Lacroix: return to profit in first half 2026, record EBITDA margin at 10.1%
Lacroix published on September 30, 2026 half-yearly results marked by improved profitability and a return to positive net income.
The Saint-Herblain technology and industrial group explicitly links part of this performance to temporary cyclical factors in its Environment business, while raising its objectives for the current fiscal year and confirming its 2027 roadmap.
Revenue at €235.2m, EBITDA margin at 10.1%
In the first half of 2026, Lacroix recorded revenue of €235.2m, up 3.2% compared to €227.9m in the first half of 2025. This growth combines near-stabilization of Electronics activity and double-digit growth in Environment activity.
Current EBITDA increased 39.3% year-on-year to €23.7m, bringing the EBITDA margin rate to 10.1%, compared to 7.5% a year earlier (a gain of 261 basis points). Current operating income stands at €17.3m, up 62.4%, and operating income at €17.1m (+81.4%).
The group qualifies this margin level as record, specifying that it was achieved in a profitability context it describes as non-normative for Environment activity, linked to a cyclical peak during the period.
A cyclical peak in Water explains Environment profitability increase
Environment activity achieved revenue of €79.1m, growing 12.8%, with an EBITDA margin rate of 28.7%, compared to 23.4% a year earlier. This dynamic stems from the Water segment, driven in Spain by an influx of orders ahead of the June 30, 2026 deadline for the PERTE program for financing the digitalization of networks, and in France by a peak in the equipment renewal cycle linked to the planned shutdown of 2G and 3G networks.
Electronics activity meanwhile posted revenue of €156.1m, down slightly by 1.1%, with current EBITDA of €2.3m (compared to €1.4m) and a margin rate of 1.5% (+0.6 percentage point). The return to sustained dynamics in Aeronautics and Defense and growth in the HBAS division were partly offset by the decline in Industry and Automotive.
Net income attributable to the group came in at €2.7m, compared to a loss of €19.6m a year earlier, with the latter including €31.6m in losses from discontinued operations. Discontinued operations weighed -€7.9m on the half-year, following the completion of Electronics North America's exit.
2026 objectives raised, 2027 roadmap confirmed
Free cash flow came in positive at €11.1m at mid-year, compared to €12.0m a year earlier, and €19.1m for the continuing operations scope alone, compared to €10.1m. Net debt decreased 28.6% year-on-year to €72m as of June 30, 2026, bringing gearing to 77%, compared to 88% on June 30, 2025.
Lacroix raises its 2026 objectives: the group now anticipates revenue above €455m (compared to above €445m previously), an EBITDA margin rate above 9% (compared to 7.6% previously) and a net debt to EBITDA ratio below 2.0x (compared to below 2.5x).
The group presents this upside as driven by cyclical factors and confirms all of its objectives for the 2027 horizon: revenue between €475m and €500m, an EBITDA margin rate above 8% and a net debt to EBITDA ratio below 2.0x. Third quarter 2026 revenue will be published on November 2, 2026 after market close.
