Fleury Michon: Revenue up 3.5% in the first half of 2026, operating margin at 2.6%
Fleury Michon published on September 8, 2026 half-yearly results marked by a recovery in profitability, one year after a fiscal year affected by rising poultry prices. Beyond revenue growth, the key event of the half-year was the return of current operating margin to 2.6%, compared to 0.1% a year earlier, on the same half-yearly scope.
Revenue of €420.7 million, net income of €7.1 million
In the first half of 2026, Fleury Michon recorded revenue of €420.7 million, up 3.5% compared to €406.4 million in the first half of 2025. Current operating income stood at €10.8 million, representing a current operating margin of 2.6%, compared to €0.2 million and 0.1% a year earlier. Operating income also came in at €10.8 million. Consolidated net income reached €7.1 million, compared to €5.5 million in the first half of 2025. Net income from continuing operations amounted to €7.1 million, compared to €0.3 million a year previously, with the prior period having included €5.2 million related to divested or discontinued operations, now absent.
GMS France (+2.8%) and International (+6.6%) drive growth
The GMS France division, the main contributor, advanced 2.8% to €346.6 million, driven by market share gains in charcuterie and the return to growth in surimi activities, in a surimi market whose sales increased by 2.3%. The prepared meals market, by contrast, slowed during the half-year, with the company indicating it was penalized by heat waves, with its market share gains failing to offset this dynamic. The International division grew 6.6% to €55.5 million (up 9.2% at constant exchange rates), driven by airline catering. The Other French sectors division increased 8.7% to €18.6 million. According to the group, half-yearly profitability benefited from volume growth, a better balance between product costs and commercial pricing, as well as strengthened contribution from the International division.
Net debt raised to €19.5 million, U.S. plant planned for 2027
Net debt stood at €19.5 million as of June 30, 2026, compared to €9.4 million as of December 31, 2025. The group attributes this increase to financing needs for industrial modernization and capacity expansion investments, as well as an unfavorable change in working capital requirements of €10.0 million linked in particular to summer seasonality. The group is pursuing its strategic plan centered on four pillars, including the development of the International division, with a U.S. plant project scheduled to be operational in the second half of 2027. Due to uncertainties and volatility in raw materials, the company indicates it is unable to provide numerical guidance. The next meeting is scheduled for April 2027, after market close, for 2026 annual results.
