Accsys Technologies (AXS) H2 2026 earnings summary

Executive summary

• Achieved record global Accoya sales volumes, up 21% year-over-year, with strong growth in all key regions, especially North America.

• Group revenue increased 20% on a like-for-like basis, reflecting resilient demand, pricing discipline, and commercial platform strength.

• Adjusted EBITDA rose 96% to EUR 21.2 million, with margin improving to 11.6%, nearing the Phase I FOCUS target.

• Accoya USA JV delivered a 178% increase in Accsys' share of revenues, turned EBITDA positive, and achieved 60% volume growth.

• Leverage ratio reduced to 1.96x, supported by refinancing on improved terms, strengthening capital structure and financial flexibility.

Financial highlights

• Group revenue reached EUR 153 million, up 20% like-for-like; aggregated revenue (including JV) up 24% to EUR 183 million.

• Adjusted EBITDA rose to EUR 21.2 million (11.6% margin), up from EUR 10.8 million (7.3% margin) in FY25.

• Underlying basic EPS improved to EUR 0.021 from a loss of EUR 0.05 in the prior year.

• Operating cash flow conversion increased to 75%; free cash flow EUR 10.3 million.

• Net debt reduced to EUR 41.4 million; leverage ratio improved to 1.96x.

Outlook and guidance

• On track to deliver Phase I FY27 FOCUS targets, including 100,000m³ sales volume and 12% adjusted EBITDA margin.

• Trading in line with board expectations for FY 2027; focus on innovation, market share gains, profitability, and leveraging existing team.

• Expect continued double-digit growth in Accoya Color and further expansion in North America.

• Gross margin expected to remain above 30.9% in FY 2027, though not likely to repeat the 130 bps leap.

• Macroeconomic uncertainty persists, but product differentiation and pricing discipline position the group well.