ElringKlinger AG

ElringKlinger reported Q2 2026 revenue of EUR 479 million, up 17% year over year from EUR 408 million. Adjusted EBITDA increased 7% to EUR 54 million, and adjusted EBIT increased 19% to EUR 29 million; the adjusted EBIT margin improved from 5.9% to 6.0%. Adjusted EBT rose 63% to EUR 19.5 million, adjusted net income attributable to shareholders increased 50% to EUR 11.3 million, and adjusted EPS rose 50% to EUR 0.18. Operating free cash flow was EUR 52 million versus EUR 24 million a year ago, net financial debt was EUR 374 million, and net debt/EBITDA was 1.9. Management reaffirmed its March-issued full-year 2026 guidance and said results are in line with that outlook, with no change to the medium-term targets.

Thomas Jessulat framed the quarter as evidence that the transformation strategy is working despite a difficult automotive backdrop. He emphasized that SHAPE30 remains the strategic foundation, that E-Mobility is gaining traction, and that the company’s classic OE business remains the financial backbone of the transformation. His tone was confident but cautious, stressing solid progress, operational discipline, and the importance of cash generation and competitiveness in a weakening market.

Isabelle Damen highlighted the hard numbers: revenue of EUR 479 million, adjusted EBITDA of EUR 54 million, adjusted EBIT of EUR 29 million, and operating free cash flow of EUR 52 million. She said the 17% sales growth was driven by E-Mobility ramp-up, including a EUR 28.1 million one-time effect from tooling/equipment sales that carried low margins and therefore had little impact on EBIT. She also noted net working capital of EUR 347 million, an R&D ratio of 4.2% in the quarter, CapEx of EUR 23.9 million, and net financial debt of EUR 374 million, describing capital efficiency and cash conversion as improving.

Analysts focused on the EUR 28.1 million one-time revenue effect, asking what it was and whether it flowed through to EBIT; management explained it was tooling/equipment sales with 0 to low margin, so there was little EBIT impact. Another question concerned Sono Motors insolvency, and management said they do not expect any further impact. A follow-up on the OE business excluding E-Mobility asked why margins declined quarter over quarter; management said the decline was due to an unfavorable product mix across product groups.