STIF: Revenue Up by 50.7% in H1 2026, But Only 10% Organically
STIF reported a revenue of €55.3 million in the first half of 2026, marking a 50.7% increase compared to the previous year. However, this growth is largely due to the integration of two acquisitions made in 2025 (Stuvex and BOSS Products), which account for approximately 40.7 percentage points of growth. Organically, business growth is only 10%, revealing a significant gap between reported growth and the internal commercial dynamics of the group. For investors, this contrast raises a central question: can the group create value by consolidating these acquisitions, or is growth still dependent on new purchases?
Growth Inflated by the Integration of Stuvex and BOSS Products
STIF's revenue reached €55.3 million for the semester, showing a nominal increase of 50.7%. This growth is largely based on the integration of the acquisitions of Stuvex and BOSS Products, completed in 2025. Excluding these acquisitions, growth would have been limited to 10%, suggesting that the group's internal commercial dynamics, before considering acquisitions, remain moderate. This discrepancy between nominal growth and organic growth is a point of vigilance. Investors need to assess whether the group can generate sustainable growth from its existing activities, independent of new company purchases. The BESS segment (Explosion Energy), which remains the strategic driver of the group, also saw a nominal increase of 41.4%, reaching €25.6 million compared to €18.1 million a year earlier, but this growth also includes integration effects.
BESS Segment on the Rise, Driven by Demand from Energy Storage Giants
The Explosion Energy (BESS) segment remains the main growth driver for the group, accounting for 46.4% of total revenue. This segment generated a revenue of €25.6 million, up by 41.4%, driven by the continued demand from major players in the battery energy storage sector, including Tesla, Sungrow, Fluence, and CATL. The Passive Industrial Explosion segment also improved, reaching €9.2 million compared to €7.3 million (+24.7%), benefiting from an innovative product offering. In contrast, the group's historical activities (bulk product handling equipment) declined to €9.8 million from €10.3 million, reflecting a contraction in certain product lines such as straps. Geographically, North America doubled its sales to €20.3 million (+117%), under the combined effect of the integration of BOSS Products and BESS demand, now representing 37% of total revenue.
Ambition 2030: €200 Million in Revenue and an EBITDA Margin Beyond 20%
The group maintains its strategic ambitions for 2030: to achieve a revenue of €200 million with an EBITDA margin exceeding 20%. Based on the semester's revenue of €55.3 million, this target would imply an additional growth of about €110 million in three and a half years, equivalent to an average annual revenue growth of 18%. Investors will await the complete semi-annual results, scheduled for October 1, 2026, to assess the group's profitability and operational efficiency, particularly the current EBITDA margin level compared to the targeted 20%.
