Baikowski: Revenue up to €27.8M, net income down in first half
The ultra-pure alumina powder manufacturer published interim accounts marked by business growth, driven by electronics and high-value-added industrial applications.
At the same time, the Group's net income declined compared to the first half of 2025, and the operating margin rate decreased over the period.
Revenue of €27.8M, up 13.1% at constant scope and exchange rates
The Baikowski Group's revenue amounted to €27.8 million in the first half of 2026, compared to €26.7 million a year earlier. At constant exchange rates and scope, activity grew 13.1% compared to 2025.
According to the company, this growth is driven by electronics, new high-value-added industrial applications and diversification of outlets. Sales related to CMP (Chemical Mechanical Polishing) applications benefit from the dynamism of the semiconductor market, while the new generation of alumina intended for electronics continues its commercial deployment.
Aluminas intended for technical ceramics also contribute to growth, according to the statement.
Net income of €2.5M versus €4.6M a year earlier
Operating income (EBIT) stood at €3.2 million, or 11.7% of revenue, compared to 18.6% in the first half of 2025. This operating income includes a share of results from equity-accounted companies of €1.2 million, compared to €1.0 million a year earlier.
Operating income before goodwill and equity accounted companies (EBITA) came in at €2.1 million, compared to €4.0 million in the first half of 2025. EBITDA stood at €5.2 million, compared to €6.8 million a year earlier.
The tax charge reached €0.5 million, compared to €0.2 million at the end of June 2025, for an effective tax rate of 16.7%. Group net income thus amounted to €2.5 million, compared to €4.6 million at 30 June 2025.
Baikowski anticipates growth and improved profitability for the full year
For the full year 2026, Baikowski anticipates revenue growth and a notable improvement in profitability compared to 2025, supported by the expansion of its addressable markets and its positioning in high-value-added industrial applications.
At 30 June 2026, Group shareholders' equity amounted to €47.9 million, compared to €46.3 million at 31 December 2025, an increase of €1.6 million mainly related to the period's net income reduced by dividends paid of €1.1 million. Net financial debt stood at €7.8 million, down €0.6 million from 31 December 2025 (€8.4 million).
Operating cash flow reached €3.7 million for the semester, while cash and cash equivalents stood at €6.5 million at 30 June 2026, compared to €8.1 million at 31 December 2025.
