Sabaf (SAB) Q2 2026 earnings summary

Executive summary

• H1 2026 normalised revenue was €143.6 million, down 1.5% year-over-year; Q2 2026 revenue rose 3.5% year-over-year to €73.6 million, with notable growth in Asia, Africa, and LATAM.

• H1 2026 normalised EBITDA was €20.2 million (14.1% margin), down 5.2% year-over-year; Q2 2026 EBITDA was €10.7 million (14.5% margin), up 12.4% sequentially.

• H1 2026 normalised net profit was €3.5 million, down 48% year-over-year; Q2 2026 net profit was €0.9 million, down 72.6% year-over-year, impacted by higher taxes and MEC put option expenses.

• Strategic initiatives, including ramp-up in India, new product launches in Mexico, and operational efficiency, contributed to positive trends.

• Reported net result for H1 2026 was a loss of €0.9 million, compared to a profit of €5.2 million in H1 2025.

Financial highlights

• H1 2026 normalised EBIT was €10 million (7% margin), down 9.5% year-over-year; Q2 2026 EBIT was €5.5 million (7.5% margin), up 24% sequentially but down 4.7% year-over-year.

• Net financial debt at 30 June 2026 was €85.2 million, up from €75.2 million at year-end 2025, including MEC minority liability and lease debt.

• H1 2026 investments totaled €9.2 million; planned 2026 investments are approximately €16 million.

• Free cash flow for H1 2026 was €6.3 million.

• Net working capital/revenue was 29% at 30 June 2026 (26.3% at 30 June 2025).

Outlook and guidance

• Order backlog and organic growth initiatives support moderate sales growth for FY 2026.

• Price increases and operational efficiency initiatives are expected to mitigate input cost pressures.

• Q3 visibility is strong, but Q4 is expected to be seasonally weak as in previous years.