Framery (FRAMERY) Q2 2026 earnings summary

Executive summary

• Profitability improved significantly in H1 2026, with adjusted EBIT margin rising to 23.7% and EPS at EUR 0.27, despite a 1.9% revenue decrease to EUR 110 million; underlying revenue grew 11% excluding the largest customer.

• Strong growth in North America (Americas revenue up 25.3% in H1), offset by declines in EMEA and APAC due to macroeconomic and geopolitical headwinds.

• Profitability and cash flow were boosted by price increases, a significant U.S. IEEPA tariff refund, and lower financing costs.

• Strategic focus on product-market fit, SaaS scaling, tailored go-to-market strategies, and global deployment of subscription models.

• New product launches and U.S. manufacturing ramp-up support future growth.

Financial highlights

• Q2 2026 revenue: EUR 51.4 million, down 3.7% year-over-year; underlying growth (excluding largest customer) was +7%.

• Adjusted EBIT for Q2: EUR 12 million (23% margin), up from EUR 10 million last year; H1 adjusted EBIT: EUR 26 million (24% margin), stable year-over-year.

• Operating free cash flow: EUR 14.4 million in Q2 and EUR 18.8 million in H1; cash conversion at 106% in Q2 and 64.8% in H1.

• EPS for H1 2026 was EUR 0.27, up from EUR 0.14 last year.

• Tariff refund of EUR 4.7 million received, boosting EBIT and cash flow.

Outlook and guidance

• Positive medium- and long-term outlook, especially for North America, with strategic initiatives and local manufacturing expected to strengthen the competitive position.

• EMEA and APAC outlook remains cautious due to macroeconomic softness, geopolitical risks, and global project delays.

• Confident in achieving >10% annual organic growth and 25% adjusted EBIT margin mid-term; net debt/adjusted EBITDA target below 2.0x.

• Dividend policy targets payout of 70-90% of net profit, including potential share buybacks.

• No short-term outlook published.