Interpump Group (IPA) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues reached €524.8 million, up 0.6% year-over-year, with 2.2% organic growth driven mainly by the Hydraulic Division, offsetting Water-Jetting declines.

• EBITDA was €114.7 million (21.9% margin), down 2.3% year-over-year, mainly due to a less favorable sales mix and margin dilution.

• Net profit increased 0.9% to €57.5 million, with basic EPS rising to €0.538.

• Free cash flow improved to €32.5 million, reflecting strong cash generation and operational flexibility.

• No new acquisitions in Q1, but ongoing M&A discussions and successful integration of companies acquired in Q4 2025 and Q1 2026.

Financial highlights

• Group sales reached €524.8 million, with organic sales up 2.2% and gross profit margin at 34.7%.

• EBITDA margin for Q1 was 21.9%, with full-year guidance set at 22%-22.5%.

• Net financial position improved to €294.6 million from €383.3 million a year earlier.

• CapEx decreased by over 45% to €19 million, with total Q1 investments at €18.9 million.

• Free cash flow increased to €32.5 million, up from €29.6 million in Q1 2025.

Outlook and guidance

• 2026 organic sales guidance remains at -2% to +3%, with reported sales expected in line with 2025 after a 3% negative FX impact in the first four months.

• EBITDA margin guidance for 2026 is 22%-22.5%, despite headwinds from business mix.

• Cash flow generation is expected to consolidate or improve on 2025's record levels.

• April sales and revenue trends confirm and strengthen Q1 performance.

• Management remains cautious due to geopolitical uncertainties and low visibility.