Dolfines: Revenue Down by 30% in 2025, Net Loss of €0.65 Million
In 2025, DOLFINES recorded a revenue of €6.79 million, a 30% decrease from 2024, affected by the divestment of a business unit and the non-renewal of key contracts. The net loss amounted to €0.65 million. Despite this contraction, the group maintains a positive net cash position of €0.29 million and reduced its debt, relying on an internal transformation strategy to rebound.
The challenge for investors lies in DOLFINES' ability to convert its €29 million commercial pipeline into orders, in a context where clients are exhibiting increased caution.
Contracted Revenue to Optimize
The group's consolidated revenue reached €6.79 million in 2025, down by €2.91 million from €9.70 million in 2024. This decline stems from several factors: the sale of the technical audit activity of 8.2 Advisory to Socotec at the end of May 2025 accounts for approximately €1.45 million of this contraction. The remainder is explained by the non-renewal of a major contract for the provision of experts in the offshore wind sector and the non-renewal of an audit contract with a leading client in the mining sector.
The gross operating surplus (EBITDA) was negative at (€0.44) million, reflecting an imbalance between the group's cost structure and its current revenue. The net loss was (€0.65) million, compared to (€0.51) million in 2024, indicating a further deterioration in profitability.
High Commercial Pipeline but Structurally Slowed Conversion
Despite the contraction in results, DOLFINES has a commercial pipeline of €29 million in bids issued during the fiscal year 2025. However, the group notes a structural degradation in the conversion rate, which was historically high. In 2025, clients showed increased caution, leading to a significant extension in decision-making times and a high rate of postponements and cancellations of projects in advanced negotiation phases.
This phenomenon reflects, according to management, the persistent tensions on clients' operational budgets in an unstable environment. Equity decreased to €1.91 million (from €2.42 million at the end of 2024), while active cash increased to €1.58 million (from €1.11 million in 2024), fueled in particular by the cash from the sale of the 8.2 Advisory business.
Internal Transformation and Geographic Diversification as Levers for 2026
The group is entering 2026 by continuing its structural transformation initiated in 2023. Four strategic axes are deployed: consolidation of support functions within DOLFINES SA, optimization of the cost structure in line with the current size of the group, improvement of commercial yield by reducing conversion times, and active geographic diversification.
Management identifies the geopolitical context in the Middle East as a short-term uncertainty factor, hindering investment decisions. In the medium term, the group considers the reconstruction of damaged infrastructure in the region as a substantial opportunity, in the areas of technical expertise and safety engineering where DOLFINES has an established presence. Management is monitoring the situation to capitalize on these opportunities as soon as conditions permit.
