I'm the Group CEO of Robit, and I'm joined today by our CFO, Ari Suokas, and we'll go through our Q2 figures for 2026. As always, we start with a disclaimer then heading towards the figures and past performance of Robit in the second quarter. Like we published during the first quarter, we had really a strong start up to the year. I'm extremely satisfied as the CEO that we were able to continue the good performance also through the second quarter of 2026. All in all, it's fair to say that the market demand is very strong, especially in the mining sector. We've seen that throughout the industry that all in all, the market is in good performance and gives Robit an opportunity to grow. We saw that the order intake increased by 10% from last year, and our net sales increased by 22.5%.
Profit-wise, we were able to keep up the good performance of sustaining our healthy EBIT level. On the cash flow side, we were on the negative side. Ari will tell a bit more of that in the coming slides. When we look at the sustainability targets that we are targeting, we were able to further improve the emission intensity targets that we have set for ourselves and are reaching towards the targets that we have set in the past years. At the same time, it's fair to highlight that we have had poor performance on our lost time frequency index. Naturally, as a company of focusing solely and having that as our key priority, we're taking all actions in order to improve the future performance and ensuring that the performance of that index is developing positively.
If we look on a broader side of the figures, the first half of the year has been a positive movement from the past performance of Robit. We were able to increase, like I said, our net revenue in the second quarter significantly from the year before. All in all, the start of the year has been very positive. If we look from the SBU perspective, we've seen that our revenue in the top hammer side has slightly decreased, but on the down the hole side and especially on the geotechnical side, we've had very positive growth during the past year. The EBITDA has as well improved from the past year. The net cash flow for the operations have been minus EUR 4 million. The growth that we've seen has been coming predominantly from the Geotechnical side.
If we look at the regions and performance of individual regions, especially the Americas has been performing very well. We have also had positive growth on the EMEA region and been able to keep the market or keep the revenue in the Asia region. In Australasia, our revenue has decreased from the year before. Ari, if you say a few words about the financial figures.
Thank you, Mikko. First of all, to give you the background, the price pressure continued to be very strong in the market, especially driven by the tungsten. Our net sales was very good all in all, totaling to EUR 24 million. It was mainly due to three facts. One, our very active visits towards the customer and activity towards the customer front. Secondly, our product testings. Thirdly, our capability to provide the confirmation to our customers that our solutions work in different type of ground conditions. Our EBITDA in Q2 increased to 7.3%. EBIT percentage in Q2 turned positive compared to last year, when it was negative. Q2 2026 result of the period increased and was EUR 0.5 million.
All in all, when we look at the EBIT for the first half of the year, we are at the moment EUR 2.4 million. The net sales is EUR 45.3 million for the first half of the year. Moving on to net working capital development. Here it's good to understand two factors. One, there has been a rapid increase with the tungsten prices. Tungsten is a key raw material that is used with the bits. The rise of tungsten first was seven to eight times higher at the beginning of the year, now has decreased and stabilized, it's still three to four times higher than it was last year in end of Q2.
A second thing that it's good to mention when we look at the net working capital development, it is that now we are ramping up multi-year mining contracts, obviously, that has a temporary impact to our inventories during the ramp-up phase. Net working capital all in all increased by four million, totaled EUR 45.8 million. Our inventories increased to EUR 46.3 million. This was driven by tungsten prices. Compared to last year, this is the increase of EUR 10 million. 80% of that increase is roughly driven by the price. The rest, 20%, is divided to FX and the volume. Our receipts increased to EUR 20.6 million. Our payables increased to EUR 21.1 million. Net working capital percentage of last 12 months of sales was 55.3%. Our cash flow before changes in net working capital was EUR 1.9 million. Operating cash flow was EUR -2.5 million.
Cash flow from investing activities was negative EUR 0.1 million. Here it's good to understand that the investing is going according to Robit investment plans also. Cash flow from financing activities resulted to EUR 1.5 million. The cash flow impact what we saw in Q2, we will see also, or we expect to see similar impacts also during Q3, especially here there are the two reasons, the high tungsten price increases with the carbide bits, secondly, the ramp-up of the multi-year mining contracts. Our financial position, cash and cash equivalents at the end of Q2 were EUR 7.2 million. Total interest-bearing loans and utilized credit limits were EUR 26.3 million. That includes the IFRS 16 lease liabilities of EUR 2.8 million. Our net debt decreased and was EUR 19.1 million. Net debt to 12-month rolling EBITDA was 2.64.
We have twice a year at the end of June and end of December, a financial covenant. The threshold for that financial covenant is 3.5. We are clearly below that one. Our equity ratio remains strong at 48.4%. The loan maturity loans from our financial institutions at the end of Q2 totaled EUR 23.5 million. We have a senior loan amortization of EUR 1.5 million. That's also biannually in end of June and end of December. We have also protected ourselves against the interest rate, the fluctuation. We have a EUR 10 million interest rate swap, which took effect on July 24 and ends 30th of June 2030. Towards Mikko and outlook.
Like I said, the first half and the performance of the first half has been really satisfactory. Many positive things have happened in the background, which have led to the fact that we've been able to sort of turn the negative revenue development of the past into a growth mode. I always say that we are first and foremost a growth-oriented company. We need to be a growth company. The market size and the potential that the market offers us in those regions with those products that we are manufacturing, there's plenty of market for Robit to take, which means that our mindset has to be that we are growth-oriented company. What needs to continue is the positive momentum that we are having in the fields.
