Brunel International (BRNL) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 revenue was €299M, down 4% year-over-year but up 1% organically, marking a return to growth when excluding FX effects.

• Underlying EBIT fell 5% to €7.9M, but increased 5% organically, with most regions contributing except the Netherlands.

• Cost reduction programs executed in 2025 led to a 5% decrease in operating costs, improved efficiency, and a better direct/indirect headcount ratio.

• All regions except the Netherlands contributed to organic growth; the Netherlands faced a 24% revenue decline due to challenging market conditions.

• Resilience in the face of geopolitical unrest, especially in the Middle East, allowed most projects to continue as planned.

Financial highlights

• Revenue: €298.9M, down 4% year-over-year, up 1% organically.

• Gross profit: €53.4M, down 5% year-over-year, down 1% organically.

• Underlying EBIT: €7.9M, down 5% year-over-year, up 5% organically.

• Free cash flow: €-18.6M, reflecting typical seasonal outflow; net cash balance at €13.9M, with €11.2M restricted.

• Gross margin: 17.9% (down 0.3 ppt year-over-year); EBIT margin: 2.7%, unchanged year-over-year.

Outlook and guidance

• Q2 2026 trends anticipated to mirror Q1, with organic EBIT growth in most regions, ongoing challenges in the Netherlands, and continued geopolitical uncertainty in the Middle East.

• Updated strategy to be presented at Capital Markets Day on 12 May 2026.

• Normal seasonality and public holidays will impact Q2 profitability.