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Wacker Neuson : Earnings Call, H1 2026 (EN)
Wacker Neuson : Earnings Call, H1 2026
About this update from Wacker Neuson Se
Wacker Neuson Group - H1/2026 Earnings Call & Webcast Dr. Karl Tragl (CEO), Christoph Burkhard (CFO) August 13, 2026 Overview Q2/2026 and H1/2026 Revenue € 665.1 m (+14.4% YoY) EBIT margin 9.5% (py: 7.6%) NWC ratio 1 25.9% (py: 29.7%) FCF € 78.1 m (py: € 48.3 m) Revenue € 1,256.5 m (+16.9% YoY) EBIT margin 8.3% (py: 5.2%) NWC ratio 2 28.7% (py: 32.8%) FCF € 75.5 m (py: € 67.7 m) H1/2026 revenue +17 YoY, driven by a solid order book in Europe and North America in Q1/2026. Significant EBIT margin improvements in Q2/2026 and H1/2026 driven by operating leverage. NWC ratio 2 declined significantly YoY due to efficient inventory management. Positive free cash flow due to higher cash flow from operating activities in Q2/2026. Q2/2026 H1/2026 1 Net Working Capital in % of the annualized quarter revenue. Growth driven by both Europe and North America Americas: 20% of Group revenue 1 Europe: 78% of Group revenue 1 Asia-Pacific: 2% of Group revenue 1 in € m in € m in € m -5% 2 H1/2025 H1/2026 20.7 21.9 +18% 2 835.2 983.1 +16% 2 217.8 252.7 H1/2025 H1/2026 H1/2025 H1/2026 1 H1/2025: Americas 20%; Europe 78%; APAC 2%. 2 Adjusted for FX-effects: Americas +23% YoY; Europe +18% YoY; APAC -6% YoY. Compact Equipment grew 26% YoY Compact Equipment: 59% of Group revenue 1 Light Equipment: 20% of Group revenue 1 Services: 21% of Group revenue 1 in € m in € m in € m +26% 2 742.5 589.7 +9% 2 +3% 2 259.6 238.9 262.8 254.2 H1/2025 H1/2026 H1/2025 H1/2026 H1/2025 H1/2026 1 H1/2025: Compact Equipment 54%, Light Equipment 22%, Services 23%. 2 Adjusted for FX-effects: CE +27% YoY; LE +13% YoY; Services +4% YoY. Net working capital ratio is improving further As of June 30, 2026 30.0% 29.7% 31.4% 27.2% 25.9% NWC ratio (annualized) 1 30.7% 32.8% 32.4% 29.2% 28.7% NWC ratio (LTM) 2 [€ m] 750.0 700.0 650.0 600.0 550.0 500.0 450.0 400.0 Inventories Net working capital 30.06.2025 30.09.2025 31.12.2025 31.03.2026 30.06.2026 Strong free cash flow and low net financial debt € 76 m Free cash flow € 173 m Net financial debt 1 0.5 Net financial debt/ EBITDA (LTM) 2 1 Net financial debt = Non-current financial liabilities + Current liabilities to banks + Current portion of non-current liabilities - Cash and cash equivalents. 2 Net financial debt / EBITDA of the last 12 months. Wacker Neuson SE, H1/2026 Earnings Call & Webcast, August 13, 2026 6 Wacker Neuson Group Guidance 2026 raised Guidance 2026 raised after a strong H1/2026 Solid order book in H1/2026 B2B-ratio >1.0, while order momentum softened in Q2/2026. Construction market gradually recovering CECE index 1 positive despite recent geopolitical headwinds. Mixed agricultural equipment market 2 Weak arable farming, robust livestock demand supporting Weidemann & Kramer brands. Limited vis ibility for H2/2026 US tariffs and geopolitical risks continue to impact outlook and supply chains. Positive mid-term demand drivers Infrastructure and modernization programs support future growth. Revenue EBIT margin between € 2,300 m and € 2,400 m between 7.0% and 8.0% Investments 3 NWC ratio between € 70 m and € 90 m below 30% 1 CECE business climate index for the European construction (July, 2026). 2 CEMA business climate index for European agricultural machinery (July, 2026) 3 Investments in property, plant and equipment and intangible assets. Wacker Neuson SE, H1/2026 Earnings Call & Webcast, August 13, 2026 7 Key takeaways H1/2026 1 We delivered a strong firs t half-year 2026 and carried on the positive momentum from Q1/2026 into Q2/2026. We s ignificantly improved profitability, showing our operating leverage in the business. 2 3 Net working capital ratio and free cash flow developed strongly, underlining the quality of our operational steering. 4 We raised our full-year guidance and are cautiously optimistic for the second half of 2026. 