Obiz: EBITDA Up by 52% in H1, Return to Operational Profitability
Obiz (Euronext Growth) reveals a first half marked by a return to operational profitability: EBITDA stands at €1.3 million, up 52% compared to the same period a year earlier. This recovery validates the Equinoxe 2027 strategic plan, but also highlights the limits of growth primarily driven by cost control. Revenue increased by 9% to €70.4 million, while gross margin contracted during the period.
Moderate Revenue Growth, EBITDA Boosted by Cost Savings
In the first half of the 2025/26 fiscal year (from October 1, 2024, to March 31, 2026), the group recorded consolidated revenue of €70.4 million, up 9% compared to the same period a year earlier. The group's core business, Relational and Affinity Programs, showed a strong increase of 20%, supported by new programs signed during the period. E-commerce stores grew at a more moderate pace, with an increase of 8%. Gross margin was set at €9.0 million, up 5% in absolute terms, but the rate declined to 12.7% from 13.3% a year earlier. The group continued to implement its action plan aimed at adapting its organization and strengthening cost control. These efforts bore fruit: EBITDA increased significantly by 52% to €1.3 million, up from €0.9 million a year earlier.
Financial Debts: A Drag on Net Results Despite Operational Recovery
Operating income stood at €0.3 million (positive), after depreciation charges of €1.1 million. However, the net result attributable to the group showed a slight deficit of €0.2 million, penalized by financial charges of €0.5 million related to bank loans. This discrepancy reveals the impact of financial debts on profitability: financial debts (excluding Recovery Bonds) reach €19.5 million, of which €17.5 million are medium and long term. The group had signed an agreement in February 2026 to rearrange bank maturities and freeze interest on Recovery Bonds until March 2027, allowing the redirection of cash flows towards the strategic plan. The group's cash reserves stood at €4.9 million as of March 31, 2026, compared to €3.6 million on September 30, 2025, and equity at €6.9 million.
€7 Million EBITDA Targeted for 2027 with Continued Recovery
The group reaffirms the ambitions of its Equinoxe 2027 plan, aiming to reach €7 million in EBITDA by 2027 and to improve cash flow generation. Brice Chambard, CEO, believes that the return to positive EBITDA validates the effectiveness of the actions undertaken and demonstrates the group's ability to restore profitability after a period of transition. The goal of signing more than 150 new programs by 2027 (Relational Programs activity) should support this growth trajectory.
