Enerpac Posts Mixed Q2 as Product Gains Offset Service Slide, Narrows 2026 Outlook

Overview

• Enerpac reported $155 million in Q2 revenue with 2% organic growth as product sales rose about 6% to a ten‑quarter high and service revenue fell 17% including a 21% drop in EMEA.
• The company tightened its fiscal 2026 outlook to $635–$650 million in sales, adjusted EBITDA of $158–$163 million, and adjusted EPS of $1.85–$1.92.
• Leaders expect service pressure to persist in Q3 and see a recovery by Q4 supported by a new multi‑year North Sea maintenance contract.
• Enerpac recorded a $3.3 million restructuring charge tied to Hydratight’s EMEA service operations to cut costs and refocus on higher‑margin work.
• Cortland grew 27% on new projects as product orders advanced across regions, with strength in power generation, infrastructure, and defense, while the balance sheet stayed strong with $89 million net debt, $499 million in liquidity, $23 million in year‑to‑date free cash flow, and $51 million in share buybacks.