Schoeller-Bleckmann Oilfield Equipment (SBO) Q2 2026 earnings summary

Executive summary

• Bookings rose 8.5% year-over-year to MEUR 235.3 in H1 2026, with order backlog up 31.7% since year-end, signaling a new upcycle despite the Middle East conflict and volatile oil prices.

• Sales declined 19.3% year-over-year to MEUR 204.7, but showed an 8% sequential increase in Q2 2026, ending eight quarters of stagnation, driven by recovery in the Precision Technology division.

• Diversification strategy accelerated, with nearly 10% of bookings from new business areas such as geothermal energy, additive manufacturing, and high-performance materials, and significant investments in additive manufacturing capacity in the U.S. and U.K.

• The business environment remains volatile due to the Middle East conflict, impacting logistics, sales, and customer programs, but the company is well-positioned for recovery.

• Profitability declined year-over-year, with EBITDA margin at 11.8% (down from 17.5%) and profit after tax at MEUR 0.2 (H1 2025: MEUR 18.5).

Financial highlights

• Bookings: MEUR 235.3 (+8.5% YoY); Order backlog: MEUR 117.9 (+31.7% since year-end); Sales: MEUR 204.7 (-19.3% YoY); EBITDA: MEUR 24.2 (margin 11.8%); EBIT: MEUR 6.9 (margin 3.4%).

• Profit after tax: MEUR 0.2; EPS: EUR 0.01; Operating cash flow: MEUR 11.2; Free cash flow: MEUR -13.3; Net debt: MEUR 100.1.

• Equity ratio: 47.5%; Liquid funds: MEUR 254.8; Gearing ratio: 23.4%.

• EBITDA margin improved to 12.0% in Q2 2026, with EBITDA up 11.3% quarter-over-quarter.

• FX effects contributed to a 14.7% sales decline in H1 2026.

Outlook and guidance

• Further recovery is expected in H2 2026, led by Precision Technology, with bookings and backlog supporting higher future sales and upside potential if Middle East tensions ease.

• Additive manufacturing is forecast to grow at a CAGR of 26% through 2030, with the company targeting 20% annual growth in its 3D printing business.

• Growth opportunities in geothermal energy, CCS, lithium and helium drilling, additive manufacturing, and flow control are being actively pursued.

• Structural drivers such as energy security, inventory replenishment, and local resource development are expected to support demand.

• Positive bookings momentum continues into Q3 2026.