Officina Stellare (OS) H1 2026 earnings summary

Executive summary

• Achieved record-high backlog of €208.2m as of August 2026, providing strong revenue visibility and supported by major contract wins in space, aviation, defense, and cybersecurity.

• Completed merger with Global Aerospace Technologies Group S.p.A. (GATG) and acquired Sitep Italia S.r.l. and Mavel S.r.l., expanding expertise in rare-earth-free electric motors, AI-based engineering, and military/marine electronics.

• Achieved strong organic growth in order backlog, production value, and margins in H1 2026, supported by sector diversification and recent M&A.

Financial highlights

• H1 2026 value of production: €55.6m (+31% YoY); LTM value of production: €111.9m (+28% YoY); Adjusted EBITDA: €6.6m (+56% YoY, margin 11.8%); LTM Adjusted EBITDA: €20.2m (+57% YoY, margin 18%).

• Adjusted EBIT: €1.8m (+52% YoY, margin 3.2%); Adjusted Net Income: €0.8m (+893% YoY, margin 1.4%); LTM Adjusted Net Income: €5.1m.

• Consolidated revenue for H1 2026: €33.6m, up from €6.3m YoY, driven by merger and acquisitions; net loss for H1 2026: €5.02m.

• Gross cash position at €44.7m; net cash position at €13.4m as of June 2026; cash and cash equivalents at €52.8m.

• Total assets as of June 30, 2026: €262.7m; equity at €131.1m.

Outlook and guidance

• Sustained top-line growth expected, supported by record backlog, strong order intake, and €75m new unsecured bank financing for organic and inorganic growth.

• Ongoing investments in technology, capacity expansion, and R&D to drive future growth.