Investor presentation
Results of First Half 2026
CONTENTS
CEMBRE at a glance
Group team
Main product lines & applications
Results of First Half 2026
Stock data & shareholding structure
Contact
CEMBRE | Investor relations
2
CEMBRE AT A GLANCE
CEMBRE is Europe's leading manufacturer of electrical crimp type connectors and related installation tools.
The Group has grown its revenues by a CAGR of 6.4% in the last 20 years, from 70.0 M€ in 2005 to 244.3 M€ in 2025. In the last 5 years the Group has grown by a CAGR of 10.0% from 166.8 M€ in 2021 to 244.3 M€ in 2025.
It is a dividend payer with a 20 years average dividend payout ratio of 53.7%, and an average dividend yield of 3.8% (2006-2025). The average dividend yield in the last 5 years has been of 4.1% (2021-2025).
In 2025, the Group invested 24.3 M€; the total amount of investments made by the company in the last five years (2021-2025) is 89.7 M€; at December 31, 2024 investments amounted to 29.5 M€.
The product mix (a total of around 18K end products sold during 2025) is offered to around 5K single clients around the world, with 10-biggest clients' purchases corresponding to approximately 22.5% of the consolidated turnover.
3
2026/06 CEMBRE | Investor relations
MISSION
CEMBRE cooperates with the users of its products to search the best technical and economical solutions related to electrical connection applications
2021/02 CEMBRE | Investor relations 4
GROUP STRUCTURE
CEMBRE S.p.A.
Employees: 657
CEMBRE Ltd UK
CEMBRE S.A.R.L.
France
CEMBRE B.V.
Netherlands
CEMBRE
Electrical Connections Shanghai Ltd.
China
CEMBRE S.L.U.
Spain
CEMBRE
GmbH Germany
CEMBRE INC.
USA
CEMBRE IE
Ltd.
Republic of Ireland
100%
100%
100%
100%
100%
100%
100%
100%
Employees: 128 Employees: 40 Employees: 3 Employees: 6 Employees: 52 Employees: 61 Employees: 40 Employees: 4
Manufacturing and trading unit Trading unitThe Group employs
991 employees worldwide
(at June 30, 2026)
HUMAN RESOURCES
(Number of employees by segment, at June 30, 2026)
R&D
30
Manufacturing & logistics
577
CEMBRE has extensive know-how in its operating field and its strong R&D team allows it to respond quickly to market demands.
Sales & Marketing
264
Administration & services
120
Sharp focus on customer needs and the efficient international sales network (156 salesmen) are significant competitive advantages for CEMBRE.
MAIN PRODUCT LINES
CEMBRE is Europe's leading manufacturer of electrical crimp type connectors and related installation tools
Electrical
connectors Tools
Railway products
Identification systems
Cable glands, accessories & other
APPLICATIONS INDUSTRY & AUTOMATION
Connectors
Tools
Labelling
POWER DISTRIBUTION
2021/02
Cable glands 8
Rail drilling machine
Sleeper drilling machine
APPLICATIONS: RAILWAY
9
NUMBERS
18,068 different products sold in one year*
4.9 Millions electrical connectors sold by CEMBRE Group on average each working day*
21,795 different products ready for immediate delivery*
*12/2025
CEMBRE | Investor relations 10
MADE IN BRESCIA
CEMBRE has been established in 1969 and manufactures its products in its state-of-art production facility located in Brescia.
Production, warehouses and offices cover a covered area of 75,000 m2 on a total land area of 155,000 m2.
CEMBRE S.p.A. - Headquarter in Brescia (Italy)
In addition, CEMBRE has a production facility in the UK which operates on a 16,300 m2 land.
This plant in Birmingham manufactures mainly for the local market.
The sales generated in the UK are 13,4% of the consolidated turnover of the first half of 2026.
… AND MADE IN UK
CEMBRE Ltd. - Factory in Curdworth Birmingham (UK)
Dublin
Birmingham
Eindhoven Stuttgart
München
Brescia
Lyon
Madrid
CEMBRE is present all over the Italian territory through a network of salesmen and representatives who are able to offer fast and constant technical assistance.
