Enensys Technologies: Revenue Up 20.8% in First Half, EBITDA Falls to -0.8 M€
Enensys Technologies published its first half 2026 results on October 7, 2026. Revenue returned to growth at 5.9 M€ (+20.8%), but operating profitability did not improve: EBITDA came in at -0.8 M€, compared to -0.6 M€ a year earlier.
The company attributes this gap to the evolution of its business mix. A larger share of equipment in sales caused the gross margin rate to decline by 7 points, to 71.0%. At the same time, the improvement in working capital requirements made it possible to generate a free cash flow of +1.3 M€, while cash generation from operations remained negative.
Revenue of 5.9 M€ Driven by EMEA Region Up 61%
Growth in the half-year period came primarily from the Media & Entertainment division. The Critical Communications, Defense & Space division also recorded its first successes. Geographically, the EMEA region accounted for the bulk of the increase: its sales rose 61%, to 3.6 M€, notably thanks to a contract described as major in the United Kingdom and the continuation of deployments in Italy.
France remained stable at 1.2 M€ and recorded initial orders in the "New Space" sector. Other regions evolved in contrasting fashion, on lower amounts. Asia-Pacific declined 33.2%, to 0.6 M€, in the absence of major projects during the period. North America fell 35%, to 0.3 M€, pending investment decisions on several projects underway.
Latin America grew 390%, to 0.2 M€, an evolution the company attributes to its commercial investments. As a reminder, Enensys Technologies achieved 10.6 M€ in revenue for fiscal year 2025, of which 77% internationally.
Gross Margin Down 7 Points, EBITDA Negative at -0.8 M€
Results remained close to those of the first half of 2025, which the company explains notably by a less favorable business mix. The hardware component, significantly more substantial than in previous half-years, lowered the gross margin rate to 71.0% of revenue, a decline of 7 points over one year.
Operating expenses increased slightly. Personnel costs rose by 0.4 M€, to 3.6 M€, due to the increase in headcount at the end of fiscal year 2025. External expenses remained virtually stable. Research and development costs, fully expensed, reached 1.8 M€ for the half-year.
EBITDA came in at -0.8 M€, compared to -0.6 M€ in the first half of 2025, despite higher activity. After 0.4 M€ in depreciation and provisions, current operating income came in at -1.1 M€, at the same level as operating income in the absence of non-recurring charges. Net income, which includes a balanced financial result and marginal tax expense, stood at -1.2 M€.
Free Cash Flow of 1.3 M€ and Debt Reduced to 3.6 M€
Cash flows evolved in the opposite direction from earnings. Flows generated by operations reached +1.3 M€, as a result of cash generation from operations of -0.7 M€ and an improvement in working capital requirements of 2.0 M€. The company attributes this improvement to inventory management, the use of factoring, and the collection of research tax credit during the period.
Investments remained at a very low level, which made it possible to generate a free cash flow of +1.3 M€. Available cash stood at 3.7 M€, compared to 2.5 M€ on December 31, 2025. Excluding IFRS 16 lease liabilities of 2.2 M€, net financial debt came in at 1.4 M€.
For the second half, the group indicated it was approaching the period with caution. According to it, geopolitical and economic uncertainties continue to weigh heavily on its customers' investment decisions and lengthen their decision-making cycles. Its sales team is working to convert its pipeline of opportunities into revenue over the coming quarters, and 2026 full-year revenue will be published on January 21, 2027.
On June 30, 2026, Enensys Technologies' net financial debt was reduced to 3.6 M€, compared to 4.9 M€ on December 31, 2025.
