HF Company: €18k in Revenue in the First Half of 2026, €15.4M in Cash
HF Company published its half-year accounts on 30 October 2026, the substance of which rests on its balance sheet rather than on its business activity. Revenue for the first half of 2026 stood at €18k, while net cash reached €15.4M as of 30 June 2026, or 98% of total balance sheet assets.
Net income attributable to the group came to -€104k, compared with +€1,835k a year earlier on a restated basis. This gap is explained by the comparison with the first half of 2025, which included the disposal of LEA Networks, completed in March 2025, while the operating loss narrowed over the period.
Revenue of €18k, Operating Loss Reduced to €331k
For the first half of 2026, HF Company generated revenue of €18k, down 83% on a like-for-like basis from €105k in the restated first half of 2025. The 2025 accounts were restated to exclude LEA Networks, a subsidiary sold in March 2025.
As published, revenue for the first half of 2025 amounted to €337k. Meanwhile, EBITDA improved by €213k, to -€307k compared with -€520k a year earlier on a restated basis.
Operating income followed the same trend: it came to -€331k, compared with -€530k in the restated first half of 2025. The company attributes this change to a “controlled reduction in operating expenses”.
Financial Income Offsets Most of the Operating Loss
Financial income, positive at €226k, exceeds revenue for the half-year. HF Company attributes it to “dynamic management of the group’s cash”.
This item reduces the net loss attributable to the group to -€104k, from an operating loss of -€331k, with exceptional income and tax being nil for the period.
The year-on-year comparison is marked by a base effect. In the restated first half of 2025, financial income reached €2,366k and net income attributable to the group €1,835k, a level the company links to the disposal of LEA Networks.
As published, the same half-year showed financial income of €1,024k and net income attributable to the group of €124k. The move from a profit to a net loss therefore does not stem from operations, whose losses narrowed, but from the absence in 2026 of an item comparable to that disposal.
Net Cash of €15.4M, or 98% of Total Balance Sheet Assets
As of 30 June 2026, HF Company held net cash of €15.4M, representing 98% of its total balance sheet, against consolidated equity of €14M. The group’s assets therefore consist almost exclusively of liquid funds.
This profile explains the weight of financial income in the income statement: at €226k for the half-year, this item, which the company associates with cash management, outweighs commercial activity, whose revenue stands at €18k.
Listed on Euronext Growth, the group presents itself as an integrator of technology solutions and services in the digital and networks space. It will publish its 2026 annual results on 30 April 2027.
At the close of this half-year, the defining element of the publication remains this net cash level of €15.4M, which constitutes the bulk of the group’s assets and whose financial income offsets most of the operating loss.
