EL.En. S.p.A.

H1 2026 revenue was EUR 246 million, up more than 9% versus EUR 226 million in H1 2025. Gross margin was EUR 122.8 million versus EUR 109.2 million last year, EBITDA was EUR 48.7 million versus EUR 37.5 million, EBIT was EUR 43.4 million versus EUR 31.6 million, and net income was EUR 26.1 million versus EUR 17.9 million. EBIT margin improved to 17.6% from 14.0%, and EBITDA margin improved to 19.8% from 16.6%. Net financial position increased to EUR 184.5 million from EUR 172.2 million at December 2025, with EUR 7.5 million of capex and EUR 21.3 million of dividends paid in the half. Looking ahead, management confirmed guidance for full-year revenue growth of over 5% and improvement in EBIT margin versus the prior year.

Andrea Cangioli emphasized that the quarter reflected both strong operating momentum and a major strategic shift toward medical. He said the sale of the laser cutting business to TRUMPF fits a broader repositioning, lifting medical’s share of revenue from 72% in 2025 to 92% in H1 2026 under the new perimeter. His tone was confident and constructive, highlighting solid demand in aesthetics, surgical, and therapy while also pointing to continued R&D investment and new product development as the basis for future growth.

Enrico Romagnoli focused on the financial upside from mix and operating leverage. He said operating expenses were essentially flat at EUR 26.9 million versus EUR 26.5 million, while their ratio to revenue fell to 10.9% from 11.8%; staff costs were EUR 47.1 million, up 4.4% from EUR 45.1 million. He also noted improved FX results, with financial income of EUR 1.7 million versus a EUR 2 million loss last year, and explained that net financial position rose to EUR 184.5 million despite working-capital absorption, EUR 7.5 million of capex, and EUR 21.3 million of dividends.

Analysts pressed on the weak Italian medical performance, the outlook for sterile optical fibers, Quanta’s new U.S. distribution setup, tariffs, and the timing of the laser cutting disposal. Management said the Italy weakness was mainly in professional aesthetics and partly due to unusually strong one-off sales a year ago, while July and August already showed a partial recovery. On fibers, management said current capacity is sufficient for about a year and the new plant should be fully certified only in the second half of next year; on Quanta U.S., they said the hub started in Q2 and already added about EUR 6 million of quarterly sales, with no plan to use it for Asclepion. On the disposal, management said it expects closing by year-end, and possibly in October if approvals are obtained.