Florentaise: net loss of €32.8 million and accounts certified with three reservations
Florentaise published on October 8, 2026 its consolidated accounts for the financial year ended June 30, 2025. The statutory auditors certified them with three reservations and an observation regarding significant uncertainty related to going concern. Consolidated revenue declined by 12.5%, to €58.4 million, and the Group's net result stood at €-32.8 million.
The accounts were prepared more than one year after the closing date. The group attributes this timeline to the approval of its restructuring plan by the Nantes Commercial Court on August 19, 2026, which enabled the completion of asset impairment tests.
The financial year revealed two opposing trends. Growing media in France declined by 27.9% in the context of the collective proceedings, while international activity, primarily driven by China, increased by 29%. Group shareholders' equity became negative at €-0.8 million.
Revenue down 12.5%, to €58.4 million
Consolidated revenue was €58.4 million, compared to €66.7 million in 2023-2024. The France Growing Media activity declined to €33.2 million, compared to €46.0 million, a decrease of 27.9%. According to the group, logistical disruptions linked to the opening of judicial restructuring proceedings on March 5, 2025, occurred during the peak activity period and affected production and delivery capacities.
International Growing Media activity increased by 29%, to €22.2 million compared to €17.2 million, a rise primarily driven by the group's Chinese operations. It represented 38.0% of consolidated revenue. BIVIS activity achieved €3.0 million, compared to €3.5 million one year earlier.
Net loss compounded by impairments and restructuring
Operating result before amortization and impairment of goodwill changed from +€2.2 million to -€2.2 million. After notably €7.4 million in amortization and impairment of goodwill, operating result stood at -€9.6 million, compared to +€1.3 million in 2023-2024.
Net result was further affected by the consequences of restructuring undertaken in France, asset impairments and charges related to judicial restructuring proceedings. The consolidated net result amounts to -€31.9 million (compared to €0.3 million) and the Group's net result to -€32.8 million, compared to a near-breakeven result in the previous financial year.
As of June 30, 2025, Group shareholders' equity stood at -€0.8 million, compared to €32.5 million one year earlier. Financial debt decreased to €41.3 million, compared to €45.3 million, and available funds declined to €3.8 million, compared to €5.4 million. The group notes that this situation must be assessed in light of the judicial restructuring proceedings then underway and restructuring operations subsequent to the closing date.
The three reservations of the statutory auditors concern the presentation of accounts. The first concerns revenue, with a cumulative impact of €0.8 million: €0.5 million in elimination of intragroup flows between Chinese subsidiaries and €0.3 million in classification of year-end discounts. The second relates to operating expenses of Chinese subsidiaries, amounting to €15.5 million, presented by destination rather than by nature, without the statutory auditors being able to assess its impact. According to the press release, these two reservations have no impact on the amount of consolidated result.
The third reservation results from a limitation of audit procedures on the Fulan 4 entity, whose revenue amounts to €1.2 million and for which no audit procedures were performed.
Restructuring plan finalized on August 19, 2026, liabilities to be cleared over ten years
Since the closing date, Florentaise has ceased its French manufacturing and marketing activity for consumer growing media. The facilities at Louresse-Rochemenier, Treffort-Cuisiat, Saint-Escobille and Lavilledieu have been divested, and structural costs as well as workforce have been significantly reduced.
The business model is now focused on three pillars: manufacturing and marketing of renewable and low-carbon raw materials in France, development of BIVIS activity in Europe and the United States, and professional growing media in China. The accounts were prepared on a going concern basis, taking into account the restructuring plan and cash flow forecasts established in this context, the assumptions for which are detailed in note 3.21 of the appendix.
The general meeting called to approve the 2024-2025 social and consolidated accounts is convened for November 19, 2026 at 10 a.m. The meeting notice serving as notice of convocation will be published in the Bulletin des Annonces Légales Obligatoires on October 14, 2026.
The judgment of August 19, 2026 ended the observation period and organizes the clearing of liabilities over a period of ten years.
