Brunel International: Stable Current EBIT in Second Quarter Despite Netherlands Decline
In the second quarter of 2026, Brunel International maintained its underlying EBIT at €6.2 million, compared with €6.3 million a year earlier, despite revenue declining 2% to €297.7 million. This stability reflects a geographical rebalancing: the Global division's current EBIT grew 10% and the DACH region remained profitable for the second consecutive quarter.
Conversely, the Netherlands and Belgium recorded a 21% revenue decline. They swung to negative current EBIT. The group designates this market as its "primary turnaround priority".
Stable Current EBIT, First-Half Net Income of €5.1 Million
In the second quarter, the group's gross margin remained stable at 17.3%. The company explains that the higher contribution from permanent employment recruitment offset an unfavorable regional mix. Operating costs fell 2% to €45.4 million. Current EBIT margin also remained stable at 2.1%.
For the first half, revenue stood at €596.6 million, down 3% on a reported basis and stable on an organic basis. Current EBIT fell 3% to €14.2 million (+3% organic). The corresponding margin remained at 2.4%.
The gap widens below this line. Non-recurring charges returned to €1.2 million, versus €6.2 million in the first half of 2025, and reported EBIT grew 52% to €12.9 million. Group net income reached €5.1 million, compared with €0.3 million, representing earnings per share of €0.10, versus €0.01. The effective tax rate returned to 34.6%, versus 76.8% a year earlier.
DACH and Global Up, Netherlands and Belgium in Quarterly Loss
In the DACH region (Germany, Switzerland, Austria, Czech Republic), quarterly revenue grew 13% to €50.0 million. Current EBIT moved to €0.8 million, compared with -€0.3 million a year earlier. This improvement was accompanied by a 19% reduction in average indirect headcount. However, gross margin fell to 23.9%, versus 26.1%, which the group attributes to persistent pricing pressure.
In the Netherlands and Belgium, the 21% revenue decline, to €41.5 million, was accompanied by a 25% reduction in gross margin in value. Operating costs fell only 8%. Current EBIT came in at -€0.2 million, versus €2.1 million a year earlier. For the half-year, it fell to €0.4 million, versus €4.7 million.
The Global division raised its current EBIT to €9.3 million in the quarter, compared with €8.5 million. The Americas (+6% revenue) and Rest of World (EBIT returned to €0.8 million, versus -€0.2 million) supported this growth. Asia saw its revenues decline 16%, but its gross margin rose to 19.1%, versus 16.9%. In the Middle East and India, EBIT fell to €2.7 million, versus €3.1 million, due to geopolitical uncertainty and project start delays.
Net Debt of €4.1 Million After Dividend, Stable Trends Expected in Third Quarter
As of June 30, 2026, Brunel reported net debt of €4.1 million, compared with net cash of €31.6 million as of December 31, 2025. The group explains this shift by the dividend payment in June and the seasonality of its cash flows. This dividend comprised €0.06 ordinary and a "super dividend" of €0.29 per share. First-half free cash flow remained negative at -€14.1 million, versus -€24.3 million a year earlier, due to seasonal growth in receivables. In the second quarter alone, it turned positive at €4.6 million.
For the full year, the company anticipates an effective tax rate between 30% and 35%, versus 62.6% in 2025. For the third quarter, it is cautious and expects second quarter trends to continue overall. It expects strong performance in the DACH region and the Global division, partially offset by the ongoing turnaround in the Netherlands and uncertainty in the Middle East.
The group set November 6, 2026 for the publication of its third quarter activity update.
