Akwel: Revenue Down 18.7% in First Half, Operating Margin at 4.3%
Akwel published its first half 2026 accounts on September 17, 2026, marked by revenue of €415.0 million, down 18.7% year-on-year. The automotive equipment supplier from Champfromier sees its activity decline due to the end of production of series SCR tanks and the revision of several projects by manufacturers.
Despite this contraction in business volume, the current operating margin stands at 4.3% of revenue, down 1.1 percentage points, while adjusted net cash totals €123.7 million as of June 30, 2026.
Revenue of €415 Million, Net Income of €10.5 Million
In the first half of 2026, Akwel generated consolidated revenue of €415.0 million, compared to €510.6 million a year earlier, representing a decline of 18.7% (16.9% at constant scope and exchange rates). The unfavorable exchange impact amounted to €9.4 million.
Gross operating profit reached €35.8 million, compared to €6.5 million in the first half of 2025. Current operating income stood at €18.0 million, down 35.3%, and operating income at €15.9 million, down 40.6%.
After a tax charge of €5.9 million, net income attributable to the group amounted to €10.5 million, compared to €13.6 million a year earlier, a decline of 22.7%. The net margin stood at 2.5% of revenue, down 0.2 percentage points.
Current Operating Margin Down 1.1 Percentage Points, Cash Flow in Decline
Current operating margin stands at 4.3% of revenue, compared to 5.4% in the first half of 2025, a decline of 1.1 percentage points. The reduction in activity volume is linked, on one hand, to the planned end of series SCR tank production, and on the other hand, to the cancellation, postponement or contraction of several projects by customer manufacturers.
According to the company, efficiency gains, the ability to adapt the structure to activity levels, and inventory management help offset restructuring costs as well as increases in labor costs, raw materials and components related to geopolitical tensions.
Adjusted net cash, including €11.8 million in lease obligations and €36.1 million in fixed-term accounts, stands at €123.7 million as of June 30, 2026, compared to €133.0 million at December 31, 2025. The change in working capital requirement reached €11.2 million, primarily related to increased inventory, and investments amounted to €16.0 million, compared to €19.0 million in the first half of 2025.
Decline of 12 to 15% Expected for Full Year 2026
The group indicated in its last publication that it anticipates a decline in revenue in the range of 12 to 15% for the full year 2026, given a less unfavorable base effect in the second half. This projection remains current.
Akwel clarifies that this outlook should be analyzed in a context of high uncertainty, linked to contraction in certain markets, competition between manufacturers, persistent geopolitical instability, and possible changes in the mix between electric, gasoline, diesel and hybrid powertrains.
The company also indicated a correction to the level of net cash excluding lease obligations published in its half-year revenue release, with a corrected amount of €99.3 million, compared to €98.1 million reported in July. The next release, covering third quarter 2026 revenue, is scheduled for November 5, 2026, after market close.
