Unaudited consolidated interim accounts for the second quarter and first six months of 2026

Q2 2026 unaudited sales revenue rose to €255.2m (+9.6% YoY), and H1 sales increased to €483.6m (+8.0%). However, profit before tax in Q2 fell to €6.2m, down 7.2% YoY, even as H1 PBT improved to €8.2m (+3.4%). Net profit for H1 jumped to €1.4m from €0.1m, helped by a €1.1m decrease in income tax expense.

Analysis

Top-line growth is not translating into operating leverage, which usually matters more than the headline revenue beat. The pattern suggests either mix dilution, higher fulfillment/SG&A, or financing/other below-the-line leakage; in all three cases, the market should discount the quality of the revenue growth rather than reward it mechanically. The fact that net profit improved mainly from a lower tax burden makes the earnings step-up look less durable than a true margin inflection.

Near term, the stock is likely to trade on whether management can explain the gap between sales momentum and pretax profitability with a credible margin bridge. If the pressure is cost-driven, that tends to lag into the next 1-2 quarters as investors model a lower steady-state EBIT margin and compress the multiple. If the weakness is transitory and tied to timing or one-offs, the reversal can be swift, but that requires a clean Q3 reset rather than another quarter of tax-assisted net income.

The contrarian angle is that the market may be over-focusing on the weak pretax line and underweighting the possibility that revenue growth is still broad enough to support a later margin catch-up. However, without evidence that incremental revenue is high-margin, this is more of a 'prove-it' story than a buy-the-dip setup. The key falsifier is simple: if pretax margin does not stabilize over the next 1-2 reporting periods, the valuation should de-rate even if sales continue to grow.

Key Decisions for Investors

• No immediate directional trade: treat this as a watch item until the next earnings call provides a margin bridge and Q3 guidance; absent that, the risk/reward favors waiting over buying the reported sales growth.
• If the company guided to margin recovery, consider a small starter long only after confirmation from the next quarterly print; target is multiple re-rating from 'tax-assisted earnings' to 'operating leverage' over 1-3 months, with the thesis invalidated by another sequential pretax margin decline.
• If the company has listed peers with better operating leverage, pair long the higher-quality peer / short this name once the sector is identifiable; the edge is in margin durability, not revenue growth, over a 1-3 month horizon.
• Set an alert for the next quarterly pretax margin and tax rate: if tax normalization removes the net income support while pretax profit stays flat-to-down, expect a 6-18 month de-rating and avoid adding risk.