Grupo Ezentis (EZE) Q2 2026 earnings summary

Executive summary

• Revenue grew 85% year-over-year to €26.1M in H1 2026, driven by acquisitions, operational improvements, and expanded consolidation scope.

• EBITDA rose 137% to €1.8M, with margin improving by 1.6 percentage points to 7.0%.

• Returned to profitability with consolidated net income of €3.0M, reversing a €0.7M loss in H1 2025.

• Proforma revenue and EBITDA, normalizing for acquisitions and non-recurring costs, increased 176% and 231% year-over-year, respectively, reaching €39.1M and €2.5M.

• Achieved significant operational improvement, updated the 2025-2028 Strategic Plan, completed an oversubscribed capital increase, and executed multiple inorganic growth transactions.

Financial highlights

• Revenue: €26.1M (+85% YoY); EBITDA: €1.8M (+137% YoY); Net income: €3.0M (vs. -€0.7M in 1H 2025).

• Proforma revenue: €39.1M (+176% YoY); Proforma EBITDA: €2.5M (+231% YoY), excluding extraordinary corporate expenses.

• Net financial debt reduced to €2.0M from €6.6M at 2025 year-end, a 70% reduction, supported by a strengthened cash position of €7.5M.

• Equity increased to €23.1M, over four times the 2025 year-end balance, aided by capital increases and acquisition-related equity gains.

• Order backlog exceeded €36M, up 54% from year-end 2025, enhancing future revenue visibility.

Outlook and guidance

• Strategic Plan 2025-2028 targets over €160M in sales and €12M in EBITDA by 2028, with EBITDA margin expansion to ~8%.

• Focus on disciplined M&A, organic growth, and margin protection.

• Second half expected to benefit from full-year contributions of recent acquisitions and a larger project portfolio.

• Short-term leverage expected to rise due to M&A, normalizing to ~1.5x net debt/EBITDA long-term.