BIO-UV Group: Stable Semi-Annual Revenue at €20.1M, Annual Target Confirmed
BIO-UV Group reported a nearly stable semi-annual revenue of €20.1M, confirming its annual target of €38M to €42M. However, the group shows very uneven growth: Service Operations increased by 10% and Solutions returned to growth, while the Products division fell by 13% due to commercial reorganizations and inflationary pressures. These results reveal that the group's restart relies on segments with low visibility (aquaculture, export) and that a historically significant division is losing ground.
Surface Stability: Services Advance, Products Slow Down
The consolidated revenue for the first half of 2026 stands at €20.1M, almost identical to the first half of 2025. Behind this appearance of stability lies a contrasting mechanism. The Service Operations & After-Sales Market division (engineering, training, spare parts) continues its dynamic progression with a growth of 10%, fueled by the expansion of the installed equipment base. This activity generates recurring revenues and higher margins. Conversely, the Products division (sales of UV disinfection equipment, salt electrolysis, ozone) records a decline of 13%, with a revenue of €7.2M. This decline is explained by the reorganization of sales teams in certain geographical areas and the internalization of sales forces, according to the statement. The group also faces inflationary pressures on raw materials, penalizing the profitability of this segment.
Solutions Return to Growth, Driven by Aquaculture and Export
After a sharp decline in 2025, the Solutions division (global water treatment projects) returns to a positive trajectory in the first half. This recovery is based on three levers: the now stabilized maritime retrofit market; sustained growth in the aquaculture segment; and the dynamics of exports. BIO-UV Group notably announced at the beginning of 2026 the signing of a major project for a global salmon production player in Iceland, currently being deployed. The aquaculture segment alone generated an increase of €0.6M in the first half. However, this recovery in Solutions remains moderate in absolute terms. The confirmed annual target (€38M to €42M in revenue) implies a rebound in the second half: €18M to €22M are expected, compared to €15.5M in the second half of 2025. The overall order book remains slightly above last year's at the same time, with a richer portfolio of commercial opportunities in export on the aquaculture and industrial water segments.
Continued Debt Reduction and External Growth Considered
Beyond the organic catch-up expected in the second half, the group continues its financial debt reduction strategy and considers external growth operations to develop new services or enter new markets. This ambition remains cautious, with the group not providing a specific timeline or targets. For investors, the challenge is the maintenance of acceleration in the second half and the ability of Solutions and Service Operations to offset the persistent slowdown in the Products division, which faces longer-term commercial and inflationary challenges.
