Eurogroup Laminations (EGLA) Q2 2026 earnings summary

Executive summary

• H1 2026 marked a transition year, with revenues of €396.5M, down 7.6% year-over-year, mainly due to E-mobility segment decline and lower steel prices, but Industrial & Infrastructure solutions showed growth, especially in data center applications.

• E-mobility faced headwinds from North American market weakness and US policy, but early recovery signs appeared in China and North America, with new projects planned with Chinese OEMs.

• Performance Improvement program advanced, including reorganization in Italy and Mexico, and appointment of a new COO to drive efficiency.

• Net loss for H1 2026 was €12.2M, compared to a profit in H1 2025; net financial debt increased to €280.1M, mainly due to investments and working capital needs.

• Margins improved sequentially due to operational initiatives, but overall profitability declined year-over-year.

Financial highlights

• H1 2026 revenues were €396.5M, down 7.6% year-over-year; at constant FX, down 4.8%.

• Adjusted EBITDA was €36.1M (margin 9.1%), down from €44.8M (margin 10.4%) in H1 2025.

• EBIT adjusted dropped to €8.3M (margin 2.1%) from €17.3M (4.0%) year-over-year.

• Net loss for H1 2026 was €12.2M, compared to a €1.3M profit in H1 2025.

• Capex for H1 was €20.8M, with a full-year target of €45M.

Outlook and guidance

• 2026 revenue guidance confirmed at €700–750M, with adjusted EBITDA margin expected around 11%.

• Positive operating free cash flow anticipated, with full-year Capex of approximately €45M.

• H2 performance expected to be backloaded, with margin improvement from efficiency programs and supply chain income.

• Guidance subject to high macroeconomic and geopolitical uncertainty.

• E-mobility expected to gradually recover, with growth in China and North America; Industrial & Infrastructure to benefit from automation, digitalization, and AI-driven infrastructure.