Roblon (RBLN) Q1 25/26 earnings summary

Executive summary

• Revenue and earnings in Q1 2025/26 were significantly below expectations, mainly due to a sharp decline in the Composite segment and a temporary reduction in orders from a major offshore oil and gas customer.

• Management implemented cost adjustments, including organizational changes, to address lower activity and market volatility.

• Full-year guidance was downgraded and maintained at lower levels, reflecting the challenging market environment.

Financial highlights

• Q1 2025/26 revenue was DKK 29.8m, down from DKK 51.1m year-over-year.

• EBITDA before special items was a loss of DKK 6.3m (vs. profit of DKK 6.7m), and EBIT before special items was a loss of DKK 9.2m (vs. profit of DKK 3.0m).

• Net loss for the period was DKK 10.1m, compared to a profit of DKK 2.3m in Q1 2024/25.

• Gross margin improved to 62.8% from 60.6% due to a more favorable product mix.

• Order intake dropped to DKK 32.5m (from DKK 86.7m), and the order book stood at DKK 35.6m (from DKK 88.5m).

Outlook and guidance

• Full-year 2025/26 guidance: revenue DKK 170–210m (previously DKK 200–240m), EBITDA before special items DKK 0–20m (previously DKK 10–30m), EBIT before special items DKK -10 to 10m (previously DKK 0–20m).

• Management expects higher activity in the energy cables area in 2026/27, but significant year-to-year fluctuations are anticipated.