LU-VE (LUVE) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €325.1 million, up 10.3% year-over-year, with product sales up 10.5% and order backlog at a record €333.3 million, up 48% YoY.

• EBITDA grew 15.1% YoY, with Q2 adjusted EBITDA margin at 16.4% (+80 bps YoY), and net profit rose 60% YoY to €27.2 million.

• Growth was broad-based across applications and geographies, led by power generation, data centers, and heat pumps, with a €100 million+ multi-year hyperscaler contract signed in April 2026.

• Operational improvements, a new US plant, and automation initiatives contributed to enhanced profitability.

• Medium/long-term guidance was upgraded, reflecting improved growth prospects and profitability.

Financial highlights

• H1 2026 sales reached €325.1 million (+10.3% YoY); Q2 delivered the highest quarterly revenues and EBITDA in company history.

• Adjusted EBITDA margin improved to 16.4% in Q2-26; adjusted net income for H1-26 was €27.7 million (8.5% of sales).

• Net financial debt reduced to €67.7 million (NFD/EBITDA LTM at 0.7x, down from 1.2x in H1-25).

• Cash flow from operations in H1-26 was €39.8 million (12.2% of sales), up 31% YoY.

• Tax rate increased to 22%-23% due to reduced incentives in Poland and new U.S. tax obligations.

Outlook and guidance

• H2 2026 expected to outperform H1 as backlog converts to revenue and U.S. hyperscaler order ramps up.

• Medium/long-term guidance upgraded: organic sales growth in low double digits, EBITDA margin targeted at 15–17%, growth capex €30–35 million/year, tax rate 22–23%.

• Guidance is ambitious but credible, supported by diversified end markets and secular growth trends.