Ariston Holding (ARIS) Q2 2026 earnings summary

Executive summary

• Net revenue for H1 2026 rose 4.3% year-over-year to €1,347.3 million, driven by organic growth, perimeter effects, and strong performance in heating and water heating, with North America rebounding and Europe performing well.

• Adjusted EBITDA increased to €133.5 million (9.9% margin), with margin improvement from operating leverage, pricing, and cost efficiencies, while reported EBITDA declined due to prior-year non-recurring gains.

• Adjusted EBIT grew to €73.5 million (5.5% margin), up from €65.9 million (5.1% margin) in H1 2025.

• Adjusted net profit rose 8.2% to €41.8 million, while reported net profit dropped due to one-off items in the prior year.

• Riello acquisition closed July 1, 2026, bringing significant scale, technological breadth, and access to new markets; expected to add €190–200 million revenue in H2 2026.

Financial highlights

• Q2 2026 net revenues rose 7.4% year-over-year to €691.2 million; organic growth was 5.2%.

• Adjusted EBITDA for H1 2026 was €133.5 million (9.9% margin), up 7.2% year-over-year.

• Adjusted EBIT for Q2 2026 was €39 million (5.7% margin), up from 4.8% in Q2 2025.

• Free cash flow for H1 2026 was -€77.1 million, reflecting seasonality and higher working capital absorption.

• Adjusted net financial indebtedness at June 2026 was €702.4 million, leverage at 2.2x.

Outlook and guidance

• Organic revenue growth expected between 1% and 4% year-over-year at constant FX for 2026.

• Adjusted EBIT margin guidance maintained at 7–8% for 2026.

• CapEx expected at 5–5.5% of revenues; cash generation to be weighted toward Q4.

• Riello to contribute €190–200 million incremental revenue in H2 2026.