Rovsing (ROV) Q2 25/26 earnings summary

Executive summary

• H1 2025/26 revenue and EBITDA were below expectations, with revenue at DKK 13.4 million, down DKK 3.9 million year-over-year, and EBITDA at DKK -3.6 million, impacted by project delays, increased material costs, and a DKK 0.9 million one-off provision for closure of Kourou activities.

• High tender activity continues, with decisions on several tenders and new contract activities expected during the financial year.

• The company is a Tier 1 supplier in the European space industry, supporting institutional, commercial, and military programs.

• Strategic focus includes accelerating growth and identifying acquisition targets as part of a buy-and-build strategy, with decisions expected before the end of FY 2025/26.

• Order backlog remains strong at DKK 33.1 million, with a diverse contract portfolio across institutional and commercial space sectors.

Financial highlights

• H1 2025/26 revenue reached DKK 13.4 million (H1 2024/25: DKK 17.3 million).

• EBITDA for H1 2025/26 was DKK -3.6 million (H1 2024/25: DKK 0.3 million); EBIT: DKK -4.8 million (H1 2024/25: DKK -0.8 million).

• Net profit: DKK -5.4 million (H1 2024/25: DKK -1.4 million).

• Cash flow from operating activities: DKK -1.9 million (H1 2024/25: DKK 1.3 million).

• Equity at 31 December 2025: DKK 8.3 million.

Outlook and guidance

• Revenue guidance for FY 2025/26 is DKK 33–37 million (previously DKK 37–41 million).

• EBITDA guidance for FY 2025/26 is DKK -2.5 to 0.5 million (previously DKK 1.0–3.0 million).

• Ongoing market growth is expected, supported by increased European space budgets and high tender activity.