SMAG publishes H1 2026 results: significant increase in total output and net sales thanks to a persistently high order backlog

SMAG publishes H1 2026 results: significant increase in total output and net sales thanks to a persistently high order backlog

• Total output increased by 20% to EUR 20.2 million in H1 2026 (H1 2025: EUR 16.9 million)
• Net sales increased to EUR 12.6 million (H1 2025: EUR 11.0 million)
• Adjusted EBIT⁽¹⁾ decreased to EUR 0.5 million (H1 2025: EUR 2.7 million)
• Order backlog⁽²⁾ remained at a high level of EUR 1.4 billion, with a significant increase in fixed order volume
• 2026 guidance confirmed: Total output of EUR 55 million to EUR 60 million and an adjusted EBIT margin of 19% to 21% expected

Salzgitter, Germany, September 29, 2026 – SMAG Mobile Antenna Masts AG (“SMAG” or “the company”; ISIN: DE000A42FR12, WKN: A42FR1), an established developer and manufacturer of mission-critical mobile mast systems for military and defense applications, today published its H1 2026 results.

In H1 2026, SMAG generated total output of EUR 20.2 million. The significant increase of 20% compared with the prior-year period (H1 2025: EUR 16.9 million) was primarily attributable to the production ramp-up implemented since the beginning of the year and the execution of the high order backlog. Net sales also developed positively as a result of deliveries under important customer programs, increasing by 15% to EUR 12.6 million (H1 2025: EUR 11.0 million).

Adjusted⁽¹⁾ EBIT decreased from EUR 2.7 million in the prior-year period to EUR 0.5 million in H1 2026. The decline in profitability was primarily attributable to the production ramp-up required to meet the strong demand and the associated costs. In addition, a change in project and product mix had a negative impact on earnings. The Adjusted EBIT margin was 2.6% (H1 2025: 16.3%). Adjusted EBITDA amounted to EUR 0.7 million, with a margin of 3.4% (H1 2025: EUR 2.8 million, 16.7%).

The positive trend in net working capital, which is primarily attributable to the increase in customer prepayments and the reduction of the order backlog, led to an increase in free cash flow to EUR 0.6 million, compared with EUR -1.5 million in the first half of 2025.

Persistently strong demand provides high visibility for future business development

SMAG was able to win additional new orders in the first half, including an order signed in June 2026 by a long-standing customer for deployment on NATO’s eastern flank, with an agreed net order volume of approximately EUR 34 million. This led to a significant increase in fixed order backlog by 30% to EUR 182 million (December 31, 2025: EUR 140 million). Total order backlog⁽²⁾ stood at EUR 1.4 billion as of June 30, 2026, matching the very high level as of December 31, 2025.

Ulrich Feindt, CEO and CFO of SMAG, comments: “Our high order backlog provides strong visibility for our future business development. The share of fixed orders, which has already increased significantly, will be the key driver of growth in the coming years. To execute these orders in the interests of our customers, we are accelerating investment in the expansion of our production capacities, automation and international market expansion.”

FY 2026 guidance confirmed, strong confidence for 2027 and beyond

The Management Board confirms the guidance for FY 2026. Total output of EUR 55 million to EUR 60 million and an adjusted EBIT margin of between 19% and 21% continue to be expected. This assessment is based on the assumption that the deliveries by key suppliers and the customer acceptance processes relevant to project execution and revenue recognition will proceed broadly as planned. Achievement of the targets is supported by the high visibility from the order backlog, expected revenue recognition from ongoing projects, capacity expansion and recent order wins. For FY 2027 and subsequent years, SMAG expects significantly higher output volumes as the production ramp-up and the associated further diversification of the supplier base progress, which will have a significantly positive impact on net sales and earnings.

The H1 2026 report is available in the Investor Relations section of the Company’s website at https://www.smag.de/investor-relations.

SMAG invites investors and analysts to an earnings call with the Company’s two Management Board members today at 2:00 p.m. (CEST). Registration is possible at https://www.appairtime.com/event/da5f2236-a116-4819-a4e0-b5aca37599d9.

Key Group Figures H1 2026

In EUR million H1 2026 H1 2025 Order backlog
in billion EUR 1.4
(as of June 30, 2026)    1.4
(as of December 31, 2025)    Fixed order backlog 182
(as of June 30, 2026) 140
(as of December 31, 2025) Total output 20.2 16.9 Net sales 12.6 11.0 Adjusted EBIT 0.5 2.7 Adjusted EBIT margin 2.6% 16.3% Adjusted EBITDA 0.7 2.8 Adjusted EBITDA margin    3.4% 16.7% Free cash flow 0.6 -1.5

⁽¹⁾ Adjustments: adjustments for currency effects, exceptional one-off items and the shareholder allocation of the owner, AEQUITA (pre-IPO, see prospectus)
⁽²⁾ The order backlog is divided into the components fixed orders, frame orders, follow-on business and non-contractually secured order volumes.

ABOUT THE COMPANY
Founded in 1974, SMAG Mobile Antenna Masts AG, headquartered in Salzgitter, Germany, is an established developer and manufacturer of mission-critical mobile mast systems for military and defense applications and generates almost all of its net sales in the defense sector. SMAG is a leading European specialist manufacturer of self-supporting, guy-wire-free mobile antenna mast systems for military applications. SMAG Mobile Antenna Masts AG is a trusted partner to more than 50 leading defense companies, OEMs and government agencies worldwide, including 15 NATO armed forces, and employs approximately 170 people.

INVESTOR RELATIONS CONTACT
Jasmin Dentz
+49 6997124731
dentz@gfd-finanzkommunikation.de

PRESS CONTACT
Elena Strikker
+49 5341302447
elena.strikker@smag.de

IMPORTANT NOTICE
This document contains forward-looking statements that reflect the Company's current views with respect to future events and financial and operational performance. These statements are based on current plans, estimates, assumptions and projections and involve known and unknown risks and uncertainties that could cause actual results and developments to differ materially from those expressed or implied. These risks include, but are not limited to, changes in general economic, business or regulatory conditions, competitive dynamics, technological developments and other factors described in the Company's public filings. Any guidance provided by the Company is based on assumptions that are, in whole or in part, outside the Company's control or influence; actual results may therefore differ materially from such guidance. The Company assumes no obligation to update or revise any forward-looking statements or guidance as a result of new information, future events or otherwise, unless required by mandatory law.