Kromek Group Expects H1 2026 Revenue Surge and Profit Turnaround with Siemens Partnership

Kromek’s H1 2026 trading update: revenue jumps, profits return, Siemens deal delivers

Kromek Group has issued a pre-close trading statement for the six months to 31 October 2025 (H1 2026) and it’s a step change. The Group expects revenue of at least £14.5 million versus £3.7 million in H1 2025, driven in large part by the enablement agreement with Siemens Healthineers announced on 30 January 2025.

Encouragingly, it’s not just a top-line story. Kromek also expects to report profit before tax and positive adjusted EBITDA for H1 2026, compared with a loss before tax of £5.7 million and an adjusted EBITDA loss of £2.3 million a year ago. That signals a material improvement in margins and operating leverage.

Key numbers from the RNS you should know

Metric	H1 2026 (expected)	Comparator
Revenue	At least £14.5m	H1 2025: £3.7m
Revenue from Siemens Healthineers agreement	At least £8.2m	H1 2024: £nil
Underlying revenue (ex-Siemens)	At least £6.3m	H1 2025: £3.7m (up 70%)
Profit before tax	Profit expected	H1 2025: £5.7m loss
Adjusted EBITDA	Positive expected	H1 2025: £2.3m loss

Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation, adjusted for certain items. Kromek has not disclosed the absolute profit or EBITDA figures for H1 2026 at this stage.

What’s powering the growth: Siemens plus stronger core trading

The Siemens Healthineers enablement agreement is doing exactly what investors hoped. Kromek expects at least £8.2 million of revenue from this contract in H1 2026, helping lift gross margin and turning the business profitable at the half-year stage.

Importantly, underlying revenue – which excludes Siemens – is also up strongly. At least £6.3 million in H1 2026 versus £3.7 million in H1 2025 is 70% growth, driven by:

• Strong momentum in CBRN detection (Kromek’s nuclear radiation and bio-security solutions for defence and security applications).
• Higher underlying revenue in Advanced Imaging (medical including CT and SPECT, security and industrial) using its CZT detector technology.

On mix, the Siemens contribution accounts for roughly 56% of the expected H1 revenue base, with underlying making up the balance. That’s a helpful margin tailwind, but it also means customer/programme concentration is something to keep an eye on.

Profit before tax and positive EBITDA: a meaningful inflection

Kromek expects to report profit before tax and positive adjusted EBITDA for H1 2026, a clear turnaround from last year’s losses. Management points to higher revenue and an improved gross margin, with the Siemens work a key driver of that margin lift.

Why it matters:

• Profit at the half year is a credibility milestone for a company that has historically invested heavily in product and market development.
• Improved gross margin indicates better pricing/mix and operational efficiency – both are vital if profitability is to be sustained beyond the Siemens contribution.

Outlook for FY 2026: growth and in line with expectations

The Board says H1 trading reinforces confidence in delivering revenue growth for FY 2026 with results in line with market expectations. That reads as a “no change” to guidance, which is sensible after a strong first half.

For investors, that usually means the company believes it can convert H1 momentum into a solid full-year outcome without needing to raise or cut guidance at this stage.

What I like in this update

• Scale-up in revenues: At least £14.5 million versus £3.7 million last year is a big step up, and it’s not all one-off. Underlying revenue up 70% is the more important signal.
• Margin and cash generation direction: Positive adjusted EBITDA suggests better cash dynamics, even if cash itself isn’t disclosed in this RNS.
• Diversification within core markets: Growth from both CBRN detection and Advanced Imaging suggests the product portfolio is doing the heavy lifting alongside the Siemens programme.

What I’m watching next

• Siemens concentration: With at least £8.2 million from the enablement agreement, concentration risk exists. Progress in broadening the customer/programme base will matter for resilience.
• Quality of underlying growth: The 70% uplift to at least £6.3 million is strong. I’ll be looking for repeat orders, visibility, and any commentary on backlog at the interim results.
• Profit sustainability: A profitable H1 is a strong signal. The question now is how that translates into H2 and the full FY 2026, especially as mix shifts.

About Kromek’s markets and why they matter

Kromek develops detection solutions across two main areas. In Advanced Imaging, it supplies detector components – based on its CZT platform – to OEMs in medical CT and SPECT scanners, as well as security and industrial applications. The aim is better, faster detection of diseases, contamination, and threats.

In CBRN detection (including nuclear radiation detection and bio-security), Kromek’s compact handheld devices are used by defence and security customers to protect critical infrastructure, events and personnel. The Group is also developing autonomous systems to detect airborne pathogens. These are areas where regulatory standards are high and demand tends to be sticky once relationships are established.

What the RNS does not disclose

• Cash position, net debt or cash burn – not disclosed.
• Order book/backlog detail – not disclosed.
• Exact profit before tax or adjusted EBITDA figures – not disclosed.
• Any change to market expectations – the statement is “in line” only.

Bottom line: a strong half with a clear turning point

This is a notably positive update. Revenue is expected to be at least £14.5 million, with underlying growth of 70%, and the Siemens enablement agreement providing margin uplift. The swing to profit before tax and positive adjusted EBITDA marks a genuine inflection.

The next test is consistency: sustaining profitability into H2 and demonstrating that underlying growth can keep compounding alongside the Siemens contribution. For now, the direction of travel is firmly upwards, and management’s “in line” stance suggests confidence without over-promising.