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 exports accounting for 82% of turnover.

• EBITDA grew 15.1% to €49.6 million (15.3% margin), outpacing sales growth, and net profit rose 60% to €27.2 million.

• Order backlog reached a record €333.3 million, up 48% year-over-year, supported by a major multi-year hyperscaler contract for data center cooling.

• Growth was broad-based across applications and geographies, with power generation, data centers, and heat pumps as key drivers.

• Share price surged 68.5% in H1 2026, outperforming the FTSE Italia Star index.

Financial highlights

• H1 2026 sales reached €325.1 million (+10.3% YoY); Q2 delivered the highest quarterly revenues and EBITDA, with adjusted EBITDA margin at 16.4%.

• Operating profit (EBIT) was €33.9 million (10.4% margin, +25.9% YoY); adjusted net income for H1 2026 was €27.7 million (8.5% of sales).

• Net financial debt reduced to €67.7 million (NFD/EBITDA LTM at 0.7x), improved by €28.7 million YoY.

• Cash flow from operations (LTM, adjusted) was €51.5 million, up 31% year-over-year.

• Dividend per share: €0.47 (vs €0.42 in H1 2025); dividends distributed: €11.3 million.

Outlook and guidance

• 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%.

• H2 2026 expected to outperform H1 as backlog converts to revenue and the hyperscaler contract ramps up.

• Data center segment identified as a key growth driver.

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