MARR (MARR) Q2 2026 earnings summary

Executive summary

• Consolidated revenues for H1 2026 reached €1,019.5m, up from €994.8m in H1 2025, with Q2 2026 revenues at €593.5m versus €585.6m in Q2 2025.

• Operating profitability declined due to higher transportation, logistics, and energy costs, only partially offset by improved gross margin.

• Net profit for H1 2026 was €3.9m, down from €12.6m in H1 2025; Q2 net profit was €10.5m versus €15.3m in Q2 2025.

• July sales increased across all client segments, aligning with annual growth targets.

• The group completed the acquisition of Bergel + S.r.l. and opened a new distribution center in Monopoli.

Financial highlights

• EBITDA for H1 2026 was €39.1m, down from €47.6m in H1 2025; EBIT was €16.8m versus €27.2m.

• EBITDA margin dropped to 3.8% (from 4.8%), and EBIT margin to 1.6% (from 2.7%).

• Net financial debt (pre-IFRS 16) as of June 30, 2026, was €268.9m, up from €206.8m a year earlier, impacted by investments, buy-backs, and dividends.

• Consolidated equity at June 30, 2026, was €297.4m, down from €315.3m a year earlier.

• Free cash flow for H1 2026 was negative €52.7m, compared to negative €29.2m in H1 2025.

Outlook and guidance

• July sales growth across all segments supports alignment with full-year growth targets.

• Positive outlook for Italian tourism in summer 2026, with rising foreign visitors and extended seasonality.

• Management remains focused on service quality, profitability, and working capital control.