Miquel y Costas & Miquel (MCM) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue was €156.0m, down 7.4% YoY; net income fell 23.1% to €18.7m amid weaker demand, adverse FX and higher energy costs.

• Geopolitical disruption, a weak US dollar and technical shutdowns for investment projects weighed on sales, margins and operating efficiency.

Financial highlights

• EBITDA was €35.1m, down 13.7% YoY; operating income was €23.6m, down 23.1%.

• Pretax income was €24.6m, down 23.4%; after-tax cash flow was €30.2m, down 12.0%.

• Parent-company sales were €104.8m, down 4.3% YoY; after-tax income was €20.9m, down 13.1%, including dividends from investees.

Outlook and guidance

• H2 is unfolding amid greater volatility, with exceptionally high energy prices following intensified Strait of Hormuz tensions; results are expected to remain below FY 2025.

• Uncertainty limits reliable FY estimates; a solid financial position supports dividends and planned investment to strengthen industrial competitiveness and future growth.