Abroad, it operates through 6 subsidiaries in Europe (UK, France, Spain, Germany, Netherlands and Republic of Ireland), 1 in the USA and 1 in China.
Group companiesRegional offices
Main importers
VERY STRONG IN EUROPE
… PRESENT ALL OVER THE WORD
CEMBRE has a network of importers and agents who provide technical and commercial assistance and rapid delivery worldwide
Edison
Shanghai
Group companies
Main importers
1st Half 2026
REVENUES BREAKDOWN
before commercial rebates by product family (€'000)
1st Half 2025
Electrical connectors
Tools Railway Products
Marking Systems
Cable Glands
Others
Electrical connectors
Tools Railway Products
Marking Systems
Cable Glands
Others
Electr. c 74,455 47.99% | rs | Tools | Railway products | Marking systems | Cable glands | Others | Total | |
1st Half 2026 | 18,441 11.89% | 16,562 10.68% | 29,786 19.20% | 11,233 7.24% | 4,668 3.00% | 155,145 100% | ||
1st Half 2025 | 60,454 | 17,436 | 16,244 | 27,308 | 10,262 | 4,447 | 136,151 | |
44.40% | 12.81% | 11.93% | 20.06% | 7.54% | 3.26% | 100% | ||
Change | 23.16% | 5.76% | 1.96% | 9.07% | 9.46% | 4.97% | 13.95% | |
GEOGRAPHICAL REVENUES BREAKDOWN
Italy
Sales
% on total
1st Half 2026
59.4 Mln
42.1%
1st Half 2025
53.0 Mln
42.6%
Change %
12,1%
Europe
(Ital ed)
y exclud
Sales
% on total
1st Half 2026
64.1 Mln
45.4%
1st Half 2025
59.3 Mln
47.7%
Change %
8.1%
Rest of the World
Sales
% on total
1st Half 2026
17.6 Mln
12.5%
1st Half 2025
12.0 Mln
9.7%
Change %
47.1%
CONSOLIDATED RESULTS OF THE FIRST HALF OF 2026
€ Millions | 1ST Half 2026 | 1ST Half 2025 | Change % | 1st Half 2024 |
Sales | 141.2 | 124.3 | 13.6% | 119.5 |
EBITDA % of sales | 47.3 33.5% | 38.5 31.0% | 22.8% | 34.9 29.2% |
EBIT % of sales | 39.6 28.0% | 31.5 25.4% | 25.4% | 28.4 23.7% |
EBT % of sales | 39.4 27.9% | 31.3 25.1% | 26.2% | 28.6 23.9% |
Net profit % of sales | 28.8 20.4% | 22.6 18.2% | 27.1% | 20.8 17.4% |
Tax rate % | 27.1% | 27.6% | 27.1% |
GROUP'S COMPANIES TURNOVER* OF THE FIRST HALF OF 2026
Company (Euro thousands) | 1st Half 2026 | 1st Half 2025 | Change % | 1st Half 2024 |
CEMBRE S.p.A. (Italy) | 70,181 | 63,795 | 10.0% | 66,716 |
CEMBRE Ltd. (UK) | 18,908 | 16,904 | 11.9% | 14,171 |
CEMBRE S.a.r.l. (France) | 7,978 | 8,450 | (5.6%) | 8,040 |
CEMBRE S.L.U. (Spain) | 14,545 | 12,859 | 13.1% | 11,470 |
CEMBRE GmbH (Germany) | 14,456 | 12,239 | 18.1% | 11,591 |
CEMBRE Inc. (USA) | 12,114 | 7,852 | 54.3% | 7,525 |
CEMBRE BV. (Netherlands) ** | 2,014 | 1,625 | 23.9% | - |
CEMBRE EL.CON.LIM. (China) ** | 690 | 544 | 26.8% | - |
CEMBRE IE. Ltd. (Republic of Ireland) *** | 283 | - | - | - |
CEMBRE Group | 141,169 | 124,268 | 13.6% | 119,513 |
* net of intragroup sales ** operating company in 2025 *** operating company in 2026
JUNE 30, 2026 CONSOLIDATED BALANCE SHEET
€ Millions | Jun. 30, 2026 | Jun. 30, 2025 | Jun. 30, 2024 | |
a | Net operating working capital % of sales | 114.5 46.9% | 103.2 44.9% | 90.4 40.5% |
