Roche Bobois: Revenue Down 8.9% in H1 2026, to €187.9M
On July 21, 2026, Roche Bobois reported a first half 2026 revenue of €187.9M, down 8.9% at current exchange rates (7.2% at constant exchange rates) compared to the same period in 2025. Although the second quarter showed sequential improvement, the fragility of the order book and the continuation of an uncertain economic context weigh on the visibility of the high-end furniture group.
General Revenue Decline Despite Quarterly Improvement
The revenue for the first half of 2026 stands at €187.9M, marked by a contraction affecting all geographical areas except for Cuir Center. However, the second quarter shows a notable improvement over the first: the business volume of own stores reached €69.9M in Q2 2026, down 6.1% at current exchange rates (5.1% at constant exchange rates), compared to a decline of 10.6% in Q1 2026. This sequential recovery is notably driven by a resurgence in activity in US/Canada, up 1.6% in the second quarter of 2026 compared to the same period in 2025. China (own stores) also recorded a 14.6% increase in the first half, while Cuir Center posted a 6.5% growth over the semester. France and Europe continue to suffer from a deteriorated environment. Roche Bobois France shows a double-digit decline in the second quarter of 2026, although partially offset by the growth of Cuir Center, which recorded a 14.3% increase over the same period.
Order Book Stable but Overall Business Volume in Contraction
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The order book of own stores stands at €122.7M as of June 30, 2026, the same level as on December 31, 2025 (€122.7M) and down from €133.1M on June 30, 2025. This stagnation reveals a fragile balance: while the group partially absorbs the quarterly contraction, the base for future growth remains limited. The overall business volume (including all brands, franchisees included) reached €266.4M at the end of June 2026, down 9.2% at current exchange rates (7.4% at constant exchange rates). The business volume of own stores totals €167.1M (−8.8% at current exchange rates, −6.6% at constant exchange rates), indicating a persistent weakened demand despite the inflection in the second quarter.
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 187,8 millions d'euros
Quarterly revenue: 187,8 millions d'euros
EBITDA: 31,4 millions d'euros
EBITDA margin: 16,7 %
Net income: 3,3 millions d'euros
Free cash flow: 23,7 millions d'euros
-10,1 millions d'euros
Guidance from the release
in a context that remains uncertain
Risks mentioned
Unfavorable market environment for high-end furniture, particularly pronounced in Europe with underperformance in UK, Spain, and Italy
Decline in volumes and retail sales (-8.9% revenue at current exchange rates, -8.5% cumulative retail sales)
Uncertain business outlook for H2 2026 with expected revenue and EBITDA broadly in line with H1 levels
Opportunities identified
Cuir Center posted double-digit EBITDA growth, demonstrating strength of mid-range segment business model
Network expansion with upcoming directly operated stores openings in Porto and Luxembourg
Strong free cash flow generation and positive net cash position providing financial flexibility
Outlook / guidance
Expected revenue: 375,6 millions d'euros
Expected EBITDA: 62,8 millions d'euros
Management commentary: Pour la suite de l'exercice, dans un contexte toujours incertain, le Groupe anticipe au second semestre un chiffre d'affaires et un EBITDA à des niveaux proches de ceux du premier semestre.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
