Geci International: Revenue of €18.4M in 2025-26, HPC and Brazil Accelerate
Geci International (ALGEC) announced on Monday an annual revenue of €18.4 million for the fiscal year 2025-26, up by 3.7% at constant exchange rates. Behind this modest growth, the group is undergoing a structural transformation: its two strategic sectors (HPC in France and Smart Cities in Brazil) are accelerating, while traditional activities (managed services, financial IT) are declining, outlining a transitioning company whose profitability will depend on its ability to monetize recent commercial gains.
HPC and Smart Cities Drive Fiscal Year Growth
The Technology sector (€10.3 million, 55.7% of revenue) showed robust growth of 19.4% at constant exchange rates, driven by Brazilian dynamics: AS+ Do Brasil grew by 21.2% while French HPC (AS+) increased by 4.2%. Concurrently, the Digital sector (€8.2 million, 43.2% of revenue) declined by 11.6%, reflecting a contraction in traditional activities (managed services −13.7%, banking and insurance −28.6%). Geographically, Brazil recorded a growth of 15.7% in reported data, while France declined by 12.5%, affected by Eolen France. The total workforce of the group decreased from 584 to 564 employees, a transition attributed by the group to temporary movements in Brazilian telecoms and the strengthening of teams in France in high-value-added professions.
Structural Commercial Gains but Uncertain Monetization
For the fiscal year 2025-26, Geci recorded several commercial advances: multi-year HPC maintenance contracts, including a five-year contract with ONERA enhancing its aerospace visibility, development of partnerships with Dell, and diversification into Defense. These successes illustrate AS+'s ramp-up on high-tech intensity projects. The financial situation was strengthened by a current account contribution of €1.3 million from Serge Bitboul (reference shareholder owning 29.2% of the capital), demonstrating confidence in the outlook. However, consolidated debt increased to €4.5 million from €3.2 million a year earlier, mainly due to IFRS 16 restatement related to the headquarters (€0.8 million) and the aforementioned contribution.
2026-2027: A Gradual Acceleration Expected on Fundamentals
The group anticipates a gradual acceleration of AS+'s growth in France starting from 2026, supported by the realization of ongoing contracts and the ramp-up of structural projects. In the second half of 2025-26, Eolen France recorded its first operational advances, with the structuring of 24/7/365 service centers and the development of DevOps, Infraprod, and Monetics expertise. In Brazil, AS+ Do Brasil is expected to consolidate its growth, driven by the recurrence of contracts and the extension of services to maintenance. The challenge for investors: to verify that the announced commercial gains translate into operational profitability. Long decision cycles in large industrial accounts remain a source of uncertainty, while Eolen France must confirm that its repositioning towards higher value-added digital offerings can stabilize activity and improve commercial dynamics.
