LU-VE Group reported a 10.3% year‑on‑year increase in first‑half 2026 sales, reaching €325.1 million, with Q2 revenue of €171.7 million up 7.7% from a year earlier. The growth was driven by an 8.7% volume rise and modest price hikes of 1.8% across its product portfolio.
Heat exchangers generated €156.2 million (48% of sales) while air‑cooled equipment contributed €159.4 million (49%). By application, air‑conditioning sales surged 41.9% to €92.8 million, industrial cooling grew 25% to €42.1 million, and refrigeration rose 1.8% to €146.5 million. Geographic exposure remained EU‑centric, with the EU (including Italy) accounting for 72.5% of revenue; the United States grew 92% to 5.8% of sales, and China increased 17% to 1.7%.
Adjusted EBITDA for the quarter reached a record 16.4% margin, up 80 basis points from Q2‑2025, and H1 adjusted EBITDA totaled €49.6 million, a 15.1% rise. Adjusted net income grew 23% to €27.7 million. The last‑twelve‑months EBITDA stood at €95.3 million on a 15.0% margin.
The order backlog expanded 48% year‑on‑year to €333.3 million, adding 10.8% sequentially from Q1‑2026. A notable component is a new hyperscaler contract signed in April 2026, valued at over €100 million for the first two years and representing roughly 12% of the backlog.
Financial strength improved as net financial debt fell to €67.7 million from €96.4 million a year earlier, cutting the net‑debt/EBITDA ratio to 0.7x. Operating cash flow rose 31% to €39.8 million, and cash conversion reached 82%.
Management upgraded its outlook for 2026‑2029. Organic sales growth guidance moved from high single‑digit to low double‑digit, and the adjusted EBITDA margin target was raised to 15‑17% from 14‑15%. Capital‑expenditure guidance increased to €30‑35 million annually, and the effective tax rate range was adjusted to 22‑23%.
On the sustainability front, LU-VE reported a 36% cut in Scope 1 and 2 emissions versus the 2022 baseline, exceeding its 2025 target. The share of turnover from high‑efficiency or natural‑refrigerant products reached 58% in 2025, on track for a 64% target by 2029. The firm earned a Silver Medal from EcoVadis and a “C” rating in CDP’s climate and water disclosures.
Shares traded at $63.3, up 1.28%, near the top of a 52‑week range of $32.4‑$71.6, giving the company a market cap of about $1.64 billion and a trailing P/E of 38.0.
