VINCORION significantly increases revenue in the first nine months of 2026 and confirms raised full-year guidance

VINCORION SE, a leading developer and manufacturer of power and mechatronic solutions for defense platforms and aviation systems, today publishes its results for the first nine months of 2026 and confirms the full-year guidance raised on October 7, 2026. In the first nine months, VINCORION generated Group revenue of EUR 237.7 million, up 41.4% year on year (9M 2025: EUR 168.1 million). In the third quarter, revenue rose by 39.8% to EUR 87.5 million (Q3 2025: EUR 62.6 million). The successful production ramp-up in 2026 was a key driver of this dynamic revenue development.

Revenue growth was also reflected in the operating result. Adjusted EBIT improved by 34.8% in the first nine months, from EUR 34.4 million to EUR 46.4 million. The adjusted EBIT margin came to 19.5% (9M 2025: 20.5%). VINCORION also recorded a significant increase in order entry. Since December 31, 2025, the fixed order book rose by EUR 222.1 million to EUR 657.5 million, with a total order book of around EUR 1.2 billion. Key growth drivers for order entry came from the Vehicle Systems and Power Systems segments, which benefited from strong demand for weapon stabilization systems and power supply systems, respectively.

Following a negative free cash flow at the start of the year, resulting from, among other things, scheduled income tax back-payments for prior years, adjusted free cash flow developed positively in both the second and third quarters. In the third quarter, VINCORION generated adjusted free cash flow of EUR 0.6 million, bringing adjusted free cash flow for the first nine months to a total of EUR -5.5 million. The working capital ratio relative to Group revenue over the last twelve months improved by 10% year-on-year, standing at 43.3% at the end of the reporting period (9M 2025: 48.1%).

“The first nine months of the year have shown that we are consistently following the path we have set out on: we continue to grow, we deliver on our commitments, and we invest in our future,” said Kajetan von Mentzingen, CEO of VINCORION SE.

“Revenue growth of more than 40% and an adjusted EBIT margin of 19.5% clearly demonstrate VINCORION’s track record of success. In addition, our order entry has increased significantly. This is a strong basis for our continued profitable growth. We are therefore reaffirming the full-year targets we raised in early October,” said Dieter Holst, CFO of VINCORION SE.

Growth across all three segments

The positive business development was driven by all three segments, with Vehicle Systems and Power Systems delivering the strongest growth momentum.

Vehicle Systems

Vehicle Systems recorded the strongest growth of the three segments in the first nine months, with revenue up 59.4% to EUR 109.1 million. This was primarily driven by high demand for stabilization products for armored vehicles, in particular in connection with new orders for the Leopard 2 and Puma platforms.

Power Systems

In the Power Systems segment, revenue rose by 46.9% to EUR 79.7 million. This was driven in particular by strong demand for power systems for ground-based air defense, especially for PATRIOT and IRIS-T. In September 2026, the newly developed generator sets and energy storage modules for the German Armed Forces (Bundeswehr) were also successfully tested in networked operation.

Aviation

Aviation increased its revenue by 5.4% to EUR 51.4 million in the first nine months. This growth was achieved despite currency headwinds resulting from the unfavorable development of the US dollar.

VINCORION confirms raised full-year guidance

Following the strong nine-month results, the Management Board confirms the guidance raised on October 7, 2026. For the full year 2026, the company expects Group revenue of EUR 323 million to EUR 333 million (previously: upper end range of EUR 280 million to EUR 320 million) and an adjusted EBIT margin of 18.5% to 19.5% (previously: 18.0 to 19.0%).

Key Group figures 2026

At 2:00 p.m. (CET), VINCORION will host a webcast for analysts and investors, which will be streamed live on the company’s website. Please register here to follow the webcast.

Further information available at: https://ir.vincorion.com/en