Cogra returns to profitability in 2025/26, revenue up 24%
After a transitional 2024/25 fiscal year marked by a net loss of €4.7 million, Cogra returned to a positive net result of €0.5 million for its 2025/26 fiscal year ended June 30, 2026.
The wood pellet producer based in Mende is posting 24% revenue growth, driven by its core business, and now has cash flow exceeding its financial debt.
Revenue at €42.4 million and EBITDA back in positive territory
Net revenue for fiscal year 2025/26 stands at €42.4 million, up 24% compared to €34.3 million in the previous fiscal year, a level already announced on July 8, 2026. Wood pellet activity is driving this momentum, with sales of €38.3 million, up 27%.
The company attributes this performance to higher volumes and the gradual adjustment of selling prices, following two fiscal years marked by inventory and price imbalances. The sale and installation activity for stoves and boilers is described as globally stable, in a less favorable context regarding public equipment subsidies.
EBITDA returns to €3.3 million, compared to -€1.5 million in 2024/25, representing an EBITDA margin of 8% of revenue. Operating profit stands at €0.5 million, compared to -€4.8 million a year earlier, while net income reaches €0.5 million, following a loss of €4.7 million in the previous fiscal year.
Inventories down 13% despite 24% activity increase
Inventory normalization continues: they decrease by 13%, to €9.6 million, compared to €11.0 million a year earlier, while revenue grows by 24%. The company views this as a sign of improved operational fluidity and normalization of working capital requirements.
Stored production still declines by €1.9 million, following a decrease of €6.2 million in 2024/25. Operating income increases by 45%, to €40.6 million. Raw material purchases reach €20.2 million, supporting the restart of production volumes, and other purchases and external charges amount to €10.7 million (+10%), linked to energy price developments.
Financial income stands at -€43 thousand, compared to -€163 thousand in 2024/25, reflecting the reduction in financial debt and interest charges.
Positive net cash and approximately €1 million investment planned
As of June 30, 2026, financial debt declines by 32%, to €4.0 million, after already being reduced by nearly half during the previous fiscal year. Cash flow increases to €4.2 million, compared to €2.2 million a year earlier.
Cogra thus has cash flow exceeding its financial debt, representing negative net financial debt of €0.2 million, compared to net financial debt of €3.7 million a year previously. Shareholders' equity strengthens to €21.6 million, incorporating the fiscal year profit, and the balance sheet total remains virtually stable at €31.7 million.
This financial situation will allow Cogra to carry out an investment of approximately €1 million in Séverac-le-Château, in new equipment designed to improve environmental performance at the site. For fiscal year 2026/27, the group indicates its intention to pursue its profitable growth trajectory and gradually improve its operating profitability towards its historical standards. The next financial update concerns revenue for the first quarter 2026/27, closed on September 30, 2026 and expected on October 8, 2026 after trading hours.
