Gesco (GSC1) Q1 2026 earnings summary

Executive summary

• Revenue remained stable at €121.0 million in Q1 2026, a slight decrease of 0.6% year-over-year, while group earnings rose by 36.7% to €2.8 million.

• Order intake increased by 4.6% to €138.2 million, and the book-to-bill ratio improved to 1.14.

• Profitability improved significantly, with EBITDA up 13.6% to €9.3 million and EBIT up 13.1% to €4.6 million year-over-year.

• Operational excellence maintained despite a challenging macroeconomic environment, with business performance in line with plans for Q1 2026.

• Net debt was significantly reduced to €32.3 million from €45.0 million at year-end 2025.

Financial highlights

• EBITDA increased by 13.6% to €9.3 million, and EBIT rose by 13.1% to €4.6 million year-over-year.

• EBT grew by 24.9% to €3.9 million, and return on sales (ROS) improved by 46 basis points to 3.8%.

• Group earnings after minority interests were €2.8 million (+36.6%), with EPS at €0.27 (+36.4%).

• Free cash flow reached €13.8 million, and net debt including leases was reduced to €53.4 million.

• Cash and cash equivalents stood at €33.5 million, with unused credit facilities of €65.2 million.

Outlook and guidance

• Revenue for 2026 is forecasted at €515–530 million, up from €495 million in 2025.

• Group earnings are expected to rise significantly to €15–20 million in 2026 from €9.9 million in 2025.

• Outlook shaped by ongoing geopolitical tensions, energy costs, and sector-specific challenges.