Einhell Germany AG

Latest Results (20.05.2026):

Einhell Germany AG — Q1 2026: The Einhell Group reported revenue of EUR 310.9 million in Q1 2026 (up 2.7% year‑on‑year; +4.5% currency‑adjusted). Profitability remained stable with EBT before PPA of EUR 29.1 million (9.4% margin) and EBT after PPA of EUR 28.8 million (9.3% margin). Consolidated net profit attributable to shareholders was about EUR 20.0 million and earnings per share were EUR 1.80. The company reconfirms a cautious outlook for FY 2026 (revenue ~EUR 1,200m; pre‑tax margin ~9.0%).

Key figures

Revenue EUR 310.9m; EBT before PPA EUR 29.1m (EBT after PPA EUR 28.8m); EBIT EUR 30.6m; consolidated net profit ≈ EUR 20.0m; EPS EUR 1.80. Revenue growth nominal +2.7%, +4.5% adjusted for currencies.

Profitability & margins

EBT margin before PPA 9.4% (after PPA 9.3%). Financial result negative at EUR -1.8m. Depreciation/amortisation rose to EUR 5.0m and personnel expenses increased to EUR 40.2m.

Power X‑Change platform

Power X‑Change continues to drive growth: group revenue share rose to 55% (goal >70% medium term). In Germany PXC share is ~66% and in Austria ~85%.

Segment performance

Western Europe incl. D/A/CH strongest: revenue EUR 189.4m (+11.2% nominal) and EBT EUR 19.5m. Eastern Europe revenue EUR 36.0m (strong increase, EBT EUR 2.5m). Overseas & Other declined to EUR 68.4m (nominal -10.2%, currency‑adjusted improved) with EBT down to EUR 6.2m. Production & Sourcing fell to EUR 17.1m (‑31.4%) and posted negative EBT of EUR -0.5m.

Balance sheet, cash and debt

Cash and cash equivalents EUR 55.0m (31 Mar 2026 vs EUR 90.4m at 31 Dec 2025). Equity EUR 517.1m, equity ratio 55.0%. Net debt (bank liabilities less bank deposits) EUR 40.1m — a material increase vs year‑end driven by lower cash; promissory note of EUR 50m matures end‑2026.

Working capital & cash flow

Inventories reduced to EUR 409.4m (from EUR 451.0m); trade receivables increased to EUR 270.0m. Operating cash flow was negative (net cash from operating activities ≈ EUR -31.0m) and total cash decreased by ≈ EUR 35.4m in the quarter.

Cost items

Other operating expenses rose to EUR 60.6m (including advertising EUR 24.5m, outbound freight EUR 9.7m, warehousing EUR 6.6m). Personnel expenses increased to EUR 40.2m.

Investments & operational developments

Investments (ex‑leases) in Q1 were EUR 3.1m, mainly plant and office equipment and a new factory sales building. SAP S/4HANA rollout, sustainability and expansion of product ranges (including Einhell Professional) are ongoing priorities.

Outlook & guidance

Management expects continued positive trend but remains cautious on earnings. FY 2026 guidance: revenue ~EUR 1,200m and pre‑tax margin ~9.0%. No material events after the reporting date were disclosed.