Bogart: Revenue Down 7.4% in First Half and Financial Report Expected by December
The Bogart group published on September 29, 2026 semi-annual results in decline, marked by a drop in its revenue and EBITDA that remains positive at €7.2 million. Beyond the figures, the Paris-based group announced the postponement of the publication of its semi-annual financial report, expected by December 2026 following the resignation of one of its statutory auditors, and confirmed the continuation of discussions on a restructuring of its bank debt.
Revenue of €114.1 million, Down 7.4%
Bogart posted revenue of €114.1 million as of June 30, 2026, compared to €122.6 million a year earlier, a decline of 7.4% (-5.3% on a like-for-like basis and at constant exchange rates). The decline stems mainly from the Bogart Beauty Retail business, whose sales fell to €92.0 million from €99.2 million, while the Bogart Fragrances & Cosmetics business remained at a level close to the previous year, at €22.1 million compared to €23.4 million. Gross margin, for its part, improved to 52.2% as of June 30, 2026, up 0.9 percentage points compared to June 30, 2025. Personnel expenses fell 2.7% to €32.2 million, with headcount reduced to 1,787 employees, compared to 1,914 a year earlier. During the semester, the group continued the restructuring of its network with the closure of 26 stores, including 16 in France, 6 in Belgium and 4 in Germany.
Positive EBITDA of €7.2 Million, Net Result Stable at -€14.8 Million
The group's EBITDA stands at €7.2 million as of June 30, 2026, compared to €10.4 million in the first half of 2025. That of Bogart Fragrances & Cosmetics improved to €3.3 million (compared to €2.8 million), driven according to the group by new niche fragrance lines Aholic and Stendhal. That of Bogart Beauty Retail came in at €1.9 million, compared to €5.8 million a year earlier. Operating income is -€10.2 million, compared to -€8.5 million in the first half of 2025. It includes €15.0 million in depreciation and provisions and a non-recurring charge of €2.6 million, of which €2.1 million is related to restructuring measures. Financial income improved to -€4.4 million, compared to -€6.0 million a year earlier. Group net income comes in at -€14.8 million, compared to -€14.6 million in the first half of 2025.
Gross Cash at €12.9 Million and Discussions on Bank Debt
Bogart's equity stands at €44.3 million as of June 30, 2026, compared to €57.4 million as of December 31, 2025. Gross cash stands at €12.9 million, compared to €36.7 million as of December 31, 2025, with the group noting that its cash is traditionally higher at year-end given the seasonality of its business. Net financial debt (excluding IFRS 16 lease liabilities) reaches €89.9 million as of June 30, 2026. As of the closing date, discussions are continuing with lending institutions and are expected to be completed by end of 2026 or early 2027 on an agreement for the restructuring of bank debt. For the second half, the group expects the effects of network reorganization measures on the profitability of Bogart Beauty Retail and plans several product launches for its Stendhal, Méthode Jeanne Piaubert, Carven and April brands. Furthermore, exclusive negotiations between David Konckier and the Marionnaud group are continuing. The publication of the semi-annual financial report is postponed and is expected by December 2026, following the resignation of the Opsione firm from its mandate as co-statutory auditor, for ethical reasons which the company indicates are unrelated to the closure of the semi-annual accounts.
