Compagnie Lebon: Net income of €8.6 million in the first half of 2026, driven by the disposal of Madeleine Premier
Compagnie Lebon's net income attributable to the group (NIAG), under IFRS 8 segment reporting, reached €8.6 million in the first half of 2026, compared with €3.8 million a year earlier. The increase of €4.8 million stems from a gain of €8.1 million realized on the disposal of the stake in Madeleine Premier, which was completed in January 2026. Under IFRS standards, NIAG stood at €5.2 million, compared with €2.9 million in the first half of 2025.
Excluding this item, recurring hotel results remained stable at €3.8 million. Thermal activities and equity investments, however, recorded losses for the period, while revenue declined by 3% to €40.7 million due to several changes in scope.
Revenue of €40.7 million, up 6% on a comparable basis in the hotel sector
The €1.3 million decline in consolidated revenue is primarily attributable to the hotel sector (Esprit de France), whose revenues fell from €32.7 million to €27.9 million, a decrease of 15%. Madeleine Premier, now disposed of, had contributed €6.3 million in the first half of 2025. On a comparable basis, hotel revenue increased by 6%, or €1.5 million.
The thermal sector (Sources d'Équilibre) moved in the opposite direction: its revenue increased from €6.8 million to €10.0 million, up 48%. This growth is attributable to the integration of the Rochefort Thermal Baths, leased since January 1, 2026, which contributed €4.4 million. This was partially offset by a decline in visitor numbers at Allevard and Brides-les-Bains, which the group describes as a sector-wide trend in France.
The investment management business, shown as a separate segment since the 2025 annual results, saw its revenue increase by 21% to €2.9 million, driven according to the group by growth across its various investment businesses.
Thermal activities and equity investments weigh on results excluding gains
In the hotel sector, the increase in NIAG of €8.1 million to €11.9 million corresponds exactly to the gain from the disposal of Madeleine Premier. The thermal sector deepened its loss, from -€0.7 million to -€1.8 million, due to declining activity at the historic spa resorts, despite a slightly positive contribution from Rochefort.
The equity investment sector moved from a result of +€2.4 million to -€0.7 million, in the absence of positive revaluation during the period. Private equity showed -€0.9 million compared with +€2.7 million, while real estate investment improved from -€0.4 million to +€0.2 million. Investment management remained stable at -€0.4 million, and the holding sector charge, which bears the cost of corporate debt, was reduced from -€1.2 million to -€0.4 million.
Adjusted net asset value (NAV) stood at €305 million on June 30, 2026, down 2.3% compared with December 31, 2025, despite value creation of €7 million. The difference is explained by dividends paid during the period. With dividends reinvested, NAV amounts to €319 million, up 2.1%.
Per share, NAV decreased from €266 to €260, following the payment of an exceptional dividend of €12 per share. With this dividend reinvested, it would reach €272, up 1.5% over the six-month period.
Thermal sector loss-making in 2026, IRR above 7% maintained
For the remainder of the year, the group indicated that hotel activity is showing slight growth compared with 2025 and described bookings for the coming months as "promising". In the thermal sector, the downward trend continues in the second half of 2026, and the sector's contribution to results will be loss-making for the year.
Several initiatives have been undertaken in this sector: the takeover of the Rochefort Thermal Baths through a three-year civil lease renewable thereafter, the arrival in June 2026 of Rémi Derreumaux as Chief Executive Officer of Sources d'Équilibre, and the opening in Allevard of the 4-star Parc Hôtel et Spa following complete renovation. In the investment businesses, Re-Sources has established operations in Lyon and launched a new fundraising round, while fundraising continues in Rennes and Toulouse.
The group has set three priorities for 2026: to increase the recurring profitability of each business, to strengthen the contribution of third-party asset management and investment, and to continue developing the value of its assets. The Chairman, Pascal Paluel-Marmont, indicated that consolidated recurring NIAG "must continue to grow to keep pace with the significant increase in Compagnie Lebon's NAV since 2022".
The Chief Executive Officer, Philippe Aoun, reiterated the group's quantified target: "We continue to target an average annual IRR on our NAV of above 7%".
