Wacker Neuson (WAC) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 rose 16.9% year-over-year to EUR 1,256.5 million, driven by strong demand in Europe and North America, with compact equipment as the main growth driver.

• EBIT nearly doubled to EUR 104.7 million, with EBIT margin improving to 8.3% from 5.2% a year earlier, reflecting profitability improvements and cost discipline.

• Free cash flow increased to EUR 75.5 million, and net working capital ratio improved to 28.7%, below the strategic target.

• Guidance for FY 2026 was raised, reflecting confidence despite ongoing geopolitical and macroeconomic risks.

• Order intake exceeded revenue, resulting in a book-to-bill ratio of 1.1, though order momentum weakened in Q2.

Financial highlights

• H1 2026 revenue: EUR 1,256.5 million (+16.9% YoY); Q2 revenue: EUR 665.1 million (+14.4% YoY).

• EBIT: EUR 104.7 million (+86.6% YoY); EBIT margin: 8.3% (Q2: 9.5%).

• Profit for H1 2026: EUR 69.5 million; EPS: EUR 1.02 (H1 2025: EUR 0.42).

• Free cash flow: EUR 75.5 million (H1 2025: EUR 67.7 million); net financial debt reduced to EUR 173.4 million.

• Gross profit margin in H1 2026 was 24.0% (+0.7pp YoY); equity ratio stable at 61.8%.

Outlook and guidance

• FY 2026 revenue guidance raised to EUR 2,300–2,400 million (previously EUR 2,200–2,400 million).

• EBIT margin guidance increased to 7.0–8.0% (previously 6.5–7.5%).

• Net working capital ratio expected to remain below 30%; investments planned at EUR 70–90 million.

• Cautiously optimistic for H2 due to weaker order momentum and ongoing geopolitical and macroeconomic risks.

• Positive mid-term demand drivers include infrastructure and modernization programs.