Gesco (GSC1) Q2 2026 earnings summary

Executive summary

• Revenue and earnings increased year-over-year, driven by high diversification, stable order intake, and strong operational discipline amid a challenging macroeconomic environment.

• Strategic focus on organic growth, lean initiatives, and operational execution supports ongoing improvement.

• Multiple organic growth projects are expected to deliver significant incremental revenue through 2028.

• Order intake rose 13.2% year-over-year to €272.0 million.

• Net debt including leasing was reduced by 17.5% to €50.9 million, and the equity ratio remained robust at 60.0%.

Financial highlights

• Revenue rose 4.8% to €248.7 million in H1 2026 compared to H1 2025.

• EBITDA increased 32.5% to €21.8 million; EBITDA margin improved to 8.8% from 6.9%.

• EBIT up 52.9% to €12.7 million year-over-year.

• Group earnings climbed 72.1% to €7.8 million; earnings per share up 71.1% to €0.75.

• Free cash flow increased to €19.5 million; cash flow from operating activities rose to €21.4 million.

Outlook and guidance

• 2026 revenue forecast confirmed at €515–530 million; group earnings expected at €15–20 million.

• Challenging macroeconomic and geopolitical environment anticipated to persist.

• Forecast supported by higher order intake, improved earnings quality, and solid financial position.

• Ongoing trade policy uncertainties and weak investment activity in key markets remain key factors.