Luceco published a trading update indicating top-line strength in the first half of 2026, with organic constant currency sales rising 13% year-over-year to 43 million. Revenue momentum accelerated across the six-month period, with growth moving from 11% in the first quarter to 15% in the second quarter.
The company said the uptick was broad-based, with gains across all principal product categories, sales channels and geographic regions. Within the portfolio, the Energy Transition segment was the standout, expanding 120% year-over-year in the first half after recording 80% growth in the first quarter. Luceco described this segment as encompassing electric vehicle charging equipment and demand flexibility offerings. By contrast, core product sales rose at a more modest pace, increasing 6% year-over-year over the same period.
On profitability, Luceco reported first-half EBITA of approximately 5.8 million, up 14% from the prior year. Group EBITA margins were 11.1%, a 10 basis-point improvement versus the year-earlier period. Management attributed the margin expansion to a combination of pricing discipline and operational efficiencies that helped counteract headwinds from elevated commodity costs.
Balance sheet commentary in the trading update noted pre-IFRS16 net debt of 9.6 million, slightly higher than the prior year. The increase in net debt primarily reflected inventory build to prepare for activity expected in the second half of 2026. The company reported a net debt to EBITDA ratio of 1.5 times.
Looking ahead, Luceco said alterations to the regulated mechanics governing demand flexibility have started to take effect and are likely to reduce the recurring revenue earned per EV charger toward a more sustainable level early in the second half of 2026. The company did not quantify the exact impact but flagged the change as a developing factor for its EV charging revenue stream.
Despite the regulatory adjustment, Luceco reiterated its full-year 2026 EBITA guidance, maintaining expectations that group EBITA will exceed 0 million. In addition, the board raised its outlook for fiscal years 2027 and 2028, saying it now expects EBITA to exceed the current market expectation of 2.3 million for 2027.
On corporate governance, the board reported that its search for a new chief executive is advancing, with the company in advanced discussions with several candidates. No appointment was announced in the update.
Summary
Luceco delivered a solid first half of 2026 with 13% organic revenue growth and a 14% increase in first-half EBITA. Momentum picked up in the second quarter, driven by a marked expansion in Energy Transition sales, while margins improved slightly despite higher commodity costs. The company retained its FY26 EBITA target and raised expectations for 2027 and 2028. Management also highlighted regulatory changes affecting demand flexibility revenue per EV charger and confirmed progress in its CEO recruitment.