Egide: EBITDA Turns Positive at 0.7M€ in 2025, Net Loss Widens to 3.1M€
In 2025, Egide shows signs of operational stabilization with EBITDA returning to positive territory at 0.7M€, up from a loss of 0.45M€ in 2024. This recovery reflects improvements in Egide SA and Egide USA, with EBITDA of 1.26M€ and 1.13M€ respectively. However, these gains are largely offset by Santier, which experiences an operational loss with a negative EBITDA of 1.67M€ due to the termination of major client programs. The group remains in a net loss of 3.1M€, deteriorating from 2.37M€ in 2024, indicating that the operational improvement has not yet offset the structural cost of its loss-making activities.
Revenue Growth of 4%, EBITDA Turns Positive
Consolidated revenue reached 31.34M€ in 2025, up 4% year-over-year, driven by two distinct growth engines. Egide SA advanced by 12% (an additional 1.72M€), increasing its relative share of the group's revenue from 49% in 2024 to 53%. Egide USA recorded a more marked acceleration, with a 29% increase in current euros and 35% at constant exchange rates (+2.45M€), rising from 8.3M€ to 10.75M€. In stark contrast, Santier faced a sharp decline of 41% (38% at constant rates), dropping from 6.93M€ to 4.09M€, following the cessation of several high-end client programs. The consolidated EBITDA returned to 0.70M€ after a deficit of 0.45M€ in 2024, an improvement of 1.15M€, entirely attributable to Egide SA and Egide USA: Egide SA generated 1.26M€ (compared to 0.47M€) and Egide USA 1.13M€ (compared to a loss of 1.13M€). Santier consumed these gains with a negative EBITDA of 1.67M€, although slightly less severe than initially anticipated from the activity drop.
Net Deficit Worsens Despite Operational Progress
The group's net loss deepened to 3.11M€ from 2.37M€ in 2024, reflecting a gap of 0.74M€. This deterioration occurs despite the positive turn in EBITDA, indicating that financial charges and other structural expenses continue to weigh heavily. Net financial expenses amounted to 1.07M€ (up from 0.69M€), an increase of 0.38M€ due to provisions for exchange rate risks (0.5M€) and interest expenses (0.6M€). The consolidated balance sheet shows a contraction to 20.2M€ in total assets from 24.2M€ in 2024, reflecting a reduction of 4M€. Equity fell to 3.25M€ after accounting for the operating loss (from 6.15M€), while net financial debt decreased by 2.1M€ to 5.4M€. The improvement in working capital requirements, from 62 days of annual revenue (5.1M€) to 36 days (3.1M€), reflects better management of inventory and receivables, providing a cash flow relief.
Closure of Santier and Strategic Repositioning
Egide announces the closure of its San Diego site during 2026, with production ceasing at the end of April and administrative closure expected in the summer. This decision is part of a strategy to refocus on core business areas (hermetic packaging and interconnection solutions) and consolidate American operations around the Cambridge (Maryland) site. The group anticipates a gradual improvement in operational and financial performance following this realignment. Concurrently, Egide emphasizes its focus on strategic markets (defense, aerospace) and highly technical applications, particularly thermal imaging. The current geopolitical context (tensions in the Middle East, strengthening of sovereignty policies in Europe) is presented as supporting the group's activities. Bertrand Marty, with 25 years of experience in financial management and industrial transformation, has been appointed CFO to oversee this restructuring.