5 Strategy 2030 remains our North Star, with a clear focus on profitable growth, efficiency, cost discipline and customer productivity. Nobody is perfect, but a team can be! Financial calendar and contact September 22, 2026 Berenberg Goldman Sachs German Corporate Conference, Munich November 12, 2026 Publication of Nine-month Statement 9M/2026, Earnings Call November 23-24, 2026 German Equity Forum, Frankfurt Disclaimer This document contains forward-looking statements which are based on the current estimates and assumptions by the corporate management of Wacker Neuson Group. Forward-looking statements are characterized by the use of words such as expect, intend, plan, predict, assume, believe, estimate, anticipate and similar formulations. Such statements are not to be understood as in any way guaranteeing that those expectations will turn out to be accurate. Future performance and the results actually achieved by Wacker Neuson Group and its affiliated companies depend on a number of risks, uncertainties and other factors. Many of these factors, including, but not limited to, those described in disclosures, in particular in the risk report of the Company, are outside the Company's control and cannot be accurately estimated in advance, such as the future economic environment, the actions of competitors and others involved in the market-place or the legal and regulatory framework. If these risks or uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect, then actual results may be materially different from those expressed or implied by such statements. Above and beyond legal requirements, the Company neither plans nor undertakes to update any forward-looking statements. All rights reserved. As of August 2026. Wacker Neuson Group accepts no liability for the accuracy and completeness of information provided in this document. Reprint only with the written approval of Wacker Neuson Group in Munich, Germany. Contact Wacker Neuson Group Contact IR: +49 - (0)89 - 354 02 - 1823 [email protected] https://www.wackerneusongroup.com Appendix Revenue and profitability - Q2/2026 and H1/2026 Comment Strong revenue growth with essentially unchanged operating costs Revenue [€ m] 665 581 594 591 494 550 9.5% 7.6% 7.5% 5.9% 7.0% 2.5% Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 800 700 600 500 400 300 200 100 0 +16.9% EBIT margin 20% 15% 10% 5% 0% Revenue: Revenue growth driven by volume effects Positive demand trends in Europe and North America; growth especially in compact equipment Order intake surpassed revenue in H1/2026 Q2/2026 revenue increased by 14.4% to € 665.1 m despite a cool-down in order momentum Gross profit: Gross profit margin improved to 24.0% in H1/2026 (+0.7 PP YoY), Q2/2026 gross profit margin at 24.4% on previous year's level Profit and loss statement (excerpt) [€ m] Q2/26 Q2/25 Δ H1/26 H1/25 Δ Revenue 665.1 581.4 14.4% 1,256.5 1,074.9 16.9% Gross profit 162.5 142.1 14.4% 301.9 250.3 20.6% as a % of revenue 24.4% 24.4% 0.0PP 24.0% 23.3% 0.7PP Operating costs 1 -99.3 -98.1 -1.2% -197.2 -194.2 -1.5% as a % of revenue -14.9% -16.9% 2.0PP -15.7% -18.1% 2.4PP EBIT 63.2 44.0 43.6% 104.7 56.1 86.6% as a % of revenue 9.5% 7.6% 1.9PP 8.3% 5.2% 3.1PP Financial result -2.3 -9.0 74.4% -3.9 -15.3 74.5% Taxes on income -19.5 -10.4 -87.5% -31.3 -12.0 <-100% Profit for the period 41.4 24.6 68.3% 69.5 28.8 >100% EPS (in €) 0.61 0.36 69.4% 1.02 0.42 >100% 1 Including other operating income / other operating expenses. Positive volume effects and improved cost coverage in production plants resulted into margin increase EBIT and operating costs: Operating costs remained essentially on the previous year's level, cost ratio in relation to revenue improved significantly from 18.1% to 15.7% in H1/2026 Significant EBIT increase by 86.6% to € 104.7 m in H1/2026, EBIT margin rises to 8.3% (+3.1 PP YoY) driven by operating leverage Development of regions and business segments - H1/2026 Solid development in Europe and North America 983.1 252.7 20.7 Revenue [€ m] 17% 100% Europe Americas Asia-Pacific Comment Share YoY EBIT 1 78% +18% 20% +16% Revenue Europe (EMEA) +17.7% YoY (adj. for FX effects : +17.9%) 93.4 11.2 Significant market recovery in Europe with regional differences -1.7 Growth driven by telehandlers, wheel loaders, excavators and dumpers 2% -5% H1/2026 1,256.5 Revenue Americas +16.0% YoY 104.7 (adj. for FX effects : +23.0%) All business segments up compared to previous year North America develops considerably more positive than in previous year Revenue [€ m] 2 100% 259.6 742.5 262.8 Light Equipment Compact Equipment Services 20% Share YoY +9% +26% Growth driven by compaction, worksite and concrete technology Demand in the US and Canada up compared to previous year Revenue Asia-Pacific -5.5% YoY (adj. for FX effects : -6.4%) +17% Weak demand in Asia 59% +3% 21% H1/2026 1,264.9 