UNIFY Group: Operating Result Up 45.6% in First Half, Driven by Bagneux
UNIFY Group's profit increase in the first half of 2026 rests on two distinct movements: a progression in current profitability and a non-recurring effect linked to the agreement concluded on vacant surfaces in Bagneux. Current operating result progressed by 7.5%, to €21.4 million, while non-recurring operating result improved by €5.5 million, to €0.9 million.
This non-recurring improvement exceeds the increase in net result (+€4.8 million), part of which was absorbed by a financial result down €1.1 million. The accounts, approved by the board of directors on October 14, 2026, are the first presented under IFRS standards and first-half 2025 data have been restated according to the same framework.
EBITDA Up 2.1% for Sales Down 1.9%
Consolidated revenue stood at €252.3 million, down 1.9%. EBITDA progressed by 2.1%, to €27 million, and EBITDA margin reached 10.7%, up 0.4 percentage point. The group attributes this performance to the complementarity of its B2B and B2C divisions as well as the continuation of its optimization efforts, with charges down 2.3% compared to the first half of 2025.
Operating result reached €22.3 million, up 45.6% (+€7 million). It benefited from a permanent reduction in rental charges linked to the disposal of vacant surfaces in Bagneux. Consolidated net result stood at €13.2 million.
The transition to IFRS has no impact on revenue. According to the group, EBITDA shows an increase of 3.5% under French standards, versus 2.1% under IFRS. International now represents 37% of revenue, compared to 36.1% a year earlier.
Margins Up in Both Divisions and Net Debt Reduced to €92.4 Million
The B2B division (Reworld Media), which achieved €149.4 million in revenue, representing 59% of the total, generated stable EBITDA of €17.2 million, accounting for 64% of consolidated EBITDA, with a margin of 11.5% (+0.1 percentage point). The group explains the performance of its sales mainly by the temporary impact of the new commercialization system for Reworld Media Italia, as well as by the concentration of advertising investments around the football World Cup in June. Digital represents 85% of the division's revenue, and "social" activities, up 10.4%, account for 14% of digital revenue, compared to 12% a year earlier.
The B2C division (€102.9 million, 41% of revenue) limited its sales decline to 2.7%, compared to 7.4% in the first half of 2025. Its EBITDA progressed by 6.1%, to €9.8 million, and its margin by 0.8 percentage point, to 9.5%, with costs down 3.5%. Subscriptions represent 48% of its revenue, with an average basket up 1.7%, to €5.88 net of tax.
On the balance sheet side, operating cash flow reached €19.7 million (+€0.7 million). Cash stood at €84.8 million on June 30, 2026, up €16.9 million over one year, and net debt declined by €13.5 million, to €92.4 million, or 1.6 times the EBITDA of the last twelve months. Financial debt excluding IFRS 16 and factoring amounts to €177.2 million, following new financing intended for investments and external growth, and shareholders' equity reaches €168.2 million, up €24.0 million over one year.
Acquisitions of Nearly €100 Million in Revenue Outside the Half-Year Scope
The published data do not include the contribution of the Ed'Learn division companies, acquired in June 2026 and considered not significant as of June 30, nor that of the Event Flow division, whose first acquisition took place in July 2026. According to the group, its latest acquisitions represent nearly €100 million in revenue on a full-year basis and mark its entry into the training market.
The movement continued after the half-year closing. UNIFY Group integrated on October 1, 2026 the College of Art & Design, a design school in Brussels, into its Ed'Learn division, then signed on October 13, 2026 an agreement in principle to acquire SPAS Organisation, organizer of twenty trade shows with annual revenue of nearly €9 million. The company also published on October 14, 2026 a separate press release relating to a simplified public takeover offer project.
Anne Cécile Balland, Chief Financial Officer, indicated that the group's priority remained to "improve cash generation and continue our debt reduction". The half-year financial report will be published no later than October 16, 2026. As of June 30, 2026, net debt stood at €92.4 million, down €13.5 million over one year.
