NSE: Revenue Up 20% in H1, but Services Down by 7.9%
NSE reported a revenue of €61.9 million in the first half of 2026, marking a 20% increase year-over-year. However, this growth is largely driven by the consolidation of NSE Anjou (€11.1 million) since October 2025. In reality, the group shows a mixed trajectory: the Integrations division exhibits an organic growth of 12%, supported by Defense and Aerospace, while the Services division declines by 7.9%, hampered by the decreased billing of ongoing Defense contracts.
Integrations See Strong Growth, Services Hindered by Renewals
The Integrations Business Unit achieved a turnover of €30.1 million for the semester, bolstered by its first contribution from NSE Anjou (€11.1 million). At a constant scope, this division displays a semester growth of nearly 12%, continuing the momentum from 2024. The activities in wiring and integration of electrical and electronic systems benefit from the ramp-up of Defense programs and markets won from industrial prime contractors. In Canada, NSE Automatech has returned to growth, recording €4.4 million in revenue, up by 27%.
In contrast, the Services Business Unit, which represents 51% of the consolidated semester revenue, recorded €31.8 million, down by 7.9%. This contraction is primarily due to the decline in Defense Services activities, which stood at €19.8 million compared to €23.0 million a year earlier. The group attributes this decline to the decreased billing level of some significant contracts under renewal. Other activities, however, have progressed over the semester, driven by the dynamics of MRO aeronautical activities, while maintenance and repair activities for the Consumer Electronics sector operate in a stagnant market.
Successful Integration and Solid Order Book
The successful integration of NSE Anjou and NSE Butitec, along with sustained commercial momentum, provides the group with solid visibility for the second half of 2026. The order book remains well-oriented in the main markets of Defense and Aerospace, which are the group's priority sectors. NSE emphasizes that its fundamentals remain strong despite an always uncertain economic and geopolitical environment.
The group does not publish a numerical guidance for 2026, but confirms its objectives of continuing the growth of business activity and EBITDA throughout the fiscal year. This confirmation comes at a time when the Services division is undergoing a temporary contraction, suggesting that the management relies on the renewal of Defense contracts and the sustained contribution from Integrations to maintain the growth trajectory.
