MARR (MARR) Q1 2026 earnings summary

Executive summary

• Total consolidated revenues for Q1 2026 reached €426.0m, up from €409.2m in Q1 2025, reflecting continued top-line growth despite the quarter being seasonally low.

• Profitability declined, with EBITDA at €7.3m and EBIT at -€2.5m, compared to €9.9m and €0.9m in Q1 2025, due to ongoing operational-logistics restructuring.

• Net result was -€6.6m, down from -€2.7m in Q1 2025.

Financial highlights

• Gross margin improved year-over-year, but higher service, personnel, and restructuring costs impacted profitability.

• Trade net working capital increased to €264.7m from €224.4m, mainly due to higher inventories.

• Net financial debt (pre-IFRS 16) rose to €290.4m from €219.8m, impacted by €27.7m in investments, €10.7m in share buybacks, and €38.5m in dividends.

• Including IFRS 16, net financial debt was €384.2m, up from €309.0m a year earlier.

• Consolidated net equity stood at €319.3m, down from €341.2m in Q1 2025.

Outlook and guidance

• April sales and gross margin trends brought results for the first four months in line with annual growth targets.

• Management remains focused on strengthening market presence and improving profitability through operational-logistics optimization, especially insourcing handling activities.

• Continued attention to controlling working capital absorption.