BOA Concept: revenue up 4.8% in first half, France surges, Benelux declines
BOA Concept Group published on September 24, 2026 its accounts for the first half of 2026, approved the same day by the Board of Directors. The Saint-Étienne-based group specializing in intralogistics automation reported a slight increase in revenue and stable results.
Behind these aggregates, two opposing trajectories are emerging: French operations showing clear acceleration and a Benelux subsidiary penalized by execution difficulties on a major contract.
Revenue at €11.4M, driven by 23% growth in France
Consolidated revenue for the first half of 2026 stands at €11.4M, compared to €10.9M a year earlier, representing growth of 4.8%. This increase reflects two contrasting dynamics across geographical regions.
French operations grew by 23%, reaching €7.0M compared to €5.7M in the first half of 2025. The group attributes this rebound to the success of its new software suite and a shift after several semesters marked by customer caution. Conversely, Easy Systems Benelux operations declined by 16%, to €4.2M from €5.0M.
This decline is primarily explained by difficulties encountered on a major contract signed in 2025: a defaulting subcontractor delayed the project and necessitated increased reliance on internal and external resources, leading to cost overruns and postponement of several projects. The Canadian subsidiary, in a commercial development phase, did not contribute revenue in the period.
Stable results despite Benelux difficulties
EBITDA stands at -€1.7M, compared to -€1.6M in the first half of 2025. Operating profit is -€2.1M, essentially stable, and net profit attributable to the group is -€1.6M, compared to -€1.5M a year earlier.
This near-stability, despite the 4.8% increase in revenue, is explained according to the group by two factors: cost overruns related to management of the Belgian contract, which weigh on the semester's margin, and continued investments in structuring and research and development undertaken to support development in France and internationally.
As of June 30, 2026, the group has available cash of €3.7M and reports net financial debt of €3.0M. The ratio of financial debt to equity stands at approximately 53%, compared to 51% as of December 31, 2025.
France and Canada drivers, contraction expected in Benelux
The group indicates it is entering the second half with visibility on the French market, where orders and new projects recorded allow it to anticipate growth and extended visibility into the first half of 2027. The Canadian subsidiary recorded orders during the period that will be delivered in the second half, driven by a multi-technology partnership.
In Belgium, the difficulties encountered on the aforementioned contract have mobilized the subsidiary's management and will result in a decline in activity in the second half. The group notes that its new software solution BOA Central Suite is operational on around ten customer sites, with ten additional installations in the process of being deployed.
BOA Concept Group maintains the four priorities set for fiscal year 2026: acceleration of innovation around software, robotics and artificial intelligence, commercial momentum internationally (particularly in Canada), consolidation of synergies within the group, and maintenance of financial discipline.
