Ahlstrom Oyj (AM1S) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw accelerated performance with net sales up 6% year-over-year to EUR 786 million, driven by innovation, acquisitions, and strategic initiatives.

• Comparable EBITDA rose 16% to EUR 142 million, with margin improving to 18.1% of net sales.

• All core divisions delivered improved results, supported by successful integration of Stevens Point and EBF acquisitions.

• Strategic improvement initiatives, including site closures and M&A integration, contributed to profitability.

• Cash flow and liquidity improved, supported by refinancing and extension of credit facilities.

Financial highlights

• Net sales reached EUR 786.3 million (up 6% year-over-year); at constant currency, growth was nearly 7%.

• Comparable EBITDA increased to EUR 142.1 million (up 16%), margin 18.1%.

• Record MOVC per ton at EUR 1,145.4, reflecting improved portfolio mix and pricing.

• Operating cash flow stable at EUR 53 million, double the prior year.

• Reported EBITDA up 20% to EUR 128.3 million; pro forma adjusted EBITDA margin at 20.3%.

Outlook and guidance

• Management expects continued benefit from strategic initiatives and M&A, with further EBITDA uplift anticipated.

• Market demand remains robust in core segments, with innovation and sustainability trends supporting growth.

• Building and construction exposure remains muted, with some early signs of improvement in Europe.

• Cautious outlook due to ongoing Middle East situation and potential market shocks.

• Target leverage ratio to fall below 4 within the next year.