My Energy Broker: Net income +80% in first half 2026, margin at 13.3% but broker network in decline
Half-year results published on October 19, 2026 show profitability growing faster than activity. Operating margin increased from 10.2% to 13.3% between the first half of 2025 and 2026, with revenue up 14%. Operating expenses rose 10%, a pace lower than revenue growth.
The press release also reports two quantified elements in opposite directions. Third quarter revenue fell 12%, to €4.8 million, which the group attributes to summer seasonality. The network comprises 129 confirmed brokers, compared to 142 a year earlier. These elements do not modify annual targets, confirmed at €31 million in revenue and €2.7 million in operating income.
Operating income of €2.2 million, up 49%
First half 2026 revenue reached €16.5 million, compared to €14.5 million a year earlier, an increase of 14%. France grew 13%, Spain and Belgium 26%. According to the group, the supply of guarantees of origin confirmed customer interest in its additional services.
EBITDA reached €2,480 thousand, compared to €1,721 thousand, up 44.1%. Operating income came in at €2,194 thousand, compared to €1,474 thousand, a rise of 48.8%. Relative to revenue, the operating margin stands at 13.3%, compared to 10.2% in the first half of 2025, an improvement of 3.1 percentage points.
Net income attributable to the group amounted to €1,765 thousand, compared to €979 thousand, up 80.3%. It includes an exceptional result of €31 thousand, compared to a charge of €189 thousand a year earlier, and a tax charge of €495 thousand, compared to €341 thousand. Diluted earnings per share rose from €0.27 to €0.48.
Expenses growing slower than revenue
Total operating expenses reached €14.8 million, up 10%. Consumed purchases, consisting mainly of commissions paid to partner agencies, reached €12.3 million (+13%), an evolution that follows activity trends. Personnel expenses fell 4%, to €2.2 million, due to the final effects of the workforce adjustment plan and new productivity tools. The group states it has absorbed the increase in volumes with a constant headquarters workforce.
The share of revenue from contract renewals reached 60%, compared to 50% a year earlier. The network comprised 129 confirmed brokers as of June 30, 2026, compared to 142 at end of June 2025. This decline, which the group qualifies as temporary, resulted mainly from the reorganization of the sales force of one of its major brand licensees.
In response, the group deployed the TeamTailor recruitment tool, with 27 current job openings and nearly 220 applications received. The indirect sales channel, supported by the MCE Connect tool launched at the end of the first quarter, brings 7 additional sellers, bringing the total to 136 brokers. According to the company, this channel contributed one percentage point to growth in the second quarter. Two national partnerships were also concluded, with UMIH and Agryco.
On the cash side, net cash flow generated by operations reached €1,255 thousand, compared to €808 thousand a year earlier. After €1,427 thousand in dividends paid, closing cash stands at €8,171 thousand, compared to €9,068 thousand at opening.
2026 targets confirmed despite third quarter decline
In the third quarter of 2026, revenue reached €4.8 million, compared to €5.5 million a year earlier, a decline of 12%. The group presents this quarter as traditionally the low point of the fiscal year, due to the slowdown in professional customer decision-making during summer. It represents 15% of expected annual revenue, and the company states that the business momentum observed since the return to school confirms it in its targets.
These are confirmed: €31 million in revenue and €2.7 million in operating income for 2026. When annual results were published on April 20, 2026, the group reported revenue of €28.03 million and operating income of €2.27 million for fiscal year 2025. The revenue target corresponds to the estimate of the sole analyst covered in the consensus before publication, who anticipated €31 million.
The group is also exploring external growth opportunities, based on gross cash of €8.2 million as of June 30, 2026; no agreement has been reached at this stage. On the governance front, Hugo Larricq was appointed Chairman of the Board on May 29, 2026, replacing Charlie Evrard, who remains a director, and now combines this role with that of Chief Executive Officer. Annual revenue will be published on January 18, 2027.
With €2.2 million in operating income as of June 30, 2026, the group has already achieved 81% of its annual target of €2.7 million.
