Racing Force (RFG) H1 2026 earnings summary

Executive summary

• Achieved record H1 2026 revenues of €46.8M, up 19.1% year-over-year, with double-digit growth across all product segments and geographies.

• EBITDA rose 22.7% to €10.2M (21.7% margin), and net profit increased 40.1% to €5.95M, reflecting improved profitability and operating leverage.

• The Americas led growth (+41.4%), while EMEA remained the largest market and APAC grew 39.8%.

• Infrastructure investments completed in Italy, Bahrain, and the US enabled higher production volumes and service levels.

• Continued investment in R&D, sustainability, and operational expansion, including new facilities and upgrades.

Financial highlights

• Revenue: €46.8M (+19.1% YoY), gross profit: €29.2M (62.5% margin, stable YoY), EBITDA: €10.2M (+22.7%), EBIT: €7.6M (+20.4%), net profit: €5.95M (+40.1%).

• Last 12 months revenue reached €80.6M, an all-time high.

• Operating cash flow was €5.1M (down from €7.6M YoY) due to working capital build-up.

• CapEx reduced to €3.7M as investment plan completed; recurring CapEx includes significant R&D allocation.

• Dividend payout of €2.6M (€0.095/share), representing a 42% payout.

Outlook and guidance

• Positive momentum continues into H2 2026, with early sales up YoY and strong demand.

• Confident in further growth for 2027, supported by motorsport, Milipol projects, and new product launches (Riot and Gladiator helmets).

• Monitoring geopolitical risks (Middle East, Ukraine), but operational impact has been marginal.