EarningsQ2 2026 Earnings Report
DE:6FJ Q2 2026 EPS Results
Actual EPS€0.07
Consensus EPS€0.10
Beat/MissMissed by -€0.03
One Year Ago EPS<€0.01
DE:6FJ Q2 2026 Revenue Results
Actual Revenue€231.05M
Expected Revenue€224.09M
Beat/MissBeat by +€6.96M
YoY Revenue Growth+2.08%
Earnings Announcement Details
QuarterQ2 2026
Date09/08/2026
TimeBefore Open
Conference CallTuesday, September 8, 2026
DE:6FJ Upcoming Earnings
James Fisher & Sons's next earnings date is estimated for March 11, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive, with strong growth in Defence and Maritime Transport, substantial improvement in group operating profit, stronger order visibility, progress on the turnaround, and unchanged full-year expectations. These positives outweighed the significant Energy division downturn, geopolitical and policy-driven project delays, and the company's continued position below its medium-term margin and ROCE targets.Company Guidance
Group Revenue and Profit Growth
1H 2026 revenue increased 2.1% year-on-year on a reported basis to just under GBP 196 million, while underlying operating profit increased 27.9% to GBP 14.2 million. Underlying operating margin improved to 7.2%, up 140 basis points year-on-year.
Improved Return on Capital Employed
ROCE increased by 210 basis points to 8.2%, which management attributed to the increase in profitability.
Defence Revenue and Profit Rebound
Defence revenue increased from GBP 37.6 million in 2025 to GBP 53.8 million, up 43%, driven by good performance in submarine rescue, tactical diving vehicles, and military diving. Operating profit increased from GBP 0.7 million to GBP 5.3 million, with the margin improving to just below 10%.
Strong Defence Order Visibility
The Defence order book was GBP 295 million at June 30, 2026, with around GBP 95 million of awards under framework agreements. Orders and awards together totaled GBP 390 million, up on December 2025, with around 60% estimated to be realized over the next three years. Management also said the order book was replenished despite the 43% revenue increase.
Defence Contract Wins and Expansion
The company started work on the Polish Navy's Ratownik project, secured a key submarine platform contract extension and a new tactical diving vehicle maintenance contract, and opened a Subsea Centre of Excellence in Singapore. TDV capacity was expanded in Sweden, and commercial and board capabilities were strengthened in the U.S.
Defence Product Innovation
The company is developing the Stealth Multi-Role next-generation military diving rebreather and has already secured its first order. It also continues to invest in submarine rescue capabilities, demonstrated through the successful RESCUEX East 2026 exercise involving the U.K., France, and Norway.
Maritime Transport Revenue and Profit Growth
Maritime Transport operating profit increased 48% to GBP 10.2 million, supported by volume increases, cost savings, and efficiency measures. Tankships revenue increased 7.5% to GBP 46 million through good utilization and improved spot rates, while Fendercare revenue increased to GBP 28 million, up just under 9%, due to increased ship-to-ship transfer volumes in Latin America.
Strong Maritime Utilization and Contract Opportunity
Tankship utilization was described as very good in the first half. Management said 80% of tankship revenue is generally contracted and 20% is in the spot market, with new customer contracts carrying an uplift in pricing to take account of the new vessel program.
Fleet Modernization Progress
Three of four new tankers have been delivered, including two in the first half and one in July, with the fourth expected toward the end of 2026. Management said the fleet replacement program remains on track and positions the company for the Northwest Europe market, where 70% of existing smaller tankers are forecast to reach obsolescence by 2031.
Supply Chain Savings and Self-Help
Supply chain integration delivered incremental sustainable savings in 1H 2026 while improving supplier relationships and processes. The three-year supply chain integration plan is on track, and additional self-help measures are underway in Energy.
Turnaround and Operating Platform Improvements
Management said the four-year turnaround strengthened the balance sheet, simplified the portfolio, established stronger governance and controls, integrated the supply chain, and increased investment in people, technology, and innovation. The company described itself as better positioned to scale in markets with customer-led opportunities.
Continued Investment for Future Growth
The company is continuing to invest in people, capability, innovation, and customer-led geographic expansion. Defence investment included GBP 3 million for the new Stealth Multi-Role rebreather and tactical diving vehicles, while Energy investment included a new fleet of electric compressors.
Energy Technology and Renewable Aftermarket Progress
Energy secured its first Digi-Rig contract in the Caspian Sea in February, involving a digital twin to support the redesign and delivery of bespoke air, steam, and well test packages. Renewables saw increased activity, additional performance-related payments, and continued growth in blade services aftermarket demand.
Geographic Expansion in Energy
The company opened a larger operational base in Guyana to reinforce its Latin America footprint and move closer to customers in a strategically important and growing market. Europe was identified as the center of offshore wind aftermarket activity, with over 90% of current out-of-warranty turbines located in the region.
Electric Compressor Development
The company has developed new electric compressors in Norway, with the first units already in operation. Management said the technology was developed in response to customer requests around safety, decarbonization, and efficiency and can support the electrification of oil and gas operations.
Cross-Divisional Critical Infrastructure Opportunity
Management described opportunities to apply Energy and Defence technologies to critical underwater infrastructure. Examples included using bubble curtain technology to deflect incoming drones and using cable monitoring and sensing to track underwater and surface traffic. Management said the revenue impact this year is minimal, but that customer interest and requests to prove and monetize the solutions were significant.
Balance Sheet and Liquidity Position
Net debt was GBP 65.7 million at June 30, 2026, and net debt to EBITDA was 1.5x on a covenant basis, within the target range and described as comfortably within covenants. The company added another lender with a GBP 25 million hold in March 2026, increasing liquidity.
Full-Year Expectations Unchanged
The board's overall full-year expectation remains unchanged, assuming no material worsening and disruptions in the energy markets. Management said first-half trading was in line with expectations and expected good momentum in Defence and Maritime Transport to continue through the second half.
DE:6FJ Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed