STEICO (ST5) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 increased by 0.6% year-over-year to €200.3 million, offsetting a weak Q1 with a stronger Q2 driven by the construction season.

• Significant cost pressures arose in Q2 due to the US-Iran conflict, leading to higher logistics, energy, and chemical costs, impacting margins.

• EBITDA declined 22.1% year-over-year to €29.0 million, and EBIT fell 30.8% to €14.7 million, with net profit down 25.8% to €7.9 million.

• Management maintains full-year 2026 guidance, expecting revenue growth between -2% and +4% and EBIT of €30–38 million.

Financial highlights

• H1 2026 revenue: €200.3 million (+0.6% YoY); gross profit: €94.5 million (-5.1% YoY); gross margin: 48.2% (down from 51.4%).

• EBITDA: €29.0 million (-22.1% YoY); EBIT: €14.7 million (-30.8% YoY); net profit: €7.9 million (-25.8% YoY).

• Q2 2026 revenue: €105.4 million (Q1: €94.8 million); Q2 EBITDA: €15.7 million (Q1: €13.2 million); Q2 EBIT: €8.4 million (Q1: €6.3 million).

• Cost of materials rose 8.0% to €113.0 million; personnel expenses increased 5.6% to €38.9 million.

• Equity ratio stable at 61.2%; total assets at €585.8 million.

Outlook and guidance

• Full-year 2026 revenue expected between €375–398 million, representing -2% to +4% growth over 2025.

• EBIT forecasted at €30–38 million, with an EBIT margin of 8.0% to 9.5%.

• Management expects further growth and margin improvement in H2 2026, assuming no further economic deterioration.