Exacompta Clairefontaine: Revenue Down 3.3%, but Net Income Reaches €10M
Exacompta Clairefontaine finalized its consolidated accounts as of June 30, 2026 during the board meeting held on September 17, 2026 in Paris.
While revenue declines on paper and stationery markets oriented downward, the group displays an increase in its operating income and net income, supported in part by cost control and a real estate gain.
Net Income of €10M for Revenue of €380.6M
In the first half of 2026, consolidated revenue stands at €380,648K, compared to €393,698K a year earlier, representing a decline of approximately 3.3%.
At the same time, operating income increases to €13,358K, compared to €11,625K in the first half of 2025. This operating income includes a real estate gain of €2.4M recorded in the Transformation sector.
Pre-tax net income amounts to €12,839K compared to €9,406K a year earlier, and post-tax net income, entirely attributable to the group, reaches €10,062K compared to €6,518K in the first half of 2025.
Paper Sector Concentrates Operating Income, Transformation Resists on Volumes
By sector, Paper activity achieves revenue of €176,007K for operating income of €12,310K, while Transformation displays €276,868K in revenue and operating income of €1,402K, before inter-sector operations of -€72,227K.
The group indicates that the European market for uncoated woodfree papers continues its decline, with consumption down 3% compared to the first half of 2025, with its four mills maintaining globally stable volumes. The increase in raw material and energy prices, combined with market overcapacity, weighs on the profitability of the Paper sector.
In Transformation, the French market declined by 2.2% at end of June according to GfK, with a decline in converted paper (-2.4%) and filing (-3.6%). Converted products, office supplies and export subsidiaries maintained their revenue at a globally stable level thanks to market share gains and e-commerce development.
Geographically, France represents €190,242K in revenue, the Europe zone €173,237K and non-Europe €17,169K.
Cautious Outlook for Second Half and Net Debt of €72.4M
For the second half, the group indicates that the Paper sector does not anticipate improvement at this stage and margins could deteriorate. In Transformation, prospects remain cautious, with persistent weakness in demand on several European markets, ongoing reorganizations and margin pressures expected to limit earnings improvement.
The group specifies that back-to-school inventory replenishment volumes in France were disappointing, which increases uncertainty regarding annual results. Cost control, margin preservation and gradual return to balance of the most fragile subsidiaries are presented as priorities.
As of June 30, 2026, gross financial debt amounts to €199,960K, of which €49,341K is debt related to lease contract activation. The group had gross cash reserves of €127,546K, representing net debt of €72,414K. The amount of outstanding commercial paper stood at €10,000K on an issuance program of €125,000K.
