Grolleau: EBITDA Jumps 53%, But Net Result Remains in the Red
Grolleau releases its 2025 results marked by a sharp improvement in operational performance. Over a 12-month proforma period, EBITDA increased by 53.3% to €2.4 million and the EBITDA margin reached 4.5%, a gain of 1.5 points. However, this operational recovery is overshadowed by substantial exceptional charges and a contraction in the order book, outlining an uneven 2026 across sectors.
Stable Revenue with Significant EBITDA Improvement
Based on the 12-month proforma, Grolleau reported a nearly stable revenue at €54.0 million (compared to €53.6 million a year earlier). The highlight is the EBITDA progress reaching €2.4 million, a 53.3% increase from 2024. This improvement reflects better cost control: regular operational expenses decreased by 6.2% to €25.0 million. External charges accounted for 15.1% of revenue (down from 16.1% in 2024), benefiting notably from the closure of the Mexican subsidiary. Personnel expenses, which amounted to 31.3% of revenue, decreased by 3.7 points, due to part-time unemployment measures in Italy in the first half of the year and a reduction in temporary workers. However, this operational improvement did not translate into the final result. The proforma net result attributable to the Group was (€3.2) million, compared to (€2.0) million a year earlier, weakened by exceptional items totaling €1.8 million including €1.0 million in impairments related to the closure of the Mexican subsidiary and €0.8 million in severance payments.
Positive Free Cash Flow Amid Order Book Contraction
Grolleau recorded a positive free cash flow of €2.9 million in 2025 (compared to €0.5 million in 2024), supported by a €3.3 million improvement in working capital. Available cash stood at €4.6 million as of December 31, 2025. Net financial debt, well managed, reached €0.4 million. These liquidity indicators reflect better cash generation despite the complexities of integrating OMP. Meanwhile, the total order book (2025-2026) stood at €19.6 million as of March 31, 2026, down by €1.4 million compared to €21.0 million a year earlier. This contraction reveals commercial tensions, particularly in the Smart City division where the cessation of charging station orders poses a major obstacle.
Anticipated Continued Momentum in Telecom and Positive Outlook in Industry and Energy
Grolleau anticipates continued good momentum in the Telecom sector and expects well-oriented activity in Industry and Energy. The group also reports improved visibility: the extension of its contract for electrical transformation stations until April 2029 (previously April 2027) stabilizes a significant flow. A new contract won in the energy transition with NW Group could generate significant volumes in 2027 and 2028. The first serial order for POLYTEX (hospital garment cabinets) has also been received. However, the Smart City division is expected to experience a significant decline in 2026 due to the cessation of charging station orders, although the first half of the fiscal year started better than anticipated. The group maintains a cautious approach in the face of current geopolitical uncertainties and their potential impact on the costs of raw materials, logistics, and energy. Component delivery delays remain contained at this stage.
