Encres Dubuit: operating loss of €1.32M in the first half of 2026, revenue down 3%
Encres Dubuit published its first-half 2026 results on October 29, 2026. The operating result came to -€1.32M, compared with -€869k a year earlier, while revenue fell 3% to €9.11M.
The loss widened even though the gross margin remained almost stable as a percentage. The bulk of the deterioration therefore lies below the gross margin line.
Jérôme Bracichowicz, chief executive officer since July 20, 2026, acknowledged results “below the targets set”. He stated that a “deep reorganization” had been launched since he took office. The group, listed on Euronext Growth, retained net cash after borrowings of €2.1M as of June 30, 2026.
Revenue down 3%, weighed down by Europe
Half-year revenue came to €9.11M, compared with €9.39M in the first half of 2025, a decline of €277k. At constant exchange rates, it stood at €9M.
Europe, which accounts for 66.1% of sales compared with 70% a year earlier, fell 8.4% to €6.02M. This decline of €549k is greater than the group's total drop in activity.
Asia (27.7% of revenue) rose 7.2% to €2.52M. The company attributes this increase to strong activity in China in the electronics sector, while noting a slowdown toward the end of the period.
North America, which represents 3.8% of sales, reached €344k compared with €225k, an increase of 52.9%. The Africa and Middle East region was almost stable at €224k (+1.8%), while Oceania, which had contributed €20k a year earlier, recorded no sales over the half-year.
Gross margin at 65%, operating loss increased to €1.32M
The gross margin stood at €5.89M, compared with €6.01M, representing 65% of revenue versus 64% in the first half of 2025. Its decline in value (€125k) remains lower than that of the operating result, which fell by €449k.
The operating result thus represents -14.47% of revenue, compared with -9.26% a year earlier. The decline in activity was therefore accompanied by a relative increase in expenses below the gross margin.
The financial result partly offset this gap: it came out positive at €67k, compared with -€166k in the first half of 2025. It consists of €94k in net financial income and €27k in interest expense on borrowings.
After a tax charge of €36k (compared with €26k), the net loss attributable to the group reached €1,287k, compared with €1,060k, an increase of €227k. Earnings per share came to -€0.4096.
When annual results were published on March 31, 2026, the group had reported a net loss of €4.36M for fiscal year 2025.
Reorganization launched, supported by €13.5M in equity
The new chief executive officer indicated that the reorganization is based on a “return to fundamentals” of the business and on concentrating efforts on “new and promising sectors”. According to him, this strategy has already led to “early commercial successes in France as well as internationally”.
The balance sheet as of June 30, 2026 shows group equity of €13.5M, representing 68.9% of total assets, a situation the company describes as “solid”. Financial debt reached €1.3M, compared with €1.01M at June 30, 2025 and €1.4M at December 31, 2025.
Cash stands at €3.4M. It leaves the group with net cash after borrowings of €2.1M at the end of a half-year closing with an operating loss of €1.32M.
