Josef Manner & Comp (MAN) H1 2026 earnings summary

Executive summary

• Revenue declined slightly by 0.9% year-over-year to €138.1m, with export share stable at 60.4%.

• Operating result and cash flow deteriorated due to high raw material and personnel costs, and seasonal inventory build-up.

• The German market remained stable, while Austria and other international markets saw mixed results.

• Innovations included the launch of Manner Crunchies and sustainability progress, such as the use of an E-truck and product carbon footprint calculations.

Financial highlights

• Revenue: €138.1m (down 0.9% year-over-year).

• Operating result (EBIT): -€664k (down from €3.9m in H1 2025).

• Net income: -€2.15m (down from €2.0m in H1 2025).

• Operating cash flow: -€3.7m (down from €6.3m in H1 2025).

• Equity ratio: 43.0% (down from 46.6% at year-end 2025).

• Net debt: €33.5m (up from €20.2m at year-end 2025).

Outlook and guidance

• Expectation of continued challenging market conditions and further declines in revenue and earnings for the full year.

• Focus remains on cost management, product innovation, and strengthening core markets.

• Ongoing risks from raw material availability and geopolitical uncertainties.