Aalberts' Semicon Surge and Data Center Pivot: A H1 Beat with Momentum
Organic growth accelerates across all segments; semicon Q2 jumps 16% and data center exposure in building grows rapidly.
AALB.AS · Earnings Call · 2026-07-28
H1 2026: A Step Change in Semicon
Aalberts delivered a robust first half, with revenue of EUR 1.5 billion, 5% organic growth, and an improved EBITDA margin of 14.4%. The standout is semicon: after a weak 2025, the segment posted 9.2% organic growth in H1, with Q2 surging to 16% — far ahead of expectations. CEO Stephane Simonetta confirmed the momentum is not a one-off: “First of all, you are right, and let me confirm that indeed, second quarter organic growth with 16% in our semicon segment was higher than anticipated.” — Stephane Simonetta, CEO · 2026-07-28 He guided that H2 would see similar growth, implying a sustained acceleration into 2027. The semicon segment is now 21% of revenue, and capacity investments are being accelerated — the new Dronten factory is in final ramp-up, and Southeast Asia capacity is being added for back-end demand. This is a dramatic contrast to prior calls. In February 2026, the tone was cautious: “You should expect better numbers also in the first half. But talking about recovery, we see it more in the second half.” — Stephane Simonetta, CEO · 2026-02-26 And in July 2025, there was even more skepticism: “We don't expect improvement in terms of organic growth in the second half.” — Stephane Simonetta, CEO · 2025-07-24 The turnaround is real, driven by AI adoption and a strong order book from lithography and back-end customers.Building: Data Centers and Portfolio Rebalancing
In the building segment, organic growth was 2.9%, with Q2 at 4.4%. While Europe remains mixed — France, UK, and Eastern Europe are soft, and the Middle East has been unshippable — the U.S. is strong, and data centers are emerging as a key growth vector. Data centers now represent roughly 2% of building revenue, but the company sees an addressable market of EUR 1.5 billion. “Today, it's only roughly 2% of our revenue, but we see a very good expansion in the coming months.” — Stephane Simonetta, CEO · 2026-07-28 The portfolio rebalancing continues with divestments and acquisitions. CFO Frans den Houter acknowledged that the organic drop-through was lower than hoped: “It's EUR 9 million. We're happy with positive organic growth. We're happy with the positive EBITDA contribution organically, but it should be a bit higher.” — Frans den Houter, CFO · 2026-07-28 He cited holding elimination costs and building margin pressure from the U.K. and Middle East. The divestment program remains on track, and M&A activity is focused on bolt-ons in North America and Europe.Outlook and Capital Allocation
Aalberts confirmed its full-year outlook of improved organic growth and EBITDA margin. CapEx was down 30% in H1, but management stressed it is purely phasing.The share buyback program is halfway through, and the M&A funnel is active. Organic revenue growth is expected to remain positive across all segments, underpinned by secular tailwinds in urbanization, technology acceleration, reshoring, and decarbonization. The semicon acceleration and data center momentum make this a genuinely interesting report — a company that earlier sounded cautious is now riding a strong upcycle.We really expect a lot of additional CapEx to materialize in the second half.