HMH net income drops 44% to $5 million in Q2 FY26; revenue falls 16% to $170.8 million year over year

HMH Holding posted Q2 2026 revenue of $170.8 million, down 16% year over year; net income attributable to shareholders fell to $5 million.

Adjusted EBITDA rose 3% year over year to $33.9 million, lifting adjusted EBITDA margin by 3.7 percentage points to 19.8%.

Orders climbed 19% from a year earlier to $205 million, producing a book-to-bill ratio of 1.2x.

Operating cash flow was $17.9 million; free cash flow was $22.2 million.

CEO Eirik Bergsvik cited geopolitical uncertainty, evolving trade policies and project timing shifts; he said improving visibility and backlog support a stronger second half.