MGI Digital Technology: sales down 3.9% in first half 2026, EBITDA margin up
In the first half of 2026, MGI Digital Technology saw its revenue decline by 3.9% to €26.0 million, but improved its operating margins: EBITDA represented 15.3% of sales, compared to 14.3% a year earlier.
The financial result, moving from +€431k to -€310k, weighed on the pre-tax result and net result.
The Fresnes-based group, specializing in digital presses and print finishing, published these unaudited accounts on October 29, 2026. Its cash position reached €49.1 million at end-June, compared to €40.2 million at end-2025, following the subscription of a €10 million loan during the half-year.
Revenue of €26.0 million, declining in both business units
The revenue decline, described as "entirely organic" by the company, affected both divisions.
Graphic Industries, which represent 89% of half-year sales, achieved €23.2 million, down 2.2%, in a context of persistent caution from clients according to the group. Industrial Electronics generated €2.8 million, compared to €3.3 million in the first half of 2025.
MGI attributes this decline primarily to billing delays on next-generation equipment, deferred from the second half onwards.
On this activity, the group reports initial order intake for its next-generation equipment (Direct Imaging and inkjet), as well as a first sale in July of the Altijet, an industrial inkjet printing platform intended for the printed circuit board market.
Operating margins up, negative financial result
Despite the decline in sales, gross margin is stable in absolute terms at €18.5 million and rises from 68.3% to 70.9% of revenue. EBITDA increases by 3% to nearly €4.0 million, or 15.3% of sales compared to 14.3% in the first half of 2025.
External expenses fall by 2.2% to €4.7 million, while personnel expenses increase by 6.2%, linked to recruitments undertaken from the second half of 2025 for Electronics. Depreciation and provisions decrease by 15% to €2.9 million, incorporating a €330k provision reversal on inventory.
Operating result thus increases by 17.1% to €863k, or 3.3% of revenue compared to 2.7% a year earlier. The financial result, meanwhile, comes in at -€310k, compared to +€431k in the first half of 2025.
According to the company, this balance reflects the increase in financial expenses linked to new borrowings, whose funds have not yet generated investment income, as well as an unfavorable exchange effect on the euro/dollar parity.
Pre-tax result falls from €1,168k to €553k. The group's net result stands at €1,869k, compared to €2,466k, representing a net margin of 7.2% compared to 9.1%.
Cash position of €49.1 million and €6 million in orders in Electronics
At end-June 2026, cash reached €49.1 million for financial debt of €29.9 million, representing net cash of €19.2 million, compared to €17.3 million at end-2025. Net cash flows from operating activities exceed €6.3 million and free cash flow amounts to €2.4 million. Shareholders' equity rises from €145.7 million to €147.1 million.
In total, over €25 million in financing was obtained in 2025 and in the first half of 2026, which, according to the group, provides it with the means to support its development over the next three years and to examine possible external growth operations.
For the second half, MGI anticipates activity in line with the first part of the year, in an environment with low visibility. In Electronics, the group has recorded €6 million in order intake since January, up more than 30% compared to order intake recorded through end-June 2026.
