Framery Group Plc | Half Year Financial Report | July 27, 2026 at 09:00:00 EEST
This release is a summary of Framery Group Plc's Half-year report January-June 2026. The complete report is attached to this release as a pdf file. It is also available on Framery's website at https://framery.com/sijoittajat/en/investors/
April-June 2026 in brief:
- Revenue decreased by 3.7% year-over-year, amounting to EUR 51.4 (53.3) million.
At comparable exchange rates, revenue decreased by 3.4% and totaled EUR 51.6 million. Excluding the share of the largest single end-customer, revenue grew by 6.9% year-over-year. - EBIT was EUR 14.6 (5.3) million, or 28.4% (10.0%) of revenue.
- Items affecting comparability amounted to EUR -2.6 (4.7) million, the largest of which was a non-recurring tariff refund from 2025 tariff expenses.
- Adjusted EBIT amounted to EUR 12.0 (10.0) million, or 23.4% (18.8%) of revenue.
- Operating Free Cash Flow was EUR 14.4 (7.5) million, and the cash flow conversion was 106.2% (65.4%).
- Earnings per share (basic and diluted) were EUR 0.14 (0.02).
January-June 2026 in brief:
- Revenue decreased by 1.9% year-over-year, amounting to EUR 109.7 (111.8) million.
At comparable exchange rates, revenue grew by 0.6% and totaled EUR 112.4 million. Excluding the share of the largest single end-customer, revenue grew by 11.1% year-over-year. - EBIT was EUR 28.5 (20.7) million, or 26.0% (18.5%) of revenue.
- Items affecting comparability amounted to EUR -2.4 (6.1) million, the largest of which was a non-recurring tariff refund from 2025 tariff expenses.
- Adjusted EBIT amounted to EUR 26.1 (26.8) million, or 23.7% (23.9%) of revenue.
- Operating Free Cash Flow was EUR 18.8 (15.4) million, and the cash flow conversion was 64.8% (51.8%).
- Net debt was EUR 69.4 (99.8) million, and leverage, calculated as net debt divided by the last 12 months' adjusted EBITDA, was 1.2 (1.8).
- Earnings per share (basic and diluted) were EUR 0.27 (0.14).
Key figures
| Key figure (EUR million) | 4-6 2026 | 4-6 2025 | Change | 1-6 2026 | 1-6 2025 | Change | 1-12 2025 |
| Revenue | 51.4 | 53.3 | -2.0 | 109.7 | 111.8 | -2.1 | 222.1 |
| Revenue Growth, % | -3.7% | 43.5% | -47.3% | -1.9% | 58.8% | -60.6% | 37.0% |
| Revenue at comparable exchange rate | 51.6 | N/A | N/A | 112.4 | N/A | N/A | N/A |
| Revenue Growth, % at comparable exchange rate | -3.4% | N/A | N/A | 0.6% | N/A | N/A | N/A |
| EBITDA | 16.1 | 6.8 | 9.3 | 31.5 | 23.6 | 7.9 | 46.9 |
| EBITDA margin, % | 31.4% | 12.7% | 18.7% | 28.7% | 21.1% | 7.6% | 21.1% |
| Adjusted EBITDA* | 13.5 | 11.5 | 2.1 | 29.0 | 29.7 | -0.7 | 56.4 |
| Adjusted EBITDA margin, % | 26.4% | 21.5% | 4.9% | 26.4% | 26.5% | -0.1% | 25.4% |
| EBIT | 14.6 | 5.3 | 9.3 | 28.5 | 20.7 | 7.8 | 41.0 |
| EBIT margin, % | 28.4% | 10.0% | 18.5% | 26.0% | 18.5% | 7.5% | 18.5% |
| Adjusted EBIT* | 12.0 | 10.0 | 2.0 | 26.1 | 26.8 | -0.7 | 50.5 |
| Adjusted EBIT margin, % | 23.4% | 18.8% | 4.6% | 23.7% | 23.9% | -0.2% | 22.8% |
| EPS (basic), EUR | 0.14 | 0.02 | 0.13 | 0.27 | 0.14 | 0.13 | 0.26 |
| EPS (diluted), EUR | 0.14 | 0.02 | 0.13 | 0.27 | 0.14 | 0.13 | 0.26 |
| Operating Free Cash Flow | 14.4 | 7.5 | 6.9 | 18.8 | 15.4 | 3.4 | 51.6 |
| Capital Employed | 47.8 | 39.7 | 8.1 | 47.8 | 39.7 | 8.1 | 38.6 |
| ROCE | 104.2% | 128.0% | -23.8% | 104.2% | 128.0% | -23.8% | 130.9% |
| ROE | 94.2% | 94.5% | -0.3% | 94.2% | 94.5% | -0.3% | 39.9% |
| Investments | 1.1 | 1.2 | -0.1 | 2.6 | 1.8 | 0.8 | 3.1 |
| Net debt | 69.4 | 99.8 | -30.4 | 69.4 | 99.8 | -30.4 | 66.9 |
| Net debt / Adjusted EBITDA* | 1.2 | 1.8 | -0.5 | 1.2 | 1.8 | -0.5 | 1.2 |
| Cash Conversion | 106.2% | 65.4% | 40.8% | 64.8% | 51.8% | 13.0% | 91.6% |
| Personnel | 507 | 496 | 11 | 507 | 496 | 11 | 484 |
*Adjusted with items affecting comparability, which are considered unusual significant items outside the ordinary course of business. Items affecting comparability include, e.g., costs related to changes in Group structure, non-recurring consulting and legal expenses, people-related non-recurring expenses, expenses related to pre-listing share-based incentive programs, non-recurring expenses related to the new product launch and strategic growth, non-recurring component quality costs and related insurance compensations, costs related to preparations for and the implementation of the Company's listing on the stock exchange, and non-recurring tariff expenses and refunds.
