Accsys Technologies: revenue down 6%, adjusted EBITDA expected between €21-23m
Accsys Technologies published on September 21, 2026 an activity update covering the first five months of its staggered fiscal year (period ended August 31, 2026). The engineered wood manufacturer under the Accoya brand reported declining revenue, due to significant destocking by its distributors, and anticipates adjusted EBITDA of €21-23m for the fiscal year, below the market consensus of €28.8m retained by the company.
The central issue lies in this gap: volumes and revenues down at the start of the fiscal year, but a margin trajectory that the group presents as improving.
Group revenue down 6% over five months
Over the five months ended August 31, 2026, group revenue stood at €56.9m, compared to €60.4m a year earlier, representing a 6% decline. On an aggregated basis (group plus 60% of the Accoya USA joint venture), revenue comes to €67.5m, compared to €71.6m, also down 6%.
The group's sales volumes declined 11%, to 22,186 m³ from 24,807 m³. The joint venture with Eastman Chemical Company increased 3%, to 6,767 m³. Overall, volumes (group plus 100% of the joint venture) declined 8%, to 28,953 m³ from 31,376 m³.
Distributor destocking at the root of the decline
Accsys attributes this slower-than-expected start to the fiscal year to macroeconomic conditions and the impact of the Middle East conflict. Inflationary pressures and interest rate increases have, according to the group, led to more cautious purchasing behavior and project activity postponements.
The group particularly cites significant destocking by its distributors across all regions, with North America being the most affected. In the United States, this destocking results from historically high stock levels before the start of the Kingsport plant, improved availability linked to the ramp-up of American production, and the effect of the Middle East conflict.
Accsys estimates that the destocking period has ended and that customer stock levels are stabilizing. The group indicates it is observing stronger activity in September and anticipates first-half performance on a year-over-year basis better than that of the five-month period, while remaining slightly lower on revenue and volumes compared to last year.
Adjusted EBITDA target of €21-23m
For the full fiscal year, the board of directors expects underlying EBITDA (excluding joint venture) to be broadly in line with market expectations, on lower revenues, which it presents as a margin improvement. The group notes that as of September 18, 2026, market consensus put underlying EBITDA for fiscal year 2027 at €24.5m and adjusted EBITDA at €28.8m.
Incorporating weaker North American growth (expected at single-digit level for the full fiscal year), the board expects adjusted EBITDA above that of the previous fiscal year, in a range of €21-23m.
The group anticipates sales growth in the second half and greater weighting on this period for its revenue and earnings. It indicates it remains on track to achieve the objectives of Phase 1 of its FOCUS strategy launched in January 2025, and will publish its interim results on November 24, 2026.
