MG International: operating income down 59% in H1 2026
MG International, through its subsidiary Maytronics France, recorded revenue of €32.6 million in the first half of 2026, down 4% year-on-year, while its operating income contracted by 59% to €0.5 million. This deterioration comes as the French swimming pool market shows signs of recovery after four consecutive years of decline: the company is not fully benefiting from this, as competition has intensified in the pool cleaner robot segment, where it has reduced its gross margin to maintain its market positions.
A recovering market, declining activity
The press release emphasizes that the French swimming pool market has displayed signs of gradual improvement since the beginning of 2026 after several years of contraction. This recovery remains, however, slow and mixed depending on market segments.
Maytronics France, the operational subsidiary of MG International, recorded revenue of €32.6 million in the first half of 2026, representing a decline of €1.3 million (−4%) compared to the first half of 2025. The decline primarily affects activities related to private swimming pools (electric robots, covers and alarms), while the activity of Poseidon, which specializes in public pool safety, remains stable.
The Company is not fully benefiting from the gradual market improvement, particularly due to intensified competition in the pool cleaner robot segment, especially for cordless products. This dynamic led it to adjust its commercial policy, which resulted in a slight decrease in its gross margin rate.
Gross margin decline and operating income contraction
In response to intensified competition, Maytronics France slightly reduced its gross margin rate and continued its efforts to control operating expenses.
Despite this cost control, operating income stands at €0.5 million, representing a decline of €0.7 million (−59%) compared to €1.2 million in the first half of 2025. The operating margin thus returns to a level below that of the first half of 2025.
Net income recorded a similar decline, reaching €0.6 million compared to €1.1 million a year earlier (−49%). The equipment manufacturer remains profitable, with pricing pressure in the pool cleaner robot segment weighing on its profitability.
Stable balance sheet and caution for the second half
On the balance sheet front, the structure remains globally stable, with total assets of €53.0 million (compared to €53.2 million a year earlier). Net cash stands at €11.2 million as of June 30, 2026, supported by a decrease in inventory of €5.7 million and the repayment of a cash advance of €4.0 million by the parent company, partially offset by an increase of €2.8 million in trade receivables. Medium-term debt declines by €0.9 million.
Maytronics France approaches the second half of 2026 with caution: this period historically represents approximately 25% of its annual activity. The Company will continue to adapt and renew its product offerings, pursue its commercial actions and optimize its costs in order to preserve its financial balance, in a difficult economic environment marked by household caution.
It notes that the pool cleaner robot market is "now heavily competed across all product range segments".
