ABO-Group: Net loss of -3.5 M€ in first half after exceptional charge of 3.6 M€
The Belgian environmental engineering group published half-year accounts on September 17, 2026, marked by a stark contrast between slightly improving operations and a net result that turned negative.
This turnaround does not stem from current operations, but from an exceptional charge of 3.6 million euros linked to a strategic reorientation of the environmental drilling activity.
The group moreover confirms its target of approximately 110 million euros in annual revenue.
Organic growth of 1.8% driven by the Environment division
In the first six months of 2026, ABO-Group achieved revenue of 54.6 million euros, growing 1.8% organically compared to 53.6 million euros in the first half of 2025.
The Environment division shows the strongest growth, at 8.7% (an additional 2.1 million euros), accounting for 49.0% of revenue. The Geotechnics division advances by 2.5% (0.6 million euros) and represents 45.0% of activity.
Conversely, the Monitoring and Infrastructure division declines by 35.3%, to 3.2 million euros against 5.0 million a year earlier, due to the halt in local and regional public investments in Belgium since 2025. According to the group, this activity is showing signs of recovery in the third quarter.
By geography, the Netherlands advance by 9.5% (10.8 million euros) and France by 2.4% (25.5 million euros), while Belgium declines by 2.9% (18.3 million euros).
An exceptional charge of 3.6 million euros weighs on results
EBITDA comes in at 5.6 million euros, virtually stable compared to 5.7 million euros in the first half of 2025, with an EBITDA margin of 10.3% versus 10.6%.
Adjusted operating profit stands at 0.7 million euros, compared to 1.6 million euros a year earlier. The group attributes this decline to depreciation allowances rising 20.0%, notably related to the activation of renewed lease contracts in accordance with IFRS 16 (0.2 million euros) and investments in facilities and rolling stock (0.4 million euros).
The strategic reorientation towards field work on its own account resulted in the closure of an entity in the Netherlands and the streamlining of this activity in Belgium, generating non-recurring write-downs of 3.6 million euros.
After accounting for this item, net profit stands at -3.5 million euros, compared to 0.2 million euros in the first half of 2025. Earnings per share amount to -0.34 euros.
Annual target of 110 million euros confirmed
ABO-Group indicates it expects an improved profile in the second half, thanks to measures taken and a stronger order book, and confirms its target of approximately 110 million euros in annual revenue. For reference, the group achieved revenue of 106.45 million euros in 2025.
The financial structure shows a solvency ratio of 26.3%, compared to 28.9% at end of 2025. Net financial debt increases to 27.9 million euros as of June 30, 2026, compared to 22.2 million euros at end of 2025, an increase the group primarily attributes to the activation of new lease contracts recognized as leasing liabilities.
The annualized leverage ratio stands at 2.4, compared to 1.9 at end of 2025. Cash and equivalents amount to 10.6 million euros as of June 30, 2026, compared to 13.5 million euros at end of 2025.
The group also notes that the ABN Amro matter has been closed with no impact on results, the associated debt and receivable of 2.7 million euros having been reversed.
