STIF (ALSTI) H1 2026 earnings summary

Executive summary

• H1 2026 revenue reached €55.309M, up 50.8% YoY; growth was ~10% at constant scope and 15% excluding FX effects.

• EBITDA rose 37.6% to €12.6M, with a 22.8% margin; net income attributable to shareholders increased 17.5% to €7.5M.

• BESS and industrial explosion protection drove performance; planned Tesla product changes are expected to weigh on H2 2026 and 2027.

Financial highlights

• Consolidated operating income was €11.109M versus €8.394M in H1 2025; gross profit grew 46.1% to €35.5M.

• Basic and diluted EPS were both €1.4589, versus €1.2436 in H1 2025; no dilutive instruments were issued.

• Operating cash flow was €5.904M; total equity rose to €37.1M from €32.0M at year-end 2025.

Outlook and guidance

• FY 2026 targets remain €110M revenue and €18M EBITDA, equivalent to an 18% margin; Tesla order reductions imply a materially weaker H2 than H1.

• 2027 targets were revised to €100M revenue and a 15% EBITDA margin following the expected loss of Tesla business.

• 2030 targets are €170M revenue and a 17% EBITDA margin, revised from €200M and 20%.

• From H2 2026, Tesla MEGAPACK 3 is planned to use safety systems that exclude these products; order reductions are expected to fully affect 2027.