Vincorion (V1NC) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenues of EUR 69 million, up 40.1% year-over-year, driven by strong demand in Vehicle and Power Systems segments and successful IPO completion.

• Total order backlog reached EUR 1.2 billion, up over EUR 100 million from year-end 2025, providing multi-year revenue visibility.

• Adjusted EBIT for Q1 2026 was EUR 12.4 million (18% margin), reflecting strong operational execution.

• IPO completed in March 2026, raising EUR 345 million and achieving a market capitalization of EUR 850 million.

• Site development and production capacity expansion are on track to meet growing demand.

Financial highlights

• Q1 2026 revenues reached EUR 69 million, up 40% year-over-year.

• Adjusted EBIT was EUR 12–12.4 million (18% margin), up from Q1 2025.

• Adjusted net income was nearly EUR 7 million (9.9–10% margin), with a 29% effective tax rate.

• Free cash flow was negative EUR 7.1 million, impacted by tax payments, IPO costs, and ramp-up investments.

• Adjusted gross margin stable at 29% year-over-year.

Outlook and guidance

• Full-year 2026 revenue guidance confirmed at EUR 280–320 million, with adjusted EBIT margin of 18–19%.

• Midterm outlook: average growth rate of 15%+ and adjusted EBIT margin of 20%.

• Margins expected to increase through the year as revenue grows.

• Free cash flow guidance remains intact, expected to be break-even or slightly positive.

• Positioned for long-term growth through new products, aftermarket business, and next-gen technologies.