Vinpai: Revenue declines 22% in first half after halt to sales in Algeria
Vinpai's activity in the first half of 2026 was affected by the interruption of its deliveries to Algeria, where the functional ingredients producer generates a significant share of its revenue.
Beyond the decline in sales, the publication reveals a widening of losses and a cash position reduced to 350,000 euros at the end of September, supported by the announced backing of parent company Camlin Fine Sciences.
Revenue of €3.8 million, penalized by halt to shipments to Algeria
Vinpai published on October 1, 2026 its results for the first half ended June 30, 2026. Revenue stood at €3,825 thousand, down 21.9% compared to €4,895 thousand recorded at June 30, 2025. The food and beverage sector represented more than 90% of sales for the period.
According to the company, this decline resulted from the halt of all shipments to Algeria in the second quarter, related to the import control policy implemented by that country. In the Middle East and Africa region, half-year revenue fell to €1,095 thousand, compared to €2,817 thousand over the same period in 2025.
This lost revenue was only partially offset by the growth in sales in Europe (excluding France), which reached €945 thousand for the half-year, compared to €283 thousand in 2025. Sales in other regions remained stable. The order backlog stood at €2.8 million at September 30, 2026, compared to €2.7 million at June 30, 2025.
Gross margin of 38% and increased operating loss
Gross margin reached €1,467 thousand in the first half of 2026, compared to €2,051 thousand a year earlier, representing a rate of 38%, down 4 percentage points compared to the first half of 2025. The company attributes this deterioration to an unfavorable product mix effect.
Operating expenses declined by 7%, to €2.8 million compared to €3.0 million at June 30, 2025, mainly due to a decrease in purchases and other external charges. EBITDA stood at -€1,194 thousand, compared to -€673 thousand in the first half of 2025, and operating profit at -€1,523 thousand, compared to -€963 thousand.
After a financial result of -€224 thousand related to interest on financing in place, the group's net loss reached -€1,699 thousand for the half-year, compared to -€1,005 thousand a year earlier.
Cash position of 350,000 euros supported by Camlin Fine Sciences
At September 30, 2026, Vinpai's cash position stood at €350,000, compared to €498,000 at December 31, 2025. The company states that it has received assurance that its majority shareholder, Camlin Fine Sciences, will provide the working capital necessary to continue its activities according to the going concern principle.
For the coming months, Vinpai intends to return to its historical growth rate while controlling its cost structure. The group is relying on Camlin's commercial organization to develop its sales and return to profitability.
The half-yearly financial report will be made available before October 31, 2026. The next publication, third quarter 2026 revenue, is expected on October 30, 2026 after market close.
