Bluelinea: APICIL supports a capital increase project of €5.2 million, sales decline 19% in the third quarter
The October 9, 2026 publication brings together three pieces of information: first-half accounts, third-quarter revenue and a new equity strengthening project. The latter is the most structuring point. Three months after a €1.5 million capital increase completed in July, the APICIL Group, 85% shareholder, validated the principle of participation in a new operation with an estimated amount of €5.2 million.
According to the company, this is intended to reduce the debt burden and ensure continuity of operations beyond the next 12 months. It follows a first half marked by negative EBITDA and a third quarter during which activity declined in both divisions of the group.
First half: EBITDA falls from +€431k to -€419k
First-half 2026 revenue stood at €4,741k, down 12% compared to €5,373k in the first half of 2025, a level already announced on August 6, 2026. This decline comes after fiscal year 2025 during which revenues had grown 10% to €10.4 million. According to the company, the decline in activity, applied to a cost structure that is "mainly fixed", is directly reflected in the semester's profitability.
EBITDA came in at -€419k, versus +€431k a year earlier. Personnel costs included in its calculation had nonetheless declined by nearly 7%, to €2,256k versus €2,422k. Meanwhile, consumed purchases increased from €1,591k to €1,887k.
Operating profit, which incorporates depreciation of capitalized investments, stands at -€1,437k versus -€621k, and current profit at -€1,520k versus -€730k. Net profit reaches -€1,800k, versus -€706k. It includes a recovery of research tax credit of €280k, with no impact on cash according to the group.
Third quarter: 19% decline and reduction in equipment fleet
Unaudited third-quarter 2026 revenue stands at €2,023k, versus €2,502k a year earlier, a decline of 19%. Senior & Home Care activity stands at €1,170k (-18%) and Facilities activity at €852k (-20%).
The company puts forward two explanations. The first is the caution of purchasers, already visible in the first half and confirmed during the summer. The second relates to the technological migration of its connected device fleet, made necessary by the extinction of old 2G networks.
This transition to new generations of equipment is accompanied by increased costs. Price adjustments intended to offset this charge were not followed by certain major partners, which led to a reduction in the operated fleet. At end September, the "Help" platform supported 64,961 families, compared to 67,283 at end 2025.
After €1.5 million raised in July, a new project of approximately €5.2 million
At June 30, 2026, Bluelinea had gross cash of €607k, versus €822k at December 31, 2025. Loans and financial liabilities reached €4,146k (+26%) and net financial debt €3,539k (+43%). Shareholders' equity stood at €1,146k, versus €2,855k six months earlier, a decline of 60%.
This structure was strengthened after closing by the proceeds of the €1.5 million capital increase, completed in July 2026 with the maintenance of preferential subscription rights. Faced with the developments in activity in the third quarter, the company and its reference shareholder examined supplementary measures.
The APICIL Group thus validated the principle of participation in a new capital increase, with an estimated amount of €5.2 million. According to the announcement, the operation should be initiated in the coming days, according to a schedule and procedures that will be communicated later. The next financial meeting is scheduled for January 7, 2027, with the publication of 2026 revenue.
The most structuring element of the publication remains this estimated amount of €5.2 million, to be related to net financial debt of €3,539k at June 30, 2026.
