LU-VE Group (BIT: LUVE) posted a 10.5% increase in product sales for the first half of 2026, driven by an 8.7% rise in volume and 1.8% pricing uplift. Total sales reached €325.1 million, up 10.3% year‑on‑year and 11.0% on a constant‑currency basis.
The company recorded a new‑high order backlog of €333.3 million, a 48% increase from the same period a year earlier and a 10.8% sequential gain from Q1 2026. Adjusted EBITDA rose to €49.6 million, a 15.1% improvement, while the adjusted EBITDA margin expanded to 15.3% from 14.6% in H1 2025. Q2 2026 delivered an all‑time quarterly margin of 16.4%, up 80 basis points.
Adjusted net income climbed 23% to €27.7 million, representing 8.5% of sales. Leverage improved to 0.7 times, down from 1.2 times a year earlier. Cash flow from operations increased 31% to €39.8 million, and EBITDA cash conversion stood at 82%.
Product‑mix details showed air‑cooled equipment up 14.1% to €159.4 million and heat exchangers up 8.0% to €156.2 million. Glass doors fell 14.2% to €5.4 million. In applications, air‑conditioning revenue surged 41.9% to €92.8 million, industrial cooling rose 25.0% to €42.1 million, while refrigeration grew modestly 1.8% to €146.5 million. Data‑center sales accounted for 12% of the backlog.
Geographically, the European Union contributed 54.2% of 2025 product sales, Italy 18.3%, and the United States posted a 92% year‑over‑year growth after launching a new manufacturing plant. China sales grew 17%.
In April 2026, LU‑VE secured a multi‑year contract with a hyperscaler customer valued at over €100 million for the first two years, targeting high‑efficiency cooling for next‑generation, high‑density data‑center architectures.
Management upgraded its medium‑term outlook, raising organic sales growth to “low double‑digit” and the adjusted EBITDA margin target to 15‑17%. Capital expenditure guidance was lifted to €30‑35 million annually, and the effective tax rate was revised to 22‑23% as Polish incentives phase out and U.S. tax obligations rise.
The stock traded at $63.2, up 1.12% from the prior close, within a 52‑week range of $32.4 to $71.6.
