Phoenix Mecano (PMN) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw a 2.2% increase in gross sales to EUR 201.0 million, with a 5.9% rise in local-currency terms.

• Operating result in Q1 2026 rose 21.9% to EUR 16.4 million, with margin improving to 8.2%.

• FY 2025 gross sales declined slightly by 2.9% to EUR 757.3 million, with EBITDA down 5.7% and EBIT down 7.6%.

• Net income for FY 2025 was EUR 31.8 million, down 13.1% year-over-year; net margin fell to 4.2%.

Financial highlights

• Q1 2026 operating cash flow increased 13.9% to EUR 22.1 million; margin rose to 11.0%.

• Q1 2026 result of the period up 5.2% to EUR 10.7 million; margin at 5.3%.

• FY 2025 equity ratio remained strong at 45.9%; net indebtedness rose to EUR 42.0 million.

• ROCE for FY 2025 dropped to 15.6% but stayed above the 15% target.

Outlook and guidance

• Stable to slightly positive impetus expected from core markets in 2026 despite ongoing challenges.

• Anticipates improved profitability and a slightly higher operating result for FY 2026.

• Negative macroeconomic effects from the war in Iran expected to impact Q2 2026.

• Continued investment in innovation, grid infrastructure, and renewable energy sectors.