b | Net fixed assets | 146.5 | 131.9 | 114.5 |
c | Assets available for sales | - | - | - |
d | Employees' severance indemnities | 1.5 | 1.6 | 1.7 |
e | Provisions for risks and charges | 0.6 | 0.4 | 0.2 |
f | Deferred taxes | (0.5) | (0.3) | 0.3 |
Net invested capital (a+b+c-d-e+f) | 259.3 | 232.8 | 203.3 | |
g | Equity | 228.1 | 209.0 | 197.1 |
h | Net financial position | 31.2 | 23.8 | 6.2 |
Total sources (g+h) | 259.3 | 232.8 | 203.3 |
REVENUES EVOLUTION
270
240
210
€ Millions
Global Economic Crisis
COVID
198,8
222,6 229,7
244,3
180
150
120
90
60
84,1
70,0
93,4 94,3
76,0
93,9
103,0 103,9 104,5
112,9
121,4 122,6
144,1 146,3
132,6 137,1
166,8
30
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
CEMBRE'S REVENUES AND PROFITABILITY TREND
(€ '000)
85.000
80.000
75.000
70.000
65.000
60.000
55.000
50.000
45.000
40.000
35.000
30.000
25.000
20.000
15.000
10.000
5.000
0
Ebitda (value and margin % on sales)
29,9%
21,0%
23,5%
25,2%
22,7%
,2% 20,4%
17,7%
21,5% 19,6% 19,4% 19,5% 21,6%
24,5%
24,7%
25,4%
26,5%
27,3%
%
27,5%
23
2 %
3
8,8
0,2
14.718
19.131
21.710
19.273
13.412
20.170
20.228
20.108
20.407
24.352
28.537
30.025
33.434
35.650
37.098
36.297
45.597
54.593
66.569
66.177
73.864
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
110,0%
100,0%
90,0%
80,0%
70,0%
60,0%
50,0%
40,0%
30,0%
20,0%
10,0%
0,0%
CEMBRE'S REVENUES AND PROFITABILITY TREND
(€ '000)
70.000
65.000
60.000
55.000
50.000
45.000
40.000
35.000
30.000
25.000
20.000
15.000
10.000
5.000
Ebit (value and margin % on sales)
15,7%
18,9%
19,7%
17,2%
18,5%
17,2% 18,8%
20,4%
19,8%
18,6%
20,5% 21,4% 24,2%
18,4%
24,5%
23,0%
13,9%
16,8% 15,1%
15,8%
19,7%
11.023
15.941
18.420
16.221
10.581
17.379
17.291
16.456
15.838
19.433
22.836
24.095
27.036
28.496
27.181
25.200
34.188
42.572
53.964
52.804
59.784
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
100,0%
90,0%
80,0%
70,0%
60,0%
50,0%
40,0%
30,0%
20,0%
10,0%
0,0%
CEMBRE'S REVENUES AND PROFITABILITY TREND
(€ '000)
50.000
45.000
40.000
35.000
30.000
25.000
20.000
15.000
10.000
Net result (value and margin % on sales)
46.645
42.590
40.828
31.918
25.321
22.727 22.736
21.690
16.927
18.975
11.896
6.605 9.327
10.857
12,7%
1 %
6.887
11.340
11.400
11.507
10.503
15.933
13.542
1 %
1 %
18,3%
1
% 13,8%
1 % 1
% 1
% 15,2%
9,4%
1 %
9,1% 12,1%
1
% 1
% 1
12,0%
%
5,0% 5,9%
3,8
6,1
4,8
1,1
1,1
1,5
1,1
0,0
5,8
7,1
3,1
70,0%
60,0%
50,0%
40,0%
30,0%
20,0%
10,0%
5.000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
0,0%
INDEX ANALYSIS
24,00%
22,00%
ROI (EBIT/Investments)
21,65% 19,89%
17,80%
18,85%
19,47%
17,64%
16,60% 13,90%
15,56%
14,66% 14,72%
15,85%
14,62%
14,38%
14,18%
12,40%
13,26%
13,37%
10,79%
11,64%
11,41%
32,00%
28,00%
29,45%
ROACE (EBIT/Average Net Capital Employed)
29,90%
29,05%
25,90%
26,49%
20,00%
18,00%
16,00%
24,00%
20,00%
23,39%
24,34%
21,23%
21,49%
20,61%
23,13%
21,25%
22,01%
26,06%
14,00%
12,00%
10,00%
16,00%
12,00%
15,01%
17,12%
15,45%
18,35%
18,11%
16,26%
8,00%
24,00%
20,00%
16,00%
12,00%
8,00%
8,00%
