BayWa (BYW) Q1 2026 earnings summary

Executive summary

• Ongoing reorganisation since 2024, with a focus on core segments and significant portfolio adjustments, including the sale of several subsidiaries and a reduction in bank liabilities by €1.3 billion.

• The sale of Cefetra Group B.V. in Q1 2026 reduced bank liabilities by over €600 million and marked a milestone in the transformation process.

• The reorganisation concept is being revised due to deteriorated market conditions, especially in wind and solar projects, impacting expected proceeds from BayWa r.e. AG.

• Liquidity remains secure and operating business is developing solidly despite ongoing transformation and market challenges.

Financial highlights

• Q1 2026 revenues were €2.3 billion, down 35.3% year-over-year (Q1 2025: €3.6 billion); adjusted for divestitures, the decline is 18.2%.

• Revenue decline attributed to weather, weak construction industry, and product range adjustments.

Outlook and guidance

• Revised reorganisation concept underway, with a standstill agreement with banks until autumn 2026 to facilitate structured revision and approvals.

• Publication of 2025 annual and consolidated financial statements delayed until reorganisation revision and audit completion.

• Management expects the revised concept to provide a sustainable basis for the company.