Pallas Air (PALLAS) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was €2.0 million, down 39% year-over-year, reflecting challenging market conditions and production constraints due to working capital shortages.

• EBITDA improved to -€0.9 million from -€1.5 million, and EBIT to -€1.6 million from -€2.8 million, driven by broad cost savings.

• The company completed its planned exit from the respirator business and shifted strategic focus to data management and AI-driven solutions.

• No guidance was issued for 2026.

Financial highlights

• Revenue: €2,039k (H1 2025: €3,364k).

• EBITDA: -€925k (H1 2025: -€1,511k), margin -45.4%.

• EBIT: -€1,626k (H1 2025: -€2,799k), margin -79.7%.

• Net loss: -€2,081k (H1 2025: -€3,275k).

• EPS: -€1.62 (H1 2025: -€2.55).

• Operating cash flow: €171k (H1 2025: -€130k).

Outlook and guidance

• No financial guidance provided for 2026.

• Medium-term targets: 20–25% annual revenue growth and 15% EBITDA margin by 2028, with a goal of €20–25 million annual revenue.