Aalberts N.V.

Reported H1 2026 revenue was EUR 1.5 billion, up 5% organically. EBITDA was EUR 225 million, or 14.4% of revenue, up EUR 15 million year over year. EPS improved to EUR 1.47, net result was EUR 158 million, and free cash flow was EUR 89 million. Added value margin was 65.5%. On a segment basis, building delivered 2.9% organic growth with a 13.5% EBITDA margin, industry had 6.4% organic growth with an 18.6% EBITDA margin, and semicon had 9.2% organic growth with a 14.2% EBITDA margin. Management confirmed full-year 2026 outlook for improved organic growth and EBITDA margin versus last year, kept CapEx guidance at around EUR 190 million, and said semicon H2 growth should be similar to Q2 at about 15% organic growth.

Stephane Simonetta framed the first half as evidence that the company is improving performance, rebalancing the portfolio, and benefiting from global tailwinds such as urbanization, technology acceleration, reshoring, and decarbonization. He emphasized that semicon is seeing faster-than-expected demand tied to AI adoption, that data center demand is strengthening, and that the company is investing capacity in Dronten and Southeast Asia to support future growth. His tone was confident and constructive, with repeated references to a healthy order book and progress on the Thrive 2030 strategy.

Frans den Houter highlighted the core financial drivers behind the half-year results: EUR 225 million EBITDA, EUR 158 million net result, EUR 89 million free cash flow, and EUR 1.47 EPS. He pointed to EUR 135 million of revenue contribution from acquisitions, a EUR 178 million negative impact from divestments, and a EUR 21 million foreign exchange headwind, while noting organic revenue added EUR 68 million. On cash and capital allocation, he said H1 CapEx was EUR 71 million due to timing, full-year CapEx should still be around EUR 190 million, net working capital was EUR 62 million lower, and the share buyback program is halfway through. He also said holding costs were EUR 13 million in H1 and should roughly double in H2, and that the exceptional cost guidance of around EUR 25 million for the year remains in place, mostly tied to exiting Russia.

Analysts pressed on why building margins lagged growth, and management said the main drags were the Middle East shipping stoppage, weak European connection systems tied to low residential activity, and low-single-digit million one-off costs. Semicon was the key focus: management said Q2 growth of 16% was higher than expected, H2 should be similar to Q2 at around 15% organic growth, and visibility extends into 2027, but they would not provide segment-level margin guidance. On industry, management said pricing has been able to offset energy and raw material inflation, while stronger aerospace, defense, power generation and business development initiatives helped offset a flat broader market. Questions on GVT, Dronten, and semicon capacity were answered with the note that the acquired revenue base for GVT was EUR 107 million and that current capacity plans are aligned with customer demand.