Financial targets and outlook
The Company has set long-term targets for growth, profitability, and leverage. Framery targets an average annual organic revenue growth to exceed 10% from 2025 baseline, an adjusted EBIT margin of 25% in the mid-term, and net debt to adjusted EBITDA below 2.0x.
Framery does not publish a short-term outlook.
Framery's dividend policy is to target payout of 70-90% of the net profit. Part of the distribution may be executed through share buybacks.
CEO Samu Hällfors
Framery's second quarter of 2026 was financially strong despite a volatile market environment. The price increases implemented early in the year were fully visible in the average prices for the review period and offset the slightly softer product sales mix. Profitability strengthened markedly and the adjusted EBIT margin grew by nearly five percentage points year-over-year to 23%. EBIT was further increased by realized non-recurring tariff refunds. The profitability of the comparison period, in turn, was impacted by paid share-based incentives.
Earnings per share increased over sixfold and rose to EUR 0.14. This positive development was driven by strengthened profitability as well as significantly reduced financing costs.
The Group's revenue grew by 7% year-over-year excluding the share of the largest single end-customer in the comparison period. The war in Iran caused project delays during the second quarter, but the market recovered rapidly from the initial shock. We estimate that the war had a moderate negative impact on the second quarter's revenue. The Group's reported revenue was EUR 51 million, falling slightly short of the comparison period. This development was impacted by the exceptionally large purchases made by a single global customer during 2025, which were reflected in the comparison period's figures, and the strengthening of the dollar against the euro.
Regionally, growth was driven by North America, where underlying revenue growth was 34% year-over-year. EMEA's revenue, on the other hand, decreased, which was impacted by sluggish demand in the Nordic countries and German-speaking Europe due to the macroeconomic environment. Revenue in APAC also decreased even when excluding the exceptionally large purchases of a single global customer in the comparison period, and the relative impact of the war in Iran is estimated to have affected this market area more strongly than others. The seasonal fluctuation of demand in APAC is also increased by a stronger focus on project sales than in other regions.
The launch of the Gradus product line, developed for the North American market, has been successfully completed and sales have begun, but it is not expected to be significantly visible in revenue until the first half of 2027 at the earliest. In the U.S., the ramp-up of the new assembly facility is progressing according to our plans: pre-production series are underway, and the first customer deliveries are scheduled to begin during the third quarter. Starting local production is a significant strategic milestone that optimizes our delivery capability and strengthens our competitive position in our fastest-growing market. The localization of manufacturing operations decreases dependence on international logistics flows while offering protection from the impacts of potential trade policy uncertainties. Manufacturing operations are planned to begin during the second half of 2026 and reach their planned scale during 2027. Growth in the region was generally strong, and during the quarter, significant commercial wins were achieved in semiconductor customer accounts, among others.
Growth in the first half of the year progressed in line with our targets despite the challenging market environment in the second quarter, and we are confident in our ability to achieve our mid-term strategic targets. The drivers for market growth and demand for our products have remained stable despite the regional conflict in Iran and the continued volatility of the operating environment. Our strategic competitiveness relies on the premium quality and user experience of our products, optimal pricing, and the exceptional reliability and speed of our supply chain - these factors have further strengthened during the review period.
We head into the remainder of the year with confidence, focusing on the execution of our strategic targets. We focus on operational activities that are within our control: Proactively driving commercial efforts across all markets and helping our customers build optimal work environments. We will leverage the new production capacity in the U.S. to strengthen our competitiveness and ensure our organization's ability to adapt with agility to changing market conditions.
Press conference on financial results:
Framery will hold a webcast for analysts, investors, and media on 27 July 2026 at 11:00 a.m. EEST. The conference will be held in English. Framery's CEO Samu Hällfors and CFO Lauri Isotalo will host the event. The webcast can be followed at https://framery.events.inderes.com/q2-2026/.
A recording of the webcast and presentation material will be available after the event on the Company's website https://framery.com/sijoittajat/en/investors/.
For further information, please contact:
Kati Kaksonen, Investor Relations Director, Framery Group Plc, +358 50 393 1561, kati.kaksonen@framery.com
Framery in Brief
Framery enables people to focus on what truly matters and to get things done. With its soundproof smart pods and smart office solutions, Framery turns ordinary offices into places people love. This is why Framery is an essential part of a successful workday for millions of workers in over a hundred countries and within many of the world's leading companies.
