Wacker Neuson Grew Revenue by 17 Per Cent and Nearly Doubled Its Operating Profit

Costs stayed flat while sales rose. That gap, not the top line, is the number that moved the half-year

Wacker Neuson Group closed the first half of 2026 with revenue of EUR 1,256.5 million, up 16.9 per cent year on year, and EBIT of EUR 104.7 million, up 86.6 per cent. The EBIT margin reached 8.3 per cent against 5.2 per cent a year earlier.

That gap between revenue growth and profit growth is the story. The company attributes it to a straightforward mechanism: sales rose while operating costs stayed essentially unchanged. In a sector that spent two years absorbing cost inflation, holding the cost base flat through a 17 per cent revenue increase is the harder half of the achievement.

Where the growth came from

Compact equipment remains the engine. The segment grew 25.9 per cent to EUR 742.5 million, with telehandlers, wheel loaders, excavators and dumpers all performing. That is the equipment class most exposed to rental fleets and small contractors, which makes it a reasonable proxy for activity at the smaller end of European construction.

The agricultural machinery business grew 50.7 per cent to EUR 298.2 million. The company notes this happened while the broader agricultural machinery market stayed subdued according to the CEMA sector indicator, which suggests share gain rather than a rising tide.

By region, EMEA rose 17.7 per cent to EUR 983.1 million and the Americas 16.0 per cent to EUR 252.7 million, driven by the US and Canada. Asia-Pacific fell 5.5 per cent to EUR 20.7 million.

The balance sheet

Free cash flow reached EUR 75.5 million against EUR 67.7 million, helped by inventory reduction in the second quarter. The net working capital ratio improved to 28.7 per cent, below the company’s own sub-30 per cent target and down from 32.8 per cent a year earlier, despite the revenue increase. Equity ratio stood at 61.8 per cent and net financial debt at EUR 173.4 million, down from EUR 185.4 million at the end of 2025.

Second-quarter EBIT margin came in at 9.5 per cent, above both the prior-year quarter and the first quarter, so the improvement accelerated through the half.

The caution in the outlook

Management confirmed the guidance it raised on 17 July, but the framing is deliberately careful.

“As the order momentum weakened and the geopolitical uncertainties remain, we are cautiously optimistic for the coming months after a strong first half-year,” says Dr. Karl Tragl, chairman of the executive board.

Weakening order momentum after a half like this is the line worth watching. For dealers and rental companies reading the same market, strong first-half deliveries and softening intake are not contradictory: they describe a backlog being worked through. What the second half tells us is whether European and North American demand recovery has depth or was a restocking cycle.