Winfarm returns to positive operating income in first half 2026, at 115 k€
Winfarm published half-yearly accounts on October 8, 2026 marking a return to positive operating income, at 115 k€ compared to -316 k€ a year earlier. The increase in gross margin rate, at 34.8% of revenue, is the main driver.
This turnaround is accompanied by a decrease in financial debt excluding lease debt, reduced to 25.8 M€. However, cash flows generated by operations declined, to 0.8 M€ compared to 2.4 M€ in the first half of 2025. The group attributes this gap mainly to the increase in trade receivables and the buildup of inventory ahead of expected increases in purchase prices.
Revenue up 2.3%, driven by the second quarter
In the first half of 2026, Winfarm's consolidated revenue stands at 76.2 M€, up 2.3% year-on-year. The pace changed during the period: after a 0.6% increase in the first quarter, activity rose 4.1% in the second quarter compared to the same period in 2025.
AgroSupply, representing 87% of revenue, generated 66.0 M€, up 1.4%. The group attributes this to the commercial momentum of its main brands: Vital Concept, Equideos and Kabelis. AgroProduction (11% of revenue) achieved 9.0 M€, up 8.8% for the half-year and 27.3% for the second quarter alone.
This growth is mainly driven by Alphatech's international development. Activity increased 12% in Europe and 5% in North America, which offsets the decline recorded in the Middle East, linked to the geopolitical context. Other activities, which include AgroAdvice and AgroInnovation, grow by 8.0%, notably thanks to the expanded distribution of the dairy brand "Au Pré !" among retailers such as Grand Frais.
Gross margin up, EBITDA up 9.2%
Gross margin increases by 6.0%, to 26.5 M€, or 34.8% of revenue compared to 33.6% a year earlier. Winfarm describes this rate as a historic level. It attributes this notably to its commercial discipline and the adjustment of its selling prices to the evolution of its purchasing conditions, particularly in AgroSupply.
On the expense side, personnel costs increase by 4.3%, to 10.8 M€, and external charges by 10.0%, to 12.9 M€. This latter increase results mainly from one-time expenses related to the 30th anniversary of the Vital Concept brand. To limit the effect of rising fuel costs on its logistics expenses, the group also established, on a temporary basis, a flat-rate contribution to transport costs on each invoice.
EBITDA reaches 2.7 M€, up 9.2%, and its margin increases from 3.3% to 3.5% of revenue. This level includes charges related to the development of "Au Pré !", whose ramp-up remains more gradual than expected according to the company. After depreciation declining by 7.5%, operating income stands at 115 k€.
Net income attributable to the group remains negative, at -247 k€, compared to -653 k€ in the first half of 2025. The financial result improves from -486 k€ to -445 k€.
Debt reduced to 25.8 M€, growth and EBITDA expected to increase
The self-financing gross margin stands at 2.2 M€, compared to 2.1 M€ a year earlier. Gross cash reaches 2.6 M€ on June 30, 2026. It is down compared to 3.6 M€ on December 31, 2025, but up compared to 1.5 M€ on June 30, 2025.
Financial debt excluding lease debt decreases by 1 M€ over six months, to 25.8 M€, and by 13% year-on-year, compared to 29.7 M€ on June 30, 2025. In July 2026, the group also signed a 5 M€ revolving credit line, intended to establish a liquidity reserve.
For the 2026 fiscal year, Winfarm anticipates activity growth and an increase in EBITDA. It relies on a second half that traditionally contributes more to activity and profitability. When publishing its annual results on March 31, 2026, the group had reported revenue of 146.5 M€ for fiscal year 2025. The sole analyst surveyed in our consensus anticipates 151 M€ for 2026.
Cash generation remains a stated priority in order to continue reducing financial debt. The next publication, devoted to third quarter 2026 revenue, is scheduled for November 5, 2026 after market close.
