Origin Enterprises (OIZ) H1 2026 earnings summary

Executive summary

• Group operating profit rose 2.4% year-over-year to EUR 17.4 million, driven by Living Landscapes growth and supported by underlying volume gains, while Agriculture showed resilience but mixed regional results.

• Revenue increased to EUR 852.6 million, up 2.5% year-over-year (5.1% at constant currency), with Living Landscapes and Sports segments leading growth.

• Integration of prior-year acquisitions and digital/ERP systems is progressing well, supporting future growth and synergies.

• Strong balance sheet maintained, with net debt to EBITDA at 2.44x, well below covenant levels.

• Interim dividend maintained at EUR 0.0315 (3.15c) per share.

Financial highlights

• Group revenue reached EUR 852.6 million, up 2.5% year-over-year (5.1% at constant currency).

• Group operating profit was EUR 17.4 million, up from EUR 17.0 million year-over-year.

• Adjusted EPS for H1 was EUR 0.0455 (4.55c), down from EUR 0.0517 (5.17c) last year due to higher finance costs.

• Net debt at period end was EUR 283.5 million (2.44x EBITDA), up from EUR 270.1 million, driven by increased working capital and inventory build-up.

• Exceptional after-tax charge of EUR 3.7 million related to legacy sanction-impacted payables.

Outlook and guidance

• Second half expected to be stronger, with favorable crop conditions, robust order books, and significant spring volumes yet to be delivered.

• Living Landscapes anticipated to exit FY 2026 with a 30% run rate of group profitability, targeting mid to high single-digit organic growth.

• Continued focus on working capital optimization, disciplined capital allocation, and return on capital employed.

• CapEx expected to decrease as major ERP and production investments conclude.

• FY 2026 guidance to be provided with Q3 update in June 2026; Capital Markets Day scheduled for November 2026.