Lumibird: Revenue up 7.4% in first half, Photonics drives growth
Lumibird published its first-half accounts on September 21, 2026, marked by revenue growth to 114.7 million euros and 15.3% growth in the Photonics division.
As the group prepares the divestiture of its Medical division, scheduled for the fourth quarter of 2026, Photonics now concentrates the bulk of growth and profitability momentum.
Revenue at 114.7 million euros, Photonics EBITDA up 20.2%
The group recorded consolidated revenue of 114.7 million euros in the first half of 2026, growing 7.4% (9.7% at constant scope and exchange rates). The Photonics division is the main driver of this progression, with revenue up 15.3%.
Its EBITDA increased 20.2%, to 9.8 million euros, and its EBITDA margin reached 16.5%, compared with 15.8% in the first half of 2025. At group level, EBITDA remains close to the prior year level, at 20.0 million euros, or 17.5% of revenue.
Net income increased 4.5%, to 5.1 million euros. Financial income stands at -1.5 million euros, compared with -2.7 million euros a year earlier, reflecting lower average financing costs and reduced intragroup exchange effects.
Medical weakened by launch costs
The group's gross margin stands at 71.4 million euros, or 62.2% of revenue, compared with 65.1% in the first half of 2025. According to the group, increased procurement costs related to the international geopolitical situation, combined for Medical with a geographical mix effect, is temporarily weighing on the gross margin rate of both divisions.
The Medical division recorded EBITDA of 10.3 million euros, down 15.3%, due to the temporary decline in its gross margin and regulatory and marketing expenses incurred to prepare for product launches in the second half of 2026.
Current operating income came in at 9.3 million euros, compared with 9.6 million euros in the first half of 2025. Operating income, which includes a 0.4 million euro increase in costs related to the divestiture project, stands at 8.6 million euros, compared with 9.1 million euros a year earlier.
Medical divestiture expected in fourth quarter 2026
Cash flows generated by operating activities increased to 11.1 million euros, compared with 7.7 million euros in the first half of 2025, and free cash flow turned positive again at 2.3 million euros, compared with -0.1 million euros a year earlier. Net financial debt stands at 92.6 million euros, compared with 84.6 million euros as of December 31, 2025, an evolution mainly linked to the payment of the 8.2 million euro dividend, for a gearing of 44.6%.
The group highlights the historically high order book level of Photonics, while Defense and Space programs and the development of Photonics Medtech are among the main drivers of its momentum. The completion of the Lumibird Medical divestiture, whose contract was signed in early September, is scheduled for the fourth quarter of 2026 and remains subject to the satisfaction of customary closing conditions.
Following the transaction, the group indicates that it will be entirely dedicated to photonics and will concentrate its resources on its strategic markets and technologies.
