Energisme: Revenue up 8% in first half, Loamics reduces losses
Energisme's financial recovery is being led primarily by its health data subsidiary. In the first half of 2026, Loamics reduced its EBITDA loss by 540 k€, while ECO-HUB saw its EBITDA, which remains positive, decline by 123 k€.
At consolidated level, EBITDA remains negative at -713 k€, compared to -1,056 k€ a year earlier. These unaudited accounts, published on October 29, 2026, were accompanied by a capital raise of 5 M€, while shareholders' equity stood at -1,084 k€ as of June 30, 2026.
Revenue up 8%, losses reduced across all levels
Energisme published consolidated revenue of 2,558 k€ in the first half of 2026, compared to 2,373 k€ on the equivalent scope for 2025, representing growth of 8%. The group describes this level as a record half-year performance. The consolidated 2025 data differ from those published last year, which covered only the social scope.
According to the company, the growth in Loamics revenues more than offsets the commercial trade-offs made by ECO-HUB. Consolidated EBITDA improved by 343 k€, to -713 k€, and operating income moved from -1,916 k€ to -1,419 k€, an improvement of 497 k€.
Net loss amounted to -1,524 k€, compared to -1,924 k€ a year earlier, representing an improvement of 400 k€. The group attributes this change to the impact of revenue growth on a cost base it describes as "in constant optimization".
Loamics reduces EBITDA loss, ECO-HUB invests in AI
Loamics' EBITDA improved from -745 k€ to -205 k€ over the year. Its revenues reflect its contribution to the P4DP consortium, responsible for deploying the first national health data repository in general medicine.
Data from 1.35 million patients had been integrated into the platform by end of October 2026, under the responsibility of the National College of Teaching General Practitioners (CNGE). When publishing on August 5, 2026, the group reported more than 100,000 patients integrated in a matter of weeks.
ECO-HUB posted EBITDA of 174 k€, compared to 297 k€ a year earlier. The subsidiary prioritized recurring annual revenues and continued its investments, notably in a business AI agent integrated into the N'Gage platform. According to the company, these orientations temporarily weighed on the semester's profitability.
The group also notes a recovery in valuation multiples for SaaS platform editors following the decline in spring 2026. With its advisors, it decided to hold back on the process of bringing in an industrial or financial partner to ECO-HUB's capital.
A 5 M€ capital raise for the balance sheet, first agreements targeted in 2027
During the semester, Energisme raised 5 M€, comprising 3 M€ in equity and 2 M€ in convertible bonds. As of June 30, 2026, net financial debt stood at 5,071 k€, with gross cash of 1,949 k€ and shareholders' equity of -1,084 k€.
Gross financial debt now consists predominantly of long-term bond loans with conversion rights into equity. Management indicates its intention to continue strengthening the balance sheet and reinforcing shareholders' equity.
On the commercial side, Loamics has entered into discussions with several healthcare players, including public institutions and pharmaceutical and health technology groups. The group mentions the prospect of first structuring agreements as early as 2027, following five years of investment in this infrastructure.
The 2 M€ in bonds issued in the first half of 2026 may be converted into Energisme shares at a price of 8.80 €, or into Loamics shares based on a minimum valuation of the subsidiary of 20 M€.
