B&C Speakers (BEC) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues were €24.8 million, down 3.8% year-over-year, reflecting selective market demand, cautious customer order planning, and challenging conditions, with recovery in South America and domestic markets but softness in Asia.

• EBITDA for Q1 2026 was €5.1 million (20.6% margin), and net profit was €3.5 million (13.9% margin), both lower than Q1 2025 but reflecting strong operating performance.

• Net financial position improved to €1.4 million net cash from a negative €0.2 million at year-end 2025, driven by robust operating cash flow.

• The group continued its share buyback plan, holding 84,157 treasury shares (0.77% of share capital) as of March 31, 2026.

• The company remains focused on strategic initiatives, including distribution platform enhancement and product portfolio expansion.

Financial highlights

• Revenues declined 3.8% year-over-year to €24.8 million, with notable growth in Italy (+61.4%) and Latin America (+90.9%), but a significant drop in Asia & Pacific (-42.2%).

• EBITDA margin was 20.6%, down from 24.4% in Q1 2025; EBIT margin was 18.2%, and net profit margin was 13.9%.

• Gross margin for Q1 2026 was 37.1%, down from 40.9% in Q1 2025, impacted by higher cost of sales and lower operating leverage.

• Cost of goods sold increased to 62.9% of revenues, mainly due to international trade policies and US import tariffs.

• Basic and diluted EPS were €0.32, down from €0.34 in Q1 2025.

Outlook and guidance

• Market conditions remain affected by geopolitical and trade tensions, leading to reduced short-term demand visibility and cautious customer order planning.

• Industry normalization is expected in the second half of 2026, with temporary demand softness anticipated in the middle part of the year.

• The company is focusing on production planning, capacity management, and workforce organization to maintain efficiency.

• The company remains committed to sustainable value creation and long-term shareholder remuneration.