Sol S.p.a.MIL: SOL

First Half 2026 results

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PRESS RELEASE

The Board of Directors of SOL S.p.A. today examined and approved the Half-Yearly Financial Report as of June 30, 2026, which confirms the Group's solid and

steady growth

  • Consolidated Net Sales: € 948.6 million

    (+8.5% compared to € 874.1 million as of 06/30/2025)

  • EBITDA: € 247.4 million, equal to 26.1% of sales

    (+12.1% compared to € 220.8 million, equal to 25.3% as of 06/30/2025)

  • EBIT: € 148.8 million, equal to 15.7% of sales

    (+10.3% compared to € 134.9 million, equal to 15.4% as of 06/30/2025)

  • Net Profit: € 89.9 million

(+7.6% compared to € 83.5 million as of 06/30/2025)

The Board of Directors of SOL S.p.A., the holding company of a multinational Group with over 8,000 employees active in the technical and medical gases and home care sectors, examined and approved today the Group's consolidated results for the first half of 2026.

The first half of 2026 unfolded against a still complex global macroeconomic environment, although characterized by encouraging signs of global resilience. While inflation has continued its gradual deceleration, favouring an easing of monetary policies and a drop in interest rates by major central banks, global economic growth remains uneven. Uncertainties remain high regarding persistent international geopolitical tensions, particularly due to the ongoing conflicts in the Middle East and Ukraine, which continue to impact energy costs and create challenges along global supply chains.

Analysis of Group and Segment sales

In this challenging economic scenario, the SOL Group closed the first half of 2026 with consolidated sales of € 948.6 million, recording an 8.5% increase compared to the previous year (of which -0.3 pp from exchange rate effects and +1.6 pp from changes in the consolidation scope). This result was supported by the excellent performances recorded in both main business areas:

Performance of the Divisions
  • The Segment "Technical Gases" achieved sales of € 469.5 million (+5.5% compared to the first half of 2025, of which -0.5 pp from exchange rate effects and +1.0 pp from changes in the consolidation scope). The result demonstrates the Group's solidity, its ability to acquire new customers and reactively manage fluctuations in energy costs, even amid an industrial production environment still characterized by a cautious and gradual recovery.

  • The Segment Home Care (Vivisol) confirmed its solid growth trajectory, with sales amounting to €

    499.8 million, marking an 11.3% increase compared to the first half of 2025 (of which -0.1 pp from exchange rate effects and +2.3 pp from changes in the consolidation scope). Growth continues to be driven by a progressive increase in patients, expansion through acquisitions, and the positive development of all business lines, particularly sleep apnea and advanced nursing care.

    Geographically, sales for the half-year were positive both in Italy, which grew by 7.7%, and abroad, where a 9.1% increase was recorded.

    Profitability and Financial Position

    The profitability indicators (EBITDA and EBIT) for the half-year showed growth rates outpacing revenue growth, confirming the Group's strong focus on controlling operating costs and enhancing process efficiency.

  • The Gross Operating Margin (EBITDA) stood at € 247.4 million, (equal 26.1% of sales), a 12.1% increase compared to € 220.8 million in the first half of 2025. In particular:

    - The EBITDA of the Technical Gases segment was € 123.2 million, equal to 26.2% of revenues and up by 14.7% compared to the first half of 2025. The improvement stems from revenue growth, production process efficiency, and disciplined operating cost containment.

    - The Home Medical Care segment recorded an EBITDA of € 124.2 million, equal to 24.8% of revenues and up 9.5% compared to the same period of the previous year. The earnings growth is driven by the expansion of the patient base and reflects the effect of non-recurring costs related to M&A operations.

  • The Operating Result (EBIT) rose to € 148.8 million, representing 15.7% of sales, an increase of 10.3% compared to € 134.9 million in the first half of 2025.

  • Consolidated Net Profit reached € 89.9 million, equal to 9.5% of revenues (€ 83.5 million, 9.6% of sales in the same period of the previous year).

  • Net financial debt amounted to € 562.5 million, of which € 95.4 million for lease liabilities (IFRS 16), against investments and acquisitions made during the half-year for € 172.5 million.

  • Tangible and intangible investments made during the first six months of 2026 amounted to € 114.0 million, with a Capex to revenues ratio of 12.0%.

  • The "Net Debt/Equity" ratio is 0.455, while the "Net Debt/Gross Operating Margin" (Cash Flow Cover) ratio is 1.18.

    Partnerships and Acquisitions

    In the first six months of 2026, the SOL Group continued its growth path also through partnerships and acquisitions, finalizing 4 extraordinary transactions:

  • the acquisition of 100% of the Italian company Haemopharm Biofluids S.r.l. to develop the production of fluids for peritoneal dialysis;

  • the acquisition of 100% of the company VitalAire Schweiz AG, a leading operator in home respiratory care in Switzerland;

  • the acquisition of 100% of the share capital of Remeo Healthcare Limited and Remeo Property Limited, operating in the specialist respiratory care market in the UK;

  • the acquisition of 70% of the share capital of Oxigenar and its subsidiary Pulmonair, a Rio de Janeiro-based group active in the business-to-consumer (B2C) home respiratory care sector in Brazil.

