Consti (CONSTI) Q1 2026 earnings summary

Executive summary

• Order backlog increased 29.4% year-over-year to EUR 318.9m, driven by a major Government Palace project.

• Profitability improved with EBIT at EUR 0.2m (0.3% margin), up from -0.1m, and EBITDA rose 46.2% to EUR 1.1m.

• Net sales remained stable at EUR 65.7m, with growth in Public Sector and Building Technology but declines in Housing Companies and Corporations.

• Free cash flow was negative at EUR -6.0m, mainly due to working capital tied up in projects.

• Service business profitability offset construction downturn impacts, supporting overall EBIT.

Financial highlights

• EBIT for Q1/2026 was EUR 0.2m (0.3% margin), up from -0.1m (-0.2%) year-over-year.

• EBITDA reached EUR 1.1m (1.7% margin), up from 0.8m (1.2%) year-over-year.

• Free cash flow was EUR -6.0m, impacted by net working capital changes.

• Net debt stood at EUR 1.7m, with gearing at 3.8% and equity ratio at 45.1%.

• Order intake surged 176.9% year-over-year to EUR 166.6m.

Outlook and guidance

• Operating result for 2026 is estimated at EUR 8–11m.

• No significant improvement in construction demand expected in H1 2026; market remains competitive and uncertain.

• Market growth for construction forecast at 1.5% for 2026, with renovation up 0.5% and non-residential up 6.0%.