Cabka: Revenue Up 7% in Q1, but the US Lags Behind
Cabka reported a revenue of 47.3 million euros in the first quarter of 2026, a 7% increase compared to the same period in 2025. This growth is accompanied by a significant improvement in profitability, a result, according to the management, of disciplined strategic execution and rigorous cost management. However, this overall performance masks contrasting sector dynamics, with some segments showing notable strength while others are experiencing declines.
European Portfolio Progresses, US Portfolio Declines
The Portfolio segment in Europe grew by 10% year-on-year, confirming the positive trajectory observed in this region. Conversely, the Portfolio in the United States fell by 18%, a shift that management had anticipated. Cabka notes that the strengthened commercial organization in the United States continues to build its contract pipeline, with an expectation of improvement over the year. Meanwhile, Pooling & Customized Solutions in Europe remained largely stable (-1% year-on-year), with underlying operational solidity offset by a particularly favorable annual comparison from the previous year.
Strong Growth in European Contract Manufacturing, Stability in US
The Contract Manufacturing segment in Europe displayed robust growth of 32% year-on-year. In the United States, this activity remains at the heart of the redirection strategy, allowing for better utilization of production capacities. Programs launched in the second half of 2025 contributed to their first full quarters of operation, supporting utilization gains at the Saint-Louis plant. The ECO segment, dedicated to construction and road safety solutions from post-consumer plastic, remained stable (+1% year-on-year). This apparent stagnation results from a compensation: an increase in product sales was offset by a decrease in recycling fees collected.
Cabka Reiterates 2026 Guidance: Improved Revenue and Higher EBITDA Margin
Cabka reiterates its guidance for 2026: the company anticipates an improvement in revenue and a higher EBITDA margin than in 2025. The management emphasizes that order intake has increased across all segments, providing, in their words, good visibility for the following quarter. Alexander Masharov, CEO, characterized the first quarter as a strong start to the year, reflecting consistent execution of the strategy. He noted that management remains focused on disciplined execution and cash generation in a volatile geopolitical context.
