Paulic Meunerie: €58k loss in the first half of 2026 despite a 9% increase in gross margin
Paulic Meunerie published its half-year accounts on 29 October 2026, in which the improvement in gross margin did not offset the rise in operating expenses. Consolidated net income stood at -€58k in the first half of 2026, compared with a profit of €93k a year earlier.
The Breton miller, listed on Euronext Growth Paris, meanwhile reduced its net financial debt by 11%, to €5.1M. Management explains the increase in expenses notably by early recruitments in anticipation of new contracts, while it reports advanced discussions with new industrial partners.
Revenue down 4.4%, gross margin rate raised to 38%
For the six months ended 30 June 2026, revenue stood at €8.3M (€8,314k), compared with €8,693k a year earlier, a decline of 4.4%. Volumes sold reached 18,055 tonnes, down 2.5%.
According to the company, second-quarter activity was penalized by a delay in deliveries to a major account, following a first quarter described as dynamic. The normalization of grain prices also weighed on selling prices.
Gross margin, by contrast, rose 9%, to €3.16M from €2.91M, and its rate went from 33% to 38% of revenue. The group notably cites an adjusted purchasing policy and opportunities seized on certain wheat lots, this figure including the increase in logistics costs.
Operating expenses rise from €3.0M to €3.4M
Gross operating surplus declines 12%, to €0.57M from €0.65M in the first half of 2025. Operating expenses rose to €3.4M from €3.0M a year earlier, mainly due to personnel costs, which went from €984k to €1,149k.
The rise in personnel costs is linked, according to the company, to temporary overlaps in the preparation of retirements and to early recruitments in anticipation of new contracts. Also contributing are an increase in impairments of trade receivables and spending on modernization of production equipment.
Operating income is break-even, at €7k, compared with €218k a year earlier. After a negative financial result of €70k and a tax income of €6k, consolidated net income stands at -€58k. The accounts have not been subject to either an audit or a limited review.
Furthermore, the company is contesting a proposed tax adjustment of approximately €0.45M sent by the tax authorities in respect of the research tax credit. No payment notice has been received to date, and no risk provision has been recorded given the uncertainties surrounding the outcome of the procedure.
Net debt reduced to €5.1M, advanced discussions with industrial partners
Net financial debt stood at €5.1M as of 30 June 2026, compared with €5.7M at year-end 2025, a decline of 11%. It represents 72.8% of equity, itself at €7.0M versus €7.1M, after 80.4% at 31 December 2025. Cash stands at €0.05M.
For the second half, the group indicates it is focusing its efforts on accelerating commercial development, strengthening higher value-added recurring activities and optimizing its industrial facility. It is conducting advanced discussions with new industrial partners, the completion of which would, in its view, progressively increase the utilization rate of its facility.
“We continue to invest in our production facility, our teams and our local agricultural supply chains,” said Jean Paulic, chairman of the group, who also cites growth in buckwheat and rice flour among its outlets.
Over the half-year, Paulic Meunerie thus combined a gross margin rate raised to 38% with operating expenses up to €3.4M, which bring its operating income to €7k compared with €218k a year earlier.
