Nordecon (NCN1T) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €126.9 million, up 37% year-over-year, with strong growth in both Buildings and Infrastructure segments.

• Operating profit increased to €2.47 million, while net profit rose to €699k, reflecting improved operational performance.

• Net profit attributable to owners was €436k versus a loss of €134k last year.

• Order book grew 7% year-over-year to €324.4 million, with new contracts signed totaling €181.7 million in H1 2026.

Financial highlights

• EBITDA for H1 2026 was €3.84 million, up from €3.44 million in H1 2025.

• Gross margin declined to 4.7% (H1 2025: 5.9%) due to rising input prices and project mix.

• Operating margin decreased to 1.9% (H1 2025: 2.3%).

• Net margin improved to 0.6% (H1 2025: 0.5%).

• Administrative expenses rose 9% year-over-year, mainly due to higher staff costs, but the expense-to-revenue ratio fell to 2.9%.

Outlook and guidance

• Strategic agenda targets at least 5% annual revenue growth and operating margin consistently above 3%.

• Management expects business volumes to increase in 2026, supported by a strong order book and public investment, especially in defence and infrastructure.

• Focus on organic growth, digitalization, and balanced order books across segments.

• Commitment to strong dividend yield and sustainable development goals.