margin expansion anticipated from 2028 as service share increases.