Mare Nostrum: Return to Net Profit, Yet Operational Profitability Remains Fragile

Controlled Decline in Revenue, Results Boosted by Divestitures

Mare Nostrum recorded an annual turnover of €109.7M in 2025, a 5.5% decrease on a comparable perimeter from 2024, in a context of a contracting temporary labor market. This decline remains 'controlled' according to the group, which divested several activities deemed non-strategic in the fourth quarter of 2025 (the Altros and AT Patrimoine subgroups, as well as its wage portage activity). Temporary work now accounts for 78.6% of revenue, followed by training (9.1%), wage portage (7.7%), HR platforms and others (3.9%), and recruitment (0.6%). This restructuring of the offer reflects a strategic refocus on higher value-added professions.

Gross Operating Surplus Remains in Negative Territory

The Gross Operating Surplus stands at -€1.8M (-1.6% of revenue), compared to -€2.9M in 2024. Although the trend is improving, this operational result remains negative, revealing fragile operational profitability despite the fixed cost reductions initiated since the end of 2023. The Operating Result reached +€6.3M (after amortization of acquisition discrepancies of €0.7M), compared to -€4.4M the previous year, an improvement of €10.7M. This progress stems mainly from divestiture proceeds and ongoing structural savings, and not from an improvement in the core business's operational performance.

Financial Recovery Driven by Divestiture Gains

The positive Net Result of €24.2M (+€23.4M attributable to the group) largely relies on the Exceptional Result of +€18.7M, itself constituted to the tune of €21.5M by the capital gains from the divestiture of the Altros and AT Patrimoine subgroups. These exceptional elements mask a less robust underlying operational performance. Cash remains stable at €8.1M (compared to €8.0M at the end of 2024), while net debt significantly improves to -€1.4M and equity becomes positive at €1.9M. For 2026, the group intends to continue improving its profitability by focusing on the construction, agri-food, and health sectors, in an economic environment described as 'still uncertain'.