Raute (RAUTE) Q2 2026 earnings summary

Executive summary

• Operational performance remained strong despite a highly uncertain and turbulent market, with profitability supported by efficient project execution, cost control, and project provision releases.

• Order intake improved to EUR 18 million in Q2 2026 (EUR 12 million in Q2 2025), but the order book declined to EUR 66 million (EUR 115 million in Q2 2025), reflecting ongoing market weakness and delayed customer investment decisions.

• Net sales for Q2 2026 were EUR 33.0 million, down 24.6% year-over-year, and H1 2026 net sales totaled EUR 66.5 million, down 30.5% year-over-year.

• Strategic focus remains on operational excellence, margin management, and advancing digital and service offerings.

• Early signs of improving customer sentiment observed, but not yet reflected in a material recovery in order intake.

Financial highlights

• Q2 2026 net sales: EUR 33.0 million (EUR 43.8 million in Q2 2025); H1 2026: EUR 66.5 million (EUR 95.7 million in H1 2025).

• Comparable EBITDA: EUR 4.0 million in Q2 (12.0% margin), EUR 8.2 million in H1 (12.3% margin), both down year-over-year.

• Comparable operating profit: EUR 2.7 million in Q2 (8.2% margin), EUR 5.7 million in H1 (8.5% margin).

• Earnings per share: EUR 0.36 in Q2 2026 (EUR 0.68 in Q2 2025), EUR 0.69 in H1 2026 (EUR 0.88 in H1 2025).

• Operating cash flow for Q2 2026 was EUR -8.2 million and for H1 EUR -13.5 million, driven by high net working capital and timing of customer payments.

Outlook and guidance

• 2026 net sales guidance narrowed to EUR 125–145 million (previously EUR 125–160 million); comparable EBITDA guidance now EUR 11–18 million (previously EUR 10–19 million).

• Guidance narrowed due to actual H1 performance and current order backlog.

• Market environment remains uncertain, with customer investment decisions weighed down by economic and geopolitical factors, but long-term prospects supported by sustainability trends and technological development.

• Focus remains on increasing share of services, recurring revenue, and analyzers.