WE.CONNECT: Revenue up 34.5% in first half, margin held back by Ezratis
WE.CONNECT's first-half 2026 accounts, published on October 16, 2026, present two readings of profitability. On its historical scope, the group raised its EBITDA margin from 3.6% to 4.9%. On a consolidated basis, this margin declined by 0.2 percentage points to 3.4% of revenue, due to the integration of Ezratis France's negative EBITDA.
Net income stood at €6.0 million, down 4.5%. Active cash (excluding marketable securities) fell from €43.7 million at end-December 2025 to €14.5 million at June 30, 2026. The group confirmed its target of annual revenue exceeding €500 million in 2026.
Revenue of €235.3 million driven by Ezratis acquisitions
In the first half of 2026, WE.CONNECT generated consolidated revenue of €235.3 million, compared with €174.9 million a year earlier, representing growth of 34.5%. According to the group, this increase reflects the contribution of Ezratis France and Ezratis Iberia, acquired in August 2025, as well as continued growth from historical subsidiaries. Excluding Ezratis, organic activity grew by 3.5%. The company notes that sales of its own brands are showing strong momentum.
Half-year revenue was adjusted compared with that reported on July 10, 2026. The group attributes this adjustment to closing accounting work for the half-year and to information received from its customers and suppliers.
Consolidated EBITDA came to €7.9 million, up 24.8% from €6.3 million in the first half of 2025. Operating income reached €7.9 million, up 5.3% from €7.5 million. As a proportion of revenue, it declined from 4.3% to 3.4%, a decrease of 0.9 percentage points.
Organic margin up, held back on consolidated basis by Ezratis France
On its historical scope, EBITDA came to €8.7 million, up 37.4%, or 4.9% of revenue compared with 3.6% a year earlier. The group attributes this improvement to higher gross margins, which reflects the advance purchase of materials before increases in product and component prices.
The gap between organic EBITDA (€8.7 million) and consolidated EBITDA (€7.9 million) is explained by the integration of Ezratis France's negative EBITDA over the semester. The acquisition thus significantly strengthens revenue but currently weighs on the consolidated margin rate, which declined from 3.6% to 3.4%.
Net income of €6.0 million, compared with €6.3 million, includes several components:
• financial income of €1.1 million (versus €0.9 million), supported by sales of marketable securities and a favorable foreign exchange effect linked to euro appreciation against the dollar;
• net impact of provisions on these securities of €0.4 million, versus €0.2 million;
• exceptional result of -€0.6 million, versus -€0.1 million;
• corporate income tax of €2.4 million, versus €2.0 million.
On the balance sheet, shareholders' equity reached €101.8 million, up 5.0% from December 31, 2025. This increase resulted primarily from half-year earnings, reduced by the dividend paid in respect of 2025. The decline in active cash reflects a context of stock increases of €31.4 million, related to the group's purchasing policy. Over the same period, supplier payables declined by €54.0 million and customer receivables by €42.9 million.
Target confirmed: revenue exceeding €500 million in 2026
The second half of 2026 started on a positive note, with good momentum in historical activities and a positive contribution from Ezratis, according to the group. This period includes several major commercial events, including back-to-school, Black Friday, and year-end holidays. The group states it will continue to rely on its purchasing and inventory management to capitalize on market developments.
At Ezratis France, the reorganization and cost rationalization measures undertaken since end-August 2025 integration are producing results, the company reports. The operational turnaround of this subsidiary is progressing faster than anticipated. The group thus expects a clear improvement in its performance as early as the second half of 2026.
The next publication, covering full-year 2026 revenue, is scheduled for February 20, 2027 before market opening. The confirmed target of revenue exceeding €500 million in 2026 compares with €453.9 million achieved in 2025.
