EQS-News: New upcycle: SBO bookings increase in H1 despite Middle East conflict
EQS-News: SBO AG / Key word(s): Half Year Results
New upcycle: SBO bookings increase in H1 despite Middle East conflict
20.08.2026 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
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• Bookings increased to MEUR 235.3 in H1 (+8.5%); the trend from Q1
continued in Q2 despite the ongoing Middle East conflict
• Order backlog continues to grow to MEUR 117.9, up 31.7% since the
beginning of the year
• Sales gaining momentum sequentially: after eight quarters of decline
or stagnation, sales increased 7.7% from Q1 to Q2, driven by the
recovery in the Precision Technology division
• EBITDA margin remained with 11.8% in double digits despite the
challenging market environment
• Diversification accelerating: growth in additive manufacturing and
rising demand in geothermal energy and the subsea flow control market
Vienna/Ternitz, 20 August 2026. SBO AG entered a new upcycle in the first
half of 2026. Bookings increased to MEUR 235.3 (1-6/2025: MEUR 216.9), up
8.5% year-on-year, with the positive trend from the first quarter carrying
into the second quarter despite the ongoing Middle East conflict (Q2 2026:
MEUR 117.7; Q1 2026: MEUR 117.6). The order backlog continued to increase,
reaching MEUR 117.9 as of 30 June 2026 (31 December 2025: MEUR 89.5), an
improvement of 31.7%. The share of bookings from new business areas
outside the oil and gas industry is approaching the 10% mark – a clear
sign that SBO’s diversification strategy is delivering measurable results,
driven by geothermal energy, 3D metal printing and new high-performance
materials.
CEO Klaus Mader comments on this development: “A new upcycle in our core
business is beginning. Our rising bookings show that we have passed the
trough. Despite the Middle East conflict and volatile oil prices, the
improved bookings from the first quarter continued.”
Sales and earnings for H1 2026 were below the prior year, reflecting the
expected time lag of a few quarters following the low bookings of 2025 and
the operational impact of the Middle East conflict. Sales reached MEUR
204.7 (1-6/2025: MEUR 253.6), burdened by FX-effects. Adjusted for these
currency translation effects, sales declined by 14.7% in H1 2026. A
sequential improvement was already visible: after eight quarters of
declining or, more recently, stagnating sales, in the second quarter sales
clearly increased by 7.7% quarter-on-quarter (Q2 2026: MEUR 106.1; Q1
2026: MEUR 98.5).
Earnings before interest, taxes, depreciation, and amortization (EBITDA)
amounted to MEUR 24.2 in the first half of the year (1-6/2025: MEUR 44.5)
– a sales-related decline resulting from the lower bookings recorded in
the prior year. Despite the challenging market environment, the EBITDA
margin remained with 11.8% in double digits (1-6/2025: 17.5%). Profit from
operations (EBIT) amounted to MEUR 6.9 in the first half of 2026
(1-6/2025: MEUR 28.6), with an EBIT margin of 3.4% (1-6/2025: 11.3%). On a
sequential basis, however, a clear improvement was recorded: EBITDA
improved by 11.3% (Q2 2026: MEUR 12.7; Q1 2026: MEUR 11.4), while EBIT
even increased by 52.2% (Q2 2026: MEUR 4.2; Q1 2026: MEUR 2.7).
Profit before tax amounted to MEUR 3.1 (1-6/2025: MEUR 26.0), and profit
after tax to MEUR 0.2 (1-6/2025: MEUR 18.5). Earnings per share amounted
to EUR 0.01 (1-6/2025: EUR 1.18).
Segments: PT recovering, EE navigating headwinds
At the segment level, the picture was mixed: while the Precision
Technology (PT) division’s earnings improved significantly from Q1 to Q2
on the back of higher sales and improved capacity utilization,
profitability in the Energy Equipment (EE) division declined over the same
period, due to the product mix, ramp-up costs of the reline and
distribution center, and the negative impact of the conflict in the Middle
East.
Sales in the Precision Technology division amounted to MEUR 85.9 in the
first half of 2026 (1-6/2025: MEUR 107.6). At the quarterly level, the
continued positive trend in bookings was already reflected in sales: the
21.8% increase from Q1 to Q2 marks the first quarterly increase after
eight consecutive quarters of decline. EBITDA came in at MEUR 9.6
(1-6/2025: MEUR 22.4), corresponding to an EBITDA margin of 11.1%
(1-6/2025: 20.8%). EBIT amounted to MEUR 2.4 (1-6/2025: MEUR 16.4), with
an EBIT margin of 2.8% (1-6/2025: 15.3%).
In the Energy Equipment division, sales were 18.7% below the prior year at
MEUR 118.7 (1-6/2025: MEUR 146.0). Sales were impacted by logistics
restrictions resulting from the Middle East conflict, which in many cases
prevented the deployment of products and services on site. In addition,
earnings were impacted by an unfavorable product mix and ramp-up costs for
the reline and distribution center in the US. EBITDA amounted to MEUR 15.8
(1-6/2025: MEUR 25.6), with an EBITDA margin of 13.3% (1-6/2025: 17.6%).
EBIT was MEUR 5.9 (1-6/2025: MEUR 16.0), resulting in an EBIT margin of
5.0% (1-6/2025: 10.9%).
Strong balance sheet underpins strategic flexibility
SBO continues to have an excellent balance sheet structure. After a
dividend payment of MEUR 11.8 in the second quarter equity amounted to
MEUR 427.0 as of 30 June 2026 (31 December 2025: MEUR 421.9). This led to
an equity ratio of 47.5% (31 December 2025: 47.2%). Cash and cash
equivalents totaled MEUR 254.8 as of the reporting date (31 December 2025:
MEUR 281.5). Net debt stood at MEUR 100.1 (31 December 2025: MEUR 78.1),
mainly caused by the dividend payment and high CAPEX in the first half of
2026 as well as an increase in working capital due to higher activity in
the PT division. The gearing ratio was 23.4% (31 December 2025: 18.5%).
