Clairefontaine: revenue down 3.3% in first half, net income up
The stationery manufacturer based in Étival-Clairefontaine published half-year accounts that combine declining revenue and improved profitability.
On paper and stationery markets oriented downward, the group saw its operating income and net income progress compared to the first half of 2025, a movement partly driven by an exceptional item.
Revenue of 380.6 million euros for a net income of 10 million
In the first half of 2026, the group's revenue stood at 380.648 million euros, compared to 393.698 million a year earlier, a decline of 3.3%.
Operating income rose to 13.358 million euros, compared to 11.625 million in the first half of 2025. This amount includes a real estate gain of 2.4 million euros realized in the conversion division.
Net income after tax amounted to 10.062 million euros, compared to 6.518 million a year earlier. Earnings per share came in at 8.89 euros, compared to 5.76 euros in the first half of 2025.
Paper supports results, conversion returns to operational equilibrium
By business segment, the paper division generated revenue of 176.007 million euros and operating income of 12.310 million, compared to 14.952 million in the first half of 2025. The European market for uncoated woodfree papers declined 3% over the period, while volumes from the four paper mills remained broadly stable. The group indicates that rising raw material and energy prices, combined with market overcapacity, is weighing on margins.
The conversion division achieved revenue of 276.868 million euros and operating income of 1.402 million, compared to a loss of 1.059 million a year earlier. In a French stationery market down 2.2% in the first half according to GfK, the business shows broadly stable revenue, driven by market share gains and the development of online commerce.
Cash position of 127.5 million euros and cautious outlook
As of June 30, 2026, cash and cash equivalents stood at 127.546 million euros, compared to 184.950 million on December 31, 2025. Gross debt reached 199.960 million euros, of which 49.341 million in lease liabilities from lease capitalization, bringing net debt to 72.414 million euros.
Regarding prospects, the group currently anticipates no improvement in the paper division, where margins could deteriorate. For conversion, management indicates remaining cautious in the second half. It notes that restock volumes following the back-to-school period were disappointing in France and that results improvement will remain limited by sluggish demand in several European markets, ongoing restructuring and margin pressure. Stated priorities remain cost control, margin preservation and a gradual return to balance in the most fragile subsidiaries.
