Accsys Technologies (AXS) H1 2026 earnings summary

Executive summary

• Achieved strong trading performance in H1 FY26/H1 2025, with significant improvement in profitability, robust sales growth, and market share gains across all regions, especially North America.

• Accoya USA joint venture achieved 61% sales volume growth in North America, neared EBITDA break-even, and contributed to global demand increase.

• Maintained premium market positioning and resilience against macroeconomic challenges, with continued investment in operational efficiency and sustainability.

• Successfully completed refinancing in October 2025, enhancing financial flexibility and reducing leverage.

• On track to deliver Phase 1 strategic targets, including sustainable growth, operational efficiency, and 12% adjusted EBITDA margin.

Financial highlights

• Group revenue rose 5.4% to €76.1m; like-for-like revenue up 23% year-over-year; aggregated revenue including JV up 21.3% to €89.9m.

• Adjusted EBITDA increased 160% to €10.4m, with margin up 620bps to 11.6%.

• Net debt reduced to €39.8m (from €42.6m at March 2025); leverage ratio improved to 2.1x from 2.5x.

• Gross margin remained above 30%, with like-for-like improvement of 1.1% year-over-year.

• Operating cash flow conversion at 75%, with free cash flow of €5.1m.

Outlook and guidance

• Confident in meeting phase 1 targets by FY27, including 100,000 cu.m. run rate and 12% adjusted EBITDA margin.

• Trading remains robust, with sustained global demand and accelerating North American sales; full-year adjusted EBITDA expected to be in line with Board expectations.

• North America JV expected to be EBITDA positive for the full year, despite tariff impacts.

• New finished decking product to launch in H2, expanding product offering.