Bio-Gate (BIG) H1 2026 earnings summary

Executive summary

• H1 revenue fell 17.7% YoY to €2.828m as portfolio and organizational changes at two major customers reduced orders; cost reductions limited the impact on earnings.

• Net loss after minority interests widened to €988k; EBITDA loss was €814k.

• Reorganization and August equity raises are intended to strengthen the cost base and financing; FY2026 guidance was lowered, with recovery toward 2025 levels targeted for 2027.

Financial highlights

• H1 revenue was €2,828k versus €3,435k; EBITDA loss was €814k versus €723k, and EBIT loss was €927k versus €840k.

• Net loss after minority interests widened to €988k from €836k; interest expense rose to €59k from €31k.

• Material costs fell to €1,083k from €1,381k and personnel costs to €1,481k from €1,558k; other operating expenses rose 4.6% to €1,254k.

• Operating cash flow was -€663k versus -€614k; period-end cash was €78k versus €705k at Dec. 31, 2025.

Outlook and guidance

• FY2026 revenue guidance was reduced to €6.0m–€6.9m from €6.9m–€7.9m; EBITDA is forecast at -€0.9m to -€1.1m and EBIT at -€1.1m to -€1.5m.

• Revenue is expected to return toward 2025 levels in 2027, conditional on development projects avoiding major delays and planned commercialization being achieved.

• Scar-treatment medical product deliveries for a major skincare customer are expected from early 2027; existing animal-care products are planned to transition into a new product line.