Continuing to gain market share

Accsys reported solid H126 results with total volume growth of 22%y-o-y and a stronger-than-expected improvement in adjusted EBITDA of 160% y-o-y. The plant in the US is successfully ramping up and is expected to be adjusted EBITDA positive in FY26. Trading remains robust and Accsys continues to gain share in a market where modified wood is outpacing the growth of (hard)wood. Growth will also be supported by the increased commercial efforts and expansion of its distribution network. On largely unchanged estimates the potential value per share remains €1.15.