Dolfines reduces EBITDA loss to €0.59M in first half of 2026 despite 29% revenue decline
In the first half of 2026, Dolfines reduced its EBITDA loss to €0.59M while its business contracted by 44% on a gross basis, or 29% on a comparable basis excluding the sale of 8.2 Advisory. The reduction in general expenses and payroll more than offset the revenue decline, and the group indicates it returned to positive EBITDA as early as June.
Consolidated revenue stood at €2.36M. On a comparable basis, excluding the consulting activities of 8.2 Advisory sold on June 1, 2025, the decline amounts to 29%.
The group attributes this decline primarily to the Middle East conflict, which has slowed decision-making by its clients in the region and even led to the cancellation of certain projects.
EBITDA loss reduced from €0.69M to €0.59M
Dolfines, an operational excellence consulting company listed on Euronext Growth, published on October 28, 2026 its consolidated half-yearly financial statements, which were subject to a limited review by its statutory auditors. EBITDA came in at -€0.59M, compared to -€0.69M in the first half of 2025.
This reduction in operating loss is based on cost base adjustment: general expenses fell by 20% and payroll by 34% over the semester. According to the group, these savings more than offset the revenue decline.
Net income stands at -€0.70M, compared to €0.96M a year earlier. This comparison included a gain of €2.1M related to the sale of the technical audit activities of 8.2 France to Socotec Power Services on June 1, 2025. Excluding this item, net income for the first half of 2025 amounted to -€1.14M.
EBITDA turned positive again in June
As of June 30, 2026, gross cash stood at €0.68M and net financial debt represented 16% of group equity. These two figures indicate the financial leeway with which the group approaches the second half.
Adrien Bourdon-Feniou, Chief Executive Officer, described a semester marked by "deliberate reduction of operating expenses" in response to the slowdown in business activity in the Gulf region. According to him, commercial activity, combined with expense reduction, enabled the group to "return to positive EBITDA as early as June".
The executive indicates that this trend continued over the first four months of the second half, with high billing levels and a lighter cost base. He sets as a first priority to "convert our customer receivables into cash, in a context of extended payment terms from our clients".
Order backlog of €2.75M at end of October
The order backlog amounts to €2.75M at the end of October 2026. In a publication dated July 29, 2026, the group had reported a backlog of €3M as of June 30, nearly all of which was billable in 2026, and €2.54M in new orders signed since the start of the year.
Management assigns two objectives to this backlog: to deliver missions at the profitability level achieved since June, and to convert ongoing commercial offers to ensure business continuity beyond this horizon. The group had already cited, in this July publication, the Middle East conflict as a factor weighing on its commercial activity.
At the end of this semester, Dolfines shows an EBITDA of -€0.59M for revenue of €2.36M, gross cash of €0.68M as of June 30, and an order backlog of €2.75M at the end of October.
