De'Longhi (DLG) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues rose 3.0% year-over-year to €777.7–778 million, or 6.6% at constant FX, with strong momentum in the professional division and positive organic growth in the household segment, despite market volatility and geopolitical uncertainty.

• Net income increased 14.5% year-over-year to €71.9–72 million, with net profit margin rising to 9.3% of revenues.

• The professional division grew over 40% (up to 46% at constant FX), now representing 18% of total revenue, while the household division returned to growth at constant FX after inventory normalization.

• Maintained global leadership in coffee, leveraging premiumization trends in both home and professional markets, and expanded in nutrition and ironing categories.

• Strategic acquisitions and marketing initiatives, including Eversys' Dutch distributor and viral campaigns, enhanced brand engagement and regional growth.

Financial highlights

• Revenues reached €777.7–778 million, up 3.0% year-over-year; at constant exchange rates, up 6.6%.

• Adjusted EBITDA was €125.9–126 million (16.2% of revenues), up 8.3% year-over-year.

• EBIT rose 14.0% to €91–91.4 million; net income increased 14.5% to €71.9–72 million.

• Net financial position improved to €720.5–721 million as of March 31, 2026, from €482.8–483 million a year earlier.

• Free cash flow before dividends, buybacks, and acquisitions was negative €44–44.1 million for Q1 due to seasonal inventory restocking; trailing 12-month free cash flow was €464 million.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: mid-single-digit revenue growth and adjusted EBITDA between €640–660 million, with expectations of normalized FX effects and continued monitoring of geopolitical risks.

• Guidance incorporates current geopolitical risks in the Gulf, assuming a short-lived conflict; will be reassessed if the situation worsens.

• April trading showed mid-single-digit growth in household and continued strong growth in professional.