RT&L (RTL) H1 2026 earnings summary

Executive summary

• H1 2026 consolidated net profit was €354,377; revenue was €6.15m and EBITDA was €1.00m, with an EBITDA margin of 16.07%.

• The first consolidated interim period included P&A Spedizioni and Olitrans; no comparable H1 2025 consolidated perimeter existed.

• Customs Brokerage generated 74.36% of production value; Project Cargo and General Cargo provided complementary activity and diversification.

Financial highlights

• Production value was €6.24m, comprising €6.15m of sales revenue and €84,207 of other revenue.

• EBITDA was €1.00m; EBIT was €537,628, EBT €607,362, and net profit €354,377, including €4,988 attributable to minorities.

• Operating cash flow was €402,405; cash increased by €815,261 to €5.69m during the period.

• Net working capital rose €486,284 to €1.15m; trade receivables increased €965,389, partly reflecting Olitrans start-up and not yet-normal collection timing.

• Net fixed assets were €7.97m and net invested capital €8.77m at June 30, 2026.

Outlook and guidance

• Following LandS integration, pro forma production value is ~€27m and EBITDA ~€3.7m, based on pro forma figures at December 31, 2025.

• The strategy targets internal Project Cargo growth and external Customs Brokerage expansion, including a planned move into Adriatic ports and inland or border customs locations.

• Priorities include integrating LandS operations, cross-selling, realizing support-cost efficiencies, generating cash, and servicing acquisition-related debt.