Rougier: EBITDA back to €3.6 million in the first half of 2026, but revenue down to €35 million
Rougier published its half-year accounts on 30 October 2026, which can be read in two ways. Compared with the second half of 2025, which was marked by an EBITDA loss of €4.6 million, the forestry group returned to positive EBITDA of €3.6 million.
Compared with the first half of 2025, the picture differs: EBITDA stood at €6.6 million at that time, or 17.0% of revenue, compared with 10.2% for the period under review. Net income attributable to the Group came to -€1.2 million, compared with -€0.5 million a year earlier.
Revenue down 9.6%, Gabon falls 20.3%
Consolidated revenue came to €35.0 million, compared with €38.7 million in the first half of 2025. This total includes the cancellation of €1.3 million of revenue previously recorded in Congo following a commercial dispute, with no impact on the group's cash position.
The company attributes this decline to less favourable demand and prices on international markets, as well as persistent operational constraints in certain subsidiaries. Its two operating countries nevertheless moved in opposite directions.
In Gabon, activity fell 20.3%, with a gradual recovery following administrative interruptions at the end of 2025 and the temporary halt of a worksite in the second quarter, now lifted. In Congo, revenue rose 21.2%, driven by the destocking of timber left in the forest at the end of 2025.
Congo, however, experienced a cumulative 28 days of production stoppages in the first quarter, tensions in diesel supply and a rise in fuel costs. Trading sales of Rougier Afrique International increased, supported by the diversification of supply sources.
By product, logs fell 25.2% to €11.7 million and panels fell 15.4% to €10.8 million, while sawn timber and derivatives rose 21.2% to €12.4 million. The latter becomes the leading category, accounting for 35.4% of sales compared with 26.4% a year earlier.
EBITDA margin of 10.2%, compared with 17.0% a year earlier
EBITDA reached €3.6 million, after a loss of €4.6 million in the second half of 2025. The group links this development to the preservation of the gross margin, the reduction of external charges and the adaptation of its organisation.
Over one year, the comparison is less favourable: EBITDA stood at €6.6 million in the first half of 2025, and the EBITDA margin fell from 17.0% to 10.2% of revenue. For the full year 2025, EBITDA had come to €1.9 million.
After €5.0 million of depreciation, amortisation and provisions (compared with €6.9 million a year earlier), current operating income came to -€1.4 million, compared with -€0.3 million. Operating income also stood at -€1.4 million, compared with -€0.2 million in the first half of 2025.
With a net financial debt cost of €0.5 million and a tax charge of €0.2 million, consolidated net income reached -€2.0 million, compared with -€0.8 million a year earlier. The Group's share amounts to -€1.2 million, after -€8.0 million for the 2025 financial year published on 31 March 2026.
Net debt stable at €15.5 million, priority on Gabon and diesel
As at 30 June 2026, net financial debt stood at €15.5 million, compared with €15.4 million as at 31 December 2025. It notably includes the blocked current account of the minority shareholder of Rougier Afrique International (€7.5 million) and the bank loans of its subsidiaries (€6.4 million).
Cash rose from €2.7 million to €3.2 million, while gross financial debt stood at €18.7 million, compared with €18.1 million. Equity fell from €11.8 million to €9.8 million, after taking into account the net income for the half-year.
For the second half of 2026, Rougier has set three priorities: the normalisation of forestry and industrial operations in Gabon, the improvement of diesel availability in Congo and the continuation of cost-control measures. The group states that it intends to maintain prudent management of its investments and cash.
The half-year accounts have been subject neither to an audit nor to a limited review by the statutory auditors, and the 2026 annual revenue will be published on 5 February 2027. For this half-year, the return to positive EBITDA of €3.6 million was accompanied by net financial debt held at €15.5 million.
