Basler (BSL) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results, significantly outperforming the industry in bookings and billings, with strong growth in semiconductors, electronics, logistics, and especially China and EMEA.

• Bookings up 64% and billings up 30% year-over-year, with momentum accelerating throughout the quarter.

• Benefited from a broad market recovery, particularly in semicon, consumer electronics, logistics, and data center hardware.

• Maintained organizational stability while selectively adding expertise and investing in new products and technologies.

• Launched multiple innovative products, including Basler Vision Simulation, TDI Vision System, and advanced 3D camera systems at major trade shows.

Financial highlights

• Q1 2026 revenue reached €77.3 million, up from €59.5 million in Q1 2025; bookings increased to €85.6 million from €52.1 million.

• Gross profit margin improved to 51.5% (from 47.5% adjusted prior year); EBIT nearly tripled to €17.6 million (22.7% margin); net income rose to €13.0 million from €4.8 million.

• Free cash flow improved to €4.8 million from negative €1.8 million year-over-year; cash at period end was €28.1 million.

• EBITDA more than doubled to €21.0 million; EPS rose to €0.42 from €0.16.

• Equity ratio increased to 58.5%; total assets up 5% to €250.0 million.

Outlook and guidance

• Full-year 2026 revenue guidance raised to €247–270 million (from €232–257 million); EBIT margin guidance increased to 9.5–13% (from 6.5–10%).

• Midterm guidance targets €275 million revenue and at least 13% EBIT margin by 2028, with ~15% CAGR and 70% cash conversion rate.

• Expects high single-digit market growth for 2026, with double-digit growth in H1; cautious on H2 due to geopolitical and supply chain risks.

• Management remains cautious due to geopolitical risks but sees no immediate negative impact.