Dr. Hönle (HNL) Q2 2026 earnings summary

Executive summary

• Revenue increased sequentially from EUR 21.5 million in Q1 to EUR 23.8 million in Q2, but for the first half of 2025/26 declined 3.9% year-over-year to €45.3 million amid weak economic momentum and geopolitical uncertainties.

• Adhesive and Disinfection business units showed positive trends and upward momentum, while Curing faced continued headwinds from weak demand and restructuring.

• Group gross profit remained stable at €30.0 million, but EBITDA for H1 was €2.7 million, down 9.5% year-over-year, and EBIT dropped sharply to €24 thousand.

• Net income was negative at -€825 thousand, compared to -€399 thousand in the prior year, with EPS at -€0.14.

Financial highlights

• Q2 revenue rose by over EUR 2 million compared to Q1; EBITDA margin improved to around 9%.

• Cash generated from operations nearly doubled to €1.1 million, with cash at end of March at €7 million.

• Net financial debt reduced to EUR 38.8 million from nearly EUR 45 million a year ago; equity ratio improved to about 53%.

• Personnel expenses remained stable at €20.3 million.

Outlook and guidance

• Full-year revenue guidance maintained at EUR 95–105 million and EBITDA at EUR 6–9 million, with expectations toward the lower end due to market uncertainty and assuming stable macroeconomic conditions.

• Growth is anticipated in North America and Asia, especially in Adhesive Systems and Disinfection units.

• Continued focus on core business, cost reduction, and efficiency improvements.