BOA Concept (ALBOA) H1 2026 earnings summary

Executive summary

• Consolidated revenue for H1 2026 increased by 4.8% year-over-year to €11.41M, driven by a strong rebound in France and innovation in software solutions.

• EBITDA remained negative at -€1.45M, slightly worse than -€1.40M in H1 2025, with some sources reporting -€1.7M.

• Net result (Group share) was a loss of €1.56M, nearly unchanged from H1 2025.

• Commercial momentum was supported by the launch of a new software suite and a solid base of recurring clients.

Financial highlights

• Revenue rose to €11.41M from €10.89M year-over-year.

• Operating loss widened to -€2.12M from -€2.14M, with some sources reporting -€2.1M.

• Cash and cash equivalents at €3.74M at June 30, 2026.

• Equity stood at €12.69M, with financial debt of €6.71M; net financial debt reported at €3.0M.

• Debt-to-equity ratio: 53%, stable from 51% at end-2025.

Outlook and guidance

• Commercial activity rebounded in France with several significant contracts signed.

• Strong order book and project pipeline in France and Canada support expectations for growth in H2 2026 and improved visibility for H1 2027.

• New software suite (BOA Central Suite) launched and operational at multiple client sites.

• International expansion accelerating, especially via the Canadian subsidiary, which is expected to contribute positively in H2.

• Belgian operations expected to decline in H2 due to ongoing project challenges.