Audacia: Revenue up 32% in first half, group net result negative
Audacia published half-yearly accounts on October 14, 2026, confirming the shift of its model towards thematic funds. These funds now represent 89% of revenue, compared to 59% a year earlier. As of June 30, 2026, revalued net asset value (NAV) stands at 34.3 million euros, up 20% over six months, and assets under management exceeded one billion euros by end of August.
Thematic funds experiencing strong growth
In the first half of 2026, Audacia's consolidated revenue reached 8.0 million euros, compared to 6.1 million euros a year earlier, representing an increase of 32%. At constant consolidation scope, the increase is 12%. The difference is notably explained by the 100% consolidation of Expansion Ventures. Revenue from thematic funds doubled (+99%) to 7.1 million euros. Capital Innovation provided the bulk of this, with 6.3 million euros (+125%). Quantonation Ventures contributed 4.8 million euros compared to 2.5 million euros in the first half of 2025, an amount that notably includes catch-up fees related to the closing of the Quantonation II fund. Expansion Ventures contributed 1.4 million euros compared to 0.3 million euros. Capital Development contributed 0.5 million euros and Real Estate Capital 0.3 million euros. The historical activity of ISF mandates, at 0.9 million euros, now represents only 11% of the group's revenue.
Profitability impacted by investments
Operating expenses reached 8.6 million euros (+25%). Other purchases and external charges increased 43% to 3.0 million euros, and salaries and benefits increased 19% to 3.2 million euros, including a scope effect of approximately 0.6 million euros linked to Expansion Ventures. Other operating income declined to 1.0 million euros compared to 1.4 million euros. This decline is notably due to a base effect: the first half of 2025 included a provision reversal of approximately 0.45 million euros. Operating result came in at 0.5 million euros compared to 0.7 million euros, bringing the operating margin to 6% compared to 11% a year earlier. After a tax charge of 0.5 million euros, consolidated net result stands at 0.1 million euros, compared to 0.7 million euros. Group net result falls to -0.8 million euros, compared to +0.4 million euros. The group attributes this difference to its ownership structure: profitability comes mainly from subsidiaries, particularly Quantonation Ventures, of which the group's share is 45%. According to Olivier de Panafieu, Chief Executive Officer, this investment effort "temporarily weighs on our profitability". The balance sheet has also strengthened following the 8 million euro capital increase carried out in February 2026. Consolidated shareholders' equity reaches 23.7 million euros compared to 15.9 million euros at end of 2025, and net cash after financial debt amounts to 7.7 million euros compared to 4.8 million euros.
NAV increasing, assets under management beyond one billion
The increase in NAV stems essentially from revaluations in breakthrough technologies, mainly through the Pasqal financing round completed in March 2026. Pasqal was subsequently listed on Nasdaq on August 28, 2026. Capital Innovation represents 74% of NAV. However, NAV per share declined to 4.79 euros compared to 5.59 euros at end of 2025 (-14%), due to a 40% increase in the number of shares outstanding.
Assets under management amounted to 940 million euros as of June 30, 2026 compared to 882 million euros at end of 2025 (+6%).
Capital Innovation funds represent approximately 74% of this, with 697 million euros (+13%), while the ISF fund portfolio declined to 71 million euros compared to 99 million euros. The company notes that the Pasqal stake accounts for approximately 15% of assets under management and that variations in its price may change this portfolio by several tens of millions of euros.
Going forward, Audacia highlights the deployment of Quantonation II following its final closing at 220 million euros, an initial closing expected for Straton, its fund dedicated to defense SMEs, and the continuation of subscriptions for its retail FCPI, with a target amount of 15 million euros. On September 18, 2026, the group had appointed Guillaume des Courtils as Partner, with a role focused on Straton. As of August 28, 2026, the group's assets under management reached 1,142 million euros.
