Seco/Warwick (SWG) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was 180.9 mln PLN, down 3.2% year-over-year, mainly due to currency effects despite strong order intake and robust performance in the Vacuum Furnaces segment, which grew over 50% year-over-year.

• Gross margin improved to 21.5% (+1.1 p.p. year-over-year), and net profit attributable to shareholders rose 11% to 6.1 mln PLN.

• The order backlog at quarter-end was 713.8 mln PLN, with new orders up 56% year-over-year to 206 mln PLN.

Financial highlights

• EBIT margin increased to 5.3% (+0.8 p.p. year-over-year), EBITDA margin reached 8.2% (vs. 7.3% a year ago).

• Net profit for Q1 2026 was 6.3 mln PLN, basic and diluted EPS at 0.84 PLN (vs. 0.63 PLN in Q1 2025).

• Cash flow from operations was -12.2 mln PLN, mainly due to working capital investments for large projects.

• Total assets increased to 708.9 mln PLN from 650.0 mln PLN at year-end 2025.

• Cash at period end was 55.7 mln PLN (down from 59.6 mln PLN at year-end 2025).

Outlook and guidance

• Management sees positive business prospects for the remainder of 2026, focusing on working capital optimization, cost control, and strengthening key product segments.

• No financial forecasts were published for 2026.