20,01%
19,85%
17,83%
19,38%
15,88% 16,97%
15,69%
15,19%13,23%
12,24%
12,30%
11,28%
11,29%
13,52%
14,87%
12,15%
11,60%
14,37%
9,06%
9,59%
24,25% 24,48%
19,72%
19,65%
20,38%
22,99%
19,78%
18,95%
17,20%
18,50%
16,78%
18,81% 18,58%
17,21%
21,41%
20,49%
18,38%
15,84%
15,15%
13,93%
ROE (Net profit/Equity) ROS (EBIT/Net Sales)
24,00%
20,00%
16,00%
12,00%
4,00%
2026/06
8,00%
CEMBRE | Investor relations 24
INVESTMENTS TREND
2024: construction in progress of two new industrial buildings of 15,000 m² for 16.2 mln/€ in 2024
35.000
2025: construction of industrial buildings completed, galvanic plant, industrial furnaces and various works for 18.2 mln/€
30.000
25.000
20.000
2011: purchase of industrial complex close to headquarters for 9.4mln/€
2012: creation of an automated warehouse in a new industrial building of 4,800 m2 for 6.0 mln/€
2018: construction of new industrial building of 9,600m²
for 5.9mln/€
15.000
10.000
5.000
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Investments in tangible assets Investments in intangible assets Total investments
€ '000 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
Investments in tangible assets | 4,815 | 3,863 | 16,183 | 12,591 | 6,802 | 8,759 | 6,534 | 7,064 | 11,732 | 17,775 | 10,609 | 7,181 | 8,072 | 11,534 | 13,162 | 28,178 | 23,093 |
Investments in intangible assets | 182 | 169 | 418 | 597 | 573 | 477 | 601 | 569 | 1.101 | 691 | 1.057 | 793 | 919 | 750 | 1,407 | 1,341 | 1,212 |
Total investments | 4,997 | 4,032 | 16,601 | 13,188 | 7,375 | 9,236 | 7,135 | 7,633 | 12,833 | 18,466 | 11,666 | 7,974 | 8,991 | 12,284 | 14,569 | 29,519 | 24,305 |
CEMBRE focused on these targets:
2026 AND ONWARDS
Business development thanks to:
- A strengthening of CEMBRE competitive advantage by developing new products and continuous product range renewing by an intense R&D activity
Improvement of the distributor channel in foreign countries
A higher penetration in the foreign markets, especially in the US and Germany
A commercial commitment focus on high growing potential products
Cost management by a better operative efficiency obtained from economies of scale and process innovations
Enforcing the manufacturing structure by investing in high-tech, highly-automated machinery.
2026 AND ONWARDS
The automated warehouse, located in a 4,800 m2 industrial building built in 2012, with a storage capacity of 60,000 boxes (box size 60*40*32), has been operating from January, 2013.
CEMBRE | Investor relations 27
2026 AND ONWARDS
In 2025 two new industrial buildings, for a total of 15,000 m2, were completed. The electrical connectors production line was relocated to these new buildings at the beginning of 2026; the project required an investment of €42mln with no-repayable grants totaling €4.9mln.
CEMBRE
data updated at September 11, 2026
STOCK DATA & SHAREHOLDING STRUCTURE
CEMBRE has been listed since December 1997, and is a part of the Star Index since September 2001.
