Wolftank Group (WAH) Q2 2026 earnings summary

Executive summary

• Sales increased by 10.9% year-over-year to EUR 67.4m in H1 2026, with EBITDA rising to EUR 5.9m from a loss of EUR -2.6m in H1 2025, reflecting improved operational performance and cost discipline.

• Returned to profitability in H1 2026, with profit after tax of EUR 1.3m versus EUR -5.9m in H1 2025.

• Environmental Services expanded its contract base, securing multi-year agreements in Italy and launching a new waste recycling line, while Hydrogen & Renewable Energies transitioned several Italian projects from construction to operation.

• The Group advanced its GreenLead 2030 strategy, focusing on PFAS remediation, battery recycling, and automated tank cleaning, with financial contributions expected mainly from 2027 onward.

• Supervisory Board expanded to six members, strengthening capital markets expertise.

Financial highlights

• H1 2026 sales: EUR 67.4m (H1 2025: EUR 60.8m); EBITDA: EUR 5.9m (H1 2025: EUR -2.6m); EBIT: EUR 3.5m (H1 2025: EUR -5.1m).

• Profit before tax: EUR 2.5m (H1 2025: EUR -6.1m); profit after tax: EUR 1.3m (H1 2025: EUR -5.9m).

• Operating cash flow: EUR 7.0m (H1 2025: EUR 4.6m); equity ratio improved to 19.8% (Dec 2025: 18.8%).

• Net debt reduced to EUR 15.3m (Dec 2025: EUR 18.9m); total assets EUR 120.9m.

• Order backlog at EUR 118m as of June 30, 2026, providing strong visibility.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: sales of approx. EUR 135m and EBITDA margin of 6-7%.

• Medium-term targets under GreenLead 2030: sales of EUR 250m and EBITDA margin of 12%, with main financial impact expected from 2027.

• Regulatory changes (EU Drinking Water Directive, Alternative Fuels Infrastructure Regulation) support long-term demand for PFAS remediation and hydrogen infrastructure.

• Environmental Services expected to remain resilient; Hydrogen & Renewable Energies segment faces slower project awards post-PNRR funding in Italy.

• Economic volatility, energy prices, and supply chain strains expected to persist.