Plastivaloire Returns to Profit but Lowers EBITDA Margin Forecast
On July 15, 2026, Plastivaloire announced its results for the first half of the 2025-2026 fiscal year, marked by a rebound in operational profitability and a return to net profitability. The EBITDA margin improved to 9.0%, and net income reached €2.8 million, compared to a loss of €3.1 million a year earlier. However, management revised its EBITDA margin guidance for the full year downward, citing increasing tensions on raw material costs due to the geopolitical crisis in the Middle East.
Revenue Up, Improved EBITDA Margin Despite Contraction in Industries
The manufacturer of complex plastic parts recorded a half-year revenue of €352.7 million, up 1.9% compared to the first half of 2024-2025 (3.6% at constant exchange rates). This moderate growth masks contrasting trajectories: the Automotive sector, which accounts for 86% of the activity, saw an increase of 6.6%, supported by solid growth in parts sales and a positive trend in tooling sales linked to planned launches. In contrast, the Industries sector fell by 32.0% to €22.0 million, reflecting a less favorable economic environment. Geographically, Europe progressed by 3.1% (4.5% at constant exchange rates) to €313.9 million, while America returned to slight growth in the second quarter after a decline of 6.8% over the entire semester.
Operational Recovery Driven by Improvement in Gross Margin
The half-year EBITDA margin reached 9.0%, up 40 basis points from 8.6% in the first half of 2024-2025. This improvement is based on an increase in gross margin to 50.8% (from 49.2% a year earlier), reflecting a positive evolution in material costs and a favorable product mix. Current operating income increased by 37.0% year-on-year to €11.6 million. After accounting for non-recurring charges of €2.2 million (including €1.5 million for restructuring), the operating income amounted to €9.4 million. Net income after taxes stood at €2.8 million, marking a return to profitability compared to a loss of €3.1 million recorded a year earlier. The semester's free cash flow was positive at €5.4 million, supported by a self-financing capacity of €25.8 million, while net debt remained almost stable at €163.4 million.
Guidance Revised Downward, €690 Million Revenue Target Maintained
Plastivaloire maintains its revenue target of approximately €690 million for the 2025-2026 fiscal year but cautiously revises its EBITDA margin target to a range of 8.5% to 9.0% (from 'around 9%' previously). This revision takes into account an inflationary environment exacerbated by the geopolitical crisis in the Middle East, which is already impacting raw material costs. The group indicates that these cost increases 'could temporarily weigh on the gross margin in the second half of the year'. Furthermore, Plastivaloire has concluded an agreement with its financial partners extending the maturity of its debt for €157.8 million in principal. This agreement includes a repayment holiday for the 2026-2027 fiscal year, with gradual repayments starting from 2027-2028 staggered until 2034, and a limited increase of 25 basis points in interest rates on syndicated loans and bilateral loans. The group also records a very strong momentum in order bookings: €532 million in eight months, sharply up from €259 million in the same period the previous year (×2.2 in Europe, ×3.3 in North America).
