Mare (MARE) H1 2026 earnings summary

Executive summary

• Revenues doubled year-over-year to €47.8 million in H1 2026, driven by 16.6% organic growth and acquisitions.

• Adjusted EBITDA rose to €10.0 million (+149%), with margin improving to 20.9% from 17.3%.

• EBIT turned positive at €3.9 million versus a €5.8 million loss in H1 2025.

• Major M&A activity included acquisitions of EasyGo, EMM Systems, and IEM, and divestment from Eles, reallocating resources to strategic sectors.

• Significant investments in industrial capabilities, technology infrastructure, and digital platforms support growth.

Financial highlights

• Revenues increased to €47.8 million from €23.3 million in H1 2025 (+105% YoY).

• Adjusted EBITDA reached €10.0 million, up from €4.0 million; reported EBITDA at €7.7 million.

• EBIT improved to €3.9 million from -€5.8 million; EBIT margin at 8.2%.

• Net result improved to -€0.2 million from -€3.3 million, despite higher taxes.

• Order intake totaled €103.6 million, with a commercial pipeline of €124 million.

Outlook and guidance

• Guidance for FY 2026: revenue €95–100 million, EBITDA €21–22.5 million, adjusted net financial position €15–20 million.

• Strong order pipeline and investments position for a robust H2 2026; guidance update expected after Q3 results.

• Capacity expansion and new hubs expected to double production by H1 2027.

• Several M&A transactions closing in H2 2026, including CTMAVIO and GMSPAZIO; sale of Workgroup expected.

• Focus on integrating acquisitions and leveraging proprietary platforms, especially in Aerospace & Defence.