Immsi (IMS) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €905.4M at current rates (+2% YoY) and €943.6M at constant rates (+6.3% YoY), driven by strong growth in the naval segment and solid industrial performance.

• EBITDA rose to €152.4M (16.8% margin), up from €145.7M (16.4%) in H1 2025.

• Net profit attributable to the group was €7.3M, while net profit including minorities was €19.4M, both up year-over-year.

• Net financial debt improved to €869.9M, down €116.7M from December 2025.

• Subsidiaries focused on stock management and prudent financial resource allocation.

Financial highlights

• Consolidated revenue: €905.4M (+2% YoY) at current rates, €943.6M (+6.3% YoY) at constant rates; EBITDA: €152.4M (+4.6% YoY); EBIT: €75.9M (+12.2% YoY).

• Net profit: €7.3M (0.8% margin) attributable to the group, €19.4M including minorities (+6.9% YoY).

• Net financial debt: €869.9M, improved from €986.6M at year-end 2025.

• Operating cash flow: €168.4M; investments in tangible and intangible assets: €53M.

• Equity: €393.3M, of which €210.2M attributable to the group.

Outlook and guidance

• Management highlights ongoing geopolitical and economic uncertainty impacting consumer demand and sector outlook.

• Industrial segment to focus on liquidity, productivity, and continued investment in brands and technology.

• Naval segment aims to optimize production capacity and expand order backlog.

• Real estate/hospitality to continue commercial and rental activities, targeting growth in resort clientele.