Enerpac Tool Group reported QQ1 2026 results broadly in line with expectations, delivering organic revenue growth from a healthier order book in IT&S and a favorable mix in HLT, offset by tariff-driven cost pressures. Key metrics for the quarter include revenue of $144.2 million, gross profit of $71.6 million (gross margin 49.6%), operating income of $28.5 million (operating margin ~19.8%), and net income of $19.1 million (net margin ~13.3%), or EPS of $0.36. Management reaffirmed full-year guidance: organic revenue growth of 1%–4%, adjusted EBITDA growth of about 6% at the midpoint, free cash flow of $100–$110 million, and EPS of $1.85–$2.00. The company highlighted several catalysts, including a robust backlog and pipeline in High-Lifting Technology (HLT), and a EUR- and APAC-led pick-up in order rates across regions. A notable shift toward higher-margin service models continues, though UK market contraction pressured service revenue in Q1. Enerpac is accelerating product launches and innovation (targeting near-doubling of new product launches in FY2026 vs FY2025), expanding commercial capabilities in India, Australia, and the Philippines, and advancing its ECX commercial framework. The balance sheet remains healthy with net debt of $49 million and liquidity of $539 million, complemented by a $15 million stock repurchase and a continued M&A-ready posture.