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 ratio1 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 ratio2 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 ratio2 declined significantly YoY due to efficient inventory management. |
Positive free cash flow due to higher cash flow from operating activities in Q2/2026. |
1 Net Working Capital in % of the annualized quarter revenue.
Growth driven by both Europe and North America Americas: 20% of Group revenue1 Europe:
78% of Group revenue1 Asia-Pacific: 2% of Group revenue1
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 revenue1 Light Equipment:
20% of Group revenue1 Services: 21% of Group revenue1
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 capital30.06.2025 30.09.2025 31.12.2025
31.03.2026
30.06.2026
Strong free cash flow and low net financial debt
€ 76m
Free cash flow
€173m
Net financial debt1
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
Solid order book in H1/2026
B2B-ratio >1.0, while order momentum softened in Q2/2026.
Construction market gradually recovering
CECE index1 positive despite recent geopolitical headwinds.
Mixed agricultural equipment market2
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
Net working capital ratio and free cash flow developed strongly,
underlining the quality of our operational steering.
4We raised our full-year guidance and are cautiously optimistic for the second half of 2026.
5Strategy 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
ir@wackerneuson.com 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 - H1/2026Solid development in Europe and North America
983.1
252.7
20.7
Revenue [€ m]
17%
100%
Europe Americas Asia-Pacific
Comment
Share YoY EBIT1
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 - H1/2026Inventories
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
DIO1
[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
DSO2
[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
DPO3
[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- H1/2026Net 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 ratio1
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 ratio1 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 - H1/2026Net financial debt and gearing Net financial debt / EBITDA (LTM)3
Net financial debt1
[€ 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 ratio4
Gearing2
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 debt1 significantly decreased compared to previous year, net financial debt / EBITDA (LTM)3 at 0,5
Gearing2 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 companyEarning 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.
Coverage2 Shareholder structure3
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 |
26% PIN Privatstiftung
17% SWRW Verwaltungs-GmbH
15% Wacker Familiengesellschaft mbH & Co. KG
3% Treasury shares
Total shares: 70,140,000