UV Germi: Sales Up 14.6% in First Half 2026, Net Income Down 45.7%
The Corrèze-based specialist in water, air and surface decontamination through ultraviolet technology has returned to sales growth in the first half of 2026. This progression did not translate to results: net income stands at 0.19 M€, compared to 0.35 M€ a year earlier.
The half-year accounts, approved by the board of directors and published on October 22, 2026, show stable gross margin in value at 2.77 M€, and higher external expenses. The gross margin rate fell from 75.8% to 66.6%. The company attributes this decline to the atypical nature of the first half of 2025.
The balance sheet also bears the traces of the share buyback offer (OPRA) completed in March 2026 for an amount of 2.64 M€. Cash decreased from 4.83 M€ to 2.47 M€ over six months.
Revenue of 4.16 M€, Net Income of 0.19 M€
Net revenue reached 4.16 M€ in the first half of 2026, compared to 3.63 M€ a year earlier, an increase of 14.6%. Operating income rose 8.9% to 4.28 M€. Gross margin remained virtually stable at 2.77 M€ compared to 2.75 M€ (+0.7%).
Operating profit (EBITDA) declined 30.4% to 0.39 M€ compared to 0.56 M€, and represents 9.4% of revenue. The company compares this to the 6.6% margin generated over the entire 2025 fiscal year, a comparison covering a twelve-month period. It notes that EBITDA returned to positive territory after a deficit-ridden second half of 2025.
Operating income stands at 0.15 M€, down 51.6% compared to 0.31 M€ in the first half of 2025. Current income before tax reaches 0.15 M€, compared to 0.30 M€. Net income amounts to 0.19 M€, declining 45.7%.
For the full 2025 fiscal year, whose annual results were published on March 15, 2026, UV Germi had achieved revenue of 6.81 M€, operating income of 0.07 M€ and net income of 0.10 M€. The operating income for the first half of 2026 alone thus represents more than twice that of the entire 2025 fiscal year.
Gross Margin Rate of 66.6% and External Expenses Up 22%
According to the company, the growth in activity stems from the structuring of its sales force at the beginning of the fiscal year. Development was marked among industrial customers seeking water treatment and reuse solutions. Recurring after-sales service and spare parts activity continues to grow with the increase in installed equipment base.
Export sales are down. UV Germi mentions active commercial development internationally, but with longer sales cycles.
The gap between sales growth and results growth is primarily attributable to the gross margin rate. This stands at 66.6%, compared to 75.8% in the first half of 2025. The company qualifies this level as "normative" and explains last year's rate by the significant share of certain one-off operations and recurring activities (relamping and maintenance) in this semester's revenue.
On the expense side, the payroll remains stable at 1.38 M€. Other purchases and external expenses increased 22% to 0.99 M€, notably due to charges related to the OPRA. Depreciation and provisions declined 4.0% to 0.24 M€, and financial income is neutral.
Net Cash of 2.2 M€ After 2.64 M€ Share Buyback
As of June 30, 2026, equity stands at 7.47 M€, compared to 9.94 M€ on December 31, 2025. Cash reaches 2.47 M€, compared to 4.83 M€ six months earlier. The company explains these variations primarily by the share buyback offer completed in March 2026 for 2.64 M€.
Excluding the impact of this operation, UV Germi indicates it generated positive free cash flow of 0.12 M€ over the semester. Financial debt remains stable at 0.23 M€ compared to 0.24 M€ at the end of 2025.
Going forward, the company describes an economic context as "gloomy" and relies on long-term demand for water treatment as well as on a reinforced commercial structure in France and abroad. It will publish its 2026 annual revenue on January 21, 2027, after market close.
At the end of this semester, UV Germi shows net cash of 2.2 M€, for financial debt of 0.23 M€.
