Sapmer: net loss of 13.1 million euros in first half following tuna divestiture, revenue down 23%
Sapmer published interim financial statements on October 19, 2026, presenting two distinct readings: net income of 2.6 million euros for continuing operations and consolidated net loss of 13.1 million euros, linked to the exit from tuna fishing activity. The Reunion-based shipowner now presents a scope centered on toothfish, rock lobster and distribution.
The tuna fishing activity, divested in September 2026, is classified among discontinued operations in accordance with IFRS 5 standard. Revenue from continuing operations declined 23% year-on-year, to 29.4 million euros, primarily due to lower landed volumes. According to the group, the gross operating surplus margin (EBS) remained at 18% of revenue, a level attributed to the orientation of selling prices and control of operating costs.
The interim financial statements were not subject to audit procedures.
Fisheries down 25%, distribution up 24%
The Fisheries business, which includes toothfish and rock lobster, represents 94% of the group's revenue. Its sales declined 25% compared to the first half of 2025, primarily due to lower landed volumes.
On toothfish, the half-year unfolded in a context of quota reduction, compounded by a slight shift in landings during the period. This trend was partially offset by growth in selling prices, which the group links to product positioning on markets it describes as dynamic.
Rock lobster recorded a 6% decline in volumes, while its selling prices fell again during the half-year. The Distribution and Commercialisation business reached 1.7 million euros in revenue, up 24% year-on-year, driven by increased volumes marketed and progressive expansion of the product range. The group indicates that this business, notably supported by the Les Comptoirs Sapmer brand, strengthens its commercial presence on the Reunion market.
EBS declines to 5.2 million euros, tuna divestiture weighs on net income
EBS from continuing operations stood at 5.2 million euros, compared to 6.8 million euros in the first half of 2025, due to lower activity. The group indicates it preserved an 18% revenue margin through adjustment of operating charges, in a context of rising fuel prices. Operating income fell from 4.8 million euros to 4.0 million euros.
After a financial result of -1.0 million euros, pre-tax income from continuing operations comes to 2.9 million euros, and net income from this scope to 2.6 million euros. The difference from consolidated results stems from discontinued operations, whose net result amounts to -15.7 million euros. This amount mainly includes the accounting loss linked to the divestiture of tuna fishing activity, as well as operational performance recorded until the divestiture date.
Consolidated net income thus reaches -13.1 million euros for the half-year. Excluding debt to be repaid following the tuna fishing divestiture, the group's net financial debt amounts to 16.7 million euros, approximately 1.5 times consolidated equity.
Toothfish quotas expected stable for campaign opening in September
The three tuna vessels completed their final fishing operations for Sapmer on August 31, 2026. According to the group, the final two months of activity were marked by satisfactory catch levels and selling prices.
Going forward, Sapmer indicates that the toothfish market remains well-oriented and that the quotas allocated to the group for the campaign opening on September 1, 2026, are expected to be stable. This point matters, as quota reduction is among the factors cited to explain the decline in toothfish volumes in the first half.
The group is also continuing the development of Distribution and Commercialisation, notably through expansion of its product range and the launch of new products. On the retained scope, the publication establishes EBS of 5.2 million euros for revenue of 29.4 million euros, representing an 18% margin.
