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1H 2026 results hGears the heart of your performance
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2 Disclaimer This report contains forward-looking statements. These statements are based on current experience, estimates and projections of the Management Board and the information available at the time this report was prepared. They are not guarantees of future performance and results and are subject to risks and uncertainties that are beyond hGears’ ability to control or predict, such as future market conditions, regulatory changes, or the behavior of other market participants, for instance. These and other factors can cause the actual results, performance and financial position to deviate significantly from the estimates stated herein. hGears does not assume any obligation to update the forward-looking statements contained in this report. Certain numerical data, financial information and market data, including percentages, in this document have been rounded according to established commercial standards. Furthermore, in tables and charts, these rounded figures may not add up exactly to the totals contained in the respective tables and charts.
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3 1H 2026 Highlights Disciplined execution and liquidity measures mitigate continued market pressures • 1H26 performance on track despite persistent market headwinds • [e]-Mobility remained resilient and continued to stabilize Group performance • e-Bike was affected by a tough comparison base and market weakness, while e-Tools softened due to weaker demand for gardening tools • Structural adjustments and efficiency measures supported profitability despite lower volumes, an adverse product mix and negative currency effects • Optimized Free Cash Flow supported cash preservation, which remains clear priority • 2026 guidance confirmed
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4 Quarterly sales reflect a stable sequential evolution Sales (in EUR million) 7.3 7.8 8.9 8.5 8.7 9.2 8.2 8.7 8.2 7.7 12.6 11.9 9.2 10.4 12.2 11.7 11.3 11.6 12.9 12.6 6.0 4.5 3.8 4.1 4.0 3.4 0.7 1.6 2.2 3.0 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 e-Tools [e]-Mobility e-Bike 25.9 24.2 21.9 23.0 24.9 24.3 20.2 21.9 23.3 23.3
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5 Financial Review
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6 • e-Bike – Sales decline reflects prior-year phasing and weak market conditions • [e]-Mobility – Supported by focus on sports and luxury vehicles • e-Tools – Decline against strong prior-year base; weaker gardening tool demand – Adjusted EBITDA remained positive despite lower volumes and negative net FX effects of around EUR 0.4 million – Personnel expenses decreased by EUR 1.9 million year on year, down 11 % – Structural adjustments and cost-saving measures supported profitability 18.0 15.9 23.8 25.5 7.5 5.1 1H25 1H26 e-Tools [e]-Mobility e-Bike 22.6 21.0 0.0 10.0 20.0 1H25 1H26 1.1 0.4 0.0 0.5 1.0 1.5 2.0 2.5 1H25 1H26 Implemented cost measures support 1H26 results in line with expectations Sales (in EUR million) – Unfavourable product mix and higher energy prices weighed on the 1H26 gross margin – Lower outsourced production and other material costs mitigated the impact – Efficiency improvements provided further support Adj. Gross Profit (in EUR million) Adj. EBITDA (in EUR million) 49.3 46.5 45.6 % 44.9 % Adj. Gross profit Adj. Gross profit margin 2.2 % 0.8 % Adj. EBITDA Adj. EBITDA margin -31.2 % +7.0 % -11.8 %
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7 Net Working capital (in EUR million) Free Cash Flow bridge • Free cash flow improved by EUR 3.4 million year-on-year • Operating cash flow improved by EUR 3.8 million, supported by optimized NWC • investments in new projects increased investing outflows by EUR 0.4 million Capital expenditure • CAPEX slightly higher year on year but remained broadly in line with the maintenance level of around 3% of sales Working capital • Active net working capital management supported liquidity Optimized free cash supported cash preservation Free Cash Flow bridge (in EUR million) 1.2 1.6 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 1H25 1H26 Capital expenditure (in EUR million) -2.3 3.8 -0.4 1.1 -4 -2 0 2 1H25 Operating activities Investing activities 1H26 8.6 5.1 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 1H25 1H26
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8 4.9 6.2 7.7 9.4 13.8 14.7 17.2 18.5 20.4 18.8 1.1 1.9 3.8 18.7 20.2 14.1 17.5 11.7 28.7 22.0 -7.5 2.5 12.5 22.5 32.5 42.5 -4-3-2-1012345 678910 1112 13141516171819202122 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Adequate liquidity and a stable capital base Net Debt (in EUR million) and Leverage • Liquidity – Positive contributions from operating activities and active net working capital management supported the liquidity position – Cash and cash equivalents of EUR 7.2 million (31.December 2025 EUR 8.7 million) – Liquidity remains sufficient to support ongoing operations • Net Debt & Leverage – Net debt reduced to EUR 18.8 million due to repayments – Higher leverage mainly reflects the low level of LTM adjusted EBITDA • Equity ratio − Equity ratio remained at 27.0%, compared with 31.9% at year-end 2025 Net debt Leverage (LTM Adj. EBITDA) Items 31 December 2025 30 June 2026 Cash and cash equivalents 8.7 7.2 Unused credit lines 1.7 0.0 Available Liquidity 10.4 7.2 Liquidity headroom (in EUR million)
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9 Outlook & Closing Remarks
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10 2026 guidance confirmed Guidance 2026 Revenue EUR 80 - 90 million Adjusted EBITDA EUR -3 million to EUR 0 million Free Cash Flow EUR -5 million to EUR -2 million
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11 Q&A