Interpump Group (IPA) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues reached €561.4 million, up 1.1% year-over-year, with perimeter growth offsetting slight organic and currency declines; Hydraulics growth and M&A activity offset weaker Water-Jetting performance.

• EBITDA margin for Q2 2026 was 22.9%, down from 23.8% a year ago, reflecting a mix shift toward Hydraulics and weaker Water-Jetting.

• Net profit for Q2 2026 increased 6.6% year-over-year to €64.3 million; EPS rose to €0.608, up 8.2% year-over-year.

• Free cash flow reached €62 million in Q2 2026, up 35% year-over-year, and net financial position improved to €305.7 million from nearly €400 million a year ago.

• FY 2026 guidance is reaffirmed, with confidence in reaching the upper end of organic growth and EBITDA margin targets.

Financial highlights

• Q2 2026 net sales: €561.4 million (+1.1% YoY); H1 2026 net sales: €1,086.3 million (+0.9% YoY).

• EBITDA margin: 22.9% in Q2 2026 (down 0.9pp YoY); 23.2% in H1 2026 (down 0.8pp YoY).

• Basic EPS: €0.608 in Q2 2026 (+8.2% YoY); €1.145 in H1 2026 (+4.7% YoY).

• Net financial position improved to €305.7 million at Q2 2026, a €91.2 million YoY improvement.

• Free cash flow in Q2 2026 was €62 million, up from €46 million in Q2 2025.

Outlook and guidance

• FY 2026 organic sales growth forecast remains at -2% to +3%, with confidence toward the upper end after H1 performance; latest acquisitions expected to contribute around 2.5% of sales.

• EBITDA margin guidance reiterated at 22%-22.5% of sales.

• Free cash flow expected to consolidate and improve on 2025's record.

• 2028 targets: €2.5 billion sales, 22.5% EBITDA margin, net financial position close to zero.

• Monitoring raw material and energy costs; selective price pass-through to offset input cost increases.