This article first appeared on GuruFocus .
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Revenue:Increased by 12% to EUR153 million on a reported basis and 20% on a like-for-like basis.
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Aggregated Revenue:Up 24% to EUR183 million, including 50% of the JV's revenue.
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Adjusted EBITDA:Increased by 96% to EUR21.2 million, with a margin of 11.6%.
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Gross Profit Margin:Improved to 30.9%, above the 30% target.
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Underlying Earnings Per Share:EUR0.021, compared to a loss per share of EUR0.05 in the prior year.
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Operating Cash Flow:EUR15.8 million, with a cash conversion of 75%.
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Free Cash Flow:EUR10.3 million, up 17% year-on-year.
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Net Debt:EUR41.4 million, with a leverage ratio reduced to below 2 times.
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Sales Volumes:Group sales volumes up 6% to 60,384 cubic meters; total sales volumes up 21% to 77,237 cubic meters.
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Accoya USA Sales Volume Growth:60% increase to 16,853 cubic meters.
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Accoya USA Revenue:Increased by 178% from EUR18.1 million to EUR50.5 million.
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Accoya Color Sales Growth:Global sales volumes up 51%.
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Net Interest Paid and Accrued:EUR5 million, with EUR2.2 million related to convertible loan notes.
Release Date: June 16, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Accsys Technologies PLC ( ACSYF ) reported a 21% increase in global Accoya sales volumes, with strong performance in North America.
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The company achieved a 20% increase in group revenue on a like-for-like basis, reflecting resilient demand and pricing discipline.
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Adjusted EBITDA increased by 96% to EUR21.2 million, with an improved margin of 11.6%, nearing the Phase 1 target of 12%.
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The joint venture in North America achieved EBITDA profitability and a 60% increase in sales volumes, highlighting the strategic importance of local manufacturing.
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Accsys Technologies PLC ( ACSYF ) completed refinancing on improved terms, enhancing financial flexibility and reducing the leverage ratio to below 2 times.
Negative Points
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The company faces challenges from tariffs in the US, which have added pressure to the business environment.
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There is uncertainty in the macroeconomic environment, including inflationary pressures from geopolitical conflicts.
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The company experienced an increase in net working capital due to higher inventory levels, impacting cash flow.
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Despite strong growth, the company still faces competition and the need to educate new distributors on the technical aspects of Accoya products.
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The rest of the world market, including the Middle East and Asia Pacific, showed slower growth compared to other regions.
Q & A Highlights
Q: How quickly do new distributor clients start generating a meaningful contribution to the top line? A: Jelena van Os, CEO, explained that it typically takes 6 to 12 months for new distributors to start contributing significantly. Initially, they purchase stock and then focus on business development and educating their customers on Accoya's benefits.
Q: Can you remind us of the key conversion terms for the convertible loan notes and the interest rate benefit once they are converted? A: Sameet Vohra, CFO, stated that the convertible loan notes were issued in November 2023 with a principal value of EUR21 million and a fixed coupon rate of 9.5% per year. The interest was accrued for the first 2.5 years. With the share price now above the conversion price, some holders opted to convert EUR2.5 million of interest into equity, reducing net debt and saving on interest payments.
Q: Can you elaborate on the move to your own decking collection and its impact? A: Jelena van Os, CEO, mentioned that the decking collection is Accsys's first direct-to-consumer product, tested in Australia, Germany, and Switzerland. It allows closer consumer interaction and retains more value, while avoiding competition with distributors by branding the decking program distinctly.
Q: What is the seasonal profile of Accoya USA, and how does it differ from other markets? A: Jelena van Os, CEO, highlighted that the US market is large and dynamic, focusing on premium sectors like luxury residential and commercial projects. The sales process involves long-term project pipelines and specification efforts, with significant growth expected to continue.
Q: How are existing US distributors performing relative to targets, and what is their contribution to growth? A: Jelena van Os, CEO, noted that most US growth came from existing distributors, who are expanding their market share due to Accoya's performance. Long-standing distributors are expected to utilize more than half of the capacity, with new distributors gradually building their market presence.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
