Calibre returns to net profit (€1.8M) in 2025 despite a 12.4% decline in revenue
Calibre delivered a 2025 marked by contrasts: following a 12.4% decline in revenue, the global shooting expert returned to profitability (€1.8M), supported by an improvement in its operating result and a reduction in its debt. This turnaround comes at the end of a restructuring that management presents as complete.
Operating result up despite revenue decline
Revenue from continuing operations (Arkania and evike-europe.com) came in at €21.8M in 2025, down 12.4% compared to €24.9M in 2024. This contraction is partly due to a demanding base effect in 2024 and schedule shifts with a major Defence division client. In parallel, the ramp-up of new Civil division activities (partnership with Evike) partially offset this decline.
On this reduced scope, operating result stood at €0.6M, up 50% year-on-year, despite costs incurred by the Civil division ramp-up. The group incurred €2.7M in non-recurring charges (Verney-Carron contribution until its exit and gradual shutdown of B2B distribution activities), which management no longer anticipates in future fiscal years.
Net profit and debt reduction
Financial result came in positive at €3.1M, mainly due to the favorable impact of Verney-Carron's exit, while Arkania's debt financing charges were limited to €0.4M. Annual net profit reached €1.8M in 2025, marking the group's return to profitability.
On the financial front, Calibre reduced its gross financial debt by €3.0M over twelve months, bringing it down from €9.0M to €6.0M. Supplemented by cash of €1.2M, net financial debt stood at €4.8M at end-2025, an improvement of €1.9M. This reduction was made possible by annual profit, proceeds from a capital raise through the exercise of 2022 share warrants (BSA), and cash flows generated by the disposal of B2B civil activities.
Restructuring complete, consolidated financial structure
The group plans to propose to the next general meeting a resolution enshrining the permanent cessation of variable-rate financial products, with its restructuring now complete. Additionally, as part of the strategic partnership with Evike in airsoft, Calibre is still to receive €2.4M, of which €1.2M in 2026.
Remaining dilutive instruments (BSA K2A and K2B) could only create a maximum of 153 new shares, and no financing contracts remain in place. The positive net result of €1.8M and the reduction in net debt to €4.8M establish a sound financial foundation, with management considering the group's restructuring as complete.
