Framery (FRMY) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was EUR 58.4 million, stable year-over-year, with 15.2% organic growth excluding the largest customer.

• Adjusted EBIT reached EUR 14.0 million (24.0% margin), up from Q4 2025 but below Q1 2025.

• Earnings per share increased to EUR 0.13, driven by lower financing costs post-IPO.

• Strongest growth was in North America, with Americas revenue up 53.7% year-over-year.

• Strategic expansion includes opening a new manufacturing facility in Michigan, USA, to serve the North American market.

Financial highlights

• Revenue at comparable exchange rates was EUR 60.9 million.

• Operating free cash flow was EUR 4.4 million, down from EUR 7.9 million in Q1 2025.

• Cash position stood at EUR 21.8 million.

• EBITDA was EUR 15.3 million (26.3% margin), down from EUR 16.8 million (28.8%) in Q1 2025.

• Net debt reduced to EUR 64.8 million; leverage at 1.2x adjusted EBITDA.

Outlook and guidance

• Mid- and long-term targets: >10% annual organic growth, 25% adjusted operating profit margin, leverage under 2x EBITDA, and dividend payout of 70%-90% of net earnings.

• Positive mid- to long-term outlook, especially in the U.S., with price increases and tariff relief expected to further improve profitability.

• Short-term uncertainties due to global macroeconomics and the war in Iran, with a potential direct Q2 revenue impact of less than EUR 1 million from the Middle East.