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Last updated : 22/10/2026 - 17h35
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Texaf: Recurring EBIT up in H1, but net income declines by 13.8%

Texaf Group, active in real estate, sandstone quarrying and digital services in the Democratic Republic of Congo, published its consolidated accounts as of June 30, 2026, unaudited, on September 7, 2026.

The publication highlights a divergence between current operations, which are progressing, and net income attributable to the Group, which declines due to an accounting adjustment related to the equity method valuation of the data center and a less favorable change in deferred taxes.


Texaf: Recurring EBIT up in H1, but net income declines by 13.8%

Revenue at €18.8M and recurring EBIT raised to €5.9M

The Group's revenue grew by 3.3% to reach €18.8M, while recurring EBITDA increased by 3.3% to €8.9M. Recurring EBIT reached €5.9M, up 4.6%, aided by depreciation charges remaining stable over the period.

Operating expenses increased by 4.1%, mainly due to personnel costs: official wage scales were revised in May 2025, salaries were indexed and the Group added a management position. The reduction in general expenses, following several cost-saving measures, offset part of this increase.

As a percentage of revenue, recurring EBIT represented 31% in the first half of 2026, a level identical to that of the first half of 2025 and close to the 32% of the first half of 2024, according to the table published by the Group.

Net income attributable to the Group brought down to €3.9M due to data center impact

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Net income attributable to the Group stood at €3.9M, down 13.8% compared to the first half of 2025. The 49% stake in OADC Texaf Digital, valued using the equity method, resulted in a net loss of €1.0M.

This amount includes a non-recurring adjustment of -€654k following a modification of Congolese tax law effective January 1, 2026, which now limits the use of tax loss carryforwards to three fiscal years. According to the Group, the data center significantly increased its revenue compared to the first half of 2025, which reduced the period's loss, but this revenue does not yet cover depreciation and financing costs related to the ramp-up of the infrastructure.

The decline in net income also reflects a change in provisions for deferred taxes that was less favorable than a year earlier (+€0.5M in 2026 versus +€0.7M in 2025). In rental real estate, the main contributor, rental income advanced by 0.2% to €15,599k, with a residential occupancy rate of 96.2% in the early months, compared to nearly 100% a year earlier.

Launch of sales at Jardins de Kinsuka and target of stable recurring EBIT in the second half

The marketing of the first 42 houses from phase 1 of the "Jardins de Kinsuka" project, development of an 87-hectare site intended to accommodate nearly 1,200 homes, was opened on June 29, 2026. As of the press release date, 10 homes had been reserved and deposits paid on 8 of them, a situation the Group describes as in line with its expectations.

The segment does not yet contribute to the income statement as of June 30, 2026, with costs incurred being capitalized in inventory for €1.3M. Furthermore, construction of the "Quartier des Parcs" (19 villas and 14 apartments) is continuing, with occupancy scheduled for the second quarter of 2027 and annual rental potential of €2.6M. The Group contracted a new loan of €5.6M in the first quarter of 2026 to finance this project.

For the second half, the Group targets stable recurring EBIT, in a legislative environment that remains uncertain and could still affect wage scales and the tax regime. Barring unforeseen developments, these actions should result in recurring EBIT for the second half similar to that of the first.



Sector Foncières / REITs › Immobilier commercial / foncières


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Context

Period
  • Period: S1 2026
Key reported figures
  • Revenue: 17,7 millions d'euros
  • Quarterly revenue: 17,7 millions d'euros
  • EBITDA: 8,9 millions d'euros
  • EBITDA margin: 50,3 %
  • Net income: 3,9 millions d'euros
  • Free cash flow: 10,6 millions d'euros
Guidance from the release
  • « Ebit récurrent similaire à celui du premier semestre dans la seconde partie de l'année » avec condition « sans que le groupe ne soit en mesure d'en garantir l'ampleur à ce stade »
Risks mentioned
  • Insécurité persistante dans l'Est du pays avec poursuite du conflit dans les provinces du Nord-Kivu et du Sud-Kivu
  • Épidémie de maladie à virus Ebola qui a débuté en mai 2026 dans l'est de la RDC et continue de s'étendre
  • Contexte législatif incertain pouvant impacter les barèmes salariaux et le régime de taxation
Opportunities identified
  • Commercialisation du projet « Jardins de Kinsuka » avec 10 logements réservés et acomptes reçus à la date du communiqué
  • Avancée du projet « Quartier des Parcs » (19 villas et 14 appartements) pour mise en location en Q2 2027 avec potentiel locatif annuel de 2,6 M EUR
  • Modernisation de la carrière Carrigrès avec installation du nouveau crible permettant optimisation de la chaîne de production au S2 2026
Outlook / guidance
  • Management commentary: « Sauf élément nouveau, les actions mentionnées ci-dessus devraient permettre d'atteindre un Ebit récurrent similaire à celui du premier semestre dans la seconde partie de l'année »

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.

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