Upergy: Revenue Down 8.9% in First Half, But Return to Positive Net Result
The reorganization undertaken in 2025 by Upergy is producing mixed effects on its half-yearly accounts. The batteries and power cells distributor saw its revenue decline, but returned to a positive net result after a loss one year earlier.
The group listed on Euronext Growth Paris thus presents a trajectory where the decline in activity is accompanied by an improvement in its result aggregates.
Revenue Down 8.9% But Net Result Back in Positive Territory
Upergy published on September 29, 2026 revenue of €20.41 million for the first half of 2026, down 8.9% compared to €22.41 million for the first half of 2025 (a decrease of 7.9% at constant scope and exchange rates).
The group attributes this trend to the continuation of its reorganization, with a refocus on the most profitable activities, in a context it describes as unfavorable on its two main markets, France and the United Kingdom.
Despite this decline, net result stood at €0.35 million, compared to a loss of €0.64 million one year earlier. Current result came in at €0.47 million, compared to -€0.63 million in the first half of 2025, and EBITDA reached €0.61 million, compared to zero in the previous first half.
Gross Margin Rate Increases and Operating Result Returns to Positive
Gross margin stood at €8.62 million in the first half of 2026, compared to €9.30 million one year earlier, a decline of 7.3%. However, the gross margin rate improved by 0.7 percentage points, to 42.2%.
Operating result reached €0.62 million, compared to -€0.41 million in the first half of 2025. The group attributes this return to operational profitability to the optimizations implemented as part of the reorganization undertaken in 2025.
Debt reduction continues in parallel. Net cash flow generated by operations came in at +€0.54 million, compared to -€0.69 million in the first half of 2025, while net financial debt decreased by €1.65 million (a reduction of 29%) compared to June 30, 2025.
Logistics Outsourcing and Conversion to Franchise for End of 2026
Upergy is continuing the reorganization measures undertaken in 2025 in order to adapt its cost structure. The group converted one of its three remaining company-owned stores as of January 1, 2026 to franchise format, with the other two to follow during the fourth quarter of 2026.
United Kingdom logistics were outsourced in August 2026 and Spain's will be by year-end.
For the second half, the group indicates it expects the continuation of improvements in its profitability, confirming the performance recorded in the first half.
