Lindbergh (LDB) H1 2026 earnings summary

Executive summary

• Consolidated revenues for H1 2026 reached €20.84 million, up 32% year-over-year, with all key financial indices confirming an upward trend.

• EBITDA rose 33% to €3.72 million, with an EBITDA margin of 17.8%, and net result increased 39% to €1.54 million.

• Organic growth returned in the historical Network & Warehouse Management BU, while acquisitions fueled expansion in Waste/Circular Economy and HVAC.

• The Board approved the half-yearly report, verified director independence, updated internal dealing procedures, and mandated the voluntary liquidation of Lindbergh France Sas.

Financial highlights

• Revenue: €20.84 million (+32% YoY); EBITDA: €3.72 million (+33% YoY); EBIT: €2.45 million (+42% YoY); Net result: €1.54 million (+39% YoY).

• Net financial debt decreased by 19% to €6.99 million compared to December 31, 2025.

• Net bank debt stood at €513 thousand, down from €532 thousand at year-end 2025.

• Gross margin improved, with EBITDA margin at 17.8% (vs. 17.7% in H1 2025).

• Net profit margin increased to 7.4% from 7% year-over-year.

Outlook and guidance

• Growth for H2 2026 expected to match H1 for Network Management and Waste/Circular Economy BUs.

• HVAC BU anticipated to see seasonal revenue increase, especially in Q4.

• Inorganic growth remains a strategic focus, particularly for HVAC.