Erria (ERRIA) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached DKK 85.1m, slightly above H1 2025, with net profit at DKK 0.3m and EBITDA at DKK 2.6m, reflecting one-off costs from three capital raises.

• Equity increased significantly to DKK 50.1m from DKK 13.3m a year ago, driven by DKK 26.8m in gross proceeds from capital transactions.

• Cash flow from operating activities improved to DKK 9.0m, up from DKK 5.1m in H1 2025, supported by tighter working capital management.

• The group enters H2 with a strengthened order pipeline and a focus on converting pipeline opportunities to meet full-year guidance.

• Interim consolidated report covers the period from 1 January to 30 June 2026, prepared in accordance with the Danish Financial Statements Act.

Financial highlights

• Revenue: DKK 85.1m (H1 2025: DKK 83.6m); Net profit: DKK 0.3m (H1 2025: DKK 2.0m); EBITDA: DKK 2.6m (H1 2025: DKK 3.6m); Gross profit: DKK 24.2m (H1 2025: DKK 30.6m).

• EBIT: DKK 1.4m (H1 2025: DKK 3.0m); Operating cash flow: DKK 9.0m (H1 2025: DKK 5.1m).

• Cash position: DKK 41.6m, including DKK 20.0m in a bond portfolio reserved for acquisitions.

• Solvency ratio improved to 48.6% (H1 2025: 16.2%).

• Total assets increased to DKK 103.1m at 30 June 2026 from DKK 82.1m at 30 June 2025.

Outlook and guidance

• FY 2026 revenue guidance: DKK 190–210m; EBITDA: DKK 8.5–10.5m; EBIT: DKK 7.0–9.0m.

• Achieving guidance depends on strong H2 order conversion; management will reassess outlook after Q3.

• Outlook subject to geopolitical risks, shipping market trends, and project delivery timing.