Eduform'Action: loss of €0.40M in first half 2026, positive net cash of €1.14M
For its first interim publication since its transfer to Euronext Growth in June, Eduform'Action reported consolidated negative EBITDA of €0.24M and a net loss attributable to the group of €0.40M in the first half of 2026. These losses relate to the portion of the fiscal year that the group describes as traditionally the least contributive in professional training.
Meanwhile, the balance sheet as of June 30, 2026 shows positive net cash of €1.14M and declining financial debt. The group is placing its focus on the remainder of the fiscal year, and particularly on the fourth quarter, which it describes as the most dynamic period of the year.
Revenue of €4.44M, up 1% on a modified scope
As of June 30, 2026, Eduform'Action recorded consolidated revenue of €4.44M, up 1% compared to the same period of the previous fiscal year. The comparison base is based on proforma semi-annual accounts for 2025, which the group was not required to publish.
This level of activity incorporates a change in scope. SEMEV, which operates the Osteobio osteopathy school, exited the group, while Phosphoria, a specialist in health professional training, was integrated in November 2025.
Consolidated EBITDA came in at -€0.24M. The group attributes this to the seasonality of operations and partial absorption of fixed costs over the semester, and reports a 19% improvement compared to the estimate of this indicator for the same period in 2025. The net result attributable to the group stands at -€0.40M, notably including non-recurring effects related to scope changes.
Financial debt of €1.59M for €2.73M in gross cash
The semi-annual loss is part of a financial structure that the group qualifies as "solid". Equity reaches €6.29M, gross cash €2.73M and financial debt, declining, €1.59M. Available cash thus exceeds financial debt by €1.14M at the semi-annual closing.
On the commercial front, Eduform'Action has focused its offering around three verticals: Health and social care, Management, workplace prevention and safety, and Housing and energy renovation. A cross-functional unit dedicated to artificial intelligence and new technologies supports these three activities. The group claims a network of over 1,500 partner trainers and over 50,000 learners supported each year.
This positioning responds to a restructuring of sector financing described by the group: tightening of certain public schemes, increased requirement for return on investment, and central role of companies, which allocated €29.3 billion to professional training in 2024 according to DARES. Eduform'Action highlights its limited exposure to CPF and apprenticeship, two schemes it identifies as particularly affected by changes in financing policies.
Focus on profitability in the second half
For the remainder of the fiscal year, the group indicated it is concentrating its efforts on transforming this seasonality into operational performance and optimizing its cost structure. "Our course is clear: develop higher-margin activities, amplify scale effects and strengthen the conversion of our revenue into results and cash," said Cécile Béziat, Chief Executive Officer.
The group frames this discipline as an extension of what it presents as the "positive performance of fiscal year 2025". When publishing its annual accounts on April 22, 2026, Eduform'Action had cited among its opportunities an expected acceleration of organic growth and continuation of a targeted acquisition strategy. The semi-annual publication now emphasizes profitable growth and cash generation.
The consolidated semi-annual accounts were approved by the board of directors on October 12, 2026. The group enters the second half with €2.73M in gross cash, financial debt of €1.59M and positive net cash of €1.14M.
