ABEO: Revenue of €280M in 2025/26, but Organic Growth Limited to 3.1%
ABEO reports a revenue of €280.0 million in 2025/26, up 12.6% year-over-year. However, this growth largely stems from acquisitions, while organic growth stands at 3.1% and currency effects had a negative impact of 1.5%. The group anticipates an improvement in EBITDA margin, but the 5.5% increase in order intake raises questions about the underlying business dynamics.
Growth Driven by Acquisitions, Organic Growth Slows
ABEO, a global leader in sports and leisure equipment, achieved a revenue of €280.0 million, an increase of 12.6% compared to €248.7 million in 2024/25. However, this rise is largely due to acquisitions, which have a significant positive impact, while like-for-like growth is only 3.1%. An unfavorable currency effect of 1.5% also hindered progress. In the fourth quarter of 2025/26, ABEO recorded a revenue of €74.7 million, up 14.5%, but on a like-for-like basis, the activity was stable. The group's acquisitions (ELI Play in Sportainment & Climbing since June 1, 2025, Sodex and VOGO in Sports since June 1, 2025, and January 1, 2026, respectively) account for the bulk of this reported growth.
Divisions Show Mixed Performances
The Sports division, the largest in the group with €145.7 million in revenue (51.9% of the total), grew by only 5.7% over the full year, which translates to just 0.3% organically. The group reports a slowdown in the Benelux market, partially offset by the dynamics of gymnastic activities. Sportainment & Climbing posted much more dynamic results, with revenue of €67.3 million, growing 47.4% of which 11.5% was organic. This division benefited from the contribution of ELI Play, but also from the continued positive trend in recreational and sport climbing walls, despite a temporarily affected American activity in the fourth quarter. Locker rooms recorded a more moderate growth of 2.6%, at €66.9 million, although the fourth quarter showed an acceleration to 6.8% driven by major projects unlocked in France.
Orders Progressing but at a Slower Pace than Revenue
As of March 31, 2026, the group's order intake stood at €277.6 million, up 5.5% from €263.2 million a year earlier. Although this increase is positive, it remains lower than the published revenue growth of 12.6%. The group notes that this commercial momentum was 'slightly slowed in recent months by geopolitical tensions and their repercussions on the global economy'. Despite this complex environment, ABEO remains 'confident in the improvement of operational profitability for the fiscal year ending March 31, 2026', anticipating an EBITDA increase both in absolute terms and as a percentage of revenue compared to the previous year. This expected improvement should reflect 'the strength of its model and the resilience of its fundamentals'. The group will announce its annual results for 2025/26 on June 3, 2026, after the market closes.
