Lumibird: Defense Soars by 21%, Medical Retreats, a Two-Faced Q1
European laser specialist Lumibird recorded a modest revenue growth of +0.7% in published terms (€49.7M) for the first quarter of 2026, equivalent to +4.1% at constant exchange rates. Behind this modest increase lies a bipolar reality: the Photonics division accelerates (+11.3%), driven by Defense and Space, while the Medical division loses ground (-9.2%), hit by logistical disruptions, geopolitical tensions in the Middle East, and unfavorable timing of deliveries. However, management maintains its objectives for the year, considering these setbacks as largely circumstantial.
Photonics Up, Medical Hindered by Logistics and Geopolitics
The Photonics division grew by +11.3% to €26.6M in the first quarter, up from €23.9M a year earlier (+14.5% at constant exchange rates). This growth is driven by three distinct engines: Defense/Space surged by +21.6% to €12.8M, benefiting from the deployment of multi-year contracts and deliveries from the order book. Industrial and Scientific advanced by +23.4% to €7.2M, supported by robust sales in flat screen repair, quantum technologies, and semiconductor diagnostics. The Medical division, however, fell by -9.2% to €23.2M (compared to €25.5M previously, or -5.5% at constant exchange rates). This decline is attributed to several tactical factors: logistical disruptions, supply chain tensions, and an unfavorable geopolitical context, particularly in the Middle East, which led to delivery delays. Medtech, a segment of Photonics, fell by -10.7% to €3.5M due to a phasing effect, while ETS (Environment, Topography, and Security) dropped by -14.9% to €3.0M, penalized by a slower than expected start in the Environment segment amidst a market slowdown in wind energy.
Contrasting Geographies: Defense/Space Accelerates in the Americas, Medical Struggles in Asia
Geographically, the contrasts intensify. In EMEA, Photonics progresses by +5.0% to €14.5M, driven by Defense/Space, while Medical stagnates at +1.3% to €7.7M, despite disruptions in the Middle East. In the Americas, Photonics leaps by +40.0% to €6.3M, reflecting the acceleration of Defense/Space programs, while Medical retreats by -3.6% to €6.4M, struck by logistical delays and extended import timelines. In Asia-Pacific, Photonics registers a strong growth of +30.3% to €3.8M, driven by Industrial and Scientific. Medical, on the other hand, suffers a significant contraction of -18.0% to €6.7M, affected by logistical disruptions and delivery delays. The rest of the world sees declines in both divisions, mainly due to an unfavorable base effect and order postponements.
Management Confirms 2026 Objectives, Anticipating Gradual Recovery
Despite these slowdowns in the first quarter, management confirms its objectives for 2026. Marc Le Flohic, CEO, believes that the observed delays are mainly related to circumstantial effects (logistics, geopolitics, delivery phasing) which should gradually be absorbed over the coming months. A catch-up is anticipated as early as the first half. For Photonics, the group expects continued growth trajectory, supported by the execution of the order book especially in Defense/Space, as well as by the ramp-up of Medtech and Industrial/Scientific. For Medical, a return to growth is expected in the first half, with an acceleration in the second half, driven by the normalization of logistical flows, the execution of backlog orders, and the launch of new products starting from the summer. The group remains confident in its ability to improve operational performance throughout the fiscal year.
