Kesla (KELAS) Q1 2026 earnings summary

Executive summary

• Revenue declined 3.5% year-over-year to €8.0 million for Q1 2026, with operating result nearly flat at -€0.74 million.

• Order intake surged to €27.8 million from €11.5 million, driven by strong defense sector demand.

• Order backlog at quarter-end was €27.5 million, up from €10.3 million a year earlier.

• Operating cash flow improved to €0.93 million from -€0.23 million, reflecting effective working capital management.

• EPS was -€0.27, slightly better than -€0.28 in the prior year period.

Financial highlights

• EBITDA for Q1 2026 was -€0.40 million, with an EBITDA margin of -4.9%.

• Net debt increased to €9.7 million, with a gearing ratio of 147.5% (up from 111.5%).

• Equity ratio declined to 25.5% from 35.2% year-over-year.

• Export share of revenue rose to 70.3% from 53.1% in Q1 2025.

Outlook and guidance

• Full-year 2026 revenue expected between €38–45 million; operating margin guidance between -2% and +2% if market conditions remain stable.

• Defense sector outlook strengthened by a major NATO country order; deliveries to begin summer 2026 and continue for about a year.

• Continued focus on operational efficiency, financial health, and strategic restructuring.