PFISTERER (PFSE) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached a record €129.8 million, up 14.4% year-over-year, with all product segments and most regions contributing to growth, led by HVA and Europe/Africa.

• Order book grew 8.9% year-over-year to €340.3 million, providing strong visibility into 2027.

• Adjusted EBITDA rose 33.4% to €24.7 million in Q2, with a margin of 19%; EBIT up 45%, and net result for the period up 97.1%.

• EPS increased 73% year-over-year in Q2 despite a 25% higher share count from a capital increase.

• Major milestones included a patent grant for HVDC connector technology, a new training center in Riyadh, and a contract for Nordlicht offshore wind farms.

Financial highlights

• Q2 2026 gross margin at 40.4%, slightly down from Q1's record 43.6%, but maintaining four quarters above 40%.

• Adjusted EBITDA margin for H1 at 20.4%, nearly 2% higher than prior year.

• Earnings per share in Q2 rose 73% year-over-year, despite a higher share count.

• Net debt at June 30, 2026: €4.2 million; net working capital at 24.7%, below guidance.

• Operating cash flow for H1 2026 was €21.9 million, reflecting strong profitability and cash conversion.

Outlook and guidance

• Confident in achieving full-year revenue growth guidance of 12%-17%, with H1 already at 20%.

• Order intake guidance for 2026 maintained at €550 million, with expectations of acceleration in H2.

• Mid-term targets reaffirmed: €800–900 million revenue and EBITDA margin above 20%.

• Global electricity demand projected to rise 3.6% in 2026 and 3.8% in 2027; grid investments expected to grow 17% in 2026.

• Cautious on external operational risks (logistics, geopolitical), but expects upper end of guidance is more likely.