2CRSI SA (AL2SI) H2 25/26 earnings summary

Executive summary

• FY2025-2026 revenue rose 75% to €386.5m, EBITDA increased 6.1x to €34.2m, and net income reached €17.0m, led by Godì server demand for AI infrastructure.

• Revenue was revised down from €416.2m after €32.5m of sales and €30.5m of related expenses were canceled following a legal review of US-subsidiary transactions; cash was unaffected.

Financial highlights

• Revenue was €386.5m vs. €220.7m; operating income was €18.7m vs. €1.6m; net income, Group share, was €17.0m vs. €2.1m.

• EBITDA was €34.2m vs. €5.6m; depreciation, amortisation, impairment and provisions rose to €15.5m from €4.0m, mainly due to inventory and receivables impairment policies.

• Operating cash flow was €7.9m vs. €2.4m; €22.3m of pre-working-capital operating cash flow was partly offset by a €14.4m increase in working capital.

Outlook and guidance

• FY2026-2027 priority is improving operating margins through higher-margin services and value-added solutions; revenue ambition is €1bn, excluding revenue under the USD 610m framework agreement.

• ÆTHER is expected to significantly increase order intake; Phase 1 of the 20 MW AI Factory is planned to commission from Q3 2027.

• Godì rollout will include NVIDIA B200 and B300 GPUs, followed by Rubin; customer diversification is intended to reduce reliance on key accounts.