Koenig & Bauer (SKB) Q2 2026 earnings summary

Executive summary

• Achieved highest H1 order intake in eight years at €709.3m (+16.9% year-over-year) and a record order backlog of €1,121.7m (+2.3%), reflecting strong customer confidence despite global volatility.

• Significant operational turnaround in Q2-26, with operating EBITDA rising to €17.0m and positive free cash flow of €16.8m.

• Strategic transformation under the "IMPACT" framework, including partnerships with Siemens and RobCo, closure of Albert-Frankenthal GmbH, and focus on digital and automation solutions.

• Strategic focus on processing the high order backlog and maintaining strong cash generation for the remainder of 2026.

Financial highlights

• Revenue increased by 1.4% year-over-year to €558.2m, with a strong book-to-bill ratio of 1.27.

• Gross profit rose 17% to €160.8m, improving gross margin to 28.8%.

• Operating EBITDA for H1-26 reached €14.1m (up 20.5% year-over-year), with a margin of 2.5%.

• Net loss narrowed to €-27.5m from €-30.8m year-over-year; EPS improved to €-1.66.

• Free cash flow improved by €62.7m year-over-year to €-21.0m, driven by Q2-26 performance.

Outlook and guidance

• 2026 guidance confirmed: revenue expected at ~€1.3bn and operating EBITDA at ~€80m, assuming stable macroeconomic and trade conditions.

• P&P segment to contribute stable revenue, S&T segment to deliver significantly higher revenue and earnings.

• Strategic target: medium-term revenue potential of €1.5bn and operating EBITDA margin of at least 8%.

• Focus remains on operational resilience, leveraging the record order backlog and flexible processes.