TKH Group (TWEKA) Q2 2026 earnings summary

Executive summary

• Organic turnover grew 14.0% year-over-year to €955.9 million in H1 2026, with Q2 2026 turnover up 18.0% year-over-year to €507.6 million and adjusted EBITA up 43.5% organically to €113.7 million.

• Strong performance in Vision Technologies and Electrification segments offset a decline in Automated Machinery.

• The Electrification separation process is progressing, with a dual-track approach and shareholder approval sought.

• Order intake reached €959.3 million, with a robust project pipeline and order book at €1,031.2 million as of June 30, 2026.

• Upgraded medium-term guidance for Electrification, reflecting higher demand, especially in onshore and offshore energy.

Financial highlights

• H1 2026 adjusted EBITA margin rose to 11.9% from 9.3% in H1 2025; ROS improved to 11.9%.

• Adjusted EBITDA for H1 2026 was €145.1 million, up from €109.9 million in H1 2025.

• Net profit increased to €47.3 million (H1 2025: €13.6 million), including €2.8 million profit from Alphatronics divestment.

• Net debt at €502.4 million, leverage ratio improved to 1.8 from 2.6 year-over-year.

• Free cash flow conversion at 15%, impacted by working capital swing; FCF for H1 2026 was €21.4 million.

Outlook and guidance

• Organic growth in turnover and adjusted EBITA expected for full year 2026, reiterating previous guidance.

• Electrification medium-term guidance: organic revenue CAGR >9%, Adjusted EBITDA margin >19%.

• Automation medium-term guidance: 5–7% organic turnover CAGR, EBITA margin 17–19%, ROCE 25–30%.

• Positive outlook for offshore wind with participation in 92 tenders totaling over 14,000 km.