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 Europe and the Americas.
- EBIT nearly doubled to approximately EUR105 million, with an improved EBIT margin of 8.3% (9.5% in Q2 alone), driven by profitable revenue growth and cost discipline.
- Net working capital ratio improved to 28.7%, down 4.1 percentage points year-over-year, despite revenue growth, reflecting effective S&OP process improvements.
- Free cash flow increased to EUR76 million in H1 2026, with a strong Q2 of EUR78 million, and the company expects a triple-digit free cash flow for the full year.
- Net financial debt decreased by 42% year-over-year to EUR173 million, resulting in a leverage of 0.5, the lowest since Q1 2022.
- Order intake exceeded revenue with a book-to-bill ratio of 1.1, and the company raised its full-year guidance for revenue and EBIT margin.
- Order momentum weakened noticeably during Q2 2026, particularly in Europe, leading to a cautiously optimistic outlook for H2.
- Revenue in the Asia-Pacific region declined slightly due to weak demand, partly due to a dealer insolvency in Australia that resulted in a receivable write-off.
- The company expects higher capital investment in H2 2026, which could impact cash flow.
- Geopolitical and macroeconomic risks, including the Middle East war and U.S. tariff policies, create uncertainty for the second half.
- Rising input costs, including transportation, energy, and supply chain pressures, may increase material costs in H2, potentially impacting margins.
- Demand for skid steers in North America remained below previous year levels, indicating weakness in that product segment.
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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