Basler (BSL) Q2 2026 earnings summary

Executive summary

• Bookings rose 59–60% and billings increased 36% year-over-year, significantly outperforming the industry, with strong order momentum in China and robust demand in semiconductors, electronics, logistics, and data center hardware.

• Gross profit margin improved to 51.6% (up from 46.6% last year), and EBIT nearly quadrupled to €31.1 million, with an EBIT margin of 20.4%.

• Free cash flow increased to €12.9 million, and net income rose to €23.6 million from €6.4 million year-over-year.

• Raised full-year 2026 guidance due to robust demand and strong order backlog, despite ongoing supply chain and geopolitical risks.

• No impact from the Iran war, but expected production impact from the Japan earthquake in September and October.

Financial highlights

• Revenue for H1 2026 reached €152.4 million, up 36% year-over-year, with China accounting for 29% of sales.

• Incoming orders rose to €180.0 million, and all regions saw order growth above 30%.

• EBITDA more than doubled to €37.9 million; EPS rose to €0.77 from €0.21.

• Cash and cash equivalents increased to €30.2 million, and net debt reduced to €10 million.

• Stock price rose 85% year-over-year, closing at €28.25 on June 30, 2026.

Outlook and guidance

• Revenue guidance for 2026 raised to €270–290 million (previously €247–270 million); EBIT margin guidance increased to 12.5–14.5%.

• Mid-term plan targets ~15% CAGR and EBIT margin above 13% by 2028, with revenue of €275 million and a 70% cash conversion rate.

• Gross margin expected to decline to 47–49% in H2 due to lower loading and bonus payments.

• Demand remains robust, but supply chain constraints, geopolitical risks, and Sony sensor supply disruption persist.