KKO International: €0.99M loss in the first half of 2026, revenue down 57%
KKO International closed the first half of 2026 with a net loss attributable to the group of €0.99M, compared with a profit of €0.35M a year earlier. Revenue fell 57% to €4.1M, following the voluntary reduction in volumes processed by its Ivorian subsidiary SHOKKO.
Over the same period, the entry of the Spanish group Lacasa into the share capital changed the financial structure. Shareholders' equity reached €14.4M at 30 June 2026, compared with €10.8M at 31 December 2025. These accounts, approved by the board of directors on 29 October 2026, have been neither audited nor subject to a limited review.
A gap between farm-gate price and world prices reduced volumes
The half-year unfolded in a cocoa market that was unbalanced for Ivorian processors. Between November 2025 and the end of February 2026, the regulated farm-gate price remained set at FCFA 2,800/kg, while world prices in London fell by about £6,000/t toward a range of £3,500 to £4,400/t.
This gap prevented the cost of purchasing beans from being passed on to the selling prices of the cocoa mass. The farm-gate price was then reduced to FCFA 1,200/kg in March 2026. According to the company, many processing players suspended their activity.
In agreement with its European customers, SHOKKO chose to substantially reduce its volumes rather than shut down its plant. Purchases of raw materials and goods consumed decreased in the same proportions as sales, to €3.4M compared with €7.4M.
Bean costs and underutilisation drive net result to -€0.99M
Current operating income stood at -€0.43M, compared with €1.22M in the first half of 2025. It reflects the high cost of beans purchased before the farm-gate price adjustment, still-substantial logistics costs, and the under-absorption of fixed costs linked to operating the plant at low capacity.
This last factor had already been among the risks cited by the group when it published its 2025 annual accounts on 30 April 2026: a utilisation rate of the processing unit below its optimal level. The fair value change of the teck trees contributed €0.77M to the result.
After a financial result of -€0.35M, consisting essentially of interest on the SOLEA 7.20% 2023-2031 bond loan, and a deferred tax charge of €0.21M, the net result attributable to the group came to -€0.99M.
Operations consumed €3.4M of cash over the half-year, mainly due to the reduction in trade and other payables, partly offset by a decrease in inventories. Investments were limited to €0.1M.
€4.68M capital increase and planned production rate increase in the second half
On 30 April 2026, KKO International carried out a capital increase reserved for Lacasa S.A.U. of €4.68M through the issue of 46.8 million new shares at a price of €0.10 per share, subscribed for €2.2M in cash and €2.48M by offsetting receivables. Lacasa also received 48 million warrants (BSA), exercisable until 2032, representing a potential contribution of €4.8M.
At 30 June 2026, cash stood at €1.0M, compared with €0.15M at the end of 2025, and net financial debt excluding lease liabilities fell to €5.0M from €5.8M. The outstanding balance of the compensation due under the EHGO dispute stands at €0.65M, payable in instalments.
Fernando Lacasa now serves as chairman and chief executive officer, with Jacques-Antoine de Geffrier becoming censor. The general meeting of 17 June 2026 approved the principle of a joint venture between SHOKKO and Lacasa in chocolate finished products, the structuring of which is expected to be completed before the end of 2026.
Among its risk factors, the group cites the volatility of cocoa prices, the El Niño phenomenon expected until early 2027, and the EU regulation EUDR, applicable from 30 December 2026. It anticipates a gradual normalisation in the second half.
The 2026/2027 season opens with a farm-gate price of FCFA 1,200/kg, compared with FCFA 2,800/kg at the start of the previous financial year. On this basis, SHOKKO plans to increase its processing rates and improve its gross margin per tonne.
