Gascogne: net loss of €14.5 million in first half 2026, weighed down by Paper segment
Gascogne's first half of 2026 followed two opposing trajectories. The Wood, Bags and Flexible segments, which represent 77% of revenue, increased their cumulative EBITDA from €13.6 million to €16.1 million (including holding company), an 18% increase.
At the same time, the Paper segment saw its EBITDA decline by €12.7 million to reach -€15.0 million, due to low production levels on its oldest machines. The group allocated €50.0 million during the period to the new MAP7 paper machine, and its net debt increased by €53.1 million.
EBITDA of €1.1 million and net loss of €14.5 million for the semester
Gascogne's board of directors, which met on 28 October 2026 under the chairmanship of Dominique Coutière, approved the accounts for the first half. Revenue stood at €201.4 million, down 3.2%, and EBITDA fell from €11.3 million to €1.1 million.
This level of EBITDA does not cover depreciation: current operating profit turned negative at -€10.3 million. Operating profit came in at -€11.8 million, compared to -€0.3 million in the first half of 2025.
Financial result remained stable at -€2.4 million. The net result for the consolidated group stood at -€14.5 million. The accounts were subject to a limited review by the statutory auditors.
Paper declines, Bags and Flexible improve EBITDA
The Paper segment accounts for most of the decline. Its revenue fell 16% to €47.2 million, driven by lower average selling prices linked to a less favorable product mix and the cessation of electricity sales, which represented €3.8 million in the first half of 2025, or 40% of the decline.
Its EBITDA, at -€15.0 million, was impacted by the regulatory shutdown that occurred in March and the malfunctions of the three oldest paper machines, continuing from 2025.
The three other segments achieved cumulative revenue of €154.2 million, up 3.2%, thanks to improved average selling prices at globally stable volumes. The Bags segment increased its EBITDA to €6.8 million (+€2.1 million), with contributions from all sites, from Mimizan and Nantes to the Greek, German and Tunisian subsidiaries.
The Flexible segment grew its EBITDA by €0.8 million to €8.8 million, at nearly stable activity levels. The Wood segment showed EBITDA of -€0.4 million, close to breakeven, in a business environment the group describes as less favorable.
MAP7: €50.0 million invested, commissioning phases planned for 2027
On the financial side, operating cash flows came in at -€14 million, due to EBITDA of €1.1 million and an increase in working capital requirements of €9.0 million. Investment flows reached €63.7 million, of which €50.0 million for the new paper machine.
These needs were covered by financing flows of €93.3 million: €72.1 million drawn from credit lines, €25.0 million in shareholder Attis 2 current account advances, and €3.1 million in loan repayments. Available cash stood at €52.8 million, following a positive change of €15.6 million.
For the second half of 2026, the group indicated operating in a comparable context: the Paper segment remains hampered by the age of its equipment, while the Wood, Bags and Flexible segments are resisting the economic slowdown.
The MAP7, installed in Mimizan, is to replace the oldest equipment. The next phases concern piping, the logistics building and electrical connection, followed by commissioning phases planned for the first half of 2027, before industrial startup.
Until then, the €53.1 million increase in net debt during the semester is directly linked to this project.
