PWO AG PWO Group generates new business of EUR 363m and increases free cash flow in the first half of 2026

Oberkirch, August 7, 2026 – The PWO Group, a global partner to the mobility industry, published its results for the first half of 2026 today. Despite a persistently challenging market environment, with industrial production in Germany generally stagnating, the Group secured new business with a lifetime volume of approximately EUR 363m, and increased its free cash flow to EUR 3.3m (p/y: EUR 0.8m). The forecast for the fiscal year 2026 is fully confirmed, with the exception of capital expenditure.
North America recorded the strongest momentum in new business, with the Mexico segment making the largest contribution. Europe and China also made substantial contributions. The volume of orders secured was primarily for structural and body components, as well as additional orders for seat structures, air suspension components and electrical and electronic components. A newly acquired OEM customer placed follow-on orders shortly after its initial order.
“Given the noticeably tense market situation, we welcome the encouraging level of new business in the first half of the year. Geopolitical uncertainties have increased significantly and the automotive and supplier industries have been particularly affected by this. In Germany, unfavorable conditions are making production and development increasingly uneconomical. This makes it all the more gratifying that, thanks to our international presence and our “local-for-local” approach, as a Group we have been able to continue securing new business and remain on track to meet our annual targets,” says Carlo Lazzarini, CEO of PWO AG.
Revenue amounted to EUR 252.7m (p/y: EUR 273.4m), influenced by significantly lower tool revenue as well as negative currency effects of EUR 5.0m. Adjusted for material price and currency effects, the series business was slightly above the previous year’s level. EBIT before currency effects amounted to EUR 7.3m (p/y: EUR 13.3m), while EBIT after currency effects came to EUR 7.2m (p/y: EUR 12.6m). Consolidated net income amounted to EUR 0.1m (p/y: EUR 5.4m). This was primarily due to the fact that the Canada segment did not record any positive one-off effects from adjustments to customer planning, which had a positive impact of EUR 4.8m on the prior-year result. It was also due to start-up and ramp-up expenses for new series production, which weighed on the result for the reporting period, as operational risks relevant to planning also materialized in the Mexico segment. Conversely, provisions for restructuring measures at the Oberkirch site in the low single-digit million-euro range had a positive impact on earnings.
The PWO Group is balancing these investments in growth with rigorous cost control. The cost of materials ratio fell from 58.7% to 55.4%, driven by declining raw material prices and a changed product mix. Capital expenditure decreased as planned to EUR 11.3m (p/y: EUR 17.0m), with a focus on the further development of the Serbia site as well as project-specific expansions in the Czech Republic. The equity ratio remained stable at 37.1% as of June 30, 2026 (December 31, 2025: 37.5%).
“We are making targeted investments in new series production lines and are currently incurring start-up expenses that will generate revenue starting in 2027. The fact that we are improving free cash flow and maintaining a stable equity ratio demonstrates that we are managing this expansion with discipline and remain resilient in a challenging environment,” says Jochen Lischer, Chief Financial Officer of PWO AG.
Given the continued solid operating performance and strong new business, the PWO Group can confirm its forecast for fiscal year 2026, with the exception of capital expenditure. The company anticipates revenue of approximately EUR 500m. EBIT before currency effects is expected to be in the range of EUR 13m to EUR 17m and positive free cash flow in the single-digit million-euro range. The equity ratio is expected to be around 37%, and the increase in the net leverage ratio is to be limited to around 2.5 years. The lifetime volume of new business is expected to remain unchanged in the range of EUR 550m to EUR 600m. Capital expenditure has been adjusted to around EUR 35m, as the timing of individual investment projects has been postponed.
The 2026 half-year financial report will be published on the PWO website at https://www.pwo-group.com/en/press-and-investors/mediacenter/reports-and-publications/.
PWO AG
The Executive Board
Contact:
Lukas Daucher
Investor Relations & Corporate Communications
Phone: +49 7802 84-282
Email: lukas.daucher@pwo-group.com
PWO AG
Industriestraße 8
77704 Oberkirch
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PWO Group: Pushing boundaries in lightweight metal solutions
100+ million components per year | 3,300 employees | 11 global locations | Over 100 years of experience
The PWO Group is a global partner to the mobility industry. We are shaping the mobility of the future with our powertrain agnostic and sustainable business model.
As technology leaders in climate-friendly lightweight construction, high-precision forming and related joining technologies, we engineer and manufacture a wide range of complex metal components and systems at the cutting edge of technological possibility.
Our solutions combine cost-effectiveness with sustainability. We are at the forefront of the 3 megatrends in the mobility industry: electrification, safety and comfort. Our solutions are integral to almost every passenger car worldwide. With our innovative engineering expertise and “local-for-local” production sites, we ensure customer proximity and highest quality. We deliver efficiently, flexibly and reliably worldwide.
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