Grolleau returns to profitability in first half 2026, but order book declines
Grolleau published half-year accounts on October 26, 2026, marking a shift in financial profile. The group generated gross operating surplus (GOS) of €1.6 million compared to €0.5 million a year earlier on a pro forma basis, and positive free cash flow of €0.9 million. It achieved a net cash position of €0.7 million.
This turnaround is accompanied by a decline in commercial visibility. As of September 30, 2026, the twelve-month order book stood at €18.4 million, compared to €21.0 million a year earlier. The group indicated that its efforts are now focused on 2027, with the challenge of offsetting anticipated volume declines in two of its three business segments.
Revenue up 16.3% and GOS margin at 5.8%
In the first six months of 2026, Grolleau achieved revenue of €28.6 million, compared to €24.6 million in the first half of 2025 on a pro forma basis, representing growth of 16.3%. The pro forma comparison includes the Italian subsidiary OMP Mechtron at 100%. On a consolidated basis as published (OMP at 49.9%), first half 2025 revenue was €19.1 million.
According to the group, growth was driven by the Telecommunications & Data segment (40% of revenue) and Energy & Industry (39%). The Smart City segment represented 21% of sales.
GOS reached €1.6 million, up 204.8%. The GOS margin came in at 5.8%, compared to 2.2% in the first half of 2025 on a pro forma basis, a gain of 3.6 percentage points. Operating profit stood at €1.3 million, compared to a loss of €0.4 million, and net profit at €1.3 million, compared to a loss of €1.6 million a year earlier on a pro forma basis.
Controlled costs and operating income of €1.1 million
The improvement in profitability is primarily based on cost structure. Operating expenses rose to €13.2 million from €12.2 million, growing more slowly than revenue. External charges represent 14.6% of sales (compared to 15.5%), a decline the group attributes notably to savings linked to the closure of its Mexican subsidiary.
Personnel costs account for 31.5% of revenue, compared to 34.0% a year earlier. Headcount stood at 357 employees as of June 30, 2026, compared to 365 as of December 31, 2025. The margin on procurement costs is virtually stable, at 51.9% compared to 51.7%.
Operating profit also includes income of €1.1 million, of which €0.7 million is linked to the waiver of penalties and late payment interest on OMP's historical tax and social debts. Exceptional items represent a charge of €114 thousand, compared to €824 thousand a year earlier.
On the balance sheet side, cash flows from operations reached €1.3 million and investments €0.4 million. Gross financial debt declined to €4.2 million (compared to €5.0 million at end 2025), following a €0.4 million repayment under the PGE, for available cash of €4.9 million. Shareholders' equity increased from €9.4 million to €10.7 million. The outstanding amount for the installment plan for OMP's tax and social debts, granted by the Italian government, stands at €4.7 million.
Modest growth targeted, order book declines to €18.4 million
For the second half, Grolleau anticipates continued momentum in Telecommunications & Data and Energy & Industry, supported by naval and rail activities. At OMP, hydraulic pump orders from customer Terzo remain dynamic.
Two factors weigh in the opposite direction. Volumes on the Energy contract for supplying electrical transformer stations (framework agreement extended through 2029 with CHAPSOL, CARSEY Group) will gradually decrease, from 50 to approximately 25 units per month. The Smart City segment is expected to experience "sharp decline" due to the lack of recovery in charging station activity.
The group is targeting modest growth in annual revenue and GOS in the second half comparable to the first half. To prepare for 2027, in an environment it views as highly uncertain, particularly in France, it won an order from an Israeli customer. OMP is undergoing validation of two new subrack models for Nokia in Italy and has become the exclusive partner of Stäubli's robotics division, with production planned in Italy and China next year.
The next publication, devoted to 2026 annual revenue, is scheduled for February 11, 2027 after market close. The most structuring element remains the twelve-month order book: €18.4 million as of September 30, 2026, compared to €21.0 million a year earlier.
