SIT (SIT) Q1 2026 earnings summary

Executive summary

• Q1 2026 consolidated revenues rose 3.3% year-over-year to €72.4M, with both Heating & Ventilation and Metering divisions contributing to growth and EBITDA increasing 50.6% to €8.4M.

• Net income turned positive at €0.6M, reversing a prior year loss of €2.9M.

• Net debt stood at €139.2M, stable sequentially and improved from €147.2M a year ago.

• Operating cash flow after investments was €1.4M, with management confirming a positive full-year outlook and strict financial discipline.

Financial highlights

• EBITDA margin for Q1 2026 was 11.6%, up from 8.0% YoY, with EBIT turning positive at €2.4M (3.4% margin) versus a loss in the prior year.

• Adjusted EBITDA for the trailing 12 months reached €44M (13.7% margin), up from just under €43M for FY 2025.

• Net income improved to €0.6M (0.8% margin), with adjusted net income at €0.8M (1.1% margin).

• Cash flow from operations was €1.4M after €2.4M capex.

• Net financial debt/Adjusted EBITDA improved to 3.2x from 4.7x YoY.

Outlook and guidance

• Full-year outlook reaffirmed for low single-digit consolidated revenue growth, with further profitability and net income improvement expected.

• Positive cash generation and further net debt reduction remain key management priorities.

• Inflationary pressures and geopolitical risks, especially in the Middle East and US-Iran conflict, are being closely monitored.

• Leverage targeted to fall below 3x, with net debt expected to drop below €130M by year-end.