BEWi (BEWI) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 rose 19% year-over-year to EUR 247.8 million, with strong results across all segments and significant margin uplift, especially in Insulation & Construction.

• Adjusted EBITDA increased 57% to EUR 34.2 million, with the margin improving to 13.8%.

• Operating income (EBIT) was EUR 23.8 million, compared to EUR 3.8 million in Q2 2025.

• Net result from continued operations was EUR 11.4 million, reversing a loss of EUR 7.3 million in the prior year.

• First half 2026 net sales increased 12.7% to EUR 446.4 million, with adjusted EBITDA up 51.6% to EUR 56.4 million and net profit at EUR 3.9 million.

Financial highlights

• Q2 2026 adjusted EBITDA margin improved to 13.8% (from 10.4% in Q2 2025); operating income (EBIT) reached EUR 23.8 million.

• Net financial items were negative EUR 9.3 million, with lower interest expenses and positive exchange rate effects.

• Cash flow from operating activities was EUR 44.3 million in Q2 2026, supported by disciplined working capital management and inventory reduction.

• Cash and cash equivalents stood at EUR 91.7 million at quarter-end.

• Net debt (excluding IFRS 16) decreased to EUR 167.7 million from EUR 197.4 million at year-end 2025.

Outlook and guidance

• Targeting EUR 1 billion in net sales and EUR 150 million in adjusted EBITDA mid-term, with a 15% EBITDA margin.

• Positioned to outpace market growth of 5-7% annually, leveraging increased capacity utilisation.

• High cash conversion expected, with free cash flow before financing costs targeted at ~50%.

• Activity levels in key markets remain encouraging, with gradual improvement in building and construction and solid demand in packaging and components.

• Operational improvement initiatives are expected to support profitability and cash generation; solid performance anticipated for Q3 2026 despite ongoing macroeconomic and geopolitical uncertainties.