EMS Group: Revenue down 6% in first half, EBITDA margin at 13%
EMS Group published its first half 2026 results on September 14, 2026, marked by a decline in activity but an improvement in operating profitability.
The group specialized in medical imaging saw its revenue decline against a backdrop of cautious demand in Europe, while achieving an EBITDA margin up three points thanks to its cost reduction and operational efficiency initiatives.
Revenue of €22.1m driven by divergent dynamics between radiology and bone densitometry
In the first half of 2026, EMS Group's consolidated revenue stood at €22.1m, down 6% compared to €23.5m in the first half of 2025.
The radiology division recorded revenue of €17.1m, against €18.8m a year earlier, a decline of 9%. The group attributes this decline to white-label sales made through OEM agreements with Canon Medical Systems, Fujifilm Healthcare and Carestream Health, in a market marked by project delays or postponed tenders in Europe. Conversely, own-brand sales are progressing, driven in particular by the delivery of three batches of "M1 Adam" mobile radiology units in Ukraine and an order for Platinum radiology tables in South America.
In bone densitometry, half-year revenue reached €5.0m, compared to €4.7m a year earlier, an increase of 6%.
EBITDA margin up to 13.0%, driven by cost control
EBITDA stood at €2.9m in the first half of 2026, up 22% compared to €2.4m in the first half of 2025. The half-year EBITDA margin thus increased from 10.0% to 13.0%.
In a context of declining activity, this improvement reflects two factors according to the group: improved operational efficiency generating structural gross margin gains, and cost control. Personnel costs declined 9% over the half-year and external charges declined 6%. At the same time, EMS Group invested 7% of its revenue in R&D.
Current operating income increases by 42%, to €1.8m, compared to €1.3m a year earlier. After other operating income and expenses of €0.4m, mainly related to integration costs of Solutions For Tomorrow, operating income comes to €1.5m. Consolidated net income stands at €1.1m, compared to €1.0m in the first half of 2025.
Net debt raised to €12.6m, growth pause expected in 2026
As of June 30, 2026, consolidated shareholders' equity stood at €13.1m, compared to €12.1m at the end of 2025. Available cash reached €3.1m at the end of the half-year, compared to €4.9m at the end of 2025, with financial debt of €15.7m (excluding IFRS 16 lease liabilities) compared to €14.8m at the end of 2025. Net financial debt stands at €12.6m, compared to €10.0m on December 31, 2025.
In terms of outlook, EMS Group indicates that third quarter 2026 activity reflects the cyclical slowdown in markets, in the absence of any notable improvement during the summer. The group notes that 2026 should mark a pause in activity growth, with profitability expected to continue improving due to operational efficiency initiatives.
EMS Group, which achieved revenue of €50m in 2025, will publish its third quarter 2026 revenue on October 19, 2026, after market close.
