2CRSi: Revenue of €416.2 Million in 2025/26, Up 88%
2CRSi reported a revenue of €416.2 million for the fiscal year 2025/26, marking an 88% increase from the previous year (€220.7 million). The company significantly exceeded its revised guidance of over €400 million set in March, validating its strategic transformation towards artificial intelligence infrastructure. However, dependency on its top five clients remains high at 70% of consolidated revenue, down from over 90% the previous year.
New Strategic Clients and Increasing Diversification
The Strasbourg-based group posted an annual revenue of €416.2 million, up more than 88% compared to fiscal year 2024/25 (€220.7 million). According to 2CRSi, this growth illustrates the strong commercial momentum of the group and the success of its strategic transformation initiated nearly two years ago, aiming to position it in the market for artificial intelligence-dedicated infrastructure. The target was initially set at €300 million at the start of the fiscal year, then raised to over €400 million in March 2026: it has now been surpassed. The portfolio of main clients billed during the fiscal year is predominantly made up of new clients signed during the period. The top client accounts for less than 20% of consolidated revenue, while the top five account for about 70%, down from over 90% in fiscal year 2024/25. This element shows an increasing diversification of the client base, although concentration remains high compared to industry norms.
Accelerated Growth in Services, Dominant Equipment Sales
Equipment sales account for about 94% of the revenue, while income from services has significantly increased in value to reach €24.7 million, up from €8.3 million in 2024/25, a nearly 200% increase. The group emphasizes that these service revenues, which contribute more to margins, will be a major focus for development in the coming fiscal years. In particular, the 2CRSi Cloud Solutions activity recorded its first significant billings, especially as part of the ÆTHER project. Meanwhile, the group's financial position has strengthened: cash reserves stood at €14.4 million at the close, up from -€0.2 million a year earlier, reaching its highest annual level since the IPO in 2018.
Aiming for One Billion Euros in Revenue on the Back of ÆTHER and AI Growth
2CRSi confirms its ambition to achieve a revenue of one billion euros in the fiscal year 2026/27. This target is supported by the commercial momentum resulting from the announcement in July 2026 of the members of the ÆTHER consortium and advanced negotiations for the upcoming acquisition by ÆTHER Infrastructures of two industrial sites in the Strasbourg region. 2CRSi, a founding member of the consortium, anticipates an increase in orders, some of which are to be delivered during the current fiscal year. Beyond continuing its growth trajectory, margin appreciation will be a priority for the group through the enhanced contribution of services and higher value-added solutions in total activity. Note: the framework contract of €610 million targeted in the detailed response of July 16, 2026, did not generate revenue in the fiscal year 2025/26; growth relies entirely on other orders, delivered and invoiced.
