Ahlstrom Oyj (AM1S) Q1 2026 earnings summary

Executive summary

• Net sales reached EUR 738 million in Q1 2026, up 6% at constant currency, driven by acquisitions and strong sales execution.

• Comparable EBITDA rose 10% year-over-year to EUR 119 million, with a record Q1 margin of 16.1%.

• Strategic improvement initiatives, including site closures and right-sizing, are on track and incurred one-time costs impacting reported EBITDA.

• Minimal operational impact from Middle East instability due to limited exposure and resilient supply chain.

• Increased customer interest in sustainable materials and innovation pipeline expansion.

Financial highlights

• Reported sales were flat year-over-year at EUR 738 million, but grew 6% at constant currency.

• Comparable EBITDA increased to EUR 119 million (up 10%); margin improved to 16.1%.

• Reported EBITDA was EUR 62 million, impacted by EUR 50–55 million in restructuring costs.

• Operating cash flow improved to EUR 54 million.

• CapEx stable at EUR 35–40 million; final one-time payment for Stevens Point acquisition completed.

Outlook and guidance

• Strategic improvement initiatives and innovation expected to support growth in 2026 and 2027.

• Market demand remains resilient in core segments, with muted outlook for building and construction.

• CapEx guidance for 2026 is EUR 150–160 million, slightly below 2025.

• Inflationary pressures on energy and logistics are being passed through to customers; margin maintenance expected.

• Visibility for the second half of 2026 remains limited due to geopolitical uncertainties.