Serge Ferrari: stable revenue in first half, net income down 14.7% to €6.8M
Serge Ferrari Group published its consolidated accounts for the first half of 2026 on September 9, 2026, reviewed by the supervisory board and not subject to a limited review by the statutory auditors. The group indicates it has maintained its profitability level, with EBITDA of €19.4M compared to €20.1M, while its net debt excluding IFRS 16 impact declined year-over-year but increased since end of 2025. The period includes a restructuring charge related to the closure of the Tersuisse industrial site.
Revenue of €177.9M, virtually unchanged year-over-year
The flexible composite materials manufacturer achieved revenue of €177.9M in the first half of 2026, compared to €178.7M a year earlier, representing a decline of 0.5% at current scope and exchange rates (-0.2% at constant scope and exchange rates). Developments varied by geographic zone. In Europe, sales increased 4.8% at current data, driven by sun protection, nautical and furniture markets as well as Solutions and Distribution activities. In the Americas, revenue declined 27.2% in published data (-24.1% at constant scope and exchange rates), due to unfavorable currency effects and a high comparison base, as the first half of 2025 had been particularly strong. In the Asia-Africa-Middle East-Pacific zone, revenues decreased 2.4%, linked to geopolitical situation and delivery difficulties for certain products to several Middle Eastern countries.
EBITDA of €19.4M, net income impacted by Tersuisse closure
EBITDA stood at €19.4M, compared to €20.1M in the first half of 2025, a decline of 3.8%. EBIT reached €13.4M, compared to €15.3M a year earlier (-12.7%), bringing EBIT margin down from 8.6% to 7.5% of revenue. This result includes €1.5M in non-recurring charges, mainly related to the closure of the Serge Ferrari Tersuisse site in Emmenbrücke, specialized in PET spinning. Net income stands at €6.8M, compared to €8.0M in the first half of 2025 (-14.7%). The group indicates it has maintained its profitability level despite an environment marked by geopolitical tensions and rising prices of petroleum-based raw materials.
Net debt of €72.6M, down year-over-year but up since end of 2025
Net debt excluding IFRS 16 impact stood at €72.6M as of June 30, 2026, down from €79.7M as of June 30, 2025 but up from €68.6M as of December 31, 2025. Operating working capital requirement stands at €127.0M, compared to €132.3M as of June 30, 2025. The group generated operating cash flow of €11.9M in the first half of 2026, compared to €10.8M a year earlier, driven by a more favorable change in working capital requirement, mainly thanks to a €9M reduction in inventories. Group shareholders' equity reached €111.5M, compared to €108.9M as of June 30, 2025. In a context of reduced visibility on economic prospects, the group indicates it wants to intensify efforts to improve profitability, relying on increased operational leverage resulting from greater flexibility in its cost structure. Publication of third-quarter revenue is scheduled for October 26, 2026, after market close.
