Business
SOL S p A : First Half 2026 results
SOL S p A : First Half 2026
About this update from Sol S.p.a.
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