Cafom: Revenue Up by 6.3% in H1, But Net Income Declines
Cafom Group reports a 6.3% increase in half-year revenue to €235.3 million, driven by double-digit growth of its platform Vente-unique.com (+15.8%). However, this online expansion is accompanied by a significant increase in operational expenses, while net income decreases by 5.4% (€7.0 million compared to €7.4 million a year earlier). Concurrently, the group is engaging in major operations: the acquisition of Brandt brands in March 2026 and the opening of new international markets complicate the short-term profitability outlook.
Revenue Up, But Net Margin Falls
Cafom announces a half-year revenue of €235.3 million, up 6.3% compared to the first half of 2024-2025. This growth is entirely driven by the Continental Europe e-Commerce division, whose revenue jumps by 15.8% to €112.5 million, benefiting from the international expansion of Vente-unique.com (54% of sales from abroad) and the strengthening of its marketplace. Gross margin improves, reaching 52.9% (+1.5 points), for a total of €124.6 million, up €10.6 million year-on-year. However, this improvement is entirely offset by an increase in administrative and commercial expenses of €9.3 million, fueled by the growth of the online division (marketing expenses, logistic costs) and by one-time costs associated with the commissioning of the second logistics site in Moulins. As a result, the group's net income falls to €7.0 million from €7.4 million in the first half of 2024-2025, a decrease of 5.4%. Although adjusted EBITDA increases by 5.3% to €29.6 million, net profitability loses ground, reflecting the heavier cost structure of the online growth model.
E-Commerce Division Drives Growth, Overseas Holds Steady but Stagnates
The two divisions of the group record opposite trajectories. The Continental Europe e-Commerce segment asserts itself as a growth driver: its revenue leaps by 15.8% to €112.5 million, with an adjusted EBITDA up by 10.1% to €12.3 million. This expansion is based on the increasing presence of Vente-unique.com internationally (five new countries recently opened, four more in preparation) and on the rise in commissions generated by its marketplace. In contrast, the Overseas division records a revenue of €122.8 million, down 1.2% in an 'always unfavorable' environment. However, rigorous management of external expenses allows its adjusted EBITDA to modestly increase by 2.2% to €17.3 million. The net income of the island division falls to €4.0 million from €4.7 million a year earlier, notably penalized by an increased tax charge related to the sale of the Habitat brand to Vente-unique.com for €11 million. The group still operates 31 stores in Overseas territories, with two closures in New Caledonia and the opening of a Darty store in Reunion in June 2026.
Brandt, Vente-unique Australia, and Controlled Debt
Cafom completed two major operations in six months. In March 2026, it was designated to take over the Brandt, De Dietrich, Sauter, and Vedette brands, a transaction authorized by the Competition Authority on May 6, 2026. Stocks were distributed among Overseas stores and international distributors. A first licensing agreement was concluded on June 29, 2026, with Amica for the exclusive operation of the Sauter brand in France (excluding Overseas). Concurrently, in June 2026, Cafom launched a dedicated e-Commerce site in Australia, leveraging its expertise in logistics and maritime transport. Financially, the free cash flow is close to balance at -€0.5 million after absorbing €18.6 million in investments related to Brandt. Total investments reach €22.2 million (€16.7 million in Overseas for Brandt, €5.5 million in e-Commerce for the second logistics site). Despite these deployments, Cafom maintains very low debt: net financial debt stands at €5.0 million as of March 31, 2026 (compared to a positive net cash position of €9.3 million six months earlier), with a debt-to-equity ratio of 3.0%. These structural acquisitions and expansions increase short-term expenses and curb net profitability, but position the group in promising markets.
