SMAG Mobile Antenna Masts (1SMA) H1 2026 earnings summary

Executive summary

• Completed IPO on July 13, 2026, raising €30M gross to fund capacity expansion, automation, and internationalization.

• Order backlog reached €1.4B at H1 2026, with fixed order backlog up 30% to €182M, driven by strong demand and major defense contracts, including a €34.5M NATO-related order.

• H1 2026 saw a 20% increase in total output to €20.2M and a 15.1% rise in revenue to €12.6M year-over-year, reflecting strong deliveries under key customer programs.

• Adjusted EBIT fell to €0.5M from €2.7M due to high costs from scaling production, organizational expansion, and a less favorable project mix.

• Free cash flow improved to €0.6M from -€1.5M, supported by increased customer prepayments.

Financial highlights

• Revenue grew 15.1% year-over-year to €12.6M; total output up 20% to €20.2M.

• Gross profit increased to €9.88M, but gross margin declined to 48.8% from 55.0% due to project mix and capacity build-up.

• EBIT was -€1.16M (margin -5.7%), down from €2.06M (margin 12.2%) in H1 2025; Adjusted EBIT at €0.53M (margin 2.6%).

• Adjusted EBITDA was €0.7M, with a margin of 3.4% (down from €2.8M and 16.7%).

• Net loss of €1.13M compared to net profit of €1.3M in H1 2025.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: total output €55–60M, Adjusted EBIT margin 19–21%.

• H2 2026 expected to benefit from improved project mix, higher capacity utilization, and reduced one-off costs.

• High order backlog and recent wins support confidence in meeting 2026 targets.

• For FY 2027 and beyond, significantly higher output volumes and improved earnings are anticipated as production ramps up and supplier base diversifies.

• Long-term growth supported by rising European defense budgets and strong order backlog.