Komax (KOMN) H1 2026 earnings summary

Executive summary

• Order intake reached a record CHF 311.4 million in H1 2026, up 12.2% year-over-year, driven by strong demand in North America and growth markets like industrial, infrastructure, and transportation, especially from data center expansion.

• Revenues declined by 2.8% to CHF 272.4 million due to negative currency effects, though organic revenue grew 1.6% year-over-year; order backlog rose to CHF 183.1 million.

• Adjusted EBIT more than doubled to CHF 16.5 million (6.1% margin), while reported EBIT was CHF 1.6 million after CHF -14.9 million in one-time restructuring and portfolio adjustment costs.

• The "Uplift" program and realignment initiatives are underway to further reduce costs and drive growth.

• Reduced dependence on the automotive sector, with its revenue share dropping to 57% from 64% in H1 2025, reflecting strategic diversification.

Financial highlights

• Gross margin was 65.1%, down from 68.1% in H1 2025, mainly due to currency impacts.

• Free cash flow improved to CHF 7.2 million from CHF -2.0 million in H1 2025.

• Basic and diluted EPS was CHF -0.96, compared to CHF -0.68 in H1 2025.

• Group earnings after taxes (EAT) were CHF -5.0 million, impacted by restructuring costs.

• EBITDA fell 29.5% to CHF 11.4 million; adjusted EBIT up 114.8% to CHF 16.5 million; reported EBIT down 74.2% to CHF 1.6 million.

Outlook and guidance

• Revenue for FY 2026 is expected between CHF 580 million and CHF 600 million, with EBIT (including one-time effects) between CHF 16 million and CHF 20 million.

• The cost base is expected to decline further, with additional reductions of up to CHF 10 million starting in 2027.

• Ongoing cost reduction and realignment are expected to further improve profitability and position for sustainable growth.

• Market environment remains volatile due to global vehicle production declines and geopolitical uncertainties.