Capital B: loss of €69.5M in first half 2026, linked to bitcoin depreciation
Capital B's semi-annual results now primarily depend on the accounting valuation of bitcoin. Over the first six months of 2026, an additional depreciation provision of €67.5M recorded on held BTC constitutes the bulk of the net loss of €69.5M, compared to a loss of €1.9M a year earlier. The company specifies that this provision has no impact on cash flow.
At the same time, the company listed on Euronext Growth Paris continued its "Bitcoin Treasury Company" strategy. Its strategic reserve increased from 2,823 BTC in January 2026 to 3,139 BTC on 30 June, then to 3,538 BTC on 30 September. These purchases were financed by announced capital raises of €27.5M in the half-year and €31.7M since year-end.
Revenue up 3.5% to €5.8M, EBITDA of historical subsidiaries up 9.8%
Consolidated revenue stands at €5.8M in the first half of 2026, compared to €5.6M a year earlier, representing an increase of 3.5%. Activity comes from subsidiaries specializing in consulting and development in data intelligence, AI and innovative technologies. On a constant scope (Iorga Group, Trimane and Dip Tek), EBITDA (including research tax credit) increases by 9.8%, to €0.64M against €0.58M.
At group level, adjusted EBITDA comes out at -€1.1M, compared to -€0.8M in the first half of 2025. This gap is explained mainly by costs borne by the Capital B holding and Capital B Luxembourg (salaries, advisory fees and remuneration of financial intermediaries). According to unaudited management data, these costs amount to approximately €2.2M.
Purchases and other operating expenses increase by 9.9%, to €3.3M compared to €3.0M, mainly due to costs related to the bitcoin strategy (studies, legal fees, advisory and communications). Personnel expenses decline by 2.5%, to €5.3M compared to €5.5M. Operating profit stands at -€1.9M, compared to -€1.7M a year earlier.
Financial result of -€67.5M due to BTC depreciation
The bulk of the variation is below operating profit. Financial result reaches -€67.5M, compared to -€0.1M in the first half of 2025, due to the additional depreciation provision on BTC calculated at the bitcoin price on 30 June 2026. Current result comes in at -€69.4M and exceptional result at -€0.1M. Consolidated net result thus stands at -€69.5M.
On the balance sheet, equity amounts to €86.8M as of 30 June 2026, compared to €109.4M at 31 December 2025. Provisions increase from €56.4M to €124.0M over the same period. Total balance sheet assets increase from €297.2M to €317.1M.
Available cash stands at €2.3M on 30 June, compared to €3.5M at end-2025. The group furthermore holds 61 BTC allocated to its operational needs, representing €3.2M at the 30 June rate. The accounts, subject to limited review by the statutory auditors, were prepared on a going concern basis. The company indicates that its cash flow forecasts for the twelve months following year-end are consistent with its liquidity requirements.
3,538 BTC in strategic reserve and €31.7M in capital raises since year-end
Over the half-year, the announced €27.5M in capital raises break down as €15.2M from share offerings with share purchase warrants (55.3%), €8.8M from warrant exercise (32.0%) and €3.5M via the "ATM" program (12.7%). The number of satoshis per share on a fully diluted basis moved from 7,210.0 to 7,343.4, representing a "BTC Yield" of 1.85%. The company notes that this indicator is neither a measure of operational performance nor a measure of liquidity.
Since year-end, the announced €31.7M in capital raises come from 90.4% share offerings with share purchase warrants and 9.6% from the "ATM" program. On 28 September 2026, the group acquired 13 additional bitcoins, financed by a capital increase carried out with Tobam. On 17 August, Blockstream Capital Partners converted the balance of 14,195,352 OCA B-01 into 28,687,362 new shares (pre-consolidation). The consolidation at a ratio of one new share for ten old shares took effect on 8 September 2026.
As of 30 September 2026, available cash reaches €4.6M, to which are added 61 operational BTC valued at €4.5M, totaling €9.1M. The strategic reserve stands at 3,538 BTC, up 25.3% since January 2026, for a total acquisition value of €310.6M (€87,805 per bitcoin on average). The "BTC Yield" since the start of the year stands at 2.2%.
