Steyr Motors (4X0) Q2 2026 earnings summary

Executive summary

• H1 2026 sales reached EUR 22.8 million, stable year-over-year, with profitability dropping sharply due to defense project delays and a less favorable sales mix.

• Strategic milestones included the acquisition of BUKH, expansion into new markets, and a new holding structure.

• The company is a global leader in customized engines for military and civil applications, focusing on internationalization and product innovation.

• Major contracts and a robust order backlog underpin long-term growth, despite temporary setbacks in the defense segment.

• Organizational restructuring included management changes and a new CFO.

Financial highlights

• H1 2026 sales: EUR 22.8 million, flat vs. H1 2025.

• Adjusted EBIT: EUR 0.1 million (margin 0.4%), down from EUR 3.4 million in H1 2025.

• Gross profit margin declined to 38.1% from 48.5% in H1 2025.

• Operating cash flow: EUR -4.7 million, mainly due to inventory build-up for delayed projects.

• Cash and cash equivalents dropped from EUR 7.3 million at end-2025 to EUR 0.3 million at June 2026.

Outlook and guidance

• Full-year 2026 guidance: revenue growth of 15%-25% over 2025, EBIT margin of 8%-12%.

• H2 2026 expected to be significantly stronger, with Q4 as the main driver due to defense project deliveries and BUKH consolidation.

• Delays in major projects push some revenue and EBIT targets for 2027 out by 1-2 years, but no cancellations reported.

• Ambition to reach EUR 141.3 million revenue by 2029, driven by organic growth, new products, and disciplined M&A.

• Order backlog provides high visibility for future revenue, with large projects starting production in 2027.