Accsys Technologies (AXS) Trading update summary

Financial performance and trading environment

• Group revenue for the five months to 31 August 2026 was €56.9m, down 6% year-on-year, with aggregated revenue (including JV) at €67.5m, also down 6%.

• Total sales volumes (Group plus JV) declined 8% to 28,953 m³, with Group volumes down 11% and JV volumes up 3%.

• Challenging macroeconomic conditions, inflation, interest rate increases, and Middle East conflict led to cautious purchasing and significant distributor destocking, especially in North America.

• Sales trends improved over the period as destocking eased, with stronger trading activity noted in September.

Strategic actions and outlook

• Management implemented price increases and proactive cost controls to protect profitability.

• Sales growth is expected in H2, with a focus on new sub-distributor programs, OEM collaboration, and regional expansion.

• Full-year underlying EBITDA (excluding JV) is expected to be broadly in line with market expectations, despite lower revenues.

• Full-year adjusted EBITDA is forecasted to be ahead of the prior year, in the range of €21m to €23m.

• The Group remains on track to deliver Phase 1 targets for FY27, emphasizing innovation, market share gains, and disciplined cost management.

Regional performance and market dynamics

• North America experienced the most significant destocking, but distributor inventory is now stabilizing.

• Key US distributors report positive underlying demand, with sales outpacing purchases.

• Growth in North America for the full year is anticipated to be at single-digit levels.