Courtois Shares Facing a Harsh Q1: Revenue Down by 87%
Courtois S.A. reports Q1 2026 results marked by a severe contraction in consolidated revenue, dropping to €108K from €831K a year earlier. This 87% decrease results from the lack of real estate lot sales during the quarter, while the group continues its investments in renovation works and utilizes a €600K loan to finance its redeployment.
Severe Drop in Consolidated Revenue
Courtois' consolidated revenue plummeted to €108K in the first three months of 2026, down from €831K in the same quarter of 2025, reflecting an almost complete halt in real estate activity. The Building Renovation branch, which includes two key entities, shows declining revenues: Courtois Real Estate LLC (FIC) generated €25K compared to €252K previously, while Courbevoie 157 Timbaud SAS (51% ownership) achieved €41K compared to €532K the previous year. The press release explicitly attributes this decline to the absence of lot sales in the first quarter of 2026. The property management activity is also affected: the non-invoicing of rent for the Rue de Rémusat in Toulouse, currently under renovation, directly impacts revenues.
Accumulation of Real Estate Inventory
Alongside the revenue contraction, the group is accumulating real estate inventory. FIC shows a net stock of €4,011K as of March 31, 2026, stable compared to €4,009K at the end of 2025. However, Courbevoie's stock increased by €597K, from €1,911K to €2,508K, a progression explained by the advancement of major construction works. This accumulation of unsold real estate assets during the quarter indicates that renovation projects are progressing on the ground but have not yet generated sales. The group also took out a €600K support loan from Caisse d'Épargne in February 2025, with a Completion Financial Guarantee, utilized immediately upon subscription, generating GFA costs of €35K.
Preparation for Commercial Redeployment
The group is preparing for its commercial redeployment in the coming months. At the Toulouse Centre site, lots with leases expiring are being renewed for a year or re-leased. More significantly, a future state lease (BEFA) was signed in February 2025 for Rue de Rémusat, effective from the second half of 2026. Early partial handovers to the tenant have already occurred during Q1 2026. In the Renovation branch, new commercial initiatives have been launched for Courbevoie totaling €3K including tax, leading to a new reservation signed on April 1, 2026. In the real estate development sector, the development permit for SCCV Ondes Résidence des Carolles (45% ownership) was granted and cleared of appeals before being transferred to the group. Roof renovation works are underway on the building on Rue Matabiau with a budget of €60K. These elements suggest that commercial dynamics should accelerate after Q1.
