EL.En. S.p.A.

Q1 2026 revenue was EUR 145.6 million, up 3.3% from EUR 140.9 million in Q1 2025. Gross margin was EUR 67.2 million, up about 7%, and gross margin improved to 46.1% from 44.7%. EBIT was EUR 19.8 million versus EUR 17.4 million a year ago, with an EBIT margin of 13.6%, up more than 1 point year over year. EBITDA was EUR 23.7 million, and pretax profit was EUR 20.0 million versus EUR 16.3 million in Q1 2025. Net financial position improved to EUR 173.7 million from EUR 172.2 million at December 2025, while working capital absorbed EUR 9 million and capex was EUR 4 million. For 2026, management confirmed guidance for consolidated revenue growth of about 5% and said EBIT margin should improve on a yearly basis.

Andrea Cangioli said the group is navigating a complex macro backdrop with resilience and is focused on its medical and industrial laser leadership. He emphasized that Medical is offsetting Industrial weakness, that industrial gross margin improved meaningfully, and that the company expects stronger industrial quarters ahead both on sales and profitability. He also highlighted ongoing innovation across aesthetics, surgery, and industrial products, plus several strategic initiatives including the new U.S. subsidiary for Quanta and continued M&A evaluation. On leadership, he stressed there will be no immediate replacement for the departing general manager, with continuity supported by the existing management team.

Enrico Romagnoli quantified the quarter as EUR 145.6 million of revenue, EUR 67.2 million of gross margin, EUR 23.7 million of EBITDA, and EUR 19.8 million of EBIT. He noted the gross margin rate moved from 44.7% to 46.1%, operating expenses rose on G&A and sales/marketing, headcount increased to 1,428 from 1,383, and foreign exchange moved from a EUR 1.5 million loss to a EUR 0.6 million gain. He also said net financial position increased to EUR 173.7 million, working capital consumed EUR 9 million, and capex was EUR 4 million. He added that a EUR 0.25 per share dividend, totaling EUR 20 million, will be paid on May 27.

Analysts asked whether the 5% full-year growth guidance had become more weighted to Medical after the strong first quarter, whether Industrial weakness reflected accounting timing or delayed orders, and what was happening in the Middle East. Management said the guidance is unchanged and still assumes contribution from both divisions, while acknowledging that Industrial is subject to short-term timing and that some orders, especially in Brazil, are expected to recover later in the year. On the Middle East, management said the main pressure is in low-margin hair removal sales, with mixed country performance: Egypt remains active, while Saudi Arabia and Iraq have slowed materially.