Serge Ferrari Group (SEFER) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was €177.9M, nearly flat year-over-year (-0.5%), with stable performance in Europe, a sharp decline in Americas, and a slight decrease in Asia-Africa-Pacific, despite geopolitical and raw material cost pressures.

• Operational profitability was maintained, with adjusted EBITDA at €19.4M (10.9% of sales), though slightly lower than last year.

• Net income declined to €6.8M, impacted by a €1.5M restructuring charge from the closure of the Tersuisse manufacturing facility.

• The group implemented structural stock reduction measures, improving working capital needs (BFR) by €5.3M year-over-year.

• Continued focus on cost control, working capital optimization, and maintaining a solid financial structure.

Financial highlights

• Revenue: €177.9M in H1 2026 vs. €178.7M in H1 2025 (-0.5%).

• Adjusted EBITDA: €19.4M (10.9% margin), down from €20.1M (11.2%).

• EBIT: €13.4M, down 12.7% year-over-year, mainly due to restructuring costs.

• Net income: €6.8M, down 14.7% year-over-year.

• Net debt (excluding IFRS 16) at €72.6M as of June 30, 2026.

Outlook and guidance

• Ongoing geopolitical uncertainty and reduced visibility for H2 2026.

• Expected improvement in profitability from 2027, driven by cost structure flexibility post-Tersuisse closure.

• Focus on consolidating financial fundamentals and preparing growth initiatives for 2027.

• Continued focus on profitability through industrial optimization and cost control.