Half Year 2026 Wacker Neuson SE Earnings Call Transcript
Key Points
- Group revenue increased 17% year-over-year to EUR1.26 billion in H1 2026, with strong growth in both Q1 and Q2.
- EBIT nearly doubled to approximately EUR105 million, with an improved EBIT margin of 8.3% (9.5% in Q2 alone).
- Order intake exceeded revenue, resulting in a book-to-bill ratio of 1.1, indicating strong demand.
- Net working capital ratio improved to 28.7%, down 4.1 percentage points year-over-year, despite revenue growth.
- Free cash flow increased to EUR76 million in H1 2026, with net financial debt reduced by 42% to EUR173 million, lowering leverage to 0.5.
- The company raised its full-year 2026 guidance for both revenue (EUR2.3-2.4 billion) and EBIT margin (7.0%-8.0%).
- Order momentum weakened noticeably during Q2, particularly in Europe, leading to a cautious outlook for H2.
- Asia Pacific revenue declined slightly due to weak demand, including a one-off allowance from a dealer insolvency in Australia.
- Geopolitical and macroeconomic risks remain, including the Middle East war and U.S. tariff policies, which could impact future performance.
- Higher input costs, including transportation, energy, and supply chain pressures, are expected to affect profitability in H2.
- The company anticipates lower profitability in H2 due to seasonal plant closures in August and December, and higher capital investment volumes.
Good afternoon, everybody, and welcome to the H1 2026 earnings call of the Wacker Neuson Group. My name is Peer Schlinkmann, Head of Investor Relations and Corporate Communications. Thank you for joining today on the occasion of the release of our half-year 2026 results.
As usual, we will first start with the operational and financial results of the first half-year 2026 and give additional insights on the recent developments as well as our outlook for 2026. Following this, we are happy to answer your questions in a Q&A session.
If you are not able to follow today's call via the webcast, the presentation slides are also available for download at wackerneuson.com/investor-relations. Please note that the entire call, including the Q&A session, will be recorded, and the replay will be made available on our corporate website by the end of the day.
And now, I would like to hand over to our executives, Karl Tragl and Christoph Burkhard, who will, as usual, lead you through this call
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