Schoeller-Bleckmann Oilfield Equipment (SBO) Q1 2026 earnings summary

Executive summary

• Bookings rebounded in Q1 2026, rising 18.5% sequentially and 8.5% year-over-year, signaling recovery despite ongoing market disruptions and geopolitical tensions.

• Strategic diversification advanced, with significant growth in additive manufacturing, geothermal, and flow control, and market expansion in Africa and Asia-Pacific.

• Additive manufacturing activities consolidated in Europe, including integration of 3T Additive Manufacturing and launch of SBO Additive Europe.

• Houston drilling-motor reline and distribution center ramped up, supporting operational excellence.

• Sales and profitability remained stable quarter-over-quarter but were down year-over-year due to lower demand and sales deferrals.

Financial highlights

• Q1 bookings reached €117.6M, up 18.5% sequentially and 8.5% year-over-year; book-to-bill ratio at 1.2.

• Sales declined 23.7% year-over-year to €98.5M, reflecting lower prior bookings and logistics constraints.

• EBITDA dropped to €11.4M (11.6% margin), down from €26.4M (20.4% margin) in Q1 2025; EBIT fell to €2.7M (2.8% margin) from €18.3M (14.2% margin).

• Backlog increased from €89M at end-2025 to €106M at end-Q1 2026.

• Cash and cash equivalents at €277.4M; net debt at €82.8M; gearing ratio at 19.1%.

Outlook and guidance

• Short-term outlook remains cautious due to ongoing Middle East conflict, logistics constraints, and global economic headwinds.

• Recovery expected in the second half of 2026 as deferred demand converts to sales and market stabilizes.

• Medium- to long-term fundamentals remain strong, driven by energy security, inventory refill, and supply diversification.

• Geographic expansion and operational growth opportunities identified in Asia, Latin America, Europe, and Sub-Saharan Africa.

• Bookings trend remains positive into Q2, supporting a constructive medium-term view.