Shareholders | Share |
LYSNE Spa | 51.57% |
Sara Rosani | 8.65% |
Giovanni Rosani | 8.53% |
Anna Maria Onofri | 0.70% |
Others | 30.55% |
2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
Dividend per share (€) | 0.15 | 0.22 | 0.26 | 0.16 | 0.12 | 0.26 | 0.16 | 0.16 | 0.26 | 0.36 | 0.46 | 0.70 | 0.80 | 0.90 | 0.90 | 0.90 | 1.20 | 1.40 | 1.80 | 1.88 | 2.06 |
Payout Ratio1 | 39% | 40% | 37% | 25% | 30% | 39% | 24% | 24% | 42% | 45% | 49% | 70% | 59% | 66% | 69% | 79% | 79% | 74% | 74% | 74% | 74% |
Dividend Yield2 | 3.2% | 3.6% | 4.2% | 4.8% | 2.6% | 4.2% | 2.9% | 2.5% | 2.9% | 3.5% | 3.3% | 5.0% | 3.7% | 4.4% | 4.8%3 | 4.8% | 3.5% | 4.5% | 4.8% | 4.5% | 3.0% |
1 Using consolidated profit 2 Using the year-end share price
102
96
90
84
78
72
66
60
54
48
42
36
30
24
18
12
6
0
SHARE PRICE EVOLUTION
Total return* 2006-2026
+14.4%
CAGR
Performance** 2006-2026
+13.8%
CAGR
Share Price
* Total Return is the average 'Share return' growth in the period
** Performance is the average 'Share price' growth in the period
2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |
A) Share price1 | 6.12 | 6.25 | 3.30 | 4.66 | 6.25 | 5.45 | 6.34 | 8.99 | 10.21 | 13.90 | 13.90 | 21.60 | 20.25 | 24.00 | 18.85 | 34.20 | 30.70 | 37.20 | 41.70 | 68.20 | 81.82 |
Change in share price | 28.8% | 2.1% | -47.2% | 41.2% | 34.1% | -12.8% | 16.3% | 41.8% | 13.6% | 36.1% | 0.0% | 55.4% | -6.3% | 18.5% | -21.5% | 81.4% | -10.2% | 21.2% | 12.0% | 63.6% | 19.9% |
Received dividend | 0.15 | 0.22 | 0.26 | 0.16 | 0.12 | 0.26 | 0.16 | 0.16 | 0.26 | 0.36 | 0.46 | 0.70 | 0.80 | 0.90 | 0.90 | 0.90 | 1.20 | 1.40 | 1.80 | 1.88 | 2.06 |
B) Accrued received dividends | 0.50 | 0.72 | 0.98 | 1.14 | 1.26 | 1.52 | 1.68 | 1.84 | 2.10 | 2.46 | 2.92 | 3.62 | 4.42 | 5.32 | 6.22 | 7.12 | 8.32 | 9.72 | 11.52 | 13.40 | 15.46 |
Share return (A+B) | 6.62 | 6.97 | 4.28 | 5.80 | 7.51 | 6.97 | 8.02 | 10.83 | 12.31 | 16.36 | 16.82 | 25.22 | 24.67 | 29.32 | 25.07 | 41.32 | 39.02 | 46.92 | 53.20 | 81.60 | 97.26 |
Price quota | 92.4% | 89.7% | 77.1% | 80.3% | 83.2% | 78.2% | 79.1% | 83.0% | 82.9% | 85.0% | 82.6% | 85.6% | 82.1% | 81.9% | 75.2% | 82.8% | 78.7% | 79.3% | 78.4% | 83.6% | 84.1% |
Dividend quota | 7.6% | 10.3% | 22.9% | 19.7% | 16.8% | 21.8% | 20.9% | 17.0% | 17.1% | 15.0% | 17.4% | 14.4% | 17.9% | 18.1% | 24.8% | 17.2% | 21.3% | 20.8% | 21.7% | 16.4% | 15.9% |
¹ at the end of the year ²at September 10, 2026