SeSa (SES) Q2 2026 earnings summary

Executive summary

• Launched the 2026-2027 Industrial Plan, emphasizing organic growth, digital transformation, and skills development, with a strategic shift from M&A-driven to organic growth.

• Achieved consolidated revenues and other income of €1,600.4 million in 1H 2026, up 11.6% year-over-year reported and 5.5% pro-forma, with EBITDA of €114.4 million (+11.4% Y/Y reported, +6.0% Y/Y pro-forma).

• Group EAT Adjusted reached €45.4 million (+13.2% Y/Y reported, +7.6% Y/Y pro-forma), and reported net profit was €34.4 million (+19.4% Y/Y reported, +5.6% Y/Y pro-forma).

• Growth was mainly driven by Green VAS (+25.6% Y/Y), Business Services (+6.8% Y/Y), and ICT VAS (+2.1% Y/Y), while SSI showed resilience despite weaker demand in some sectors.

• Transformation plan advanced, focusing on digital integration, skills development, and sustainable growth, with strong acceleration in 2Q 2026.

Financial highlights

• 2Q 2026 revenues and other income were €754.6 million (+16.0% Y/Y reported, +9.4% Y/Y pro-forma), with EBITDA of €53.7 million (+16.6% Y/Y reported, +8.4% Y/Y pro-forma).

• Net financial expenses improved by 11.6% Y/Y in 1H 2026 and by 15.5% Y/Y in 2Q 2026, reflecting lower interest rates and cost optimization.

• Net financial position (NFP) as of 31 October 2025 was €119.0 million net debt, improving from €122.1 million at 31 October 2024 pro-forma, after €140 million LTM investments and €35 million LTM dividends and buy-back.

• Shareholders' equity increased to €501.9 million as of 31 October 2025.

• Consolidated reporting net profit reached €34 million, up 19.4% year on year.

Outlook and guidance

• Guidance for FY ending 30 April 2026 confirmed: revenue growth of +5% to +7.5%, EBITDA growth of +5% to +10%, and Group EAT Adjusted growth of ~10% vs FY 2025 pro-forma.

• Positive order backlog and strong sector trends expected to support performance in the coming quarters, with backlog up 25% in November.

• Overperformance in ICT distribution and Digital Green; Business Services in line; SSI expected to recover in H2.

• CapEx guidance of €80 million for the year, including €35 million M&A and €50-55 million CapEx.

• Annual M&A investments to decline to €30 million, CapEx at ~€50 million per year, and payout ratio increased to 40% (dividend of €1/share and €25 million buyback program).