EPC Groupe: Activity Up 12.6% and Net Income of €17.3 Million in First Half
EPC Groupe finalized its first half accounts on September 30, 2026, for the period ending June 30, 2026, marked by an acceleration in activity growth and an improvement in its earnings aggregates.
Activity of €322.7 Million, Accelerating in the Second Quarter
Consolidated activity revenue stood at €322.7 million in the first half of 2026, compared to €286.6 million a year earlier, representing growth of +12.6% (+13.1% at constant exchange rates and scope). The consolidation of Pirobras, since June 1, 2025, contributed +0.8 percentage points, while currency fluctuations had a negative impact of -1.3 percentage points. The pace accelerated throughout the period, with growth of +15.6% in the second quarter following +9.4% in the first quarter, compared to +6.0% for the whole of 2025. According to Olivier Obst, Chief Executive Officer, this growth of +12.6% compares to +4.4% in the first half of 2025 and +2.7% in the first half of 2024. Both regions contributed to the acceleration: the Europe Mediterranean Americas zone grew by +12.1% (strong activity in Canada and Morocco) and the Africa Asia Pacific zone returned to double-digit growth of +14.0%, driven by Africa. All business sectors showed increases, with GTS activity displaying the strongest growth (+20.2%). France is the only market showing a decline in Explosives and Mining operations.
EBITDA Up 17.7% and Net Income at €17.3 Million
EBITDA stood at €43.8 million in the first half of 2026, up +17.7% (+€6.6 million), bringing the EBITDA margin to 13.6% compared to 13.0% a year earlier. The group attributes this improvement to pass-through mechanisms for raw material price increases in selling prices and control of general expenses. Current operating income increased by +29.5% to €27.9 million, bringing the current operating margin to 8.7% compared to 7.5% a year earlier. A non-current charge of €1.7 million, corresponding essentially to fees related to an unrealized business combination project, was recorded, bringing operating income to €26.2 million (+21.2%). Financial income improved to -€2.9 million, compared to -€4.6 million a year earlier, due to lower exchange rate volatility. After corporate income tax of €5.9 million, consolidated net income came to €17.3 million, compared to €14.8 million, representing an increase of +17.4%. Net margin reached 5.4% compared to 5.2%.
Net Gearing of 29% and Confirmed Momentum for the Second Half
Gross self-financing margin stood at €39.2 million, up +19.2%. Operating cash flow came to €11.3 million, compared to €9.6 million a year earlier, while investment flows reached €16.0 million, focused particularly on the new plant related to the Montage Gold contract in Côte d'Ivoire and new equipment in Morocco, Italy and Senegal. Cash flow variation came to -€13.6 million over the half-year. As of June 30, 2026, available cash stood at €31.6 million, equity at €210.6 million and net financial debt (excluding IFRS 16 lease liabilities) at €61.6 million, for a net debt ratio (net gearing) of 29%. The group has €34.3 million in unused credit lines. Among post-closing events, EPC Groupe won a contract exceeding €5 million for the expansion of a French hydroelectric power plant, with an expected duration of 24 months, as well as a contract of approximately €23 million over three years for the Boto gold mine in Senegal. The group indicates it is counting on maintaining in the second half of 2026 the momentum observed since the beginning of the period.
