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Last updated : 22/09/2026 - 10h35
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Lumibird: Revenue up 7.4% in first half, Photonics drives growth

Lumibird published its first-half accounts on September 21, 2026, marked by revenue growth to 114.7 million euros and 15.3% growth in the Photonics division.

As the group prepares the divestiture of its Medical division, scheduled for the fourth quarter of 2026, Photonics now concentrates the bulk of growth and profitability momentum.


Lumibird: Revenue up 7.4% in first half, Photonics drives growth

Revenue at 114.7 million euros, Photonics EBITDA up 20.2%

The group recorded consolidated revenue of 114.7 million euros in the first half of 2026, growing 7.4% (9.7% at constant scope and exchange rates). The Photonics division is the main driver of this progression, with revenue up 15.3%.

Its EBITDA increased 20.2%, to 9.8 million euros, and its EBITDA margin reached 16.5%, compared with 15.8% in the first half of 2025. At group level, EBITDA remains close to the prior year level, at 20.0 million euros, or 17.5% of revenue.

Net income increased 4.5%, to 5.1 million euros. Financial income stands at -1.5 million euros, compared with -2.7 million euros a year earlier, reflecting lower average financing costs and reduced intragroup exchange effects.

Medical weakened by launch costs

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The group's gross margin stands at 71.4 million euros, or 62.2% of revenue, compared with 65.1% in the first half of 2025. According to the group, increased procurement costs related to the international geopolitical situation, combined for Medical with a geographical mix effect, is temporarily weighing on the gross margin rate of both divisions.

The Medical division recorded EBITDA of 10.3 million euros, down 15.3%, due to the temporary decline in its gross margin and regulatory and marketing expenses incurred to prepare for product launches in the second half of 2026.

Current operating income came in at 9.3 million euros, compared with 9.6 million euros in the first half of 2025. Operating income, which includes a 0.4 million euro increase in costs related to the divestiture project, stands at 8.6 million euros, compared with 9.1 million euros a year earlier.

Medical divestiture expected in fourth quarter 2026

Cash flows generated by operating activities increased to 11.1 million euros, compared with 7.7 million euros in the first half of 2025, and free cash flow turned positive again at 2.3 million euros, compared with -0.1 million euros a year earlier. Net financial debt stands at 92.6 million euros, compared with 84.6 million euros as of December 31, 2025, an evolution mainly linked to the payment of the 8.2 million euro dividend, for a gearing of 44.6%.

The group highlights the historically high order book level of Photonics, while Defense and Space programs and the development of Photonics Medtech are among the main drivers of its momentum. The completion of the Lumibird Medical divestiture, whose contract was signed in early September, is scheduled for the fourth quarter of 2026 and remains subject to the satisfaction of customary closing conditions.

Following the transaction, the group indicates that it will be entirely dedicated to photonics and will concentrate its resources on its strategic markets and technologies.



Sector Machines et équipements industriels Photonique / lasers / instrumentation optique


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Context

Period
  • Period: S1 2026
Key reported figures
  • Revenue: 114,7 millions d'euros
  • Quarterly revenue: 114,7 millions d'euros
  • Revenue growth: 7,4 %
  • EBITDA: 20 millions d'euros
  • Net income: 5,1 millions d'euros
  • Free cash flow: 2,3 millions d'euros
  • 92,6 millions d'euros
Guidance from the release
  • « La croissance de la division Photonique, la progression de +20,2 % de son EBITDA et le niveau historiquement élevé de son carnet de commandes confortent la confiance du Groupe dans la poursuite de sa trajectoire de croissance rentable » — cession de Lumibird Medical à IPG Photonics prévue au T4 2026 (contrat signé début septembre, conditions suspensives en cours)
Risks mentioned
  • Recul de -16,2 % des activités Environnement, Topographie et Sécurité (5,2 M€)
  • Perturbations logistiques et géopolitiques ayant affecté le Médical au premier trimestre
  • Division Médical en retrait de -1,7 % en zone EMEA
Opportunities identified
  • Carnet de commandes à un niveau historiquement élevé offrant une excellente visibilité
  • Medtech Photonique en forte croissance (+58,3 %) sur les applications cardiovasculaires
  • Montée en puissance des grands programmes Défense & Spatial (+16,5 % à 29,4 M€)

The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.

Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.

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