Roblon (RBLN) Q2 25/26 earnings summary

Executive summary

• Focused on high-performance fiber-based reinforcement elements for critical energy infrastructure, targeting segments with structural growth potential.

• Strategic priorities include evolving from supplier to strategic partner, launching new products, and sharpening focus on subsea HV cables.

• Revenue and earnings for H1 2025/26 were at the lower end of guidance, mainly due to a sharp decline in the Composite product group, while FOC saw a slight revenue increase.

• Order intake and order book both fell significantly year-over-year, primarily from reduced activity in the offshore oil and gas and energy cable sectors.

• Long-term ambitions for 2029/30: revenue of at least 400 mDKK, EBITDA of at least 70 mDKK, and EBIT of at least 50 mDKK.

Financial highlights

• Revenue for H1 2025/26 was 73.0 mDKK, down from 113.0 mDKK year-over-year.

• EBITDA before special items was -7.5 mDKK (previous year: 26.2 mDKK); EBIT before special items was -13.1 mDKK (previous year: 19.0 mDKK).

• Gross margin declined to 57.5% from 65.9% due to a less favorable product mix.

• Net result for the period was -12.5 mDKK (previous year: -25.7 mDKK).

• Cash flow from operating activities improved to an inflow of 1.9 mDKK from an outflow of 9.4 mDKK.

Outlook and guidance

• 2025/26 expected to be impacted by an unfavorable product mix and a pause in subsea energy cable project deliveries.

• Management expects results at the lower end of the guidance ranges: revenue 170–210 mDKK, EBITDA 0–20 mDKK, EBIT -10 to 10 mDKK.

• May 2026 order intake was strong at 30.2 mDKK, supporting full-year guidance.

• Cost adjustments implemented in Q1 2025/26, expected to reduce costs by 5 mDKK for the full year, with further annualized savings from 2026/27.

• Lower order intake from Oil & Gas Offshore due to high customer inventories.