Development of NWC components - H1/2026 Inventories Inventories [€ m] 616 594 612 614 647 603 146 123 132 122 131 110 1,000 800 600 400 200 0 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 DIO 1 [Days] 400 300 200 100 0 Trade receivables Trade receivables [€ m] 298 328 317 329 345 269 55 51 53 41 51 47 500 400 300 200 100 0 Comment Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 DSO 2 [Days] 200 150 100 50 0 Trade payables Trade payables [€ m] 214 230 236 236 265 259 51 48 51 47 54 47 400 300 200 100 DPO 3 [Days] 200 150 100 50 Inventories decreased by 1.7% since the end of 2025 Trade receivables increased by 28.1% due to improved business since the end of 2025 Trade payables increased by 9.5% due to further increasing purchasing volume of production plants since the end of 2025 0 0 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 NWC and cash flow development- H1/2026 Net working capital (LTM) Cash flow from operating activities Net working capital [€ m] 700 691 692 647 710 690 33% 33% 32% 29% 31% 29% 1,000 800 600 400 200 Net working capital ratio 1 100% 80% 60% 40% 20% [€ m] € 101 m € 100 m 108 92 63 61 36 9 200 150 100 50 0 0% Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 0 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Free cash flow € 68 m 86 78 48 48 19 [€ m] 110 90 70 50 30 10 -10 € 76 m -3 Comment Net working capital ratio 1 4.1 PP down compared to previous year driven by operating leverage Investments amounting to € 24.6 m in H1/2026 (H1/2025: € 31.6 m), thereof € 13.4 m in in property, plant and equipment and € 11.2 m in intangible assets Free cash flow amounting to € 75.5 m in H1/2026 (H1/2025: € 67.7 m) Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 1 Net Working Capital in % of LTM revenue (last 12 months). Financial structure development - H1/2026 Net financial debt and gearing Net financial debt / EBITDA (LTM) 3 Net financial debt 1 [€ m] 298 299 258 185 196 173 20% 20% 17% 12% 13% 11% 500 400 300 200 100 0 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Equity and equity ratio 4 Gearing 2 100% 80% 60% 40% 20% 0% 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 1.1 1.1 0.9 0.6 0.6 0.5 Comment Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Equity [€ m] 1,600 1,200 800 400 0 Equity ratio 1,497 1,469 1,494 1,514 1,547 1,542 60% 62% 60% 59% 62% 62% 100% 80% 60% 40% 20% 0% Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Net debt 1 significantly decreased compared to previous year, net financial debt / EBITDA (LTM) 3 at 0,5 Gearing 2 decreased by 9.2 PP compared to previous year Equity ratio with 61.8% basically unchanged 1 Net financial debt = Non-current financial liabilities + Current liabilities to banks + Current portion of non-current liabilities - Cash and cash equivalents. 2 Net financial debt / equity. 3 Net financial debt / EBITDA of the last 12 months. 4 The correction of errors related to the recognition of warranty provisions resulted in adjustments to deferred tax assets, other reserves, retained earnings and current provisions starting Q1/2024. This led to adjustments of equity and equity ratio. Further information is provided in the 2025 Annual Report under "Amendments to financial reporting according to IFRS". The Wacker Neuson SE share -23% Share price development vs. relevant indices 1 120% 110% Dividend payout 53% 0% 41% 300% 45% 48% 42% 58% 61% 2.06 1.99 2.10 0.65 1.10 1.26 1.00 1.15 0.50 0.90 0.60 1.04 0.60 1.14 0.70 1.41 0.60 0.00 0.20 2.73 100% 90% 80% 70% 60% 2018 2019 2020 2021 2022 2023 2024 2025 Wacker Neuson SE SDAX DAX 2018: Earnings per share in € from the sale of a real-estate company Earning per share in € (2018 adjusted to discount the sale of a real-estate company) Dividend per share in € Payout ratio Special dividend in € Payout ratio 2019/2020 Key figures per share 31.12.25 31.12.24 Earnings per share (€) 1.14 1.04 Book value per share (€) 21.6 21.4 Share price at end of period (€) 24.55 14.64 Market capitalization (€ m) 1,721.9 1,026.8 1 As of July 1, 2026. 2 As of July 22, 2026. 3 As of December 31, 2025. Coverage 2 Shareholder structure 3 Bank TP (€) Recom. Date Jefferies 21.00 Hold May 7, 2026 MPCM 30.00 Buy May 7, 2026 Metzler 21.00 Hold May 11, 2026 Kepler Cheuvreux 19.00 Reduce July 22, 2026 39% Free float 26% PIN Privatstiftung 17% SWRW Verwaltungs-GmbH 15% Wacker Familiengesellschaft mbH & Co. KG 3% Treasury shares Total shares: 70,140,000