Interpump Group (IPA) Q2 2026 earnings summary

Executive summary

• Q2 2026 net sales reached €561.4 million, up 1.1% year-over-year, with organic sales down 0.7% and perimeter growth offsetting currency declines.

• EBITDA margin for Q2 2026 was 22.9%, down from 23.8% a year ago, reflecting a mix shift toward Hydraulics and weaker Water-Jetting.

• EPS increased by 8.2% year-over-year to €0.608, supported by a stable tax rate and share buybacks.

• Net debt/financial position improved to €305.7 million at Q2 2026, down from nearly €400 million a year ago.

• Free cash flow reached €62 million in Q2 2026, up 35% year-over-year, marking a record level.

Financial highlights

• Q2 2026 net sales: €561.4 million (+1.1% YoY); organic sales down 0.7%.

• EBITDA margin: 22.9% in Q2 2026 (down 0.9pp YoY); Water-Jetting margins remained above 26%.

• EPS up 8.2% YoY; net financial position at €305.7 million.

• Free cash flow of €62 million in Q2 2026, a 35% increase from Q2 2025.

• CapEx maintained at ~4% of sales.

Outlook and guidance

• FY 2026 organic sales growth expected between -2% and +3%, with confidence toward the upper end after H1 performance.

• Latest acquisitions expected to contribute around 2.5% of sales.

• EBITDA margin guidance reiterated at 22%-22.5% of sales.

• Free cash flow expected to consolidate and improve on 2025's record.

• 2028 targets: €2.5 billion sales, 22.5% EBITDA margin, net financial position close to zero.