Fleury Michon (ALFLE) investor relations material

Executive summary

• Revenue for H1 2026 reached €420.7 million, up 3.5% year-over-year, driven by growth in both domestic and international segments and market share gains in France.

• Operating income rose sharply to €10.8 million from €0.2 million in H1 2025, reflecting improved margins and cost control after a challenging 2025.

• Net income attributable to the group was €7.1 million, compared to €5.5 million a year earlier.

• The group maintained high media investments to strengthen brand preference and continued its industrial modernization program.

Financial highlights

• Revenue: €420.7 million (+3.5% year-over-year).

• Operating margin: 2.6% (vs. 0.1% in H1 2025).

• Net income: €7.1 million (vs. €5.5 million in H1 2025).

• Free cash flow was negative at -€13.1 million due to high investment levels.

• Net debt increased to €19.5 million from €9.4 million at year-end 2025, driven by industrial investments and higher working capital needs.

Outlook and guidance

• The group expects continued uncertainty in H2 2026 due to volatile agricultural markets and geopolitical tensions, especially in the Middle East.

• No quantitative guidance provided for full-year 2026 due to market and geopolitical uncertainties.

• Strategic focus remains on strengthening core markets, accelerating innovation, expanding internationally, and improving industrial competitiveness.

• International catering is expected to remain a positive contributor, barring adverse tariff changes in the USMCA region.