Accsys Technologies (AXS) H1 2026 earnings summary

Executive summary

• Achieved strong trading performance in H1 FY26, with significant improvement in profitability, 23% like-for-like revenue growth, and robust sales growth across all regions, especially North America.

• Adjusted EBITDA increased 160% to €10.4m, with margin up to 11.6% from 5.4% in the prior period.

• Accoya USA JV sales volumes grew 61% year-over-year, nearing EBITDA break-even, and contributed to global sales volume growth of 22%.

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

• On track to deliver Phase 1 FOCUS strategy targets, including sustainable growth and operational efficiency.

Financial highlights

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

• Adjusted EBITDA margin reached 11.6%, nearing the Phase 1 FOCUS target of 12%.

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

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

• Gross margin at 30.5%, above strategic target, though slightly down 20bps due to JV sales transfer.

Outlook and guidance

• Board expects full-year adjusted EBITDA to be in line with expectations, with further progress toward strategic targets.

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

• Trading remains robust, with sustained global demand and accelerating North American sales.

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

• Recent debt refinancing enhances financial flexibility and de-risks the profile.