Stratec SE

For H1 2026, STRATEC reported revenue of EUR 112.5 million, down 5.1% year over year, or 3.3% on a constant-currency basis. Adjusted EBIT was EUR 7.7 million versus EUR 8.5 million a year ago, with adjusted EBIT margin at 6.9% versus 7.2%; EBITDA margin improved slightly to 13.9%. Adjusted net income was EUR 4.1 million, or EUR 0.34 per share, and reported IFRS net income was EUR 2.4 million, or EUR 0.20 per share. Free cash flow was EUR 23.5 million versus negative EUR 14.7 million last year, operating cash flow was EUR 29.7 million versus negative EUR 5.8 million, net debt fell to EUR 96.7 million, and net debt/LTM EBITDA improved to 2.9x from 3.3x. By segment, systems revenue increased 15.4% to EUR 39.7 million, service parts and consumables were EUR 46.1 million and down 11.9% constant currency, and services declined 7.8% constant currency. For full-year 2026, management reaffirmed medium to high single-digit revenue growth on a constant-currency basis, adjusted EBIT margin expected to be approximately at the prior-year level of 10%, and CapEx in a range of 6.5% to 8.5% of sales. Management said Q4 is expected to remain heavily back-end loaded, historically contributing about 30% to 33% of annual revenue and possibly toward the top end of that range again.

Marcus Wolfinger emphasized that Q2 performance improved meaningfully and helped narrow the H1 gap, but he repeatedly framed the year as very back-end loaded. His tone was constructive but cautious: systems demand is strong, life cycle management projects remain active, and 2026 guidance was reaffirmed, yet consumables and maintenance parts were described as exceptionally weak and the broader environment as volatile. He also highlighted structural efforts around cost discipline, electronics supply risk, and pipeline building for growth beyond 2032.

Tanja Bucherl focused on the financial bridge from weak top line to better earnings and cash. She cited H1 revenue of EUR 112.5 million, adjusted EBIT of EUR 7.7 million, reported EBIT of about EUR 5.5 million, adjusted net income of EUR 4.1 million, and free cash flow of EUR 23.5 million; she also noted operating cash flow of EUR 29.7 million and lower net debt at EUR 96.7 million. She said the margin was pressured by negative scaling and a less favorable mix, especially the lower share of higher-margin service parts and consumables, but that cost discipline, structural actions, exchange rates, and stronger Q2 leverage helped. CapEx remained below the guided corridor in H1, but she said the company is still sticking to the 6.5% to 8.5% target and watching the volatile environment closely.

Analysts pressed on supply-chain risk, the persistent weakness in consumables, the effectiveness of new forecasting systems, H2 phasing, and CapEx timing. Management said it is not immune to supply issues or electronics lead-time inflation, but it is better prepared than in prior crises and is trying to pass through exceptional cost pressure where contractual terms allow. On consumables, Marcus Wolfinger said weakness is mainly tied to customer inventory optimization and M&A-related service-stock reductions rather than a broad utilization problem, while also acknowledging some uncertainty about the timing of recovery. On H2, he reiterated that Q4 should again dominate the year and that Q3 should be in the same absolute ballpark as Q2, while Tanja Bucherl said CapEx is still guided at 6.5% to 8.5% with no pre-investment phase expected.