BEWi (BEWI) Q2 2026 earnings summary

Executive summary

• Net sales rose 19% year-over-year to EUR 247.8 million in Q2 2026, with adjusted EBITDA up 57% to EUR 34.2 million and net profit at EUR 11.4 million, reflecting strong volume growth and improved operational execution across all segments.

• Insulation & Construction led growth, with volumes up 14% and adjusted EBITDA up 69%, while Packaging & Components and Circular segments also delivered robust sales and earnings improvements.

• Free cash flow was robust at approximately EUR 37 million for the quarter, driven by operational performance and working capital release.

• The group is executing on its strategy, focusing on operational improvements, cost discipline, and leveraging investments in capacity and efficiency.

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

Financial highlights

• Q2 2026 net sales: EUR 247.8 million (Q2 2025: EUR 208.2 million), up 19.0%; adjusted EBITDA: EUR 34.2 million (Q2 2025: EUR 21.7 million), up 57.3%; EBITDA: EUR 36.1 million (Q2 2025: EUR 20.4 million), up 77.0%.

• EBITDA margin improved from 10.4% to 13.8% in Q2, with a group ambition of 15% margin.

• Net result from continuing operations was EUR 11.4 million, up from EUR -7.3 million last year.

• Year-to-date, group sales increased 13% and EBITDA 52% year-over-year; H1 2026 net sales totaled EUR 446.4 million.

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

Outlook and guidance

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

• Expect continued margin improvement as volumes recover, with increased capacity utilization and operational improvements.

• End markets are projected to grow 5%-7% annually; company aims to outpace market growth.

• CapEx to remain disciplined at around EUR 20 million annually, focusing on capitalizing on existing investments.

• Free cash flow outlook is strong, targeting EUR 75 million before significant new builds and financing.