Coil: EBITDA Back in Positive Territory in the First Half of 2026, Revenue Down 14.6% in the Third Quarter
The aluminium anodising group, based in Belgium and Germany, published its half-year accounts on 30 October 2026, showing EBITDA of €0.9 million, compared with -€2.3 million a year earlier. This €3.2 million improvement stems mainly from a reduction in operating expenses.
The same release reports third-quarter revenue down 14.6% to €4.5 million. Management indicates that annual revenue could be lower than in 2025.
EBITDA of €0.9 Million Supported by €2.5 Million in Lower Expenses
For the first half of 2026, Coil's revenue came to €8.9 million, up 3.2% year on year. Subcontracting rose 10.7% to €7.7 million and now accounts for 86% of sales, while packaged sales fell to €1.2 million, from €1.7 million a year earlier.
EBITDA returned to positive territory at €0.9 million, compared with -€2.3 million in the first half of 2025. Of this €3.2 million improvement, the reduction in operating expenses (notably management expenses) accounts for €2.5 million, and the increase in gross margin for €0.7 million.
After €1.1 million in depreciation, amortisation and provisions, operating income stood at -€0.1 million, compared with -€3.4 million. Net income, which includes €0.2 million in net financial expenses, came to -€0.4 million, compared with -€3.6 million a year earlier.
When it published its annual results on 30 April 2026, the group had reported a net loss of €4.7 million for fiscal year 2025. The half-year accounts, closed on 29 October 2026, have been neither audited nor subject to a limited review by the statutory auditor.
Net Debt of €3.8 Million Following Bank Refinancing
These figures reflect the shift of Coil's model toward subcontracting, carried out with the main European rolling mills, while packaged sales declined. The EBITDA recovery is attributable more to cost reductions than to sales growth, which was limited to 3.2% over the half-year.
As at 30 June 2026, shareholders' equity stood at €14.5 million, down €0.3 million from 31 December 2025. Net financial debt rose to €3.8 million, an increase of €0.5 million over six months, representing 26.5% of equity. It includes cash of €1.8 million, compared with €1.3 million at the end of 2025.
This balance sheet reflects the refinancing completed in March 2026 with a leading banking institution. New investment loans totalling €3.6 million, maturing between 2031 and 2036, enabled the repayment of the term loans from the former bank, including those of Coil GmbH, and a factoring line replaced invoice discounting.
One item will also be reflected in the second-half accounts. On 26 August 2026, the board of directors acknowledged the waiver, by the president's management company, of a €500 thousand bonus granted in 2024 and recorded as accrued expenses in prior periods. This amount will be recognised in the income statement for the second half of 2026.
Third-Quarter Revenue Down 14.6%, Possibly Lower Annual Results
The release also covers the third quarter, during which unaudited revenue amounted to €4.5 million, compared with €5.3 million a year earlier, a decline of 14.6%. Subcontracting fell 15.8% to €3.6 million, and packaged sales fell 9.6% to €0.9 million.
Over nine months, revenue reached €13.4 million, compared with €13.9 million for the same period of 2025. Total revenue, up 3.2% in the first half, subsequently declined 14.6% in the third quarter.
When it published its results on 29 July 2026, the group cited among the risks weighing on its business geopolitical uncertainties, particularly in the Middle East, the volatility of aluminium prices, and the cautious purchasing approach of metal distributors.
For the second half of 2026, Coil anticipates a level of activity broadly comparable to that of the first half. Given a higher comparison base in the second half of 2025, annual revenue could be lower than the €19.4 million recorded in fiscal year 2025. Annual revenue for 2026 will be published on 29 January 2027 after market close.
The group states that it continues to strictly control its overheads and to develop subcontracting. The semester was built on cost reductions: €2.5 million in lower operating expenses, with EBITDA improving from -€2.3 million to €0.9 million.
