Corticeira Amorim S.G.P.S. (COR) Q2 2026 earnings summary

Executive summary

• Sales declined by 5.8% year-over-year to €445.8M, mainly due to lower volumes, unfavorable product mix, and US dollar depreciation.

• EBITDA fell 5.5% to €82.1M, with margin stable at 18.4% due to lower raw material costs and strict cost control.

• Net income dropped 31.7% to €25.2M, impacted by €14.7M in non-recurring restructuring costs in the flooring segment.

• Net debt reduced to €63.6M, supported by lower working capital needs and disciplined capital allocation.

• Strategic initiatives included acquisitions (TTOPS Rio Frio, Scott Premium Closures, Trefinos), a US joint venture, and further consolidation in Amorim Bartop.

Financial highlights

• Gross margin improved to 55.2% of sales (+1.0 p.p. year-over-year).

• EBITDA margin stable at 18.4%; EBIT margin at 11.7%.

• Earnings per share dropped to €0.189 from €0.277 year-over-year.

• Free cash flow for the period was €79.4M.

• Dividend per share increased 9.4% to €0.35, with a total payout of €46.6M.

Outlook and guidance

• Management expects continued macroeconomic uncertainty, geopolitical tensions, and market volatility in 2H26.

• Focus remains on cost discipline, innovation, and expanding cork’s value proposition beyond wine.

• Ongoing restructuring in flooring and distribution models aims to enhance profitability and agility.

• Cork prices stabilizing after years of volatility; demand remains soft.