BEWi (BEWI) Q2 2026 earnings summary

Executive summary

• Net sales reached EUR 247.8 million in Q2 2026, up 19% year-over-year, with strong results across all segments and significant margin uplift, especially in Insulation & Construction.

• Adjusted EBITDA rose 57% to EUR 34.2 million, with the margin improving to 13.8%.

• Operating income (EBIT) was EUR 23.8 million, compared to EUR 3.8 million in Q2 2025.

• Net result from continued operations was EUR 11.4 million, reversing a loss of EUR 7.3 million in the prior year.

• Cash generation was robust, supported by disciplined working capital management and lower inventory levels.

Financial highlights

• Net sales for the first half of 2026 totaled EUR 446.4 million, up from EUR 396.2 million in 1H 2025.

• Adjusted EBITDA for Q2 2026 was EUR 34.2 million (+57% year-over-year), and EBITDA was EUR 36.1 million (+77%).

• Operating income (EBIT): EUR 23.8 million (Q2 2025: EUR 3.8 million).

• Net profit: EUR 11.4 million (Q2 2025: EUR -7.3 million).

• Cash and cash equivalents stood at EUR 91.7 million at quarter-end.

Outlook and guidance

• Targeting EUR 1 billion in net sales and EUR 150 million in adjusted EBITDA mid-term, with a 15% EBITDA margin.

• Positioned to outpace market growth of 5-7% annually, leveraging increased capacity utilisation.

• High cash conversion expected, with free cash flow before financing costs targeted at ~50%.

• Activity levels in key markets remain encouraging, with gradual improvement in building and construction and solid demand in packaging and components.

• Despite elevated geopolitical and macroeconomic uncertainty, current momentum supports solid performance for Q3 2026 and profitable growth going forward.