Indel B (INDB) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 consolidated revenues reached €52.5 million, up 5.0% year-over-year, with growth driven by organic expansion, M&A, and strong performance in the Leisure sector and integration of Indel Marine and Indel B USA.

• The diversification strategy supported resilience amid macroeconomic challenges, especially in the Automotive OEM segment in North America.

• Positive order intake trends in Automotive OEM and Cooling Appliances support confidence in organic growth for 2026, despite geopolitical uncertainties.

Financial highlights

• Product sales revenue for Q1 2026 was €52.0 million, up 4.8% from €49.6 million in Q1 2025; total sales revenue was €52.5 million, up 5.0%.

• OEM channel sales grew by 16%, AM by 10%, while Others declined by 5%.

• Sundry revenues increased 30.9% to €0.6 million, mainly from transportation cost recovery and re-invoicing of mould costs.

Segment performance

• OEM channel accounted for 48% of Q1 2026 sales, AM for 43%, and Others for 14%.

• Automotive segment contributed 60% of sales, Leisure 12%, Components & SP 13%, Hospitality 8%, Cooling Appliances 4%.

• Leisure segment revenue grew 51.4% year-over-year to €8.8 million, driven by the Indel Marine acquisition.

• Automotive segment revenue rose 4.2% to €31.1 million, with strong air-conditioning system sales offsetting Truck sector weakness.

• Components & Spare Parts revenue declined 7.6% to €5.9 million due to lower demand.

• Hospitality revenue fell 14.9% to €4.0 million, impacted by declines in Cruise (-19.3%) and Hotel (-12.9%) segments.

• Cooling Appliances revenue dropped 25.6% to €2.1 million, with both Home (-34%) and Professional (-20%) segments down.