We have to be really active together with our distributors in ensuring that they are able to perform better, that they are able to grow, that they are able to penetrate into the markets with our products. We have to sort of ensure that the positive added value that Robit brings through its products is transferred from the presentations and from the speeches into real-life actions in the fields. That is something that we have to continue also in the future. The other fundamentals remain the same. We have to be really active in the pricing sector. The tungsten development that has evolved during the last 12 months, of course, has been a major disturbance in the market and has created many challenges to the competitive environment, to the customers, with the uncertainty of understanding how the prices will develop.
That's of course, something that we need to work on a daily basis to ensure that we are able to transfer the information of our prices, but also transfer the information about how we expect or how we see that the future will evolve. The challenge with the tungsten is that the forecasting towards the future is really difficult, actually impossible. We have to live on the daily figures where we stand. Fortunately, we've seen the situation that we've come down from the high peak that was seen earlier this year to a lower level. Naturally, we are still way above the historical sort of average levels that we've seen during the last years. Customer activity is the key for us. We have to be active in the front line. We have to be active in visiting the customers.
That's the base fundament for our future success, and that work has to continue also in the coming quarters. Of course, it's easier to have that sort of positive momentum in the background. It's easier to communicate this also throughout the organization, through our distributors, that we are able to be successful. That's, of course, a positive thing that we are able to carry us.
That's easy to carry through the communication, but of course, the work needs to continue every single morning that we come to the office and every single day that we meet our customers, and that's basically the standpoint also for the coming months, that the hard work that we've done in the past has to continue, and we have to be even better than we've been in the past in order to ensure that we see a future growth momentum also in Robit. Last but not least, before we go into the questions, the guidance remains the same. We still estimate that the net sales will increase from 2025, as well as the EBIT profitability will also increase from last year. Ari, do we have any questions online or?
Yes. Thank you, Mikko. Now moving to the questions and answers. Are there any voice-related questions? We have few questions in the chat functionality. I assume not. Let's proceed so that I will read the question, and let's take a look after that one which one of us will reply to the question. First question comes from Aapeli Pursimo from Inderes. "How does your sales pipeline look like?
Yeah. We came out during the second quarter with announcements regarding multiple mining contracts that we've been able to sign. That's, of course, something fantastic to come out with that type of information. In that sense, when looking at the announcements that we made, when looking at the order intake that we've been able to collect, of course, the situation where we stand at the moment is, in that sense, better than it has been in the past. At the same time, of course, that work needs to continue to ensure that we are able to continuously increase our order intake and naturally these type of successes that we've had with these mining contract is something positive, but it's something that has to continue and has to develop day after day, month after month.
Thank you, Mikko. Second question from Aapeli. You partially replied to this one already, could you describe how does your pricing works regarding tungsten price in a rapid upward or downward pressure, what we have been seeing lately? It was a headwind in Q2 and probably will be also in Q3, is there going to be a tailwind for Q4 if the price remains around current level?
I won't go into details how the pricing mechanism works for the tungstens, of course, the situation is that there's always a market price for the products. What we've seen during the last six to nine months is that there's large fluctuation within markets and within different product groups with that sort of market price due to the fact that the competitive environment is living in different cycles, some companies are taking more risks, some companies are taking less risk with the tungsten price development. Our job is, of course, to ensure that we are safeguarding the profitability of the company and do the utmost to ensure that we are able to transfer that price development into the unit prices of our products.
Sometimes it works better than in other cases, like I said, it's then in the end, it is the market price that then dictates the level of possibilities of pushing it fully or in some other extent.
Thank you, Mikko. The next question also is around the same topic. Can you discuss a bit how has the competition situation developed lately, has tungsten price development affected it?
Yeah, pretty much also answered that one in my previous comment. All in all, I wouldn't say that the competitive environment has changed. It has always been tough. It'll always be tough. We're no different business from any other business. There's always competition in the market, and you need to live with that, and you have to be able to be successful, not just price-wise, but also quality-wise. Like I've said in the past, that if we position ourselves just purely on price, not on performance, not on quality, then we are fighting in the wrong type of field.
Clearly, of course, when the business environment, especially on the mining side is very strong and the forecast also for the future in the mining sector is very positive, it means that there are existing players and new players trying to enter the market, and the competition is always there. Has been tough, will continue to be tough, and then of course, the fluctuation with the tungsten price is something that has, of course, been then disturbing that competitive environment even more for everyone in the market due to the fact that that so-called market price has been a bit harder to understand due to the fact that different companies are living in a different sort of time zone in terms of implementing those tungsten changes into their product prices.
Thank you, Mikko. The last question that we have on the chat functionality is when you expect cash flow to turn positive, still in H2, or will it take into 2027? There's two elements with the cash flow that it's good to understand. One is the tungsten, and a second is obviously the ramp-up of the mining contracts, what I highlighted. Robit is a growth company. Our target is to grow, like Mikko highlighted very clearly. The tungsten price has stabilized now. If we assume that the tungsten will remain on the similar level, it will not create such a disturbance to the market continuously, and that will obviously help with a positive development. That will not help us already in Q3, but that will help us in Q4. That will be the latter part of 2026.
Obviously, we are targeting to grow in coming quarters, and if we continue to grow, we need to ensure there's availability of our products, and then that might a bit disturb the cash flow during the rapid growth phase. Obviously, we monitor continuously the cash flow. It's good to understand these few limitations that there are also with the cash flow. Are there any more questions? I don't see at the moment in the line. In that case, thank you very much for participating to our webcast.
Yeah. Thank you.