VDL Groep grows in H1 2026, but bus division remains loss-making amid factory underutilization

VDL Groep increased revenue and net result in the first half of 2026, while its Bus & Coach division recorded a 2% decline in turnover to €219 million and remained loss-making.

The Eindhoven-based industrial group reported combined revenue of €2.077 billion for the first six months, up 3% from €2.017 billion in the same period of 2025. Net result reached €59 million, an 11% increase from €53 million. According to VDL Groep, its order book rose 27%, from €1.855 billion at the beginning of the year to €2.335 billion in week 35.

For the second half of 2026, VDL expects further growth in group turnover and results, primarily driven by high-tech and defence activities. By contrast, the company explicitly states that no growth is expected for its mobility activities.

VDL Bus & Coach revenue down 2% in the first half of 2026

Bus & Coach turnover decreased by 2% to €219 million. VDL Groep states that the division remains loss-making, “because the factories are facing a shortfall in revenue due to cheaper products from other parts of the world being sold in Europe“.

The Bus & Coach order book stood at €571 million. During the first half of 2026, activities continued to focus on sales and production of the VDL and Van Hool brands within the VDL Bus Group organisation.

The figures follow VDL Groep’s 2025 results, when the bus division increased revenue by 6% to €538 million but remained loss-making. During 2025, VDL Bus & Coach and Van Hool were brought together under the VDL Bus Group organisation, operating the two brands within a single structure.

VDL Futura 3 deliveries expand across Europe

Since the beginning of 2026, the new VDL Futura 3 has been delivered to customers in the Netherlands, Belgium, Germany, Austria, Norway, Finland, Poland and Spain, according to VDL Groep. A right-hand-drive version is scheduled to be launched in the fourth quarter of 2026.

At group level, VDL expects revenue and results to increase further during the second half of the year, primarily through its high-tech and defence activities. The company explicitly states, however, that it does not expect growth from its mobility activities.

VDL Groep employed around 14,000 people at the end of the first half, broadly unchanged from the beginning of 2026.

Defence activities grow in importance

Defence is becoming a more prominent area within VDL Groep’s industrial activities. At its Born site, the group is developing operations along four axes: sustainable mobility, battery packs and new energy systems, high-tech manufacturing and defence. The defence activities are supported by a strategic partnership with the Dutch Ministry of Defence aimed at scaling up national production capacity for the Dutch and European defence industries.

VDL already manufactures drones, battery packs for drones and vehicles, and unmanned vehicles for defence applications in Born.  “It is expected that the competent authority (the Province of Limburg) will soon convert the temporary licence into a permanent one”, VDL states.

In brief

• How did VDL Bus & Coach perform in H1 2026?
  Revenue fell 2% to €219 million, and the division remained loss-making.
• What is the Bus & Coach order book?
  VDL Groep reports an order book of €571 million.
• How did VDL Groep perform overall?
  Group revenue rose 3% to €2.077 billion and net result increased 11% to €59 million.
• Does VDL expect mobility activities to grow in H2?
  No. The group states that no growth is expected for its mobility activities.

“The fact that, as expected, we have succeeded in improving our turnover and results is encouraging. We expect to continue growing in the second half of the year, driven primarily by our hightech and defence activities. We are also well positioned in food, energy and infratech. This forecast is supported by the strong underlying trend in our order book,” said Willem van der Leegte, President and CEO of VDL Groep.