LU-VE SpA announced record second‑quarter 2026 revenue of $171.7 million, the highest quarterly total in the company’s history. Revenue for the first half of the year rose 10.3% year‑over‑year, or 11% on a constant‑currency basis, with product sales up 10.5%.
EBITDA grew 15.1% YoY, and the quarter’s EBITDA margin reached a new record of 16.1%. The firm’s order backlog, measured on confirmed orders with fixed delivery dates, climbed to more than €333 million, a 48% increase from the prior year. Data‑center projects account for roughly 12% of the backlog.
Financial ratios indicate a strong balance sheet. Net financial debt to EBITDA stands at 0.7 ×, reflecting an improvement of about €30 million versus June 2025. The current ratio is 2.48, the Piotroski Score a perfect 9, and return on equity over the trailing twelve months is 18%.
LU-VE’s market capitalization is $1.64 billion, with a price‑to‑earnings multiple of 38.02. The share price rose 1.28% to $63.30, up from $62.50, within a 52‑week range of $32.40 to $71.60. Over the past twelve months the stock has returned 93%.
Management outlined medium‑term guidance that targets organic sales growth in the low double‑digit range and EBITDA margins of 16%‑17%. Capital expenditures are expected to average €30‑35 million annually to fund capacity expansion in the United States and China, as well as engineering and design automation. The effective tax rate guidance was lifted to 22%‑23% due to the phasing out of special tax incentives in Poland and the commencement of U.S. tax payments, with the U.S. corporate rate around 25%.
For the second half of 2026, the company anticipates performance that exceeds the first half, driven by backlog conversion and a ramp‑up of its hyperscaler‑related data‑center business in the United States. The Texas plant has begun delivering units for refrigeration and data‑center applications, employing automation to reduce labor intensity during peak periods. In China, the firm is in an active ramp‑up and exploration phase.
CEO Matteo Liberali said the first half confirmed a “significant strengthening of LU‑VE’s growth trajectory” and that the record backlog provides confidence for a stronger second half. He highlighted data‑center projects as an incremental growth driver that complements the company’s diversified, resilient core business.
Growth was broad‑based across power generation, commercial refrigeration, heat pumps, industrial cooling and data‑center segments. Refrigeration and supermarket demand rebounded after a slow Q1, supported by logistics‑center investments and stricter F‑gas regulations.
Competitors referenced in the call included Modine and Kaltra, but LU‑VE emphasized its approved supplier status with a major U.S. hyperscaler, opening discussions for new product ranges tied to AI, gaming and streaming workloads.
