COIL: Revenue Down by 12.4% in 2025, EBITDA Turns Positive in H2
COIL, a global leader in aluminum anodization, saw a 12.4% decline in revenue to 19.4 million euros in 2025, impacted by sluggish demand and the absence of licensing income. However, a gradual improvement in dynamics during the second half, with a positive EBITDA of 1.2 million euros compared to a loss of 2.3 million in the first half, indicates the initial effects of a recovery plan implemented by the Belgian group.
A Challenging First Half, Gradual Recovery from July
Revenue amounted to 19.4 million euros, down from 24.1 million in 2024, affected by two major factors. On one hand, subcontracting activities, the core of operations, dropped from 17.4 to 15.6 million euros, penalized by a deteriorating economic climate in Europe and weak demand in end markets. On the other hand, licensing revenues, which had reached 2.0 million euros in 2024, generated no income in 2025; no significant developments are anticipated in China for 2026. The first half proved particularly challenging with an EBITDA loss of 2.3 million euros. The second half marked a decisive turnaround: the recovery in subcontracting activities led to a positive EBITDA of 1.2 million euros in the second half, reflecting the initial effects of cost reduction measures, particularly in management payroll.
Operational Profitability Deteriorated Despite Partial Rebound
At the annual net result level, COIL recorded a loss of 4.7 million euros (compared to 3.2 million in 2024), representing 24.2% of revenue. This decline results from a decrease in gross margin following the revenue drop, partially offset by cost savings. The group's EBITDA stands at -1.1 million euros compared to an EBITDA of 0.3 million euros in 2024. The operating result amounted to -3.3 million euros compared to -2.8 million the previous year. An increased financial charge of 0.6 million euros, linked to cash flow tensions requiring a capital increase of 1.3 million euros in October 2025, also impacted final profitability.
Consolidated Financial Structure, but Reduced Visibility into 2026
Despite the challenging environment, COIL strengthened its financial structure. The capital increase of 1.3 million euros completed in October 2025 secured operational continuity. Concurrently, net financial debt decreased by 1.3 million euros to 3.3 million euros, bringing the debt ratio to 21.3% of equity compared to 25.3% a year earlier. However, COIL did not meet the Net Debt/EBITDA covenant ratio as of December 31, 2025, with two Belgian banks. Temporary waivers were obtained; one due to exceptional circumstances, the other as part of a new financing agreement including a loan of approximately 1 million euros repayable between September 2025 and December 2026. A comprehensive refinancing of financing lines, including factoring arrangements, was successfully conducted with a leading bank. For 2026, COIL faces the year with limited visibility. The economic environment remains constrained and uncertain. Rising aluminum prices on the markets (LME and premiums), fueled by geopolitical tensions in the Middle East, increase the volatility of customer behavior and may impact certain construction projects. Meanwhile, COIL continues to adapt its commercial strategy towards more resilient subcontracting, while pursuing strict cost reduction and gradual operational improvement actions.
