Kompuestos: Net income tripled in first half of 2026, gross margin raised to 38.1%
Plásticos Compuestos (Kompuestos), a Spanish manufacturer of mineral filler concentrates and masterbatches listed on BME Growth, published its first half 2026 accounts on October 26, 2026. Revenue increased by 1%, and profitability grew faster: gross margin on sales rose from 32.1% to 38.1% due to a product mix more oriented towards specialties.
This improvement was accompanied by debt reduction. Net financial debt returned to 8,751 k€ at the end of June, its lowest level since 2020, and the company is no longer subject to financial covenants following the repayment of its syndicated financing. In return, the increase in industrial investments reduced the free cash-flow for the period to 493 k€ compared to 2,032 k€ a year earlier.
Net income at 372 k€, EBITDA margin raised to 8.5%
Over the first six months of 2026, Kompuestos achieved revenue of 27,237 k€, compared to 26,894 k€ in the first half of 2025. Gross margin increased by 20%, to 10,372 k€. EBITDA reached 2,315 k€ (+13%), representing a margin of 8.5% of sales compared to 7.6% a year earlier.
Operating income increased by 32%, to 1,126 k€, and its margin rose from 3.2% to 4.1%. Financial income was -630 k€ compared to -690 k€, thanks to financial charges declining by 10%. Net income tripled, to 372 k€ compared to 123 k€.
According to the breakdown provided by the company, the improvement in procurement margin contributed 1,385 k€ to the EBITDA increase, and sales growth contributed 343 k€. These gains offset the increase in personnel expenses (+449 k€, or +21%), the increase in other operating expenses (+833 k€, or +17%) and the decline in work carried out for fixed assets (-183 k€). Specialties, a higher value-added segment, increased by 6%, to 7,883 k€, and now represent 29% of sales compared to 28% in June 2025, while mass production (mineral fillers and white and black masterbatches) remained stable at 19,320 k€.
Investments tripled, net debt at lowest level since 2020
The reading of cash flows provides a quantified counterpart to the increase in results. Operating cash flows declined by 14%, to 1,767 k€, particularly because the change in working capital requirement contributed only 57 k€, compared to 1,109 k€ a year earlier. At the same time, investments (capex) increased from 429 k€ to 1,255 k€, mainly for the installation of new storage silos as part of the factory automation project.
This resulted in free cash-flow of 493 k€, down 75% year-over-year. Inventories increased by 22% since the end of 2025, essentially in raw materials, an increase accompanied by a comparable progression in supplier debt (+20%).
The balance sheet nevertheless improved. On March 9, 2026, the 10 M€ syndicated financing established in 2019 reached maturity and was fully repaid. The company also raised 1.07 M€ in March through a capital increase subscribed at 100%. Net financial debt thus declined by 15% compared to end 2025 (10,255 k€) and by 5% year-over-year, and available cash increased from 476 k€ to 1,038 k€ since the beginning of the fiscal year.
France grows by 19%, Colombia designated as next growth driver
By geographic zone, sales increased by 19% in France, to 4,634 k€, and by 5% in other countries, while they declined by 10% in Germany (4,793 k€) and by 2% in Spain (10,341 k€). Kompuestos generates over 60% of its revenue from exports.
The company presents the development of the Latin American market as its next major growth project. It has created the 100% subsidiary Kompuestos Colombia S.A.S. and already has a commercial office in Bogotá as well as warehouses in Bogotá and Cartagena. The general assembly of June 17, 2026 authorized the board of directors to increase capital, within a five-year period, up to a maximum nominal amount of 4,049,670.30 euros. Two resolutions concerning the composition of the board and transactions with related parties were not approved.
Regarding deferred tax assets (1,271 k€ on the balance sheet), the company states that it does not deem it necessary to address the reservation appearing in the limited review report on the interim accounts, as these items should be offset as soon as it generates profits. At the end of June 2026, net financial debt represented 2.3 times EBITDA for the last twelve months, and the net financial debt to equity ratio stood at 0.6, compared to 0.8 a year earlier.
