GECI International: Revenue Up by 3.7%, but Net Loss Worsens to €1.2M
After two years dedicated to its strategic transformation, GECI International presents a mixed 2025-26 fiscal year, where operational recovery coexists with an increased net result. The group continued to improve its profitability by leveraging its two growth engines (Digital and Technology divisions), achieving a 3.7% increase in revenue to €18.4M, while general expenses decreased by 15.8%. However, this momentum fades in the bottom line, where the operating result stands at -€0.8M after incorporating a €0.7M charge related to the prudent adjustment of the book value of the Eolen brand, reflecting the economic reality of its intangible asset portfolio.
Revenue Increase, Gross Margin Stable Despite Recruitment
The annual revenue reached €18.4M, up by 3.7% at constant exchange rates, excluding a depreciation effect of the Brazilian real of -€0.5M. The Digital division accounts for 44.3% of the activity, and the Technology division 55.7%, while international sales now represent 55.2% of the revenue, confirming the group's focus on markets outside of France. The gross margin remained stable despite recruitment investments in 2025-26. Concurrently, general expenses contracted by 15.8%, reflecting efforts to control costs and focus on the most value-creating activities. The current operating result thus stands at -€0.1M, marking the completion of the cycle of restoring operational profitability.
€0.7M Depreciation on Eolen Brand: Prudent Adjustment with No Cash Impact
The group recognized a non-recurring and non-current charge of €0.7M related to the Eolen brand. The Board of Directors adopted a prudent approach in assessing this intangible asset, leading to the adjustment of its book value to reflect the economic reality of the activities. The group clarified that this adjustment does not alter the commercial dynamics, the expected future profitability, or the financial solidity of GECI International, and it remains without impact on the cash flow. The operating result is thus penalized at -€0.8M. A decrease in financial expenses of €0.2M and the stability of the tax charge partially mitigated this effect, resulting in a net result of the Group of -€1.2M, compared to -€0.9M in the previous fiscal year.
Strengthened Financial Structure, Net Debt Increases Due to IFRS 16
The Group's equity stood at €3.7M compared to €4.9M the previous year, reflecting the integration of the net loss. Net financial debt amounts to €4.4M, representing 119.2% of equity (91.6% excluding IFRS 16). Consolidated gross financial debt rose to €4.6M from €3.2M at the end of March 2025. This change primarily results from the reprocessing of IFRS 16 leases following the transfer of the headquarters to Boulogne-Billancourt (+€0.8M), and from the current account contribution of the reference shareholder of €1.3M. On June 15, 2026, subsequent to the closing, the group repurchased a portion of its outstanding warrants and bonds to cancel them, significantly reducing short-term financing needs. The reference shareholder now holds 29.7% of the capital.
