NSE: Revenue Up 20% in First Half of 2026, Net Income Tripled to €3.5M
NSE published on October 28, 2026 consolidated revenue of €61.9M for the first half of 2026, up 20%, and net income attributable to the group of €3.5M, compared to €1.2M a year earlier. Growth is primarily based on the integration of NSE Anjou and NSE Butitec, consolidated since October 1, 2025.
The scope effect, valued at €11.1M, alone exceeds the total revenue increase (€10.3M). The two business segments of the group followed opposite trajectories, while cash flows from operating activities turned positive again.
Integrations Up 76%, Services Down 7.9%
The Integrations segment achieved €30.1M in revenue, up 76%. At constant scope, its growth reached 11.3%, driven by the orientation of the Defense and Aeronautics markets and by the acceleration of Defense programs.
The Services segment, the largest contributor with €31.8M, declined by 7.9%. The company attributes this decline primarily to lower demand on certain Defense Services contracts, with other segment activities progressing thanks to aeronautical maintenance.
This point had already been identified by the group: when publishing on July 22, 2026, NSE cited among its risks the decline in Defense Services activities related to lower billing.
EBITDA Margin Brought to 12.2%, Compared to 8.3% a Year Earlier
EBITDA reached €7.5M, compared to €4.3M in the first half of 2025, representing an increase of 77%. EBITDA margin gained 3.9 points, at 12.2%.
The group attributes this evolution to the contribution of NSE Anjou, to the growth of the Integrations segment at constant scope, to improved product/service mix and to cost control. Personnel costs increased from €13.8M to €18.0M and external expenses from €5.2M to €5.8M, due to the integration of the two companies.
Operating profit doubled, at €5.1M, after net charges for depreciation and provisions of €2.3M (€1.7M a year earlier). The financial result, at -€424k compared to -€248k, primarily incorporates interest on the acquisition debt subscribed in the second half of 2025.
After a tax charge of €1.3M, net income attributable to the group stands at €3.5M. Net margin comes to 5.6%, compared to 2.3% in the first half of 2025.
Net Debt Reduced to €5.2M, Annual Objectives Confirmed
Net cash flows generated by operating activities reached €5.9M, compared to -€1.3M a year earlier, with working capital requirement releasing €1.1M after consumption of €4.5M. After €1.9M in investments, free cash flow stands at €4.0M.
Cash reserves amount to €25.2M, compared to €24.0M at the end of 2025, and net financial debt has been reduced from €7.5M to €5.2M, without new borrowing outside IFRS 16. Net financial debt ratio outside IFRS 16 decreases from 7.7% to 3.7%, after payment of €0.9M in dividends.
The group remains vigilant regarding the geopolitical context, the supply of electronic components and the execution schedule of the French Defense budget. According to NSE, the latter could weigh on Defense Services activities, as it did in the first half.
For the full year 2026, NSE confirmed its aim for further growth in revenue and EBITDA compared to 2025, the year in which the group achieved €109.6M in consolidated revenue.
