Mint: B2B triples in first half of 2026, gross margin declines to €7.9M
Mint published half-yearly accounts on October 14, 2026 reflecting a shift in its business composition. The B2B segment, whose revenue grew from €3.6M to €12.3M in one year, offsets the decline in retail customers, with a lower gross margin rate.
Total revenue increases by 6.9% to €47.9M, while gross margin in value falls from €8.5M to €7.9M. The electricity and gas supplier based in Montpellier presents this change as expected. It highlights volumes contracted with large industrial accounts through 2029 and net cash of €31.2M as of June 30, 2026.
B2B rises from €3.6M to €12.3M, B2C declines to €29.5M
In the first half of 2026, Mint's growth is driven by the B2B segment. Its revenue reaches €12.3M, compared to €3.6M a year earlier. It notably benefits from the contract concluded with Riccobono Group (50 GWh per year for 2026 and 2027), whose deliveries began this year.
According to Gaël Joly, chief executive officer, B2B now represents "a quarter of our revenue, compared to 8% a year ago". The retail segment (B2C) declines to €29.5M, compared to €35.2M in the first half of 2025. This amount includes €0.9M of electricity hedging resales and certificates, compared to €1.5M a year earlier.
The B2C gross margin rate falls from 18.2% to 16.3% of revenue. The company attributes this to the departure of historic customers who entered the portfolio at high price levels, as part of what it describes as a selective acquisition policy.
Gas activity grows by 5.7% to €5.6M, with a gross margin rate rising from 18.2% to 25.3% due to falling gas prices on markets. Given the geopolitical context, the company nevertheless expects a reversal of this trend in the second half. Historic telecoms generate €0.6M, compared to €0.8M.
B2B gross margin: 12.1% of revenue, 63% increase in value
The crux of the publication lies in the evolution of B2B margin. In value, the segment's gross margin increases by 63% to €1.5M, compared to €0.9M. In rate, it stands at 12.1% of revenue, compared to 26.4% in the first half of 2025.
Mint explains this gap by the gain of large-scale contracts, bearing on significant volumes but with lower unit margins. At group level, EBITDA stands at €1.8M, compared to €2.4M a year earlier.
Charges are generally contained. Digital marketing and awareness expenses decline to €1.0M (compared to €1.2M) and personnel costs are stable at €2.5M (+0.4%). General expenses rise from €1.3M to €1.4M, due to the increase in bank guarantees related to electricity purchases intended for B2B.
The cost of bad debts represents 2.5% of revenue, compared to 3.0%. Net income stands at €0.8M, compared to €3.4M. The latter amount included a non-recurring exceptional item of €2.5M, related to the adjustment of the provision constituted as part of the CoRDiS procedure.
410 GWh marketed as of September 30, 2026, visibility through 2029
Financial structure strengthens over one year. Equity reaches €33.5M as of June 30, 2026, compared to €32.5M, and net cash rises from €29.7M to €31.2M. Gross cash declines from €38.9M to €37.0M: the company explains this by the repayment of €3.4M in loans over twelve months, including state-guaranteed loans. Working capital requirement decreases by €5M.
On governance, Fatima Berral was appointed in May 2026 to the presidency of the board of directors. She succeeds Erick Gay, president of majority shareholder Eoden, who remains a director. Gaël Joly retains the chief executive position.
Going forward, Mint indicates that the B2B gross margin rate should stabilize and gradually approach a normative level as the portfolio densifies. Two contracts were signed in July 2026: 70 GWh with automotive equipment manufacturer Adler Pelzer Group for 2027-2028, and an extension with Riccobono Group totaling 140 GWh for 2028-2029, representing volumes 40% higher compared to the 2026-2027 period.
As of September 30, 2026, Mint has marketed 410 GWh of multi-year contracts, compared to 440 GWh over the entire 2025 fiscal year. These contracts provide it with visibility on B2B activity through 2029.
