Mare Nostrum: Revenue Down 8% in First Half, Growth Back Since May
The Grenoble-based human resources group published its first-half accounts on 29 October 2026. These are the first prepared entirely on the scope resulting from the disposals of Altros and AT Patrimoine in October 2025. Revenue declined by 8.0% on a like-for-like basis, to €44.1 million.
The €2.0 million improvement in net income attributable to the group is mainly due to financial income (+€0.7 million) and exceptional income (+€1.0 million). Operating income, meanwhile, rose by only €0.1 million, and gross operating surplus (EBE) declined.
Management indicates that activity has been returning to growth since May. In September 2026, monthly revenue rose 5.4% year on year on a like-for-like basis.
Revenue of €44.1 Million, Down 8.0% on a Like-for-Like Basis
On a reported basis, consolidated revenue fell from €57.3 million to €44.1 million. According to the group, over 70% of this gap results from the disposal of Altros and AT Patrimoine, which contributed €9.4 million to first-half 2025 activity.
Compared with pro forma first-half 2025 (€48.0 million), the decline amounts to €3.8 million. Temporary staffing, which accounts for 96% of activity, generated €42.3 million in revenue, down 7.2%, and explains 87% of this decrease in a French market that the company describes as still trending downward.
Other business lines show mixed trends. Recruitment rose 18.8% to €0.4 million, driven according to the group by Neptune RH Santé. Training was stable at €0.8 million, while HR services and other activities fell 39.7% to €0.7 million.
Net Loss Reduced from €4.1 Million to €2.1 Million, EBE Down
The group continued adjusting its costs: personnel expenses fell 8.9% to €32.2 million, and external charges were stable at €10.2 million. According to the company, these savings do not yet offset the decline in temporary staffing volumes.
EBE thus stood at -€1.6 million, compared with -€1.0 million in pro forma first-half 2025. Operating income was stable at -€1.9 million, versus -€2.0 million. Financial income (-€0.2 million versus -€0.8 million) and exceptional income (-€0.1 million versus -€1.2 million) benefited from the end of costs related to legal proceedings.
On the balance sheet, net cash after bank overdrafts stood at €5.7 million as of 30 June 2026, compared with €6.2 million as of 31 December 2025. Self-financing capacity remains negative (-€1.6 million), largely offset by the change in working capital requirement (+€1.3 million).
Financial debt excluding bank overdrafts was reduced from €3.8 million to €2.5 million, and net debt stood at -€3.2 million, with cash exceeding financial debt. Shareholders' equity reached -€1.7 million, compared with -€18.0 million as of 30 June 2025.
September Up 5.4% and Second Half Expected to Grow
At its publication on 28 July 2026, the group reported a 1.7% increase on a like-for-like basis in the second quarter. The trend continued after the closing date: in September 2026, monthly revenue rose 5.4% and exceeded budget by 1.0%.
The company C050, acquired 100% on 30 June 2026, contributes to activity from the second half. Neptune RH Santé, created in January 2025, grew its team from 3 to 10 employees and opened two agencies, in Paris and Grésy-sur-Aix. Its activity exceeded its objectives at the end of September 2026.
After the closing date, Mare Nostrum and its subsidiaries met the first installments of their continuation plans, due on 21 July and 4 August 2026. The Thémis financial guarantee was renewed effective 1 July 2026.
Nicolas Cuynat, chairman of the group, considers that this half-year “confirms the strength of our core business”. For the second half, the group anticipates activity growing relative to the €44.1 million of the first half, and an improvement in operating profitability after EBE of -€1.6 million. Annual 2026 revenue will be published in January 2027.
