SBF AG reports a significant improvement in earnings in the first half of 2026

EBITDA rises significantly to €1.6 million (H1 2025: €0.5 million), with the EBITDA margin improving from around 2 per cent to around 8 per cent First positive half-year result in several years at €0.6 million (H1 2025: -€0.7 million) Consolidated turnover at €19.8 million due to delayed call-offs from ongoing projects (H1 2025: €21.9 million) A stable order book of €98.5 million secures capacity utilisation beyond the current financial year Forecast range for 2026 adjusted: revenue of between €38.0 and €41.0 million and EBITDA of between €1.8 and €2.4 million expected Leipzig, 23 September 2026 – SBF AG (ISIN: DE000A2AAE22; WKN: A2AAE2, “SBF” for short), a listed specialist in innovative solutions for rail vehicles, lighting, sensor technology, electronics and electromechanics, has today published its 2026 half-year report. In an environment characterised by continued reluctance to invest on the part of industry and local authorities, alongside a significantly more dynamic trend in the rail market, SBF significantly improved its profitability in the first half of the year. The Group focused on utilising production capacity, increasing production efficiency and making greater use of synergies within the Group.

Consolidated turnover reached €19.8 million in the first half of 2026 (H1 2025: €21.9 million). The 9.6 per cent decline is primarily attributable to delays in call-offs from ongoing projects. By contrast, the quality of earnings improved significantly. EBITDA rose to €1.6 million (H1 2025: €0.5 million), whilst the EBITDA margin increased from around 2 per cent to around 8 per cent. The half-year profit amounted to €0.6 million, compared with a loss of €0.7 million in the same period of the previous year. This improvement stems in particular from the cost savings resulting from the relocation of production to ?eské Bud?jovice, a lower cost-of-sales ratio, lower other operating expenses, and the absence of the specific provision for a trade receivable included in the previous year’s figures. In addition, the customer portfolio was systematically streamlined.

“The first half of 2026 has affected our markets in very different ways. Whilst the willingness of German industry and local authorities to invest remained subdued, the modernisation and maintenance of rail infrastructure in Germany and Europe has noticeably gained momentum. We have deployed our capacities where demand is picking up, whilst at the same time working consistently to improve cost efficiency. The fact that, despite the decline in turnover, we were able to significantly increase profitability and achieve a positive half-year result for the first time in several years confirms the effectiveness of our measures. We believe the SBF Group is well positioned for future development and are focusing on sustainable, profitable growth with a significantly higher EBITDA margin once again,” explains Robert Stöcklinger, CEO of SBF AG.

The order book stood at €98.5 million as at 31 July 2026 (31 March 2026: €103.2 million) and secures production capacity utilisation beyond the current financial year. From an operational perspective, SBF further aligned capacity utilisation with the order book during the reporting period and ensured delivery capability to customers. The relocation of production to ?eské Bud?jovice is delivering the expected cost savings. Furthermore, cooperation between the Group companies has been strengthened and the electronics expertise of AMS Software & Elektronik GmbH has been utilised more effectively for the benefit of the Group.

“Rolling Stock” segment
In the “Rolling Stock” segment, turnover in the first half of 2026 stood at €10.0 million (H1 2025: €11.0 million). The 9 per cent decline is primarily attributable to project delays and fluctuating call-offs from the existing order book. The medium- and long-term demand base remains very strong due to contractually secured project durations and the high order book. SBF Spezialleuchten GmbH is also working on expanding its product portfolio and customer base in order to generate additional value within the segment.

“Public and Industrial Lighting” segment
The “Public and Industrial Lighting” segment generated revenue of €4.5 million in the first half of 2026 (H1 2025: €4.3 million). Demand from local authorities, industry and rail infrastructure remained at a low level, but showed initial signs of recovery during the reporting period. The relocation of production to Budweis, completed in the previous year, is delivering the expected cost savings. At the same time, further production capacity is being created there for the Group companies. Measures to strengthen order intake were continued, in particular product certifications for projects involving Deutsche Bahn and local authorities, as well as the expansion of cooperation with OEM customers. The target remains a segment result that is at least in balance.

“Sensor Technology and Electromechanics” segment
The “Sensor Technology and Electromechanics” segment generated revenue of €5.4 million (H1 2025: €7.0 million). Business performance was characterised in particular by the streamlining of the customer portfolio. Strategic priorities remain the further expansion of development and manufacturing expertise, as well as the utilisation of intra-group synergies, particularly in the manufacture of electronic assemblies for sister companies. AMS Software & Elektronik GmbH develops and manufactures customised electronic assemblies and devices for applications including smart metering, power electronics and industrial applications.

Forecast for 2026 adjusted
Based on developments in the first half of 2026, the Executive Board has adjusted the forecast range for the 2026 financial year. Consolidated turnover is now expected to be between €38.0 and €41.0 million (previously: €38.0 to €45.0 million), and consolidated EBITDA between €1.8 and €2.4 million (previously: €1.8 to €4.4 million). This is due in particular to delays in call-offs from ongoing projects across all three segments.

For the second half of the year, the Executive Board expects revenue to be on a par with that of the first half of the year. The contribution to earnings will be significantly lower than in the first half of the year due to the ongoing delays in project call-offs and a one-off charge arising from a legal dispute involving the Czech subsidiary HELLUX ELEKTRA s.r.o. The legal dispute was decided against the company in the appeal proceedings after the balance sheet date and became final in August 2026. For the second half of the year, the forecast assumes an EBITDA of around €0.2 to €0.8 million.

The SBF Group remains committed to its strategic direction. It continues to develop as a technologically specialised industrial partner in attractive niche markets – driven by innovation, the further internationalisation of its business and targeted investments that complement its existing value creation and vertical integration.

The 2026 half-year report is available on the company’s website at https://www.sbf-ag.com/investor-relations/finanzpublikationen.


About the SBF Group:
The listed SBF Group specialises in innovative solutions in the fields of rail vehicles, lighting, electromechanics and sensor technology. The group brings together highly specialised ‘hidden champions’ – leaders in their respective fields – to pool their expertise. With a high-quality and forward-looking portfolio of products and services, SBF is capitalising on the megatrends of mobility, climate protection, automation and digitalisation.

In the “Rolling Stock” business segment, SBF is a recognised technology partner to leading European rail vehicle manufacturers for ‘Made in Germany’ interior and lighting systems. The “Public and Industrial Lighting” business segment comprises LED system solutions for municipal, infrastructure and industrial applications. Furthermore, the “Sensor Technology and Electromechanics” business segment at the Flensburg site develops customised electronics, including for smart metering, power electronics and industrial applications.

Further information is available at https://www.sbf-ag.com.


Company contact:

SBF AG
The Executive Board
Zaucheweg 4
04316 Leipzig
Tel: +49 (0)341 65235 894
Email: info@sbf-ag.com

Press contact:

Kirchhoff Consult GmbH
Alexander Neblung
Gaußstraße 75
22765 Hamburg
Tel: +49 (0)40 60 91 86 70
Email: sbf@kirchhoff.de