Egide reduces half-year loss to €0.87M, driven by its French subsidiary
In the first half of 2026, Egide reduced its consolidated net loss to €0.87M, compared with €2.04M a year earlier. This improvement rests solely on the French subsidiary Egide SA (net result of €2.01M), while Egide USA and Santier remained in deficit, at €-1.25M and €-1.64M respectively.
Consolidated revenue stood at €15.20M, down 2.4% on a reported basis but up 0.7% at constant exchange rates. The half-year accounts, unaudited, were approved by the board of directors chaired by Philippe Bensussan on October 16, 2026, and published on October 19.
They appear as the Bollène site, hit by a cyberattack on October 6, 2026 via a third-party IT service provider, gradually resumed operations from October 15 that had been suspended as a precautionary measure.
Egide SA in sharp growth, Egide USA and Santier in decline
Egide SA saw its revenue increase by 28%, to €10.03M. Its EBITDA moved from €-0.27M to €2.05M, and its net result from a loss of €1.48M to a profit of €2.01M. The group attributes this change to the momentum in critical applications, particularly thermal imaging, as well as improved operating leverage.
Egide USA achieved revenue of €3.80M, down 33% on a reported basis and 29% at constant exchange rates. The group explains this decline primarily by timing shifts on certain key customer programs. The subsidiary's EBITDA moved from €0.78M to €-0.82M, and its net result from €0.31M to €-1.25M.
Santier contributed to revenue in the amount of €1.38M, compared with €2.09M a year earlier, with EBITDA of €-1.33M. Its net loss of €1.64M includes an exceptional impairment of its fixed assets of €0.18M. Production at the San Diego site ceased at the end of April 2026 and its permanent closure took place at the end of August 2026.
Excluding Santier, a positive net result of €0.77M
Consolidated EBITDA stood at €-0.08M, compared with €-0.21M in the first half of 2025. Excluding Santier, it reaches €1.25M, compared with €0.50M. Operating profit improved by €0.72M, to €-0.67M, thanks to lower consumed purchases (€5.51M compared with €6.19M), personnel costs (€6.65M compared with €7.13M) and external charges (€2.44M compared with €2.64M).
Financial result returned to €-0.10M, compared with €-0.73M, mainly due to lower foreign exchange losses and a reversal of provision for foreign exchange losses of €0.14M. Excluding Santier, the group reports operating profit of €0.79M and net result of €0.77M. For the 2025 financial year, published on June 26, 2026, the net loss stood at €3.11M.
Net financial debt was reduced to €4.99M, compared with €5.41M at December 31, 2025, and cash increased from €1.98M to €2.78M. This increase of €0.80M stems from an improvement in working capital requirements of €1.02M, mainly linked to lower inventories. Self-financing capacity before working capital variation remains negative, at €-0.24M, despite an improvement of €0.62M year-on-year. Gross financial liabilities stand at €7.77M, compared with €7.40M at the end of 2025.
Consolidated shareholders' equity moved from €3.25M to €2.32M. Since Egide SA's shareholders' equity became less than half of its share capital, the general meeting of September 10, 2026 decided not to dissolve the company early. Egide SA must now rebuild its shareholders' equity within the legal timeframe.
Egide SA expects 2026 growth to exceed 2025
Subject to continued restoration of Bollène's operational capacity, Egide SA should record 2026 growth exceeding that of 2025, relying on an order book that the group describes as solid in its strategic markets. Egide indicates that it has not identified, at this stage, any impact from the cyberattack likely to jeopardize its commitments to customers.
In North America, second-half activity will depend on the execution of ongoing programs with Egide USA's existing customers, whose delivery schedule has been partially shifted to the first half. The conversion of this order book into revenue will depend on ramp-up of the Cambridge site. On July 27, 2026, the group had indicated it expected the second half to be lower than the first, due to a high comparison base and seasonality.
The transfer to Cambridge of Santier's enclosure assembly activities is ongoing. At the date of the press release, customers representing approximately 55% of Santier's 2025 revenue have approved this change in principle. The continuation of these activities remains conditional on obtaining the qualifications currently underway at Cambridge, with progressive contribution to revenue expected in 2027. 2026 annual revenue will be published on January 29, 2027.
