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), with a record order backlog of €1,121.7m as of June 30, reflecting strong customer confidence and Q2 acceleration.

• Q2 2026 marked a strong operational turnaround, 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.

• Management remains confident in achieving full-year targets and is preparing for continued execution into 2027.

• 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, outperforming the German machinery sector trend of -14%.

• 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 Q2 alone delivering €17.0m (+38% YoY).

• Free cash flow improved by €62.7m year-over-year to €-21.0m, with positive Q2 free cash flow of €16.8m.

• Net financial position improved to €-149.3m from €-210.0m year-over-year.

Outlook and guidance

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

• High order backlog and strong order intake underpin confidence in meeting 2026 targets.

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