Poujoulat: Significant Decline in Profitability, Wood Energy Takes the Lead
Poujoulat has published its 2025/2026 results marked by a significant decline in profitability, with the historic chimney flue segment experiencing a downturn in activity and a sluggish market. Concurrently, the wood energy sector showed volume growth and a noticeable improvement in margins in the second half, providing a growth relay for the group as the flue market remains challenging, particularly in France.
This divergence exposes Poujoulat to an operational transition: while its core business seeks to improve results, the diversification initiated 20 years ago is beginning to significantly contribute to the group's growth.
Chimney Flues Decline, Wood Energy Grows
The 2025/2026 fiscal year recorded a turnover of €351 million, in line with analysts' expectations (consensus €351 million). However, the composition of this activity reveals two distinct trajectories within the group.
The chimney flue segment suffered a degradation of its results due to decreased volumes and a stagnant market. The industrial chimney segment also recorded significant but non-recurring costs, impairing its profitability. Conversely, sales volumes in the wood energy branch increased and margins significantly improved in the second half, allowing for a recovery in the results of this branch.
The overall profitability of the group has seen a sharp decline, particularly due to a significant slowdown in activity in the fourth quarter of 2025/2026. This decline in activity did not allow for the anticipated improvement in results, according to management.
A Robust Financial Structure Despite Disappointing Results
Despite the decline in profitability for the past fiscal year, Poujoulat's financial structure remains solid. Equity represents 1.8 times the average long-term debt, providing the group with a stable financial base in the face of operational challenges. Frédéric Coirier, CEO, highlighted that the group has significant available capacity to grow without major additional investments.
This financial strength contrasts with the difficulties encountered in the chimney flue segment and allows the group to maintain investments in the wood energy sector, which now justifies the diversification undertaken two decades ago.
Outlook for Recovery in 2026/2027
The group has confirmed its forecasts for the 2026/2027 fiscal year, anticipating a clear improvement in the results of the chimney flue and industrial chimney branches, as well as strong growth in turnover and results for the wood energy branch. Analysts expect a turnover of €383 million for 2026/2027, an increase of €32 million compared to 2025/2026.
The activity in the first quarter of 2026/2027 already shows growth of more than 5%, driven by strong dynamics in the wood energy branch and development in exports. However, the chimney flue market remains challenging, mainly in France. The group is implementing an action plan around three axes to regain positive profitability, including cost reduction efforts.
