Aliaxis (094124352) H1 2026 earnings summary

Executive summary

• Delivered strong H1 2026 results with 8.0% like-for-like revenue growth to €1,844 million, driven by proactive pricing, volume recovery, and operational execution amid market uncertainty and supply chain disruptions.

• REBITDA rose 39.7% like-for-like to €289 million, with margin expanding to 15.6% due to pricing actions, procurement, and cost management.

• Net profit reached €100 million, up by €87 million compared to the prior year period.

• Strategic transformation and cost reset initiatives launched in 2025 are on track, enhancing efficiency, profitability, and cash generation.

Financial highlights

• Net sales reached €1,844 million, up 8.0% year-over-year on a like-for-like basis; reported revenue up 0.2%.

• REBITDA of €289 million (15.6% margin), up 39.7% year-over-year; recurring EBIT of €186.7 million (10.1% margin), up 56.9%.

• Net recurring profit of €108 million, up 37.8% year-over-year; net income of €100.1 million (5.4% margin), up from €13.3 million.

• Fixed costs reduced by €39 million (7%) to €504 million; capex down €47 million to €49 million.

• Working capital decreased by €57 million to €801 million (82 days).

Outlook and guidance

• H2 2026 expected to remain challenging with normalization of temporary margin benefits and pre-buy effects.

• Focus remains on cost management, cash generation, deleveraging, and transformation execution.

• Monitoring U.S. and Canadian tariff developments with mitigation measures in place.