VINCORION revenue jumps 41.4% to €237.7 million in nine months
Key Facts
VINCORION SE reported a 41.4% rise in group revenue to €237.7 million in the first nine months of 2026, from €168.1 million in the same period of 2025, reaffirming its annual outlook, which it raised in October. The company said in a statement released on November 11 that higher production during 2026 was a key driver of revenue growth. In the third quarter alone, revenue rose 39.8% to €87.5 million, compared with €62.6 million a year earlier. The company described successful production expansion as a key factor in growth during the quarter. The reaffirmation of guidance follows the company’s October 7 increase to its annual estimates, amid continued growth in demand for its products in the vehicle, energy and aviation sectors.
The vehicle systems segment led sales growth, with revenue up 59.4% to €109.1 million in the nine-month period. The company attributed this mainly to higher demand for weapon stabilization systems for armored vehicles. New orders included the Leopard 2 and Puma platforms, according to the company statement. Revenue in the energy systems segment rose 46.9% to €79.7 million. The company said demand for energy systems for ground-based air defense, particularly PATRIOT and IRIS-T systems, supported this performance. It also said the two segments led growth in order intake, backed by demand for weapon stabilization systems and power supply equipment.
In the aviation segment, revenue rose 5.4% to €51.4 million in the period, despite pressure from unfavorable movements in the U.S. dollar. The segment remained part of group growth, but posted a slower increase than vehicle and energy systems. In the energy systems business, the company said new generator sets and energy storage units it developed for the German armed forces successfully passed an interconnected operations test in September 2026. The test adds a product development milestone alongside growth in orders and revenue. These developments came during a period of production expansion that the company said contributed to higher sales.
Adjusted earnings before interest and taxes rose 34.8% to €46.4 million in the nine-month period, compared with €34.4 million in the same period of 2025. But the adjusted operating margin fell to 19.5% from 20.5% a year earlier, despite growth in earnings in absolute terms. On liquidity, adjusted free cash flow was €0.6 million in the third quarter, but remained negative at €5.5 million for the year-to-date period. The company attributed the negative start to the year in part to scheduled delayed tax payments from previous years. The figures show a divergence between revenue and earnings growth on one hand and continued negative adjusted free cash flow and a lower margin on the other.
Total order backlog stood at about €1.2 billion, while firm order backlog increased by €222.1 million since December 31, 2025, to €657.5 million. The company did not specify a separate measurement date for total order backlog in its statement. Growth in order intake reflects strong demand for vehicle and energy systems, including weapon stabilization products and power supply systems. VINCORION reaffirmed its raised outlook for fiscal 2026, targeting revenue of between €323 million and €333 million and an adjusted EBIT margin of between 18.5% and 19.5%. On October 7, it had raised its revenue range from €280–€320 million and its margin range from 18.0%–19.0%. Upcoming dates on its investor relations calendar include a CEO conference in Paris on November 16, an equity forum in Frankfurt on November 23, and a conference in London on December 3, 2026; the 2026 annual report is scheduled for March 17, 2027.