Sto SE & Co (STO3) Q2 2026 earnings summary

Executive summary

• Group turnover for 2025 was EUR 1,591.1 million, down 1.3% year-over-year, with declines in Germany and international markets due to weak construction activity.

• EBIT improved by 9.5% to EUR 64.4 million and EBT by 7.2% to EUR 65.3 million in 2025, raising the return on sales to 4.1%.

• The workforce was reduced by 117 to 5,482 employees at year-end 2025; by H1 2026, it decreased by 27 to 5,507 globally, reflecting restructuring.

• For H1 2026, turnover rose by 3.7% to EUR 805.5 million, with EBIT up 20.6% to EUR 30.5 million and EBT up 16.8% to EUR 29.9 million, overcoming a weak Q1.

• EBIT margin improved to 3.7% in H1 2026, with profitability recovering after a weak Q1.

Financial highlights

• 2025 investments increased by 20% to EUR 44 million; cash flow from operating activities rose to EUR 94.5 million.

• ROCE improved to 8.7% in 2025 from 7.8% in 2024.

• Equity ratio at year-end 2025 was 66%, with equity capital of EUR 762 million; at H1 2026, equity ratio was 63.3%.

• H1 2026 investments dropped 46% to EUR 12 million; cash and cash equivalents at period end were EUR 103 million; net financial assets EUR 100.6 million.

• H1 2026 gross profit increased 4.6% to EUR 442.3 million; gross margin improved to 54.2%.

Outlook and guidance

• 2026 full-year guidance: turnover of EUR 1.62 billion, EBIT between EUR 56–76 million, EBT between EUR 55–75 million, return on sales (EBT) of 3.3–4.7%, and ROCE of 7.4–10.2%.

• Forecast assumes average weather and stable economic conditions; significant uncertainty remains due to geopolitical risks, especially the war in Iran.