Dr. Hönle (HNL) Q1 2026 earnings summary

Executive summary

• Q1 revenue remained stable at €21.5 million, with gross profit at €14.4 million and EBITDA at €0.5 million, reflecting higher operating expenses and exchange rate impacts.

• Disinfection business unit grew strongly, offsetting Curing weakness, while Adhesive Systems remained stable.

• Net loss widened to -€1.5 million, with EPS at -€0.25, due to increased costs and subdued demand.

• Management expects improved performance in the second half, focusing on after-sales and maintenance to offset weak investment demand.

Financial highlights

• Q1 sales were €21.5 million, flat year-over-year, with gross profit stable and EBITDA at €0.5 million.

• Operating cash flow was slightly positive at €0.2 million; cash decreased by €1 million to €6.7 million.

• Equity ratio stood at 53% as of December 2025.

• Total assets declined by 2.4% to €142.0 million.

Outlook and guidance

• Full-year revenue guidance maintained at €95–105 million, with EBITDA expected between €6–9 million.

• Management anticipates higher revenues and profitability in the second half, driven by increased order intake and after-sales.

• Guidance assumes no major geopolitical escalation and successful internal efficiency measures.

• Market uncertainties persist due to geopolitical tensions and subdued investment activity.