Delfingen: revenue down 8.3% in first half, net profit up 42%
Delfingen published its first-half accounts on September 14, 2026, marked by a disconnect between declining activity and improving profitability.
The specialist in cable protection for industry and automotive reports revenue down 8.3%, but net profit attributable to the Group up 42.2%, while its current operating margin improves by 1.3 points due to its IMPULSE 2026 transformation plan.
Revenue of €197.2 million, penalized by currency fluctuations and contract terminations
In the first half of 2026, the Group's revenue stands at €197.2 million, down 8.3%. This decline includes an unfavorable currency effect of 3.9% linked to the euro/dollar parity. At constant exchange rates, the decline is 4.5%.
Excluding the voluntary termination of non-contributive contracts from the technical tube assembly activity, decided as part of the IMPULSE 2026 plan, the decline is limited to 1.9%. The second quarter marked sequential improvement, with a decline of 2.6% on an organic basis, following a decrease of 6.2% in the first quarter.
In the Automotive market, activity declined 4.6% on an organic basis in the second quarter, after a decline of 8.2% in the first. Industrial Markets grew 5.1% on an organic basis in the second quarter to €21.9 million, after an increase of 2.2% in the first quarter.
Current operating margin brought to 9.0%
Despite the decline in revenue, profitability improves due to actions from the IMPULSE 2026 plan. Gross margin stands at €113.7 million, or approximately 57.7% of revenue, improving by nearly 3.4 points year-over-year.
EBITDA increases 1.4% to €30.0 million, bringing EBITDA margin to 15.2%, up 1.5 points compared to the first half of 2025. Current operating profit increases 7.0% to €17.8 million, with a current operating margin of 9.0%, compared to 7.7% a year earlier, representing an increase of 1.3 points.
After financial income that improves to -€3.2 million (compared to -€5.8 million in the first half of 2025) and a tax expense of €3.4 million, net profit attributable to the Group reaches €11.5 million, up 42.2%. Net margin is 5.9%, up 2.1 points year-over-year.
Continued debt reduction and 2026 targets confirmed
The Group continues its debt reduction. At constant scope and excluding IFRS 16, net financial debt stands at €96.8 million, down €1.0 million compared to December 31, 2025 and down €15.6 million compared to June 30, 2025.
The leverage ratio (net debt/EBITDA), excluding IFRS 16 and derivative financial instruments, falls from 2.12x as of December 31, 2025 to 2.08x as of June 30, 2026, a level already below the commitments of the IMPULSE 2026 plan. This ratio was 3.02x at the end of 2024. Gearing stands at 63.0%, compared to 67.2% on December 31, 2025. Gross cash stands at €23.6 million as of June 30, 2026.
Free cash flow reaches €4.1 million, in a context of increased working capital requirement of €11.5 million. Delfingen confirms its objectives for fiscal year 2026.
