Europlasma: €1.0M in cash and uncertainties over the going concern
On October 30, 2026, Europlasma published unaudited half-year accounts that place external financing at the centre of its trajectory. Its cash position fell to €1.0M as of June 30, 2026, compared with €7.5M as of December 31, 2025, and its consolidated shareholders' equity stood at -€42.8M.
The group states that it is facing cash difficulties that threaten its ability to continue operating in the short term. This continuity remains conditional on the successful execution of a bond financing with a maximum amount of €45M, of which the remaining available tranches total €42M in nominal value.
The company is also relying on the restructuring measures launched in its Industries division, where four subsidiaries have been placed under judicial reorganisation or liquidation since June 2026.
Revenue of €22.3M and EBITDA of -€21.1M for the half-year
In the first half of 2026, Europlasma recorded revenue of €22.3M, compared with €32.9M in the first half of 2025.
The group attributes this decline to lower activity in the Industries division, whose sales fell by 34.6% to €20.7M due to a reduction in production rates for hollow bodies and train wheels.
EBITDA moved from -€10.9M to -€21.1M. The company cites three factors: the fixed costs of FDB Industries, recognised over the entire half-year compared with two months a year earlier, in a context of production halted following a fire; supply constraints at Valdunes Industries; and lower production and higher scrap rates at Les Forges de Tarbes.
Current operating income came to -€23.6M, compared with -€12.6M. The financial result stood at -€6.7M, compared with -€15.2M in the first half of 2025, a period that included a €9.3M charge linked to the fair value measurement of warrants.
Net income reached -€29.2M (compared with -€28.2M), and net income attributable to the group was -€27.6M (compared with -€27M).
The Industries division accounts for most of the operating losses
EBITDA for the Industries segment came to -€15.0M, mainly affected, according to the group, by the operating losses of FDB Industries and Valdunes Industries. Excluding FDB Industries, it would have stood at -€6.3M, this subsidiary alone weighing -€8.7M on consolidated EBITDA.
The other activities remain small in size. The Hazardous Waste segment (Inertam) generated €0.7M in revenue, with no production due to the extended shutdown of the asbestos vitrification furnace. Decarbonisation (Chopex) grew by 11.6% to €0.7M, with an operating result of -€0.5M, an improvement of €145k.
To address this situation, the group launched a restructuring: judicial reorganisation of Satma Industries on June 2, 2026, liquidation of FP Industries on June 9, and then of FDB Industries on October 15. For the latter, the Commercial Court of Lorient had not granted the judicial reorganisation request filed by Europlasma.
The Commercial Court of Tarbes finally opened, on October 26, 2026, a judicial reorganisation procedure for Les Forges de Tarbes. FDB Industries and FP Industries will leave the consolidation scope in the second half of 2026.
Cash of €1.0M and net debt increased to €25.8M
Operating cash flows came to -€11.2M, compared with -€13.7M a year earlier, supported by a positive change in working capital requirements of €10.5M linked to the decline in trade receivables and inventories. Investments generated +€0.7M, including €2.5M from the sale and leaseback of the Les Forges de Tarbes land.
Gross debt reached €26.8M, up €6.5M, and net debt stood at €25.8M as of June 30, 2026, compared with €12.8M a year earlier. The year-end 2025 cash position included €5M under the FDB Industries takeover trust (fiducie de reprise).
The agreement signed with Environmental Performance Financing (a company of the Alpha Blue Ocean group) led to the drawdown of tranches of €2M on July 24, 2026 and €1M on October 9, 2026. The company specifies that the undrawn amount constitutes neither immediately available cash nor an unconditional resource.
Access to these tranches depends in particular on the liquidity of the share. Europlasma itself points out that the shares issued upon conversions are generally sold very quickly, which may exert downward pressure on the share price and lead to significant dilution.
In addition, there is the State loan under the Economic and Social Development Fund for Valdunes Industries, capped at €15M. Cumulative disbursements reached €7.5M, compared with €9.7M in contributions made by Europlasma, and any additional tranche remains subject to contractual conditions.
Regarding Les Forges de Tarbes, the group indicates that the consequences of the judicial reorganisation on its ability to structure a defence division with a view to its sale remain uncertain. As of June 30, 2026, consolidated shareholders' equity stood at -€42.8M, compared with -€24.3M as of December 31, 2025.
