EcoUp (ECOUP) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue was €11.3M, down 15% year-over-year; excluding divestments, revenue grew 0.2%.

• Q2 2026 revenue was €5.7M, down 11% year-over-year; excluding business divestments, revenue grew 5%.

• EBITDA for H1 2026 was -€0.9M; Q2 2026 EBITDA was -€0.2M, slightly improved from Q2 2025.

• Swedish operations showed clear revenue and profitability improvement.

• Net cash flow from operations improved to -€2.5M from -€3.1M year-over-year.

Financial highlights

• Q2 2026 revenue: €5.7M (Q2 2025: €6.4M), down 11%; adjusted for divestitures, revenue grew 5.1%.

• H1 2026 revenue: €11.3M (H1 2025: €13.3M), down 15%.

• Q2 2026 EBITDA: -€0.2M (Q2 2025: -€0.1M); H1 2026 EBITDA: -€0.9M (H1 2025: -€0.7M).

• Net investments in H1 2026: €0.6M, with €0.2M in technology business.

• Cash and cash equivalents at period end were €1.6M; net debt was €5.3M.

Outlook and guidance

• 2026 revenue expected to be flat versus 2025; EBITDA projected to grow compared to 2025.

• Medium-term targets (2026–2028): insulation business revenue to exceed €40M and EBITDA margin above 10% by 2028.

• Technology business aims for positive operating cash flow by end of 2026.

• Dividend payments targeted to resume in the medium term.