EL.En. (ELN) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached €145.6 million, up 3.3% year-over-year, with double-digit earnings growth and strong cash generation, driven by robust medical sector performance and resilience amid global challenges.

• Medical sector revenues grew 9.2%–9.3% (over 10% organic/like-for-like), offsetting a 10.8%–11.4% decline in industrial sales, mainly due to a sharp drop in the cutting segment.

• EBIT improved to €19.9 million (13.6% margin), up 14% year-over-year and sequentially, with EBITDA up 9% to €23.7 million.

• Net financial position strengthened to €173.7 million, up €1.5 million from year-end 2025, with positive cash flow despite seasonal working capital absorption.

• Management transition: General Manager Paolo Salvadeo resigned for personal reasons, effective July 2026; operational continuity ensured by the existing management team.

Financial highlights

• Gross margin increased to €67.2 million (46.1%), up from €62.9 million (44.7%) in Q1 2025.

• EBITDA margin rose to 16.3% from 15.4% year-over-year; EBIT margin improved to 13.6% from 12.4%.

• Pre-tax profit reached €20 million, up 22.6% from €16.3 million in Q1 2025.

• Dividend of €0.25 per share (totaling €20 million) approved, payable from May 27, 2026.

• CapEx was €4–4.2 million, lower than Q1 2025, with a new €5 million building investment approved.

Outlook and guidance

• 2026 guidance confirmed: targeting consolidated revenue growth of about 5% and improved EBIT margin for the full year.

• Both medical and industrial segments expected to contribute to growth by year-end, with order book and pipeline remaining healthy despite macroeconomic and supply chain headwinds.