Immsi (IMS) Q1 2026 earnings summary

Executive summary

• Consolidated net sales at constant exchange rates rose 1.8% year-over-year to €392.2M, but declined 4.2% at current exchange rates to €369.1M due to euro appreciation.

• Cash flows improved by over €50M compared to Q1 2025, and net financial debt decreased by €14.7M year-over-year.

• EBITDA margin reached 15.8%, among the highest on record, reflecting productivity improvements.

Financial highlights

• EBITDA was €58.4M, down 3.5% year-over-year; EBIT was €19.7M, down 11.2%.

• Pre-tax profit fell 55.8% to €2.1M; net profit before minority interests was €0.1M.

• Net financial debt at March 31, 2026, was €1,003.5M, an improvement from €1,018.2M a year earlier.

• Capital expenditure totaled €25.8M, down from €40.8M in Q1 2025.

• Cash and cash equivalents increased to €230.8M from €145.5M at year-end 2025.

Outlook and guidance

• Focus remains on innovation, competitiveness, safety, sustainability, and social responsibility.

• Piaggio aims to consolidate its sector leadership and maintain ESG commitments.

• Intermarine targets delivery of secured contracts and expansion of production capacity.

• Is Molas subsidiary to continue marketing and rental activities for hospitality and golf facilities.