BEWi (BEWI) Q2 2026 earnings summary

Executive summary

• Q2 2026 net sales rose 19% year-over-year to EUR 247.8 million, with adjusted EBITDA up 57% to EUR 34.2 million and net profit at EUR 11.4 million, reflecting strong volume growth and margin improvement across all segments, especially Insulation & Construction.

• Operating income (EBIT) reached EUR 23.8 million, up from EUR 3.8 million in Q2 2025.

• Free cash flow was robust at approximately EUR 37 million for the quarter, driven by operational performance and working capital release.

• The group is executing on its strategy, focusing on operational improvements, cost discipline, and leveraging investments in capacity and efficiency.

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

Financial highlights

• Q2 2026 adjusted EBITDA margin improved to 13.8% (from 10.4% in Q2 2025); reported EBITDA was EUR 36.1 million (including one-time supplier compensation).

• Net sales for the first half of 2026 totaled EUR 446.4 million, up from EUR 396.2 million in 1H 2025.

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

• Free cash flow for the last 12 months was EUR 47.9 million, with a cash conversion rate of nearly 50%.

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

Outlook and guidance

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

• Expect continued margin improvement as volumes recover, with operational improvements and capacity utilization supporting profitability.

• CapEx to remain disciplined at around EUR 20 million annually, focusing on capitalizing on existing investments.

• Free cash flow outlook is strong, targeting EUR 75 million before significant new builds and financing.

• End markets are projected to grow 5%-7% annually; company aims to outpace market growth.