Ecoslops: EBITDA back to positive in first half, revenue up 21% to €7.3M
Ecoslops published its half-yearly results on September 28, 2026, marked by a return to positive EBITDA and a reduction in net loss.
Beyond the figures, the expiry of the Portuguese sub-concession contract with CLT, a Galp subsidiary, constitutes the structuring element for the group's future, as its two activities are intrinsically linked.
Revenue up 21% and EBITDA back to positive territory
In the first half of 2026, the group's revenue stood at €7.3M, up 21% compared to the first half of 2025.
The refined products business grew by 25%, broken down into +35% price effect (driven by diesel prices) and -10% volume effect. The port services activity grew by 10%. The barrel in euros increased by 15% between the first half of 2025 and the first half of 2026.
The group recorded positive EBITDA of €326k, compared to -€74k on June 30, 2025. Net income came to -€578k, an improvement of €413k compared to the loss of -€991k in the first half of 2025.
Gross margin down and increased working capital
The gross margin rate recorded a decline of 5.9 points, explained mainly by the evolution of the activity mix (refined products/port services) for 1.1 point and by the rise in procurement, raw materials and maritime transport costs, for 3.5 points.
Quantities produced fell by 14%, to 11,264 tonnes compared to 13,038 tonnes in 2025, due to earlier maintenance operations. Quantities sold fell by 10%, to 9,977 tonnes compared to 11,080 tonnes. The group indicates that these shortfalls were entirely offset by the end of August 2026.
Structural costs fell from €3.6M to €3.5M, as a result of a 6% reduction in payroll, or -€103k. Working capital requirements increased by €1.4M, financed by the group's cash. As of June 30, 2026, the group has approximately €3.8M in cash, of which €2.9M available, and net debt of €13.6M, compared to €11.9M at December 31, 2025.
Portuguese contract: uncertain renewal by August 2027
The group is continuing discussions on the renewal of the sub-concession contract with CLT, a Galp subsidiary in Portugal. This contract, with an initial term of 15 years, expires in August 2027 and does not include a notice clause.
The group expects to be informed in the second half of 2026 of Galp's choice, which has three options: re-tendering of the contract, renewal by mutual agreement or internalization of the activity. The group qualifies the extension of this contract as critical, as its two activities (port services and refined products) are intrinsically linked.
Regarding the Scarabox project in Côte d'Ivoire, the Ivorian government's investment decision, expected in 2025, was postponed to 2026 following the presidential election in October 2025 and the establishment of the new government at the end of January 2026. Bpifrance has extended its export financing offer until January 2027. The half-yearly report will be published on October 29, 2026, after trading.
