Auction Technology Group (ATG) Q2 2026 TU earnings summary

Executive summary

• Pro forma revenue growth for H1 was close to 8%, with continued momentum from Q1 into Q2.

• H1 revenue is expected to be approximately $125m, with strong performance in Arts & Antiques (A&A) and modest decline in Industrial & Commercial (I&C).

• Adjusted EBITDA was in line with expectations, supported by commission growth, operational synergies, and cost efficiencies.

• Cash generation remained strong, with leverage (adjusted net debt/adjusted EBITDA) reduced to about 1.8x by end of March.

• CEO John-Paul Savant will step down after more than ten years.

Financial highlights

• Pro forma constant currency revenue growth for H1 was close to 8%; actual rates growth was about 9%.

• H1 revenue is expected to be around $125m.

• Adjusted EBITDA margin will reflect the consolidation of Chairish and the impact of value-added services.

• Adjusted net debt/adjusted EBITDA reduced to approximately 1.8x from 2.0x at December 2025.

Outlook and guidance

• FY26 guidance confirmed: revenue growth of 4-5% on a pro forma constant currency basis, mainly from value-added services.

• Adjusted EBITDA margin expected at 34.5-35.5% for FY26.

• Revenue growth will be more weighted to the first half of the year.

• Group leverage expected to be well below 2x by end FY26.

• FY26 consensus revenue range is $239.8m to $244.9m, with adjusted EBITDA range of $83.1m to $85.6m.