Altheora: Stable activity at €18.7M in first half 2026, EBITDA declines to €0.6M
Altheora published its consolidated accounts for the first half of 2026 on September 24, 2026, marked by stable activity at €18.7M and a decline in EBITDA, at €0.6M compared to €0.9M a year earlier.
The specialist in composite and polymer materials, listed on Euronext Growth Paris, highlights strong commercial momentum (order intake up 20%) and the continuation of its debt reduction, with a state-guaranteed loan now fully repaid.
Stable activity driven by mobility, declining EBITDA
Consolidated revenue stands at €18,709k, compared to €18,844k in the first half of 2025, a decline of 0.7%. This stability comes in a context of declining French manufacturing production.
Mobility increases by 9%, to €7.6M, and now represents 40% of activity. Industry is nearly stable at €2.7M, while Construction and Leisure decline by 7.4%, to €8.4M, in a building market still oriented downwards. Revenue generated outside metropolitan France reaches 21% of the total, compared to 17% a year earlier.
EBITDA stands at €0.6M, or 3.2% of revenue, compared to €0.9M and 5.0% in the first half of 2025. Operating profit is -€0.7M (compared to -€0.5M) and net result attributable to the Group is -€1.2M (compared to -€0.8M).
Launch of new programs impacting margins
The Group maintained its cost discipline: consumed purchases decline by €457k and personnel costs by €304k. Other operating expenses, however, increase by €752k.
This increase results from three factors identified by the company: the launch of new programs, which mobilizes teams before generating revenue; increased recourse to temporary workers and subcontracting to continue serving customers in spring; and the delayed application of indexation clauses provided for in contracts.
After €1.3M in net depreciation, operating profit stands at -€0.7M. Net result then incorporates a financial result of -€0.4M and a tax charge of €47k, compared to a tax benefit of €82k a year earlier.
State-guaranteed loan repaid, net debt declines
The Group made €1.8M in repayments of loans, convertible bonds and finance leases during the semester. The state-guaranteed loan (€0.8M at December 31, 2025) is fully repaid, and short-term credit lines (€1.4M) have been renewed until June 30, 2027.
Gross financial debt declines to €11.3M, compared to €11.6M at December 31, 2025. Excluding convertible bonds (€3.7M), considered as quasi-equity, net financial debt stands at €6.0M, compared to €6.6M. Available liquidity increases by €581k during the semester, to €1.6M. Consolidated equity stands at €6.5M, compared to €7.8M.
Order intake for the first eight months of 2026 (excluding Chris-France Plastiques) reaches €20.5M, up 20% compared to the same period in 2025 (€17.0M). The order book stands at €10.6M as of August 31, 2026, of which €4.9M relates to 2027 and 2028. The Confluence 2030 strategic framework, whose objective is an EBITDA margin of 10%, will be re-examined and presented with the 2026 annual accounts.
