revenue growth
-2–3 pct
FY 2026
official guidance
INTERPUMP GROUP S.P.A.
Last · Milan€35.88-0.08 (-0.22%)close · yahoo · 15h ago
Market cap€3.8B105.1M sh
P/E · TTM17.9fwd 15.0 · eps 2.00
Beta1.27vs S&P 500
Div yield0.97%annual · TTM
52w range
€30.10€51.30
Volume138.5Ksession
| Revenue | €2.1B |
|---|---|
| Operating income | €336.6M |
| Net income | €208.1M |
| Free cash flow | €242.2M |
| Operating margin | 16.3% |
| Net margin | 10.1% |
| Return on equity | 9.9% |
| Period | 2025 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Improving fundamentals, but valuation upside is not clearly supported by the modest growth outlook and execution risks.
Hold: Interpump delivered a resilient quarter, with Q2 organic sales down 0.7%, Hydraulics organic growth of 6.2%, 22.9% EBITDA margin and free cash flow of €62 million, while net debt fell to €306 million. The recovery and balance-sheet improvement support the bull case, but guidance still implies only 22%-22.5% EBITDA margins, Water Jetting remains weak, Hydraulics comparisons get tougher, and Q&A did not establish a strong acceleration catalyst.
Themes
- Hydraulics Recovery
- Water Jetting
- Organic Growth Guidance
- Tariffs
- Free Cash Flow
- M And A
Near term
July sales trends support the positive end of the 2026 organic growth range, but second-half Hydraulics comparisons become more difficult and management does not expect further acceleration.
Water Jetting should benefit from an easier comparison base, although its Q2 book-to-bill was only slightly above 1 versus 1.15 in Q1.
Tariff exposure remains manageable: Q2's €6 million impact was passed through to customers, but management is not assuming any reimbursement benefit in 2026.
The €90 million full-year CAPEX estimate appears conservative relative to management's 3%-4% of sales framework.
Longer term
Hydraulics recovery, particularly in construction, trucks and Chinese export-oriented OEMs, can drive operating leverage if demand persists.
Net working capital remains around 40% of sales versus a stated optimal range of 35%-36%; normalization would improve cash conversion and returns.
The consolidation strategy remains a structural growth lever, with MVV and Teknoice adding Water Jetting and food-processing exposure while preserving divisional balance.
Management's 2028 ambition of approximately €2.5 billion sales and 22.5% EBITDA margin depends partly on continued bolt-on M&A and successful integration.
Competitive positioning in premium hydraulic components appears favorable in export-oriented Chinese equipment, but the call provided limited evidence on market-share durability or pricing power.
Red flags
Hydraulics margin expansion was only 30 basis points despite four quarters of organic recovery, with acquired businesses diluting profitability.
Agriculture is deteriorating, capacity utilization is not yet fully recovered, and Q3-Q4 Hydraulics comparisons are harder.
Water Jetting's weak quarter was attributed to an exceptional prior-year Chinese order, but the Q2 book-to-bill moderation warrants monitoring for underlying demand softness.
Management remained non-specific on the larger M&A pipeline; the 2028 targets exclude any larger transaction, leaving acquisition-led growth assumptions difficult to assess.
Geopolitical disruption in the Middle East, transportation and energy inflation, tariffs, and volatile supply chains remain unresolved execution risks.
Forward outlook
ebitda
22–22.5 pct
FY 2026
official guidance
revenue
2500 $million
FY 2028
management target
ebitda
22.5 pct
FY 2028
management target
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
4:30 PM UTC+1
Period
Sep 2026
Est. EPS
$0.45
Est. revenue
0
Earnings transcripts
- Issuer IR
Conference call 1H 2026 - transcript 176.68 KB
INTERPUMP GROUP S.P.A.
- Motley Fool
International Paper (IP) Q2 2026 Earnings Call Transcript
INTERNATIONAL PAPER COMPANY
- Issuer IR
Conference call 1Q 2026 - transcript 123.33 KB
INTERPUMP GROUP S.P.A.
- Issuer IR
Conference call 4Q 2025 - transcript 318.6 KB
INTERPUMP GROUP S.P.A.
- Issuer webcastAudio
Conference call financial results 4Q 2025 - mp3 15.33 MB
INTERPUMP GROUP S.P.A.
Documents
FormReporting forFiledFlags
financial tablesIP - 2Q26 FINANCIAL RESULTS REPORTS - 5 AUGUST 2026 (Italian version only) Wed, 08/05/2026 - 17:35IR
—2026-08-050—2026-08-050