Delticom (DEX) investor relations material

Executive summary

• Revenue declined 9.5% year-over-year in H1 2026 to €214.0 million amid a challenging European market and weak consumer sentiment.

• EBITDA increased 6.6% to €5.6 million, with EBITDA margin rising to 2.6% from 2.2% year-over-year.

• Net loss narrowed to €-0.2 million from €-1.7 million, and EBIT turned positive at €0.9 million versus €-0.6 million in H1 2025.

• Cost reductions achieved through automation, AI, and lower personnel and operating expenses.

• Equity ratio improved to 23.7% from 20.5%, and liquidity position increased to €5.6 million.

Financial highlights

• Gross profit fell 10.9% to €62.3 million, while gross margin increased to 24.9% from 24.3% in H1 2025.

• Gross merchandise volume dropped 9.6% to €258.1 million.

• Cost of goods sold decreased 10.3% to €161 million, and personnel expenses dropped 11.0% to €5.0 million.

• Operating cash flow improved to €4.9 million from €-4.6 million, mainly due to working capital management.

• Investments in tangible and intangible assets surged to €5.4 million, mainly for warehouse expansion.

Outlook and guidance

• FY 2026 revenue guidance set at €480–520 million, with operative EBITDA expected at €19–24 million.

• Free cash flow for FY 2026 expected to reach low single-digit millions.

• Winter tyre business in H2 is critical for full-year performance.

• Ongoing uncertainties include economic conditions, consumer demand, Asian tyre supply, and price trends.