Groupe Guillin: Operating Result Up 10.1% in First Half Despite Cost Pressures

Operating Result of €34.2 Million, Up 10.1%

Groupe Guillin published its unaudited half-yearly accounts on October 22, 2026, approved by the board of directors on October 19. The PAO reached €470.7 million, compared to €440.2 million a year earlier, representing an increase of 6.9%. On a constant scope basis, the increase stands at 4.6%, and 5% on a constant exchange rate and scope basis.

The "packaging" segment, which concentrates the bulk of activity, posted PAO of €441.3 million, up 6.3% (+3.8% on a constant scope basis). The "equipment" segment reached €29.4 million, compared to €25.1 million in the first half of 2025, an increase of 17.4%.

Operating result amounted to €34.2 million, compared to €31.0 million. Net result stands at €25.2 million, up €3.2 million (+14.9%). Self-financing capacity after net financial debt cost and tax reached €49.4 million (+9.8%) and represents 10.5% of PAO.

Volumes Drove Results, Net Debt Increased

According to the group, the increase in operating result is primarily explained by growth in sales volumes. This particularly concerns the fruits and vegetables sector, which benefited from favorable climatic conditions for production, as well as equipment activity.

This growth occurred in an environment of rising costs. Raw material prices advanced throughout the semester, with acceleration from March onwards and during the second quarter. The group indicates it implemented price increases with customers to offset part of this impact. Payroll costs, transport, and maintenance also continued to rise.

These factors were already among the risks cited by the issuer in its 2025 annual publication, dated June 1, 2026: inflation of production costs, supply difficulties related to geopolitical conflicts, and pressure on European household food consumption. The group describes this consumption as remaining cautious in the first half.

The gap between published and constant scope growth reflects acquisitions carried out by the Alterecopack subsidiary, including the Belgian companies Gruyaert Verpakking and Verpakkingen V de V on December 30, 2025. ITS Media, acquired on April 13, 2026 (€1.3 million in annual turnover), is considered non-material for the semester. On the balance sheet, gearing stands at 0.09, compared to 0.07 on June 30, 2025, a level the group describes as stable.

Energy and Raw Materials Under Watch for Second Half

For the second half, the group indicates that the geopolitical context, both in the Middle East and in the Russia-Ukraine conflict, could continue to weigh on energy and raw material prices, with effects difficult to anticipate. It emphasizes that raw materials remain at very high levels and highlights the sharp increase in energy costs, particularly electricity, which may affect its future performance.

Management specifies that 2026 fiscal year results will depend notably on the evolution of these factors during the second half. The group intends to pursue its industrial productivity investments in a competitive environment it describes as aggressive.

On the regulatory front, the European PPWR regulation on packaging has been in effect since August 12, 2026, and the group declares itself in compliance with current obligations. The EUDR regulation on deforestation will apply from December 30, 2026. An SFAF meeting is scheduled for October 23, 2026.

At the end of the semester, the key figure remains the operating result growth of 10.1%, at €34.2 million, for PAO up 6.9%, at €470.7 million.