Kesla (KELAS) Q2 2026 earnings summary

Executive summary

• Revenue grew 8.8% to €11.9 million in Q2 2026 and 3.4% to €19.9 million for H1 2026 year-over-year.

• Operating result turned positive in Q2 at €165 thousand (from -€491 thousand), and improved to -€575 thousand for H1 (from -€1,269 thousand).

• Order backlog surged 178% to €25.4 million at the end of June 2026, driven by a major Defence order.

• Cash flow from operations strengthened significantly to €3.7 million in Q2 and €4.7 million in H1.

• Strategic restructuring and cost-saving measures continued, including divestment processes and workforce adjustments.

Financial highlights

• Orders received in H1 rose 74.7% to €37.6 million, with Defence contributing €17 million.

• EBITDA improved to €104 thousand in H1 (from -€514 thousand), and to €501 thousand in Q2 (from -€116 thousand).

• EPS improved to -€0.32 in H1 (from -€0.46) and to -€0.06 in Q2 (from -€0.19).

• Net financial expenses increased due to new financing arrangements.

• Net result for H1 was -€1.09 million (from -€1.57 million).

Outlook and guidance

• Revenue for 2026 is expected at €38–45 million, with operating margin between -2% and +2%, assuming stable market conditions.

• Focus remains on restructuring, cost efficiency, and strengthening Defence segment.