Wood Builders: Activity Down in First Half of 2026, Gross Margin at 33%
Les Constructeurs du Bois (LCB) published on September 30, 2026 first-half 2026 results marked by a decline in activity, attributed to signature deferrals and project start delays.
The eco-construction timber specialist nonetheless indicates having improved its gross margin rate and anticipates a recovery in works during the second half of the year, with already secured projects and new files identified and being secured.
Gross Margin at 33% Despite Activity Decline
In the first half of 2026, LCB's gross margin stands at €1.86 million, representing a profitability rate of 33%, up 4 percentage points compared to the same period of the previous fiscal year. The group attributes this improvement to the control of its supply chain, despite tensions on raw material costs, as well as to the integration of its engineering office, which enabled it to internalize an increasing share of technical studies in structure and thermal engineering.
EBITDA, however, comes in at €0.61 million, down. The group explains this development primarily by the decline in activity, which makes it more difficult to absorb fixed charges, and to a lesser extent by the increase in personnel costs (€0.41 million, up 18.1%), following recruitments made in 2025.
Operating profit stands at €0.55 million, revealing an operating margin close to 10%. After a financial result of -€0.46 million (improved by +€0.29 million) and a tax charge of €0.02 million, net income reaches €0.07 million, compared to €0.32 million in the first half of 2025.
Project Delays Representing Over €20 Million
The decline in revenue is linked to several signature deferrals and delays in the start of certain projects, preventing the recognition of part of the expected revenues. These setbacks notably concern the Thaon and Les Forges programs, the Eco'City in Houdemont and the Cambium Campus in Anould, which globally represent a business volume of over €20 million.
According to the group, most of the operations concerned are now underway or about to be. The decline in activity and project delays are reflected in the financial structure as of June 30, 2026: inventories and work in progress increase to €16.46 million, compared to €13.78 million at December 31, 2025, while customer accounts and related accounts decrease to €4.72 million, compared to €7.91 million at end-2025, in line with the decline in revenue.
Working capital requirement stands stable over the semester at €13.30 million. Gross financial debt as of end-June 2026 stands at €15.22 million, compared to €15.04 million at end-2025, and gross cash at €3.25 million, down €0.18 million. Equity amounts to €5.60 million, including the net result for the period.
Rebound Expected in Second Half with €30 Million in New Files
LCB confirms an improving trend in the second half of the year, with the expected signature of secured projects from last year. The group cites alongside new files, identified and being secured in Greater Nancy, in the Nice region and at the Luxembourg border, whose volume is estimated at approximately €30 million.
The group further indicates that it carried out, during the first half of 2026, optimizations of its human capital, which should result in a decrease in the payroll in the second half.
For future fiscal years, LCB says it remains confident in its strategic choices in eco-construction timber, on a French market marked by a shortage of available housing and a need to reduce the carbon footprint of buildings. The next publication, covering 2026 annual revenue, is scheduled for February 17, 2027, after market close.
