Roblon (RBLN) Q2 25/26 earnings summary

Executive summary

• 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.

• Cost adjustments and organizational changes were implemented to support profitability, with further cost savings expected in future periods.

Financial highlights

• H1 2025/26 revenue was DKK 73.0m, down from DKK 113.0m year-over-year.

• EBITDA before special items was a loss of DKK 7.5m (profit of DKK 26.2m last year); EBIT before special items was a loss of DKK 13.1m (profit of DKK 19.0m last year).

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

• Net loss after tax for H1 was DKK 12.5m, compared to a loss of DKK 25.7m last year.

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

Outlook and guidance

• Full-year 2025/26 guidance maintained: revenue DKK 170–210m, EBITDA before special items DKK 0–20m, EBIT before special items DKK -10 to 10m.

• Management expects results at the lower end of guidance due to ongoing subdued demand.

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

• Cost reductions of DKK 5m expected for the full year, with further annualized savings from 2026/27.