Biesse (BSS) Q2 2026 earnings summary

Executive summary

• Net revenues for HY 2026 were €311.1 million, down 3.6% year-over-year, with a negative FX impact of €6.9 million; at constant FX, the decline was 1.5%.

• Adjusted EBITDA rose 8.0% to €17.3 million (5.6% margin), up from 5.0% in HY 2025, reflecting operational efficiency and cost containment.

• Net result turned positive at €0.2 million, a €7.3 million improvement from HY 2025.

• Order intake was €299.8 million, down 4.0% year-over-year, and order backlog at June 2026 was €173.2 million, down 7.6% from December 2025.

• Headcount reduced by 106, mainly in Italy, due to manufacturing facility closures.

Financial highlights

• Gross margin decreased to 53.3% from 54.9% due to negative mix/pricing, higher transport costs, and adverse FX.

• Adjusted EBIT improved to €5.8 million from a loss of €2.4 million in H1 2025, aided by releases of provisions for legal disputes.

• Net financial position (excl. IFRS 16) deteriorated to -€19.6 million from €1.5 million at FY 2025, mainly due to working capital absorption.

• Net operating working capital increased by €18.6 million since December 2025, driven by higher inventories.

• Personnel costs fell 7.5% YoY, with headcount reduced to 3,601 from 3,707.

Outlook and guidance

• Demand is expected to remain weak through year-end, especially in glass and stone, with hopes for stability but no significant recovery signs.

• Management expects gradual normalization of inventories and working capital in the second half.

• Order intake anticipated to improve slightly in H2 2026, in line with revenue trends.

• 2028 business plan targets are confirmed at the lower end of the range, with normalization of transportation costs and gross margin improvement expected in H2.

• Strategic focus remains on service leadership, commercial skill development, and product innovation.