Roche Bobois: revenue down 8.9% in first half, EBITDA margin at 16.7%
Roche Bobois published on September 10, 2026 half-yearly results marked by revenue of 187.8 million euros, down 8.9% at current exchange rates, in a high-end furniture market described as unfavorable. The decline in volumes mechanically weighs on EBITDA, but the group maintains a double-digit EBITDA margin rate and positive net cash. It also announces a streamlining of its management board.
Revenue of 187.8 million euros and EBITDA margin maintained at 16.7%
In the first half of 2026, Roche Bobois achieved revenue of 187.8 million euros, down 8.9% at current exchange rates and 7.3% at constant exchange rates. Consensus among analysts for the full year 2026 stood at 379 million euros as of September 7, 2026, following revenue of 402.5 million euros achieved in 2025. The gross margin rate remains at 61.5%, taking into account a refund of 1.5 million euros in customs duties paid in 2025 in the United States and refunded in 2026 following the Supreme Court decision. The group reduced its external charges by 5.7% (to 47.3 million euros) and its personnel costs by 7.1% (to 42.7 million euros), with total headcount falling from 1,153 on June 30, 2025 to 1,074 on June 30, 2026. EBITDA amounts to 31.4 million euros on June 30, 2026, compared to 36.7 million euros a year earlier, representing an EBITDA margin of 16.7%. Current operating profit stands at 7.1 million euros (compared to 12.3 million euros on June 30, 2025) and net profit at 3.3 million euros.
Free cash flow of 23.7 million euros and positive net cash of 10.1 million euros
The group reports a free cash flow of 23.7 million euros, compared to 25.3 million euros in the first half of 2025. Operating cash flows amount to 30.1 million euros, compared to 30.7 million euros a year earlier, including limited working capital consumption of 0.2 million euros. Available cash reaches 48.1 million euros, compared to 46.8 million euros on December 31, 2025, and net cash remains positive at 10.1 million euros. Shareholders' equity stands at 89.0 million euros on June 30, 2026, compared to 94.6 million euros on December 31, 2025, after accounting for 1.5 million euros in share buybacks and 8.1 million euros in dividend distributions. The EBITDA decline was more pronounced in Europe, particularly in the United Kingdom, Spain and Italy. Conversely, the Cuir Center banner recorded double-digit EBITDA growth on the mid-range segment. The order book for company-owned stores stands at 122.7 million euros on June 30, 2026, at the same level as on December 31, 2025 and compared to 133.1 million euros on June 30, 2025.
Second half expected at levels close to the first, streamlined management board
For the remainder of the fiscal year, in an uncertain context, the group anticipates a second half with revenue and EBITDA at levels close to those of the first half. As of end of August 2026, total business volume, franchises and all banners combined, stands at 346.0 million euros, compared to 378.2 million euros as of end of August 2025, representing a decline of 8.5% at current exchange rates and 7.3% at constant exchange rates. On the governance front, the Supervisory Board streamlined the management board around three members, now chaired by Éric Amourdedieu, previously Chief Executive Officer and present in the group for over 25 years. The group confirms its upcoming company-owned openings in Porto and Luxembourg and continues its franchise openings in China, Turkey, Mexico and for Cuir Center in France. The next meeting is scheduled for October 22, 2026, after market close, with the publication of third quarter 2026 revenue.
