Courtois: Revenue of 3,025 k€ over nine months, compared to 1,255 k€ in 2025
Courtois published on October 15, 2026, after trading hours, consolidated revenue of 3,025 k€ as of September 30, 2026, compared to 1,255 k€ a year earlier. The third quarter accounted for most of the movement: building renovation generated 1,628 k€, compared to 83 k€ over the same period in 2025.
This trend follows a first half during which, according to the publication of July 24, 2026, building renovation revenue declined to 579 k€, compared to 1,034 k€. The Toulouse-based real estate company attributes the increase in its cumulative revenue to the sale of several lots.
Building renovation and management drive growth over nine months
Over the first nine months of 2026, building renovation achieved revenue of 2,206 k€, compared to 1,117 k€ on September 30, 2025. Building management reached 816 k€, compared to 108 k€. Real estate development is limited to 2 k€, compared to 30 k€, this amount corresponding to accounting services charged back to SCCV Ondes and SCCV Résidence du Lac subsidiaries, consolidated using the equity method.
The schedule varies by segment. Building management recorded most of its activity in the second quarter (526 k€, compared to 32 k€ a year earlier), then 248 k€ in the third quarter, compared to 42 k€. Building renovation, conversely, was driven by the third quarter.
At the level of the parent company, Courtois SA, cumulative revenue stands at 909 k€, compared to 779 k€ on September 30, 2025. For the third quarter alone, it amounts to 296 k€, compared to 575 k€ a year earlier.
Two Parisian lots sold and Rue de Rémusat building delivered
In renovation, SARL Foncière Immobilière Courtois (FIC) increased its revenue to 1,220 k€, compared to 297 k€ on September 30, 2025. It sold a lot in the 2nd arrondissement of Paris in September for 744 k€ net of commissions, with a reversal of inventory provision of 190 k€, then a lot in the 20th arrondissement for 365 k€ net of commissions. Its net inventory decreased from 4,011 k€ on June 30, 2026 to 3,113 k€ on September 30, 2026, a variation that the company attributes to these two sales.
SAS Courbevoie 157 Timbaud, 51% owned, achieved revenue of 987 k€: 925 k€ from the sale of a building to be renovated and 62 k€ from the progress of sale in future completion status (VEFA). A sales promise of 270 k€ was recorded in the third quarter. This subsidiary's inventory stands at 2,626 k€, compared to 2,564 k€ on June 30, 2026.
In building management, the Rue de Rémusat building in Toulouse was delivered to the tenant in late July 2026, after 20 months of rehabilitation work, according to an initially "broadly respected" schedule. A 7-month rent-free period was granted to the tenant, although revenue was recorded in accordance with IFRS 15 standards. Courtois SA also sold modification work requested by the tenant, and achieves 706 k€ of revenue in this activity. All group premises are leased, with the exception of one lot in Cugnaux.
Courbevoie: Sales and reservations at 60%, a loan extended until December 31, 2026
Bank facilities used by the group amount, on September 30, 2026, to 950 k€ for building renovation and 4,647 k€ for building management. On the renovation side, the 1,350 k€ loan taken out in 2023 from Caisse d'Épargne for the Courbevoie operation, at variable rate, was extended until December 31, 2026, after an initial repayment of 400 k€. Added to this is a support credit of 600 k€, also at variable rate, taken out in February 2025 with a financial completion guarantee, with costs amounting to 35 k€.
On the management side, Courtois SA carries 4,333 k€ under a Crédit Agricole works loan, with a total envelope of 7.1 M€, at fixed rate, taken out in February 2025 for 17 years, including 2 years of capital deferral. SCI Nord Invest carries 314 k€ on an initial BNP loan of 450 k€, at fixed rate, taken out in 2022 for 12 years.
In real estate development, the development permit for SCCV Ondes, free from any appeals, is the subject of modification discussions with the Ondes municipal authority, and expressions of interest are being made on certain lots. In Plaisance-du-Touch, the apartment of SCCV Résidence du Lac has been vacated and a sales mandate is underway.
The Courbevoie operation represents a total amount of 5,148 k€, including signed reservations, of which reservations and sales account for 60% of total revenue, a proportion identical to that indicated during the half-yearly publication of July 24, 2026.
