Guillemot: Revenue Down 4% in First Half 2026, Net Loss Reduced to €1.3M
Guillemot Corporation published its first half 2026 accounts on September 24, 2026. Revenue declined 4% to €49.6 million, while operating income rose to -€0.3 million, compared to -€2.7 million a year earlier.
The Breton group, designer of gaming peripherals under the Hercules and Thrustmaster brands, is also undergoing a governance transition following the death of its chairman Claude Guillemot on June 19.
Revenue at €49.6 million, Net Loss Reduced to €1.3 Million
Over the first six months of 2026, the group's revenue stood at €49.6 million, down 4% compared to €51.7 million in the first half of 2025. The Thrustmaster brand declined 3% to €44.8 million and Hercules fell 13% to €4.7 million. According to the group, this decline is notably explained by the scheduled discontinuation of the T300 RS steering wheel and logistics disruptions in Asia.
Operating income came to -€0.3 million, compared to -€2.7 million on June 30, 2025. The latter included a gain of €3.8 million related to cancellations of American customs duties. Financial income stood at €0.8 million, compared to -€2.0 million a year earlier, and includes a latent loss of €0.5 million related to the valuation of the Ubisoft Entertainment securities portfolio as well as a net foreign exchange gain of €1.1 million.
Consolidated net income stands at -€1.3 million, compared to -€3.6 million in the first half of 2025, representing a loss per share of €0.09.
Gross Margin Up 9 Points and Negative Net Debt of €21.2 Million
The accounting gross margin rate improved by 9 points compared to the first half of 2025, a development that the group attributes to improved product mix and the impact of the cancellation of American customs duties. All expenses (total operating charges excluding purchases and inventory variations) increased by 4%.
On the balance sheet, equity stands at €92.5 million on June 30, 2026, compared to €96.7 million on December 31, 2025. The group presents negative net debt of €21.2 million excluding Short-Term Securities, compared to -€19.8 million at end of 2025, and has a Short-Term Securities portfolio of €2.4 million.
Net inventory value stands at €42.0 million, down 8% compared to December 31, 2025. Capitalized Research and Development expenses reach €9.9 million in net value, up 3% on the same basis. Net cash flow from operating activities comes to €7.6 million, compared to €3.3 million a year earlier.
Revision of 2026 Revenue Forecasts, Operating Margin Confirmed
The group indicates that the second half will concentrate the bulk of the year's major launches. Due to logistics disruptions and the postponement of a major product launch to 2027, Guillemot is revising its forecasts and now anticipates stable 2026 revenue, close to that of the previous year, which stood at €127.2 million.
The group also confirms its objective of a positive operating income, representing approximately 5% of consolidated revenue. On the governance front, following Claude Guillemot's death, Christian Guillemot was appointed chairman of the board of directors, Valentin Guillemot confirmed in his role as chief executive officer which he has held since July 1, 2025, and Victoria Guillemot joined the board of directors.
