Oeneo: half-year revenue down 5.1%, Élevage drops 15.8%
Oeneo reported revenue of €133.1 million for the first half of its 2026-2027 financial year. It fell 5.1% on a reported basis and 7.2% at constant exchange rates and scope.
The gap between the two measures is mainly due to the first contributions from Altasur and Lamouroux, two recently acquired companies, which generated €3.0 million in sales over the period. Excluding them, the decline in the historical business is more pronounced.
The decrease is concentrated in the Élevage division, where sales fell 15.8%, while those of Bouchage declined 1.3%. The group states that this lack of activity will weigh on its current operating profitability, expected to be slightly above 11.0% for the half-year, compared with 14.0% a year earlier.
The Élevage division accounts for most of the half-year decline
Élevage's half-year revenue stood at €31.0 million, compared with €36.8 million a year earlier. At constant scope and exchange rates, the decline reached 17.6%, despite the €0.8 million contributed by Altasur and Lamouroux, which specialises in wine thermoregulation.
The group attributes this decline to the economic situation in the sector and to the weak 2026 harvests, which are slowing winemakers' investment. The main geographic areas are affected, in particular France, with Cognac, and the United States.
Sales of barrels and large casks are the most affected by the postponement of investment projects, notably among spirits producers. Cooperage and alternative wood-based solutions continue to decline, while service activities, driven by the Vivelys offering, are growing slightly.
The second quarter shows no sign of a turnaround: the division's sales fell 13.9% on a reported basis to €21.3 million, and 17.5% at constant scope and exchange rates, a pace close to that of the half-year.
Bouchage almost stable in the second quarter thanks to Altasur
Bouchage, which generates the majority of the group's sales, reported half-year revenue of €102.1 million, compared with €103.4 million a year earlier. The decline is 1.3% on a reported basis and 3.3% at constant scope and exchange rates.
In the second quarter, the division's sales remained almost stable at €45.4 million. The contribution of South American distributor Altasur, amounting to €2.2 million, and the resilience of the product mix offset the drop in volumes, particularly in the United States, France and Oceania.
Trends differ by market. Sales are rising in Europe, supported by commercial gains in Italy and, to a lesser extent, in Spain. The mid-range and high-end segments are holding up in Italy and Germany, offsetting the decline observed in the Bordeaux region and in the United States, which the group links to climatic and economic conditions.
Current operating profitability expected to decline over the half-year
The group anticipates current operating profitability slightly above 11.0% for the half-year, down from 14.0% in the same period of the previous financial year. It explicitly attributes this decline to the lack of activity in the Élevage division.
Lacking visibility on a market recovery, Oeneo says it will continue its cost optimisation initiatives, its innovation policy and rigorous cash management. Élevage is adapting its organisation to lower its operating breakeven point and is expanding its product range.
Half-year results will be published on 3 December 2026 after market close. They will come just after Magdeleine Allaume takes up her role as Chief Executive Officer, scheduled for 1 December 2026, replacing Dominique Tourneix, according to the announcement made on 30 October 2026.
Between a Bouchage whose sales are almost stable in the second quarter and an Élevage in double-digit decline, it is the latter division whose lack of activity will weigh, according to Oeneo, on the group's current operating profitability for the first half.
