Odyssée Technologies: EBITDA down 34% in first half, hampered by recruitment challenges
Odyssée Technologies published interim accounts on October 7, 2026, revealing a gap between demand and production. Revenue remained stable at €10.5 million, while EBITDA declined 34.3% to €1.0 million, due to rising procurement costs and price increases whose effects were not yet fully visible at end-June. According to the company, difficulties in recruiting skilled labor continue to limit the conversion of its order backlog into invoicing. The group is relying on order intake of €21.4 million as of September 30, 2026, the completion of the SMES acquisition in July, and net debt of €0.3 million to announce a recovery in growth.
Stable revenue and EBITDA down 34.3%
Over the first six months of 2026, consolidated revenue stood at €10.5 million, representing a -0.1% change year-on-year. Operating income increased 1.5% to €10.9 million. EBITDA fell from €1.5 million to €1.0 million, bringing its share of operating income down from 13.6% to 8.9%, a decline of 4.7 percentage points.
Operating profit fell 42.2% to €0.6 million, after net depreciation and provisions of €0.4 million. Its share of operating income declined from 9.6% to 5.5%. Current profit before tax fell 46.1% to €0.5 million.
After financial income of -€0.1 million and a tax charge of €0.1 million, interim net profit came to €0.4 million, compared to €0.7 million a year earlier, down 46.3%. It represents 3.7% of operating income, compared to 6.9% in the first half of 2025.
Rising procurement costs and recruitment delays weigh on margins
The company attributes the decline in its margin to several factors. Raw materials consumed increased by €0.4 million to €1.6 million, linked in particular to the ramp-up of components for LEAP engines and growth in a family of parts produced by the SNL subsidiary. Part of these purchases are included in work-in-progress not yet invoiced, which increases their relative weight in operating income.
Other purchases and external charges rose by €0.3 million to €3.7 million, due to increased recourse to subcontracting and higher costs for consumables, transport, and insurance premiums. Price increases had not yet produced their full effects at end-June 2026.
Conversely, personnel costs fell by €0.1 million to €4.5 million, which the group links to recruitment delays. Chief Executive Officer Christian Mary mentions "consistently strong customer demand, which we have not yet been able to fully convert into revenue due to recruitment tensions." Management describes the profitability decline as temporary.
The balance sheet remains lightly leveraged. At June 30, 2026, shareholders' equity reached €16.0 million, up €0.4 million from December 31, 2025. Financial debt is stable at €6 million despite €1.0 million in investments, and cash stands at €5.7 million. Net debt is €0.3 million, or 0.1 times EBITDA on a twelve-month rolling basis, and the gearing ratio is below 2%.
SMES consolidated from July and price increases expected in second half
The group acquired the entire capital of SMES on July 10, 2026, a company based in Wittelsheim (Haut-Rhin) specializing in machining complex parts for aeronautics. For its fiscal year ended June 30, 2026, SMES achieved revenue of €6.7 million, up 22.9%, and net profit of €1.4 million. It has been consolidated from July 2026 onwards and brings the group's workforce to 209 employees.
On the industrial front, a 3-axis machine was delivered in the first half and a new 3-axis machining center is due to arrive in late October 2026. According to the company, the price increases negotiated with customers will produce their full effects from the second half of 2026. The group also obtained the EcoVadis silver medal in September.
The company describes high demand in aeronautics, gradual recovery in defense driven by exports, and favorable prospects in space. 2026 annual revenue will be published on January 27, 2027, after market close. Until then, the most structuring element of the publication remains order intake, which reaches €21.4 million at September 30, 2026, up 22.4% year-on-year.
