Forsee Power (FORSE) H1 2026 earnings summary

Executive summary

• H1 2026 revenue €20.4m, down 74.8% YoY; EBITDA was €(11.8)m vs €2.2m in H1 2025, reflecting sharply lower volumes.

• REPOWER27 transformation targets 2027 EBITDA breakeven through very strong growth, further cost reductions and a stronger equity base.

Financial highlights

• Operating income was €(16.5)m vs €(5.2)m in H1 2025; consolidated net income was €(18.7)m vs €(11.1)m.

• Personnel costs fell €4.0m, or 24.9%, to €12.1m; the savings did not fully offset the impact of lower volumes.

• Financial result improved to €(2.8)m from €(5.5)m, primarily reflecting lower foreign-exchange losses; NEOT Capital contributed €0.5m vs €(0.1)m.

Outlook and guidance

• 2027 EBITDA breakeven reaffirmed, supported by very strong growth, further cost reductions, customer program ramp-ups and contributions from rail, off-highway and special-purpose heavy vehicles.

• Outlook also relies on new partnerships and REPOWER27 measures; short-term visibility remains limited.