Vincorion (V1NC) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenues of EUR 69 million, up 40.1% year-over-year, driven by strong demand and ramp-up in Vehicle and Power Systems segments.

• Total order backlog reached EUR 1.2 billion, up EUR 108 million from year-end 2025, providing multi-year revenue visibility.

• Adjusted EBIT for Q1 2026 was EUR 12.4 million (18% margin), reflecting strong operational execution.

• IPO successfully completed, raising EUR 345 million and achieving a market capitalization of EUR 850 million.

• Site development and production capacity expansion are progressing as planned to meet growing demand.

Financial highlights

• Q1 2026 revenue: EUR 69 million (+40.1% YoY); adjusted EBIT: EUR 12.4 million (18% margin); adjusted net income: EUR 7 million (10% margin).

• Free cash flow was negative EUR 7.1 million, impacted by tax, IPO-related costs, and ramp-up investments.

• Adjusted gross profit margin stable at 29% year-over-year.

• Order entry for Q1 2026 was EUR 149.4 million, significantly boosting the order backlog.

• Fixed order backlog at EUR 560 million, up 80% year-over-year and 18% sequentially.

Outlook and guidance

• Full-year 2026 revenue guidance confirmed at EUR 280–320 million; adjusted EBIT margin: 18–19%.

• Midterm outlook: average growth rate of 15%+ and adjusted EBIT margin of 20%.

• Margins expected to increase with revenue throughout the year; revenue phasing to be smoother, avoiding year-end spikes.

• Free cash flow guidance remains intact, expected to be break-even or slightly positive.

• Positioned for long-term growth through new products, aftermarket business, and next-gen technologies.