Stratec maintained its 2026 guidance for medium- to high-single-digit constant-currency revenue growth and an adjusted EBIT margin around 10%, despite first-half revenue falling 5.1% to EUR 112.5 million and weaker service-parts demand. Systems revenue increased 15.4% at constant currency, but service parts and consumables declined 11.9% as customers optimized inventories following merger activity. The mix pressured profitability, although second-quarter adjusted EBIT rose more than 125% to EUR 7 million.
Cash flow and leverage improved substantially: first-half free cash flow reached EUR 23.5 million versus negative EUR 14.7 million a year earlier, while net debt fell to EUR 96.7 million. Management expects 2026 results to be heavily weighted toward the fourth quarter, which is forecast to contribute roughly 34%–35% of annual sales. Stratec (ETR:SBS) said its second-quarter performance improved significantly from a weak start to 2026, helping narrow its year-on-year sales and earnings gap in the first half.
The company maintained its full-year guidance despite lower demand for service parts and consumables and an expectation that results will again be heavily weighted toward the fourth quarter. First-half revenue totaled EUR 112.5 million, down 5.1% on a reported basis and 3.3% at constant currency, CFO Tanja Bücherl said. The company reported adjusted EBIT of EUR 7.7 million, compared with EUR 8.5 million a year earlier, while the adjusted EBIT margin declined modestly to 6.9% from 7.2%. → Lumentum Just Delivered the AI Growth Investors Wanted Reported EBIT under IFRS was about EUR 5.5 million, while adjusted net income was EUR 4.1 million, or EUR 0.34 per share.
Reported IFRS net income was EUR 2.4 million, or EUR 0.20 per share. Revenue trends differed substantially across Stratec's operating areas. System revenue rose 15.4% at constant currency to EUR 39.7 million, supported by demand in immunoassay, molecular diagnostics and immunohematology. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be However, revenue from service parts and consumables fell 11.9% at constant currency to EUR 46.1 million.
Bücherl attributed the decline mainly to inventory optimization by several major customers seeking to improve working capital. Development and services revenue also fell 7.8% at constant currency, reflecting a challenging comparison against a strong prior-year period. CEO Marcus Wolfinger said maintenance parts and spares had been "exceptionally weak," even as utilization of diagnostic equipment in molecular diagnostics, immunoassay and immunohematology remained high or was improving.
He said the weakness was concentrated among customers that had undergone merger-and-acquisition activity over the past year, with new owners reviewing service inventory levels. → Joby's Defense Pivot Accelerates With $500M Resonant Sciences Deal Wolfinger said Stratec does not believe the shortfall primarily reflects customers turning to unapproved third-party maintenance components. He cited regulatory and risk considerations surrounding the use of such parts in diagnostic systems. He added that plastic consumables were outperforming, albeit from a low base.
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