Vincorion (V1NC) H1 2026 earnings summary

Executive summary

• Revenue grew 42.4% year-over-year to EUR 150.2 million in H1 2026, driven by strong demand and production ramp-up in Vehicle and Power Systems segments.

• Adjusted EBIT increased to EUR 28.4 million, with an adjusted EBIT margin of 18.9%.

• Order entry surged to EUR 330.2 million, significantly above the prior year's EUR 72.7 million, and the order backlog reached EUR 1.2 billion, providing high revenue visibility.

• Successfully completed IPO in March 2026 and included in the SDAX index, reflecting improved market recognition and capital market presence.

Financial highlights

• H1 2026 revenue reached EUR 150.2 million, up 42.4% year-over-year; Q2 revenue was EUR 81.2 million, up 44.5%.

• Adjusted EBIT for H1 2026 was EUR 28.4 million (18.9% margin), up from EUR 21.4 million in H1 2025.

• Adjusted net income for H1 2026 was EUR 17.2 million (11.5% margin).

• Free cash flow improved, with Q2 2026 positive at EUR 1.1 million and H1 2026 at EUR -6.1 million, reflecting better cash management.

• Order intake for H1 2026 was EUR 330.2 million, up 354% year-over-year.

Outlook and guidance

• Full-year 2026 revenue expected at the upper end of the EUR 280–320 million guidance range.

• Adjusted EBIT margin guidance maintained at 18–19%.

• Expecting more balanced revenue allocation across Q3 and Q4, with continued strong demand.

• Mid-term revenue CAGR target set at >15%, with ~20% adjusted EBIT margin.

• Free cash flow expectation for full year 2026 remains unchanged.