SBO (AO) | Reduce | Good bookings, operational numbers are rather low

Research evidence excerpt

SBO (AO) | Reduce | Good bookings, operational numbers are rather low

n Technology (PT) division, bookings increased in the

first quarter of 2026, driven by higher demand for high-precision components and high-performance materials for the oil and gas

industry". Book-to-bill is above 1x. The order backlog increased to EUR106M as of 31 March 2026.

This is a positive signal for the upcoming quarters.

Operational numbers remain low and slightly lower than expected.

On the operational side, the numbers were not great.

The group's Q1 top line reached EUR98.5m, below our forecast (EUR110m). PT division revenues remained low, at EUR39m (we

were expecting EUR45m), while EE top line also came slightly below expectations at EUR60m (EUR65m expected).

EBITDA came at EUR11.4m, representing a 11.6% margin. We were expecting the margin to be close to 12%. EBIT was EUR2.7m,

representing an EBIT margin of 2.8%. The company underlines that "the decline was mainly attributable to low capacity utilisation

in the Precision Technology division and to logistics-related sales deferrals in the Energy Equipment division in the Middle East, as

well as to the ramp-up of the reline and distribution centre in the US".

– PT division EBITDA is EUR2m, 5% margin, while the EBIT turned negative (EUR-1.5m). EE division EBITDA is EUR10m,

representing a sound 16.6% margin. EBIT is positive at EUR4.8m. Holding (EUR0.4m negative EBITDA) did not materially

impact earnings this quarter.

Net income is null.

Negative FCF, a slight increase in the net debt.

The group's operating cash-flow is positive of EUR6.3m (slightly negative movement in working capital of EUR2.7m) but FCF is

negative of EUR7m.

The net debt is therefore increasing a bit sequentially to EUR83m.

Looking forward; recovery in H2/