Cogra Returns to Profitability in the First Half with a 21% Increase in Revenue

Overcoming Energy Crisis Challenges

Cogra has overcome the challenges posed by the energy crisis of the previous two fiscal years, as evidenced by its half-year results approved by the Board of Directors on February 5, 2026. The net revenue stands at 22.6 million euros for the period ending December 31, 2025, up 21% from 18.7 million recorded in the same semester of the previous year. This growth is supported by a 20% increase in pellet sales, which reached 19.9 million euros, and a 13% rise in the Stoves and Boilers segment, reaching 2.4 million euros. The service activity saw an even stronger increase of 36%. On the operational level, EBITDA significantly improved to 2.6 million euros, representing a margin of 11.5%, compared to a negative balance of 0.3 million euros a year earlier. This improvement results from operational discipline and cost control. Operating income reached 1.1 million euros, with a margin of 5.0%, after deducting 1.5 million euros in depreciation and provisions. The net result stands at 1.1 million euros, representing a net margin of 4.8%.

Improved Financial Structure

The group's financial structure has notably improved. Inventory levels decreased to 8.2 million euros, down 35% from 12.5 million a year earlier. Cash reserves significantly increased to 4.5 million euros as of December 31, 2025, compared to 2.6 million at the same date the previous year and 2.2 million at the end of June 2025. Financial debt continues to decrease by 25%, in line with the roadmap established for repaying debts incurred during the construction of the new Craponne-sur-Arzon plant in 2020/21. The gearing ratio significantly improved to 9%, from 25% at the end of December 2024. In terms of governance, François Chapon, former deputy general manager and graduate in thermal engineering and energy, was appointed CEO on January 1, 2025. He succeeds Bernard Chapon, the founder of Cogra. Additionally, the company TEXI SAS reported on November 5, 2025, that it had crossed the thresholds of 20% of voting rights and 25% of the capital, holding 29.75% of the capital and 23.63% of the voting rights.

Entering 2025/26 in a Normalized Market Context

Cogra enters the 2025/26 fiscal year in a normalized market context, characterized by stabilized prices and an increase in pellet volumes. The recovery in sales of wood pellet heating devices confirms the structural interest of households in this energy solution, according to the group. The group intends to continue its debt reduction while improving the utilization of its industrial capacities. The workforce remains stable at 74 people.