HES Sep’26 sales were down 3.3% YoY; management expects 1% YoY decrease in Oct’26 revenue (NEUTRAL)

22.10.2026 Source: Hydraulic Elements and Systems; FFBH

Hydraulic Elements and Systems’ (HES) monthly sales decreased by 3.3% YoY to EUR 3.9m in Sep’26, being 1.4% above the management’s expectations. Jan-Sep 2026 sales stood at EUR 33.3m, registering a 6.8% YoY growth. Pre-tax profit for the month amounted to EUR 267k, compared to EUR 452k a year ago, while cumulative EBT came to EUR 2.5m (+19.2% YoY) on a margin of 7.5% (+0.8 p.p. YoY). October 2026 is expected to bring company revenue of EUR 4.3m (-1% YoY), which would bring YtD sales to EUR 37.6m (+6.6% YoY).