As promised, we’d come back with an update on the initial brief recap of a hidden serial acquirer’s results. Q2 adjusted EBITA (which is a good proxy of the underlying performance here; no non-sense adjustments) grew by 144%, of which half organically on a 26% organic revenue increase.
Clearly some excellent operating leverage here, driven by volume growth. As Q2 is seasonally a lot stronger than Q1 (so more absolute EBITA to begin with), we consider the Q2 organic growth to be a lot more telling and meaningful, even after accounting for the shift in deliveries that occurred in 2026.
We believe that, in the first half of 2026, EBITA grew by 45-50% organically. The growth was driven by volume, confident pricing, and product mix (service oriented companies delivered solid performance).
The stock’s up 51% since we assumed coverage two months ago.
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