Indel B (INDB) H1 2026 earnings summary

Executive summary

• Revenues for H1 2026 reached EUR 118.2 million, up 9.4% year-over-year, driven by strong Automotive and Leisure market performance and supported by international expansion, despite challenging geopolitical conditions and weaker consumer confidence.

• Diversified business model and M&A activity offset weaker demand in some segments, with a sales mix shift toward automotive and OEM channels negatively impacting margins.

• Profitability declined due to less favorable sales mix and increased logistics and material costs, with EBITDA and EBIT margins falling.

• Solid balance sheet and cash generation maintained, confirming the effectiveness of strategic actions.

Financial highlights

• Total revenues: EUR 118.2 million (+9.4% y/y at current FX, +10.3% at constant FX).

• Adjusted EBITDA: EUR 13.8 million (+1.6% y/y); Adjusted EBIT: EUR 9.1 million (margin 7.7%, down from 9.3% in H1 2025).

• Adjusted net profit: EUR 6.1 million (-7.8% y/y, margin 5.2%).

• Net financial position: negative EUR 19.1 million as of June 30, 2026, reflecting dividend payments and capex.

• Dividend of EUR 0.6 per share paid in June 2026, totaling approximately EUR 3.3 million.

Outlook and guidance

• H2 2026 expected to remain challenging due to geopolitical uncertainty and limited market visibility, but management maintains a positive medium- to long-term outlook.

• Automotive market forecasted to maintain positive momentum, especially in North America, driven by OE truck segment and regulatory changes (EPA 2027).

• Leisure and hospitality segments expected to remain weak, with no near-term recovery anticipated.

• Focus on international expansion, product innovation, and supporting business development.