One Experience: net loss of 499 k€ in first half 2026, penalized by its bitcoins
One Experience published interim financial statements on October 19, 2026, in which activity remains stable, but net income swings into negative territory at -499 k€, compared with a profit of 27 k€ a year earlier. The gap stems largely from non-cash items, primarily the accounting depreciation of bitcoins held by the group.
The half-year was also marked by the entry into the scope, as of June 1, 2026, of One Hospitality Assets, a subsidiary dedicated to holding the real estate and hotel funds operated under a brand. This integration modified the balance sheet structure: fixed assets increased by 3.1 m€, while financial debt also rose.
Revenue of 2,822 k€, stable year-on-year
On combined data (consolidation of One Hospitality Assets at 100% as of June 1, 2026), first half 2026 revenue stood at 2,822 k€, compared with 2,832 k€ in the first half of 2025. On published data, which retains consolidation of the subsidiary at 49%, it came in at 2,529 k€.
According to the company, the Hospitality division contributed significantly to activity during the half-year, notably thanks to One Hospitality Assets, despite being consolidated for only one month. This development offset the calendar delays of several events in the Events division, the realization of which is expected in the remainder of the fiscal year.
From its launch, One Hospitality Assets acquired two establishments under the Campanile and Première Classe brands, then a third Première Classe hotel in July. One Nest, the subsidiary dedicated to structuring real estate transactions between private investors, is studying several projects following an operation completed in July 2026.
EBITDA of 13 k€ and net loss of 499 k€ after depreciation
EBITDA remained positive at 13 k€ on combined data (8 k€ on published data), compared with 115 k€ in the first half of 2025. Operating income came in at -104 k€, after -28 k€ a year earlier. The company attributes this change to the postponement of events and the integration of One Hospitality Assets for only one month, as this entity contributed only to revenue during the period.
Financial income (-239 k€, compared with -32 k€) primarily includes the depreciation of bitcoins held as part of the "Bitcoin Treasury Company" strategy, resulting from the decline in the price between January 1 and June 30, 2026 (price used: 51,259 € per bitcoin). Under French accounting standards, latent losses are provisioned, while latent gains are not recognized in income; depreciation may be reversed if the price recovers.
After an exceptional loss of -108 k€, essentially related to a non-cash depreciation, the group's net loss came in at -499 k€. Adjusted for bitcoin depreciation and the exceptional item, it comes to approximately -200 k€, according to the group. CEO Édouard Masseau clarified that EBITDA and operating cash flows were positive, and that bitcoin depreciation constituted "an accounting effect".
Balance sheet widened by hotel real estate, debt raised to 6.8 m€
As of June 30, 2026, fixed assets reach 13.3 m€ on combined data, compared with 10.2 m€ at the end of 2025, reflecting the entry of One Hospitality Assets' real estate assets. Equity stands at 6.9 m€, compared with 7.6 m€ at December 31, 2025.
Financial debts increased from 4.4 m€ to 6.8 m€, of which 2.6 m€ related to One Hospitality Assets' assets. They also include 2.5 m€ in bonds redeemable in shares issued in October 2025, and the group repaid 146 k€ in loans during the half-year. Available cash stands at 1.7 m€, compared with 2.3 m€ at the end of 2025, and the group holds 15 bitcoins.
For the full year, One Experience expressed confidence, drawing on the full contribution of One Hospitality Assets, whose ramp-up should progressively support profitability, and on events postponed to the second half. The main change of the half-year remains the 3.1 m€ increase in fixed assets, driven by hotel real estate.
