Key figures

	First half of 2026	First half of 2025*
Revenue	106,778	137,495
Gross margin	61,620	50,550
Gross margin as a %	57.7%	56.7%
Operating result (EBIT)	6,383	11,544
Normalised operating result**	9,943	11,613
Other income	5,944	0
Net result (continued operations)	12,735	9,177
Net result (discontinued operations)	49,017	1,313
Net result attributable to shareholders	61,752	10,480

* Comparative figures have been restated to present Helvoet’s activities as discontinued operations; see Note 14 (Discontinued Operations).

**Normalisation relate to costs associated with the sale of Helvoet (H1 2026: €3.6 million) and acquisition-related expenses (H1 2025: €0.1 million). 

Bart Aangenendt, Co-CEO of Hydratec Industries, commented: “The strategic repositioning of Helvoet has resulted in the phased disposal of the business. This is consistent with our policy of divesting activities that offer insufficient long-term potential for Hydratec or that are structurally better positioned to develop under different ownership. Due to an organic revenue decline of 5.7%, operational profitability decreased importantly. Our order book also showed a marked decreased as a result of continued market uncertainty. While demand for food production and industrialisation remains strong, our systems are sold globally on a project basis, causing order intake and resulting financial performance to fluctuate."

Continuing operations

Revenue increased by 20.1% following the consolidation of Eqraft. On an organic basis, however, revenue decreased 5.7%. Gross margin as a percentage of revenue remained stable. Operating expenses increased due to ongoing pricing pressure and inflationary effects. As a result, operating profit decreased sharp to €6.4 million. Adjusted for one-off costs associated with the disposal of Helvoet, operating profit amounted to €9.9 million, representing 9.3% of revenue. In addition, other income of €5.9 million was recognised, reflecting the difference between the carrying amount of the previously held interest in Eqraft and its fair value at the acquisition date. Consequently, net profit from continuing operations amounted to €12.7 million, exceeding the prior-year level. The order book has, however, decreased strong compared with year-end 2025. Persistent market uncertainty continues to weigh on investment decisions. While our competitive positions remain strong, customer investment behaviour remains cautious.

Disposal of Helvoet

Hydratec’s policy is to divest businesses that offer insufficient long-term strategic potential or that can develop more effectively within other organisations. Accordingly, Helvoet’s European Mobility activities in Belgium and Poland were transferred to the Callista Group on 30 March 2026. Subsequently, on 30 June 2026, the remaining Helvoet operations in the Netherlands and India were sold to Kimball Electronics in the United States. Including the operating results generated up to the respective disposal dates, these transactions resulted in a net profit from discontinued operations of €49.0 million. Kimball’s US manufacturing footprint and the anticipated operational synergies are expected to strengthen Helvoet’s growth prospects going forward.

Interimdividend

The divestment of Helvoet has resulted in a considerable increase in available cash resources and a substantially strengthened balance sheet. As a consequence, the Company’s solvency ratio is well above its target level of 30%. These excess cash resources are not required to support the current acquisition strategy or ongoing operational activities. Accordingly, the Management Board, with the approval of the Supervisory Board, has decided to declare an interim dividend of €60.00 per share. Following the dividend distribution, Hydratec is expected to maintain a strong balance sheet, with an anticipated solvency ratio of approximately 40%. The shares will trade ex-dividend on 18 September 2026. The record date will be 21 September 2026, and payment will be made on 23 September 2026.

Outlook for 2026

Given the ongoing uncertainty surrounding raw material prices, import tariffs, foreign exchange movements and heightened geopolitical tensions, the investment climate has not improved. Consequently, the Company is unable to provide specific guidance for the full year 2026.

2026 half-year report available online

This half-year report is also available on the website

Half year report

 

The figures in the half-year report have not been audited.

 

Hydratec Industries NV is listed on the Euronext Amsterdam stock exchange (ISIN NL0009391242, ticker: HYDRA.)