MARR (MARR) Q2 2026 earnings summary

Executive summary

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

• Operating profitability improved at the gross margin level, but higher transportation, logistics, and energy costs, along with logistics redesign, offset gains.

• Net income declined to €3.9m in H1 2026 from €12.6m in H1 2025, and to €10.5m in Q2 2026 from €15.3m in Q2 2025.

• July sales increased across all client segments, keeping sales and gross margin on track with annual growth targets.

Financial highlights

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

• Q2 2026 EBITDA and EBIT were €31.7m and €19.3m, respectively, versus €37.7m and €26.3m in Q2 2025.

• Net 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.

• Gross margin improvement was confirmed, but service and personnel costs rose due to logistics and energy.

• 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 expectations for the Italian tourism sector in summer 2026, with anticipated growth in foreign visitors and extended seasonality.

• Management remains focused on market presence, profitability, and high service levels during the peak summer period.