Wood Constructors: Revenue Declines by 14%, but Margin Holds Steady
Specializing in wood eco-construction in the Grand Est region, Wood Constructors publishes its 2025 results marked by calendar effects weighing on growth. The decline in activity is mainly due to the phasing of projects and the schedules of institutional partners, whose contributions have been postponed to 2026. This short-term volatility masks a well-managed situation and enhanced commercial visibility for the coming years.
Revenue and Project Timing
LCB records a consolidated revenue of €20.3 million in 2025, down 13.9% from €23.6 million in 2024. This contraction is directly attributed to the delay of several significant operations, whose contribution was initially expected in the past fiscal year but is now occurring in 2026. The group emphasizes that these delays, related to the phasing of projects and the schedules of institutional partners, do not affect the commercial security or the intrinsic profitability of the concerned operations. This distinction is important: the decline does not reflect a deterioration in the quality of the programs, but rather a temporal shift in their contribution to the income statement.
Financial Resilience Amid Revenue Drop
Despite the revenue decline, LCB maintains a gross margin of €3.9 million, which is 19.1% of the revenue, almost stable compared to 19.8% in 2024, showing only a 0.7 point decrease. This resilience demonstrates a control over construction costs in an environment where raw material prices remain unstable. The group benefits from its integrated design office, which allows for an increasing internalization of technical studies in structure and thermodynamics. EBITDA stands at €2.0 million, supported by controlled fixed costs with personnel expenses remaining stable at €0.7 million. Operating income reaches €1.9 million, or 9.3% of the revenue, slightly down by 0.7 point. However, net income is reported at €0.3 million, down 65.9% (compared to €0.9 million in 2024), penalized by financial expenses of €1.3 million related to the financing of operations under development and financing mechanisms granted to institutional partners.
Strengthening Financial Foundations for 2026
LCB benefits from an already secured revenue base of approximately €12.5 million for 2026, partly incorporating the operations delayed from 2025. Financially, the group continues its debt reduction: gross debt stands at €15.0 million at the end of 2025 compared to €16.9 million at the end of 2024, a reduction of 11%. Equity increases by 6% to €5.5 million, a result of retaining almost all of the profit from 2024 in self-financing. However, cash reserves decrease to €3.2 million (from €7.1 million in 2024), directly impacted by the delays in receipts related to delivery delays. Inventory and work in progress amount to €13.8 million, up from €10.7 million in 2024, reflecting the accumulation of projects in the startup phase. In a demanding market context, LCB continues to diversify its growth drivers, notably through real estate development contracts and an increased presence in national competitions.
