Llorente & Cuenca (LLYC) H1 2026 earnings summary

Executive summary

• H1 2026 focused on operational reorganization and efficiency measures to improve profitability, support growth with solid margins and strengthen financial solvency.

• Audited H1 results reflected a transition to an integrated Corporate Affairs and Marketing offering, which reduced client expenses and investments managed.

Financial highlights

• H1 total income was €53.6m, down 17.3% vs. the same period in 2015; operating income was €40.1m, down 12.5%.

• Recurring EBITDA was €5.3m, down 33%; net loss was €0.6m.

Outlook and guidance

• FY operating revenue forecast revised to €81m–€82.5m; recurring EBITDA expected at €15.5m, 12.3% above last year.

• FY EBITDA margin projected at 18.8%–19.1%, up from 15.4% in 2025; positive effects of implemented measures expected in H2 2026 and 2027.

• Efficiency plan measures, on a full-year basis as if implemented from Jan. 1, 2026, would imply FY EBITDA of €20.7m and a 25% margin on operating income.