Morefield Group (MORE) H1 2026 earnings summary

Executive summary

• Revenue increased by 51% year-over-year to €99.7 million in H1 2026, driven by the full consolidation of Naviva and organic growth at Kersten.

• Net profit rose to €4.1 million from €2.2 million in H1 2025, with EPS doubling to 6.4 eurocents.

• EBITDA grew from €11.8 million to €14.1 million, supported by Naviva's contribution.

• One-off effects totaling €0.8 million positively impacted net profit, mainly from early repayment of the Naviva vendor loan.

Financial highlights

• Revenue: €99.7 million (H1 2026) vs €65.96 million (H1 2025).

• EBITDA: €14.1 million (H1 2026) vs €11.8 million (H1 2025).

• Net profit attributable to shareholders: €4.0 million (H1 2026) vs €2.0 million (H1 2025).

• EPS: 6.4 eurocents (H1 2026) vs 3.2 eurocents (H1 2025); diluted EPS: 5.1 eurocents vs 3.0 eurocents.

• Gross margin: €74.5 million (H1 2026) vs €43.9 million (H1 2025).

Outlook and guidance

• Further revenue and EBITDA growth expected in H2 2026.

• No specific net profit guidance due to Almunda stake being valued at market price at balance date.