Duro Felguera (MDF) H1 2026 earnings summary

Executive summary

• The first half of 2026 was marked by the successful judicial approval and execution of a comprehensive restructuring plan, significantly improving financial stability and operational focus.

• The group shifted its business model, reduced workforce, and exited non-core activities, focusing on core EPC projects and specialized services.

• Despite a challenging geopolitical and commercial environment, the group maintained resilience, with a stable contract pipeline and improved cost structure.

Financial highlights

• Revenue for H1 2026 was €31 million, down from €116.8 million in H1 2025, mainly due to a lower backlog and delayed project awards.

• EBITDA improved from a loss of €18 million in H1 2025 to a positive €5.1 million in H1 2026, reflecting cost rationalization.

• Net income for H1 2026 was €241.8 million, driven by extraordinary gains from debt cancellations and provision reversals linked to the restructuring.

• Net financial debt decreased to €148.1 million at June 2026, with a strengthened liquidity position after asset sales.

• Equity remains negative at €97 million, but the mercantile equity is positive at €110.2 million due to regulatory adjustments and participative loans.

Outlook and guidance

• The group expects a progressive recovery in commercial activity and project awards in H2 2026, with a major contract in Mexico pending shareholder approval.

• The delay in restructuring approval is expected to shift some revenue and EBITDA from 2026 to 2027, but medium-term business plan targets remain intact.