During the third quarter of 2026, the Group finalized the acquisition of 51% of the IBG Group, creating a new strategic platform for developing activities in the Brazilian technical gases market.

The Group also completed the acquisition of 100% of the Danish company Nowus Healthcare A/S, a leading operator in the respiratory care sector operating in Denmark, Sweden, Norway, Finland, and the UK.

Management Commentary

"The brilliant results achieved in this first half-year prove the effectiveness of our business model and the strong competitive positioning of the SOL Group in international markets. The ability to further increase profitability in a macroeconomic context still marked by profound uncertainties shows the resilience of our divisions and the proactivity of our organization" stated Marco Annoni, Vice-President of SOL S.p.A.

"We look to the second half of the year with determination and confidence, supported by the solidity of our results" commented Aldo Fumagalli Romario, Chairman of SOL S.p.A. "We will closely monitor the high

geopolitical and energy volatility, and at the same time ready to seize new opportunities for strategic partnerships to support our now historic path of internationalization and expansion."

The Manager responsible for preparing the corporate financial reports of SOL S.p.A., Marco Michele Leccese, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance (Legislative Decree 58/1998), that the accounting information contained in this press release corresponds to the documentary results, books, and accounting records.

SOL is an Italian multinational Group operating in Europe, Turkey, Morocco, Brazil, India, China, Kuwait, Ecuador, and Peru in two distinct main sectors: the production, applied research, and marketing of technical, pure, and medical gases (Technical Gases Division) and Home Medical Care (Home Care Division).

Monza, September 10th, 2026

SOL Group - Consolidated income statement

T €

30/06/2026 % 30/06/2025 %

Net sales

948.554

100,0%

874.083

100,0%

Other revenues and proceeds

14.140

1,5%

16.157

1,8%

Revenues

962.694

101,5%

890.240

101,8%

Purchase of materials

234.009

24,7%

223.516

25,6%

Services rendered

256.473

27,0%

234.909

26,9%

Change in inventories

(6.081)

-0,6%

385

0,0%

Other expenses

23.554

2,5%

21.222

2,4%

Total costs

507.955

53,6%

480.033

54,9%

Added value

454.740

47,9%

410.207

46,9%

Payroll and related costs

207.353

21,9%

189.442

21,7%

EBITDA

247.387

26,1%

220.765

25,3%

Depreciation & amortization

92.999

9,8%

81.842

9,4%

Other provisions

5.627

0,6%

4.073

0,5%

EBIT

148.761

15,7%

134.850

15,4%

Financial income

3.935

0,4%

2.902

0,3%

Financial expense

(20.416)

-2,2%

(15.235)

-1,7%

Result of investments

722

0,1%

(166)

0,0%

Net financial Income / (Charges)

(15.758)

-1,7%

(12.499)

-1,4%

PBT

133.002

14,0%

122.351

14,0%

Tax on profit

38.296

4,0%

34.393

3,9%

Net profit from ongoing operations

94.706

10,0%

87.958

10,1%

Net profit from discontinuous operations

0

0,0%

0

0,0%

Minorities

(4.839)

-0,5%

(4.435)

-0,5%

Net profit

89.867

9,5%

83.523

9,6%

EPS

0,991

0,0%

0,921

0,0%

SOL Group - Statement of financial position

T €

30/06/2026 31/12/2025

Tangible assets

974.920

930.800

Goodwill

300.294

266.810

Other intangible assets

58.340

54.685

Equity investments

36.511

36.401

Other financial assets

13.392

15.020

Tax advances

16.904

17.637

NON CURRENT ASSETS

1.400.361

1.321.353

Non current assets held for sale

0

0

Inventories

123.278

113.942

Trade receivables

620.340

560.354

Other current assets

104.574

62.422

Current financial assets

26.251

24.080

Cash and cash equivalents

286.559

340.627

CURRENT ASSETS

1.161.001

1.101.424

TOTAL ASSETS

2.561.362

2.422.777

Share capital

47.164

47.164

Share premium reserve

63.335

63.335

Legal reserve

10.459

10.459

Reserve for treasury shares in portfolio

0

0

Other reserves

972.287

847.961

Retained earnings

973

984

Net profit

89.868

166.993

Shareholders' equity - Group

1.184.086

1.136.897

Minorities

48.313

43.163

Net income attributable to minority shareholders

4.839

8.791

Shareholders' equity - minority interests

53.151

51.954

SHAREHOLDERS' EQUITY

1.237.237

1.188.850

Employee benefits

19.427

19.110

Provision for deferred tax liabilitieses

14.451

15.244

Provision for risks and charges

14.387

13.012

Payables and other financial liabilities

753.736

733.471

NON CURRENT LIABILITIES

802.003

780.837

Non current liabilities held for sale

0

0

Due to banks

3.948

3.660

Trade accounts

215.183

202.681

Current financial liabilities

120.591

114.567

Taxes payables

39.727

36.482

Other current liabilities

142.674

95.701

CURRENT LIABILITIES

522.122

453.090

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

2.561.362

2.422.777

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