Einhell Germany (EIN) Q2 2026 earnings summary

Executive summary

• H1 2026 net sales rose 0.9% YoY to EUR 636.2m; EBIT increased 1.7% to EUR 65.3m and EBT rose 0.4% to EUR 62.0m.

• Free cash flow turned positive at EUR 14.4m from negative EUR 56.4m, supported by working-capital improvements.

• FY2026 sales guidance is EUR 1.2bn, with an EBT margin slightly above 9%; management expects stronger H2 performance.

Financial highlights

• EBT before PPA effects was EUR 62.6m; including PPA, EBT was EUR 62.0m versus EUR 61.8m in H1 2025.

• H1 gross margin increased to 43.7% from 31.3%, driven mainly by product and sales mix, including Power X-Change and professional products.

• Net income attributable to shareholders was EUR 43.3m versus EUR 43.7m; EPS decreased 2.6% to EUR 3.8.

• Operating cash flow was EUR 23.6m versus negative EUR 48.2m; cash and cash equivalents were EUR 97.9m at June 2026.

• Personnel expenses rose EUR 5.8m to EUR 81.5m; other operating expenses increased EUR 10.7m to EUR 125.7m, driven by marketing, freight and IT.

Outlook and guidance

• FY2026 sales guidance is EUR 1.2bn, up 3.7% from EUR 1,157.7m in 2025; guidance assumes organic growth and no further deterioration in consumer sentiment or purchasing power.

• EBT margin guidance is slightly above 9%; longer-term ambitions include a 9%-10% margin and EUR 2bn in sales.

• Growth drivers include international DIY chain listings, Professional and Recreation assortment extensions, PXC and product mix, and cost control.

• The July 1 order backlog was EUR 15.7m above the prior year, versus EUR 57.6m below prior year on January 1.