Abeo: revenue stable at €137.9M for the half-year, but down 9.2% organically
ABEO (a sports and leisure equipment manufacturer based in Rioz) published on 4 November 2026 half-year revenue that was nearly stable at €137.9M, while its business declined by 9.2% at constant scope and exchange rates. The gap stems from recent acquisitions, which contributed 8.2 points of growth over the period.
This organic decline deepened in the second quarter, to -11.4%. The group has launched an optimization plan across all its divisions and indicates that the EBITDA margin for the first half of 2026/27 is expected to be lower than that of the first half of 2025/26.
The second quarter deepens the organic decline in business
For the second quarter alone of the fiscal year, reported revenue fell by 2.0%, to €76.2M. At constant scope and exchange rates, the decline reached 11.4%, a steeper drop than over the half-year as a whole.
The scope effect comes from recently integrated companies: ELI Play and Sodex as of 1 June 2025, VOGO as of 1 January 2026, and Hurricane as of 1 August 2026. Without this contribution, business would have declined in proportions close to the published organic decline.
ABEO attributes this slowdown to an unfavorable environment in the North American and French markets, marked by “the persistent wait-and-see attitude of clients and the budget restrictions of local authorities”. France and North America are the two regions cited by the group as reducing its visibility.
The Sport division grows, while Changing Rooms and Sportainment decline
The Sport division, the group's largest, generated half-year revenue of €78.4M, up 12.5%, including €44.8M in the second quarter (+13.1%). It benefits from recent acquisitions, notably Hurricane, a company specializing in urban sports, whose performance is in line with expectations according to the group.
VOGO's growth also supports the division. These contributions offset the slowdown in the Gymnastics business in France, amid a tight budgetary context for public spending, while the Benelux region remains better oriented.
The Changing Rooms division fell by 9.0% over the half-year, to €31.9M, in a French market described as “sluggish”. The second quarter nevertheless limited the decline to 5.1%, to €17.2M, thanks to the gradual clearing of logistical delays at Meta (Germany), which allowed a partial catch-up in deliveries.
The Sportainment & Climbing division, exposed to the French and American markets, recorded the steepest decline: -29.2% in the second quarter, to €14.2M, and -18.2% over the half-year. The group cites a high comparison base in climbing walls in France and the slowdown in equipment investments, in the United States as well as in Europe.
Order intake up 6.3%, rebound expected in the second half
Order intake for the half-year reached €148.3M as of 30 September 2026, up 6.3% year on year. Like revenue, it is supported in particular by the contribution of external growth operations.
The group anticipates a rebound in activity in the second half, driven by the execution of projects included in its order backlog. The optimization plan launched aims to adjust the cost structure to the level of activity, across all divisions.
On the commercial front, VOGO obtained the FIBA Instant Replay System certification for its VOGOSPORT Elite solution, following FIFA certifications obtained in 2023. This allows it to extend its video refereeing assistance offering to national basketball federations.
The first-half results, expected on 8 December 2026, will clarify the extent of the announced margin decline. At this stage, external growth supports both sales and order intake, while the group's business at constant scope and exchange rates declined by 9.2% over the half-year.
