Hoenle: Q2 FY25/26: Adhesives glue in a stronger EBITDA performance - NuWays AG Research
Hoenle published its Q2 FY25/26 results (covering Jan–Mar 2026) yesterday. The bottom-line improved notably, beating expectations.
ANNONS
Adjusted segment expectations. In light of these developments, we lower our FY25/26e expectations for Curing (revenue down 5% yoy to € 31.7m and € 0.4m EBITDA). This leads us to FY25/26 revenue of € 95.8m and € 6.8m in EBITDA (eNuW), implying top-line growth of 2.3% yoy and bottom-line improvement of 18% yoy, 7.1% margin. The guidance continues to look achievable on the lower end. Adjustments made overall do not impact the PT of € 15. Maintaining BUY.
