Frequentis (FQT) H1 2026 earnings summary

Executive summary

• Revenues reached €343 million in H1 2026, up 44.8% year-over-year, driven by early project deliveries, strong execution, and organic growth, especially in the U.S. and Europe.

• EBIT improved to €15.6 million from a loss of €4.3 million in H1 2025, marking only the second positive H1 EBIT since IPO, due to accelerated project milestones.

• Order intake hit a record €362 million (+17%), with orders on hand rising 9.3% to €835 million, ensuring strong capacity utilization.

• Net cash position at €107.4 million, with 75% from customer advance payments and equity ratio stable at 38.1%.

• Business model remains stable with over 90% government customers and low cyclical exposure.

Financial highlights

• Revenue up 44.8% to €343 million in H1 2026, with both ATM (+59.4%) and PST (+11.2%) segments contributing.

• EBIT margin for the group expected at about 7% for 2026, above 2025’s 6.7%.

• Cost of materials and purchased services rose 88%, outpacing revenue growth, mainly due to material-intensive projects.

• EBITDA increased to €26.8 million (H1 2025: €5.2 million), with an EBITDA margin of 7.8%.

• Profit for the period was €12.1 million, basic EPS at €0.85 (H1 2025: €-0.32).

Outlook and guidance

• Revenue growth for 2026 guided at approximately 15%, with EBIT margin expected at about 7%.

• Orders on hand at €835 million as of June 30, 2026.

• Capex planned at €15 million; self-financed R&D to be around 6% of revenues.

• Well-filled sales pipeline and high capacity utilization expected to continue through year-end.

• Ongoing geopolitical tensions, IT hardware shortages, and inflation risks are expected to persist.