Prodways: 5% Rebound in Q2, but a 3% Decline for the Semester
Prodways Group released its second quarter 2026 results on July 22: a modest quarterly rebound (+5%) contrasting with a cumulative decline in the first half of the year (−3%). This discrepancy reveals an unstable dynamic, hindered by internal execution challenges that the group hopes to resolve in the coming months. Meanwhile, the company continues its asset disposal plan and shareholder redistribution, paying out €20 million through a share buyback initiated in early May.
Quarterly Growth Driven by Ceramic Printers
The revenue for the second quarter amounted to €10.5 million, marking a 5% increase compared to the second quarter of 2025. This recovery is driven by two distinct movements. The Systems division, which now focuses mainly on material sales following the divestment of the Software activity, recorded a 9% increase to €3.5 million. This surge is largely based on the deliveries of ceramic printers to the United States in June, with additional orders scheduled for July.
The Products division advanced by €0.2 million to €7.0 million. The Digital Manufacturing business is accelerating in France, with revenue growth of nearly 10%, rewarding the group's commercial efforts. This French progress partially offsets difficulties in Germany. The audiology sector remains stable, though the client base is expanding, but continues to be hampered by internal execution issues that the group plans to address during the summer through site consolidation.
First Half Down Despite Quarterly Rebound
For the first half of 2026, revenue reached €21 million, down 3% compared to the same period in 2025. This gap shows that the second quarter rebound is not sufficient to offset the difficulties of the first quarter, a legacy of a generally slow 2025. The group remains in a stabilization phase: after years of financial discipline, it seeks to regain market shares, particularly in digital manufacturing where several competitors are struggling.
On the shareholder front, Prodways continues its value redistribution policy: a €20 million share buyback was completed in May 2026. This public share buyback operation (OPRA), launched at €1.10 per share, reflects the group's intent to return value despite a still fragile operational context.
Stability Expected for the Fiscal Year, Targeting Improved EBITDA Margin
Prodways confirms its goal to maintain stable or slightly increasing revenue for the full fiscal year, without disclosing specific figures. Concurrently, the group aims to improve the current EBITDA margin rate. These outlooks remain unchanged since the first quarter communication. The strategy continues to focus on two aspects: accelerating the divestment of assets from the Systems division and the turnaround of the Products division activities. The execution challenges reported in audiology and the geographic instability in digital manufacturing indicate that this profitability improvement is contingent upon resolving operational frictions.
