Loihde (LOIHDE) Q2 2026 earnings summary

Executive summary

• Profitability improved as planned in Q2 and H1 2026, with adjusted EBITDA up 7% in Q2 and 32% in H1 year-over-year, reaching €5.4M and a 7.9% margin for H1 2026.

• Revenue declined 3% year-over-year to €68.4M for H1 2026, but was in line with expectations.

• The BLC Turva acquisition received conditional approval, requiring divestment of certain local businesses.

• Cash flow from operating activities increased to €5.1M in H1 2026 from €2.9M in H1 2025.

• Key wins in security and cybersecurity solutions contributed to performance.

Financial highlights

• Q2 2026 revenue: €33.9M (down 4% year-over-year); adjusted EBITDA: €2.7M (up 7%), margin 8.1%.

• H1 2026 adjusted operating profit (EBIT): €1.4M, up from €0.2M in H1 2025.

• Profit for the period: €0.3M, compared to a loss of €1.1M in H1 2025.

• Earnings per share improved to €0.05 from €-0.20 year-over-year.

• Equity-to-assets ratio rose to 67.1% from 65.7% year-over-year.

Outlook and guidance

• 2026 guidance unchanged: revenue and adjusted EBITDA expected to grow or remain at 2025 levels.

• Financial targets for 2024–2027: average annual revenue growth of 10%, adjusted EBITDA margin of 15% by 2027, ROI of 10%, and net debt/EBITDA between 0–2x.

• Guidance will be updated after completion of the BLC Turva acquisition.