Le Slip Français Profitable in First Half, a First in Fifteen Years
Le Slip Français generated a positive net result of 2 K€ in the first half of 2026, compared to a loss of 133 K€ a year earlier. According to its Chief Executive Officer Guillaume Gibault, this is the first time in fifteen years that the company has achieved profitability in the first half of the financial year, which is traditionally less robust than the year-end period.
This return to balance occurred while published revenue declined by 5%, due to the closure of stores. It did not translate into an increase in EBITDA: the group, listed on Euronext Growth Paris since July 14, 2026, indicates that it reinvested its margin gains in its teams, industrial facilities and customer acquisition.
Revenue of 9.1 M€, up 3% at Constant Network
In the first half of 2026, Le Slip Français achieved consolidated revenue of 9.1 M€, compared to 9.5 M€ a year earlier, a decline of 5%. At a constant number of sales points, activity increased by 3% compared to 8.8 M€ in the first half of 2025.
The gap between the two readings stems from the voluntary reduction of the physical distribution network. At the same time, online sales increased by 16% and now represent 88% of revenue.
Sales to resellers and mass retail also declined, which changes the composition of revenues in favor of higher-margin channels.
Margin Gains Reinvested in Teams and Marketing
Gross margin stood at 5.8 M€, up 9%, and reaches 64% of revenue compared to 56% a year earlier. The company attributes this 8-point increase to the growing weight of online sales and higher volumes produced internally, within the Bonne Nouvelle factory, with associated productivity gains.
Operating margin, as defined by the group, increased by 23% to 4.5 M€, or 49% of revenue compared to 38% in the first half of 2025. It benefited from the reduction in store-related costs, reduced to 0.2 M€ from 0.6 M€ a year earlier.
EBITDA remained stable at 475 K€, compared to 471 K€, and represents 5.2% of revenue compared to 5.0%. Gains were allocated to strengthening teams, particularly with the launch of the Fier(T) workshop, which employed 26 employees as of June 30, 2026, to the development of the Bonne Nouvelle factory and to marketing expenditures. Operating profit stood at 269 K€ (263 K€ a year earlier), while financial result moved from -197 K€ to -222 K€.
Cash reached 4.6 M€ as of June 30, 2026, of which 1.7 M€ was raised ahead of the initial public offering. Working capital requirement increased by 1.4 M€, mainly due to inventory build-up (+1.0 M€) before the year-end season and fees related to the initial public offering (+0.5 M€). Investments amounted to 0.4 M€, devoted mainly to equipping production sites.
Activity Up 12% Over Nine Months and Objectives Confirmed
Over the first nine months of 2026, revenue reached 14.0 M€, up 12% on a comparable basis, a progression that the group had already made public on October 6, 2026. The third quarter alone showed growth of 32%, driven in particular by visibility linked to the initial public offering.
Online sales increased by 18% over nine months and represent 87% of revenue, compared to 82% a year earlier. The white-label activity "Made in France as a Service" more than tripled, and a partnership was signed in September with Kymono, exclusive distributor of the Fier(T) range to businesses. The group claims more than 95,000 new customers since the beginning of the year, up 40% year-on-year.
The net proceeds from the initial public offering, estimated at approximately 3.7 M€, will be allocated to scaling up industrial operations (34%), accelerating commercial and marketing efforts (32%) and working capital requirement (34%). Le Slip Français confirmed all of its objectives: doubling 2025 revenue by 2030, three new industrial production units and five new product categories over the same period, as well as operating profit exceeding 10% of revenue within three to five years.
