Lepermislibre: net loss reduced to €397k in the first half despite a 20% decline in revenue
Lepermislibre published its accounts for the first half of 2026 on 2026-10-30. They show that the restructuring carried out in 2025 reduced losses faster than activity declined. Personnel costs were halved, while the Lyon-based online driving school is facing the reform of the personal training account (CPF).
Over six months, activity stabilised: revenue, at €3.78M, is close to that of the second half of 2025 (€3.73M). The company has set itself a target of positive EBITDA at group level during the first half of 2027. It relies on a network of physical agencies that is still under construction.
A net loss reduced to €0.40M despite falling sales
As of June 30, 2026, revenue stood at €3,781k, compared with €4,724k a year earlier, a decline of 20%.
Traditional candidates accounted for €1,853k (-19%) and candidates financed through the CPF for €1,914k (-21%). The amount published on July 9 (€3,795k) was adjusted by €14k when the accounts were closed.
Gross margin fell by 18% to €1,495k. Its rate, however, rose by 0.7 points to 39.5% from 38.8%, thanks to a pricing policy adjusted zone by zone. Personnel costs fell from €1,355k to €665k (-51%), and fees decreased by 52%.
EBITDA came to -€308k, compared with -€977k. Operating income stood at -€354k, compared with -€1,053k.
Net income reached -€397k, compared with -€1,475k in the first half of 2025, which included €0.4M of exceptional charges linked to the write-off of a current account granted to a subsidiary. These accounts have not been subject to a limited review by the statutory auditors.
The decline in CPF revenue offset by traditional candidates and agencies
Since February 20, 2026, the CPF no longer finances employees' driving licences, unless co-financed by a third party. New CPF orders fell sharply from March, following a surge before the reform.
The half-year's CPF revenue (€1.91M, +6% compared with the second half of 2025) still reflects the execution of this order book, which is expected to decline gradually.
The company is therefore concentrating its efforts on candidates who finance their own training (€1.85M, -2% compared with the second half of 2025). In the third quarter, their orders rose by 2% year on year in value, according to unaudited management data. New CPF orders have been stable since April.
The agency network, the core of the "phygital" model first deployed in the Rhône department, has seven locations. It grew from three to five agencies in the first half, and then three openings followed the ten-agency plan over six months announced on September 9.
The Tarare agency closed, and agency revenue reached its highest level in September.
On the balance sheet side, available cash was €0.18M at June 30, plus €0.15M of reserves held with the payment provider. It reached €0.62M at September 30, after a capital increase of €0.78M gross. Financial debt amounts to €1.88M, and shareholders' equity stood at -€2.31M at June 30.
Shareholders' equity has since been strengthened by the exercise of warrants (BSA) for €0.35M, followed by the capital increase. Loan repayments will resume on March 31, 2027, under the banking protocol of March 2026, supplemented in October. The company considers that it has the resources needed for the next twelve months.
Positive EBITDA targeted for the first half of 2027
Management is targeting positive EBITDA at group level during the first half of 2027. To achieve this, it is relying on the growing contribution of agencies and online sales, which should offset the gradual decline in CPF activity, as well as on a further reduction in fixed costs.
A fourth location, through the takeover of a business, is being signed for completion before the end of the year. The board of directors has also welcomed Laurent Fiard, Jean-Yves Airiaud and Cédric Reny. The next date is set for January 27, 2027, with the publication of annual revenue for 2026.
When the capital increase was launched, the company had indicated that it had lowered its break-even point to approximately €9.6M of annualised revenue. With its results published on April 8, 2026, it had reported revenue of €8.45M for the 2025 financial year.
