Lanson-BCC: Net income reduced to €0.37M in first half, revenue stable excluding acquisition
Lanson-BCC's revenue growth of 7.7% in the first half of 2026 stems entirely from the integration of Champagne Heidsieck & C° Monopole, consolidated since January 1, 2026. On a constant scope basis, activity remained stable, while the increase in grape prices from the 2022 to 2024 harvests and high financing costs for inventory weighed on results.
Revenue of €99.1M driven by a scope effect of €7.1M
The Champagne group published on September 9, 2026 half-yearly revenue of €99.13M, up 7.7% compared to €92.05M in the first half of 2025. This increase includes a scope effect of €7.1M linked to the consolidation of Champagne Heidsieck & C° Monopole since January 1, 2026. On a comparable scope basis, revenue remained stable. On a reported basis, revenue generated in France, which represents 45.4% of the group's volumes, increased by 8.6%, notably in large-scale retail. On export markets (54.6% of volumes), it rose by 6.8%, mainly driven by increased shipments to the United Kingdom and Germany.
Gross margin and net income decline due to grape prices and inventory financing
Gross margin stood at €46.48M, down 3.8%, or 46.9% of revenue compared to 52.5% a year earlier. EBITDA reached €13.45M, compared to €15.53M in the first half of 2025, representing a 13.4% decline which reflects in particular, according to the group, the impact of successive increases in grape prices from the 2022 to 2024 harvests. Current operating income came in at €8.70M, compared to €10.88M a year earlier, or 8.8% of revenue versus 11.8%. Financial expenses amounted to €8.68M, of which 84% corresponded to interest related to wine aging, with an average cost of debt exceeding 3% for the period. Net income stood at €0.37M, compared to €1.87M in the first half of 2025.
No annual guidance provided, focus on inventory-to-sales ratio
Given the seasonal nature of champagne sales, the first half traditionally represents 35% to 38% of annual sales while absorbing nearly half of fixed costs. In an environment described as uncertain, with limited visibility on year-end consumption trends, Lanson-BCC does not provide annual forecasts. Consolidated net financial debt stood at €583.30M, compared to €538.13M on June 30, 2025, of which €491.5M was allocated to financing inventory aging and €50M related to the acquisition of Champagne Heidsieck & C° Monopole. Shareholders' equity increased to €386.08M, compared to €373.28M a year earlier, and gearing stood at 1.51, compared to 1.44 on June 30, 2025. The group expects a recovery in volumes in the second half to improve the inventory-to-sales ratio, presented as a priority for managing its financial structure.
