Consti (CONSTI) Q2 2026 earnings summary

Executive summary

• Order backlog increased 15.5% year-over-year to EUR 319.6m, with a 53.5% rise from year-end 2025; net sales declined 11.0% year-over-year in Q2 2026 to EUR 75.4m, and H1 2026 net sales were EUR 141.1m, down 6.2%.

• Operating result (EBIT) for Q2 2026 was EUR 1.9m (2.5% margin), down from last year; H1 EBIT was EUR 2.1m (1.5% margin), both lower than prior year.

• Free cash flow in Q2 2026 was strong at EUR 6.4m, but H1 2026 free cash flow was EUR 0.4m due to working capital tied up in Q1.

• Personnel at quarter-end was 1,018, with a permanent turnover ratio of 15.8% and an average absence rate of 4.4%.

• Earnings per share for H1 2026 was EUR 0.18, slightly down from EUR 0.19 in H1 2025.

Financial highlights

• Q2 2026 net sales: EUR 75.4m (down 11.0% year-over-year); H1 2026 net sales: EUR 141.1m (down 6.2% year-over-year).

• Q2 2026 EBIT: EUR 1.9m (2.5% margin); H1 2026 EBIT: EUR 2.1m (1.5% margin).

• Q2 2026 EBITDA: EUR 2.8m (3.6% margin); H1 2026 EBITDA: EUR 3.9m (2.7% margin).

• Q2 2026 order intake: EUR 67.5m (down 35.7% year-over-year); H1 2026 order intake: EUR 234.1m (up 41.7% year-over-year, including a major government project).

• Q2 2026 net debt: EUR 1.0m; equity ratio: 40.7%; gearing: 2.6%.

Outlook and guidance

• Operating result for 2026 is estimated at EUR 8–11m, unchanged from previous guidance.

• No significant improvement in construction demand expected in Q3 2026.

• Market outlook: building construction volume in Finland forecast to grow 6.3% in 2026, new construction up 14.4%, renovation down 0.3%.