Dr. Hönle (HNL) Q1 2026 earnings summary

Executive summary

• Q1 sales remained stable at €21.5 million, with gross profit up 0.9% to €14.4 million, but EBITDA dropped 48.7% to €0.5 million and EBIT fell to -€0.8 million due to higher costs and exchange rate impacts.

• Net loss widened to -€1.5 million from -€0.6 million year-over-year; EPS declined to -€0.25.

• Disinfection business unit showed strong growth, offsetting Curing unit weakness.

• Industry-wide reluctance, especially in Curing and automotive, led to a slow start, while after-sales and maintenance became a focus.

• Sales and gross profit remained at the previous year's level, with currency disparities and marketing expenses weighing on earnings.

Financial highlights

• Q1 sales reached €21.5 million, flat year-over-year.

• EBITDA for Q1 was €0.5 million, down sharply from the previous year.

• Operating cash flow turned positive at €0.2 million, up from -€0.6 million last year.

• Cash and cash equivalents decreased by €1.0 million to €6.7 million during the quarter.

• Equity ratio stood at 53% as of December, indicating solid capitalization.

Outlook and guidance

• Full-year revenue guidance maintained at €95–105 million, with EBITDA expected between €6–9 million.

• Management anticipates stronger performance in Q3 and Q4, driven by increased orders and top-line growth.

• Market environment remains uncertain due to geopolitical tensions and subdued investment activity.

• Guidance assumes no major geopolitical escalation and successful internal efficiency measures.

• Cost control and sensitivity remain priorities amid ongoing market uncertainties.