Omer-Decugis: Revenue Up by 16.3%, Margins Under Pressure
Omer-Decugis & Cie released its half-year results for 2025/26 on July 20, 2026, reporting a revenue of €163.3 million, up by 16.3%, confirming the group's commercial momentum. This growth contrasts with a contraction in margins for the semester, impacted by operational adjustments related to volume increases and a non-recurring accounting effect. Concurrently, cash generation has significantly improved, reflecting operational robustness despite short-term profitability tensions.
Double-Digit Growth Driven by SIIM Division
The group recorded a half-year revenue of €163.3 million, an increase of 16.3% compared to the same period in 2024/25. The SIIM division, a key growth driver, generated a revenue of €131.6 million, up by 18.6%. The Bratigny division also showed positive dynamics with a revenue of €31.7 million, up by 7.6%. Over the first nine months (from October 1, 2025, to June 30, 2026), the consolidated group posted a revenue of €250.9 million, marking a 14.6% increase. The third quarter saw a moderate acceleration, with a revenue growth of 10.2% for the period, supported by the strength of mature and exotic ranges, particularly in avocados.
Gross Margin Retracts Despite Volume Increase
The gross margin for the semester increased in absolute terms to €23.9 million, up by 6.6%, but contracted by 1.4 percentage points relative to the revenue. This change primarily reflects 'operational adjustments' related to the significant volume growth, in addition to non-recurring accounting items, including an unfavorable exchange rate effect from hedges placed in the previous fiscal year. As a result, the current EBITDA stands at €4.9 million, down by €1.6 million from the previous semester, showing a margin of about 3.0% of the revenue. The operating result amounted to €3.6 million, while the net result attributable to the group reached €2.6 million. These declines reflect the combined effects of operational margin compression and financial expenses of €0.6 million.
Cash Flow and Strategic Investments: Dunkirk and Strengthening of Sopromat
The financial structure of the group has improved: net operational cash flow reached €1.8 million for the semester, compared to -€0.1 million a year earlier. This reversal reflects better control over working capital requirements, limited to -€2.4 million despite volume expansion. The group benefits from available cash of €12.9 million and equity of €38.3 million. Concurrently, Omer-Decugis increased its stake in its subsidiary Sopromat from 69% to 90%, enhancing its vertical integration in the West African mango sector. The Dunkirk logistics platform is progressing according to schedule, with operations expected to start by the end of 2027, a key element of the strategic plan 2030 aiming to double the revenue to €500 million and maintain an EBITDA margin between 3.5% and 4.5%.
