Vinpai: Revenue Down 55.6% in the Third Quarter, Deprived of Sales in Algeria
The decline in Vinpai's sales deepened in the third quarter of 2026. The Morbihan-based producer of functional ingredients derived from seaweed and plants announced on 9 November 2026 quarterly revenue of €1,050k, down 55.6%, while the decline reached 32.9% over the first nine months, to €4,875k.
The gap between these two rates is due to the extension into the third quarter of the halt in shipments to Algeria that occurred in the second quarter. Meanwhile, the order book remained stable at €2.8M as of 30 September 2026, a level on which the company is basing its fourth-quarter activity.
The Quarterly Decline Is Steeper Than the Year-to-Date Decline
In the third quarter alone, sales fell from €2,365k to €1,050k. Over nine months, they dropped from €7,262k to €4,875k: as the quarterly decline is more pronounced than the cumulative one, the third quarter weighed more heavily than the first half on the year's decline.
According to the company, this decline is “the direct consequence” of the extension into the third quarter of the sudden halt of all shipments to Algeria. This halt followed the introduction of import controls by that country during the second quarter.
In its half-year results published on 1 October 2026, Vinpai already cited this halt among the main risks identified. The third quarter shows that the interruption continued beyond the period in which it had first appeared.
A Geographic Dependence the Management Intends to Reduce
The magnitude of the decline is linked to the structure of sales. In 2025, Vinpai generated revenue of €10.2M, of which more than 78% came from exports. In its half-year results, the group indicated that customers in the Middle East and Africa accounted for more than 50% of its sales through 2025.
Philippe Le Ray, Chief Executive Officer and co-founder, cites circumstances “beyond the company's control” and intends to “reduce our excessive dependence on this geographic area.” With the support of the majority shareholder, the company is refocusing its commercial efforts “on other geographic areas and on higher value-added product ranges.”
This refocusing relies on channels already highlighted: in the same document, dated 1 October 2026, Vinpai reported a 233% increase in its sales in Europe excluding France, to €945k from €283k. The company, a subsidiary of Camlin Fine Sciences Limited, also intends to rely on the sales organisation of this group.
A Stable €2.8M Order Book and a Target of Returning to Growth
The order book stood at €2.8M as of 30 September 2026, a stable level which, according to the company, supports the revenue expected in the fourth quarter. It matches the amount reported by the group in its half-year results.
Citing “first signs of a recovery in activity,” Vinpai aims to return to growth during the next financial year, while continuing its integration with Camlin Fine Sciences Limited, particularly on the commercial front. The company also plans to make its operating cost structure more flexible in order to adapt it more effectively to changes in activity.
The executive says he is “confident” in the group's ability to “emerge from this difficult period with a more resilient organisation” and to return to growth “in the coming months.” The 2026 annual revenue will be published on 27 January 2027, after market close.
Between a quarter deprived of Algerian sales and an order book maintained at its mid-year level, the publication places the commercial redeployment outside Algeria at the centre of the trajectory announced by management.
