Ordissimo: revenue down 30.8% in the first half, weighed down by the halt of Pix-Star
The technology solutions provider for seniors published unaudited half-year accounts on 29 October 2026, which can be read on two levels. On the combined scope including R-COST, acquired on 23 December 2025, revenue reached €1,719k and EBITDA €225k, or 13.1% of revenue.
The parent company Ordissimo SA reports EBITDA of -€252k, compared with €36k a year earlier. According to the company, this gap stems from the voluntary suspension of deliveries of Pix-Star photo frames to the United States, which resumed in the second half.
Ordissimo SA: revenue down 30.8%, Europe up 17.9%
Ordissimo SA's revenue stands at €888k for the first half of 2026, down 30.8% from €1,283k in the first half of 2025. Shipments to the US subsidiary SPH Digital (Pix-Star brand) had represented €496k a year earlier; they come out at -€21k this half, an amount corresponding to credit notes.
Excluding Pix-Star and excluding management fees invoiced to R-COST, revenue rises 9.1% to €859k. The Ordissimo Europe business gains 17.9% to €521k, driven by services (Club Ordissimo, assistance), which went from €76k to €142k, an increase of 87.3%.
Hardware sales in Europe rise 11.2% to €324k. Must World is stable at €338k (-2.2%), while the community's advertising revenues decline to €27k, compared with €45k.
The gross margin stands at 58.9% of revenue, compared with 65.2% in the first half of 2025. EBIT moves from -€165k to -€437k and the net loss from -€143k to -€427k.
R-COST posts EBIT of €217k and makes combined EBITDA positive
The company details the mechanism behind this change. In the first half of 2025, sales to SPH Digital had generated a gross contribution of approximately €347k. The rise in purchase prices of memory components (RAM and storage) since the start of the year led management not to restock the subsidiary and to sell off the inventory built up at the end of 2025.
Excluding Pix-Star, EBIT improves by €97k according to the press release, including €50k of management fees invoiced to R-COST. The remaining €47k is due to lower personnel costs and depreciation and amortisation, as well as higher capitalised production, partly offset by higher other operating expenses.
In its first half within the group, R-COST reports revenue of €881k, including €701k from equipment rental. Its EBITDA reaches €527k (59.8%) and its EBIT €217k (24.6%) before intra-group management fees; after these fees, EBIT would stand at €167k (18.9%).
The pace of rental revenue exceeds that of fiscal year 2025 by 6.6% (€1,314k over twelve months). In the combined accounts, EBIT comes out at -€270k; the company states that, excluding the Pix-Star effect, the combined group would have been profitable at that level.
EBIT target of €3M in 2028 maintained subject to acquisitions
As at 30 June 2026, gross cash stands at €119k, compared with €149k a year earlier, for shareholders' equity of €5,054k. Inventories rise from €641k to €761k over the same period.
Financial debt reaches €2,507k, including €1,500k of bond debt issued in December 2025 to finance the acquisition of R-COST, plus €73k of accrued interest. Excluding this loan and its interest, it decreases by €259k over one year.
In the second half, deliveries to SPH Digital resumed, with a deliberately tight stock level, and the company states that this segment will again contribute to revenue and earnings. The 15-inch LUX frame is expected to be marketed during the period, and new subscription packages are being prepared for year-end.
For the IT Services division, the target of €3M EBIT by 2028 remains achievable, according to the company, subject to new acquisitions by early 2028. No deal has been selected at this stage, as the cost of debt makes transactions difficult to carry out; guidance will be maintained or revised at the 2026 annual results.
