2CRSI SA (AL2SI) H1 25/26 earnings summary

Executive summary

• Revenue surged by 880% year-over-year in H1 2025/2026 to €204.7M, driven by strong demand for the Godì 1.8 server range and expansion in North America, Europe, and Asia.

• EBITDA reached €9.6M, up 4.6x from the prior year, with net income at €8.6M, reflecting a favorable product mix and operational leverage.

• Major contracts were secured in the UK ($54M), Malaysia (€47M), California ($290M), and Japan (€140M), boosting international presence.

• Strategic partnerships with NAFFCO (MEA) and Valeo (edge cooling) support expansion and innovation in AI and data center infrastructure.

• Acquisition of Green Data completed and fully consolidated.

Financial highlights

• Revenue: €204.7M for H1 2025/2026 vs. €20.9M in H1 2024/2025.

• EBITDA: €9.6M vs. €2.0M year-over-year.

• Net income: €8.6M vs. €2.6M year-over-year.

• Net debt: €2.3M, with a net debt-to-equity ratio of 5.87%.

• Cash position: €8.9M at period end.

Outlook and guidance

• Revenue target for FY 2025/26 upgraded to exceed €300M, with potential to surpass €400M depending on project deployment.

• EBITDA guidance raised to above €36M for the full year.

• For FY 2026/27, the company targets revenue above €1B, supported by strong commercial visibility and project pipeline.

• Positioned for continued growth in AI, cloud, and HPC markets, with a focus on energy-efficient solutions.

• Ongoing R&D and product launches (e.g., Atlas 1.8GG, Godì 1.8 with NVIDIA B200/B300 GPUs) to maintain technological leadership.