Cash flow from operating activities amounted to MEUR 11.2 (1-6/2025: MEUR
37.1). Free cash flow was MEUR -13.3 (1-6/2025: MEUR 18.4). The increase
in the cash flow from investing activities to MEUR -24.5 after MEUR -18.7
in 1-6/2025 was primarily driven by strategic diversification, in
particular the expansion of 3D metal printing capacity (MEUR -8.6). SBO’s
high cash position and financial stability provide a solid foundation for
financing the upcycle and the execution of its growth strategy.
Recovery ahead: structural drivers will support demand
Energy security has moved to the forefront of the strategic agenda, which
translates into three structural drivers that will underpin demand for
SBO’s products and services: the replenishment of depleted commercial and
strategic inventories, the diversification of supply with greater sourcing
redundancy, and the accelerated development of local resources for
long-term resilience. In addition, spending on rebuilding production
capacity in the Middle East is expected to rise. Furthermore, first
customers are already talking about the start of a new upcycle. This
higher level of activity is already becoming visible in the Precision
Technology division.
Overall, SBO currently expects further recovery in the second half of the
year. A gradual normalization of activity and logistics in the Middle East
would provide additional upside potential, once deferred customer programs
are resumed.
In parallel, SBO is accelerating its diversification across several
high-growth markets. In additive manufacturing, SBO is adding seven new 3D
metal printers in the US and the UK, with all becoming operational by
September 2026, and is expanding its US additive manufacturing space by
50% to over 2,100 m². This is positioning SBO to capture the forecasted
market growth from USD 1.5 billion in 2025 to USD 4.8 billion by 2030.
Customer demand from space, aerospace, defense, semiconductors and energy
is growing.
In geothermal energy, SBO’s drilling motors were recently successfully
deployed in a program targeting bottom-hole temperatures of 300–400°C,
confirming the transferability of SBO’s drilling technologies to this
fast-growing market. In flow control, the high-performance alloy H720 is
gaining commercial traction: following full NORSOK approval, an
accelerated material qualification program is underway with a leading
international subsea customer for critical applications in subsea flow
control systems.
CEO Klaus Mader concludes: “Energy security is gaining importance, and
inventories as well as strategic reserves will be rebuilt. These
structural drivers will continue to support demand. At the same time, the
contribution from our strategic diversification is growing. The share of
bookings from new business areas outside the oil and gas industry is
approaching the 10% mark. This is driven by geothermal energy, 3D metal
printing and new high-performance materials.”
SBO’s key performance indicators at a glance
UNIT 1–6/2026 1–6/2025
Bookings MEUR 235.3 216.9
Sales MEUR 204.7 253.6
EBITDA (Earnings before interest, taxes, MEUR 24.2 44.5
depreciation, and amortization)
EBITDA margin % 11.8 17.5
EBIT (Earnings before interest and taxes) MEUR 6.9 28.6
EBIT margin % 3.4 11.3
Profit before tax MEUR 3.1 26.0
Profit after tax MEUR 0.2 18.5
Cash flow from operating activities MEUR 11.2 37.1
Free cash flow MEUR -13.3 18.4
Liquid funds as of 30.06.2026 / 31.12.2025 MEUR 254.8 281.5
Net debt as of 30.06.2026 / 31.12.2025 MEUR 100.1 78.1
Equity ratio as of 30.06.2026 / 31.12.2025 % 47.5 47.2
Headcount as of 30.06.2026 / 31.12.2025 1,572 1,539
Downloads:
Half-year report:
[1] https://www.sbo.at/en/investor-relations/reports-publications
SBO logo: [2] https://www.sbo.at/en/media/sbo-brand
Executive Board photos: [3] https://www.sbo.at/en/media/board-photos
About SBO
SBO AG is leading in the manufacture of high-alloy, non-magnetic steels,
high-precision components and high-tech equipment for the energy sector
and other industrial sectors. The global high-precision technology group,
headquartered in Ternitz, Austria, operates worldwide at more than 20
locations with around 1,600 employees. The group delivers cutting-edge
technologies backed by a highly innovative product portfolio and strong
intellectual property. In its Precision Technology division, SBO
specializes in high-precision metal components, ranging from complex steel
parts to additive manufacturing solutions for industries requiring maximum
accuracy and performance. In the Energy Equipment division, SBO provides
high-tech equipment for directional drilling and well completion including
high-precision flow control products. Designed for extreme conditions,
these solutions perform in high-temperature and high-pressure
environments, serving important industries including oil and gas, energy
and other industrial sectors. SBO is listed in the leading index ATX of
the Vienna Stock Exchange (ISIN AT0000946652). More information:
[4] www.sbo.at
Contact:
Judit Helenyi, Director Investor Relations, SBO AG
phone: +43 2630 315 253
email: [5]investor.relations@sbo.at
[6]media.relations@sbo.at
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20.08.2026 CET/CEST This Corporate News was distributed by [7]EQS Group
View original content: [8]EQS News
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Language: English
Company: SBO AG
Hauptstrasse 2
2630 Ternitz
Austria
Phone: +43 (0)2630/315110
E-mail: info@sbo.at
Internet: http://www.sbo.at
ISIN: AT0000946652
Indices: ATX
Listed: Vienna Stock Exchange (Official Market)
LEI Code: 549300ZD9ED8GSG3JW36
EQS News ID: 2384228
End of News EQS News Service
2384228 20.08.2026 CET/CEST
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5. investor.relations@sbo.at
6. media.relations@sbo.at
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