Elis (ELIS) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €2,457.1 million, up 4.9% year-over-year, with 3.2% organic growth and strong commercial momentum despite macroeconomic headwinds.

• Adjusted EBITDA rose 4.9% to €853.8 million, margin stable at 34.7%; adjusted EBIT up 4.6% to €370.0 million, margin flat at 15.1%.

• Net income increased 7.3% to €163.6 million; headline net income per share (diluted) up 5.1% to €0.89.

• Free cash flow was negative €30.1 million, reflecting working capital timing and seasonality, with expectations for strong H2 cash generation.

• €500 million share buyback program completed in July 2026; €0.48 per share dividend paid for 2025.

Financial highlights

• Organic revenue growth at 3.2% in H1 2026; Q2 organic growth also 3.2%.

• Adjusted EBITDA margin remained flat at 34.7%; adjusted EBIT margin also flat at 15.1%.

• Net income reached €163.6 million, up 7.3% year-over-year; headline net income per share increased to €0.89, up 5.1%.

• Free cash flow negative €30.1 million, expected to recover in H2; net financial debt at €3,670.3 million as of June 30, 2026; leverage ratio at 2.09x.

• Dividend of €0.48 per share paid in May 2026, totaling €105.6 million.

Outlook and guidance

• Organic revenue growth for 2026 expected slightly below 2025, with sequential improvement anticipated in H2 due to record new contract signings.

• Adjusted EBITDA and EBIT margins expected to expand slightly, driven by productivity gains and cost-saving plans.

• Free cash flow projected to grow mid-single digit for the full year, with strong H2 generation; headline net income per share (diluted) expected to grow at high single-digit rate.

• Financial leverage ratio expected to decline by ~0.1x to around 1.65x by year-end.

• All 2026 financial objectives confirmed.