Cabka (CABKA) H1 2026 earnings summary

Executive summary

• Revenue grew 6% year-over-year to EUR 95.5 million in H1 2026, driven by strong European performance and improved product mix, offsetting a decline in the US.

• Operational EBITDA increased 50% to EUR 13.6 million, with margin up 410 bps to 14.2%, reflecting operating leverage, cost discipline, and benefits from the SHIFT program.

• Net result turned positive at EUR 1.2 million, reversing a EUR 4.7 million loss in H1 2025.

• Gross profit margin improved by 220 bps to 51.9%, while operating margin remained stable at 51.7%.

• 83% of raw material intake now from recycled materials, exceeding the 80% target and providing a competitive edge.

Financial highlights

• Sales reached EUR 95.5 million (+6% YoY), with Europe up 18% and US down 7% due to FX and prior-year accruals.

• Operational EBITDA rose 50% to EUR 13.6 million, with margin expansion from operating leverage and cost control.

• Net income from operations reached EUR 1.2 million, up EUR 5.3 million year-over-year.

• Cash from operations more than doubled to EUR 6.8 million; net debt stable at EUR 62.8 million.

• Net working capital increased to EUR 34.3 million, 18.4% of sales.

Outlook and guidance

• Full-year 2026 guidance maintained: expecting revenue and EBITDA margin improvement over 2025.

• Q3 anticipated to be seasonally softer due to delayed customer investments and market uncertainty.

• Raw material prices have normalized and tender activity is resuming, especially in automotive.

• Capital Markets Update scheduled for November 2026.

• PPWR regulation applicable from August 2026; recycled material intake at 83%, above target.