Kendrion (KENDR) Q2 2026 earnings summary

Executive summary

• Achieved strong financial performance in H1 2026, with normalized EBITDA margin at 17.5% and ROIC at 26.3%, both at the upper end of target ranges.

• Completed transformation to a pure-play industrial motion control specialist, focusing on four growth markets: robotics & automation, healthcare & MedTech, energy & transmission infrastructure, and industrial safety.

• Strategic phase-out of Mobility activities underway, with stable cash contributions and no further investment.

• Order book and project pipeline at record levels, supporting a positive outlook and confidence in continued profitable growth.

• Returned EUR 70.9 million to shareholders in H1 2026.

Financial highlights

• Q2 2026 revenue was EUR 63.6 million, up 4% year-over-year; H1 2026 revenue reached EUR 128.8 million, up 4% reported and 5% at constant currency.

• Normalized EBITDA for Q2 2026 was EUR 11.5 million (18.1% margin), up 16%; H1 2026 EBITDA was EUR 22.5 million (17.5% margin), up 18%.

• HY1 2026 normalized EBITA up 30% to EUR 16.4 million; normalized net profit before amortization up 26% to EUR 11.1 million.

• Net profit from continuing operations for HY1 2026 was EUR 9.6 million, up 48% year-over-year.

• Leverage ratio improved to 1.2x from 2.4x a year ago.

Outlook and guidance

• Expects strong performance to continue in H2 2026, supported by a healthy order book and robust project pipeline.

• Confident in delivering further profitable growth in 2026 and beyond, driven by structural growth in focus markets.

• 2027 financial targets: 5%-8% annual revenue growth, 15%-18% EBITDA margin, 23%-27% ROIC, and at least 50% dividend payout.

• New strategy and financial targets for 2027-2030 to be presented at Capital Markets Day in September 2026.