Kontron AG

Latest Results (29.05.2026):

Kontron AG — Q1 2026: Revenues were EUR 363.7m (‑5.6% year‑on‑year; +1.7% on a comparable/adjusted basis), EBITDA was EUR 37.6m (down 21.6%) while adjusted EBITDA rose to EUR 46.1m. Net result attributable to shareholders was EUR 14.0m (EPS 22 cents), adjusted net result EUR 20.0m (adjusted EPS 32 cents). Cash and cash equivalents stood at EUR 200.9m, net debt EUR 190.5m and equity EUR 746.3m (equity ratio 42.5%). The quarter included EUR 8.5m of restructuring costs (EUR 25m total expected for 2026) and a delinquent backlog of EUR 32.8m due to supply‑chain disruptions.

Key financials (Q1 2026)

Revenues: EUR 363.7m (Q1 2025: EUR 385.4m). EBITDA: EUR 37.6m (Q1 2025: EUR 48.0m). Adjusted EBITDA: EUR 46.1m. Net result to shareholders: EUR 14.0m (adjusted: EUR 20.0m). EPS undiluted: 22 cents (adjusted: 32 cents).

Revenue drivers and adjustments

Reported revenue decline mainly from deconsolidation/divestments (COM business ~EUR 19.4m last year) and undelivered orders (~EUR 32.8m) related to chip/supply‑chain issues; on an adjusted basis revenue grew ~1.7% in Q1 2026.

Segment performance

“Smart IoT” revenues EUR 238.3m (‑9.5% YoY) with EBITDA EUR 17.2m (burdened by EUR 5.2m HQ/restructuring charges). “Software + Solutions” revenues EUR 125.5m (+2.8% YoY) with EBITDA EUR 20.4m (includes ~EUR 3.3m restructuring in GreenTec).

Core markets

Transportation: external revenues EUR 58.1m (+27.8% YoY). Aerospace & Defense: EUR 40.4m (+25.2%), EBITDA up. Cyber Solutions: EUR 37.0m (+19.3%), EBITDA +44.1%.

Balance sheet & liquidity

Cash and cash equivalents EUR 200.9m (31.12.2025: EUR 263.5m). Net debt EUR 190.5m (31.12.2025: EUR 147.1m). Equity EUR 746.3m; equity ratio 42.5%. Inventories EUR 334.0m; working capital improved to EUR 283.3m.

Cash flow

Operating cash flow negative at EUR ‑9.1m (Q1 2025: +2.8m); adjusted operating cash flow reported EUR 2.2m. Investing cash flow outflow EUR ‑10.8m and financing cash flow EUR ‑43.0m in the quarter.

Restructuring and cost outlook

Restructuring in GreenTec (solar/wall chargers) to cut ~500 roles (339 already processed in Q1); Q1 restructuring costs ~EUR 8.5m, total expected ~EUR 25m in 2026; annual savings >EUR 30m from Q3 2026; GreenTec expected profitable from Q4 2026.

Backlog, pipeline and workforce

Backlog EUR 2,544.3m; project pipeline EUR 7,558.9m. Delinquent backlog EUR 32.8m (chip shortage). Employees (FTE) 6,587 (down from 6,696 at year‑end 2025).

Outlook for 2026

Group expects 2026 revenues around prior year (or +8% organically when adjusted for 2025 divestments of ~EUR 75m). Management expects adjusted EBITDA ~EUR 225m before restructuring (reported ~EUR 200m) and will prioritize organic growth over acquisitions.