Lindbergh (LDB) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 32% YoY to €20.84m; EBITDA increased 33% to €3.72m and net result rose 39% to €1.54m.

• HVAC led growth, supported by acquisitions; Network & Warehouse Management returned to organic growth, while Waste / Circular Economy also expanded.

• Net financial debt including lease liabilities and acquisition payables was €6.99m, down 19% from year-end 2025; adjusted financial indebtedness was €512,815.

• The Board approved the half-yearly report and mandated the voluntary liquidation of the French subsidiary.

Financial highlights

• Revenue was €20.84m (+32% YoY), including €20.61m in sales and service revenue, up €4.97m.

• EBITDA was €3.72m (+33%), EBIT €2.45m (+42%), and profit before tax €2.26m (+45%).

• Net result was €1.54m (+39%); group-attributable result was €1.52m (+42%).

• Operating costs rose 31% to €17.12m; labour costs increased 42% to €6.89m, mainly reflecting acquisitions and salary increases.

• A €76,212 gain on disposal of a business unit contributed to other income; reported results include this non-recurring item.

Outlook and guidance

• H2 volumes are expected to increase significantly in the peak season; Network & Warehouse Management and Waste / Circular Economy growth is expected to match H1, with at least two customer service launches anticipated.

• HVAC revenue is expected to rise seasonally, especially in Q4; priorities include margin improvement and cash conversion.

• SDS Service integration is expected to be completed by year-end 2026; acquisition opportunities remain under review, particularly in existing regions and HVAC.