Ecoslops (ALESA) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 21% YoY to €7.274M; EBITDA turned positive at €326K from -€74K, and net loss narrowed to €578K from €991K.

• Higher refined-product prices and port-services revenue supported results, partly offset by lower volumes, weaker gross margin and working-capital outflows.

Financial highlights

• Revenue increased €1.270M YoY; gross margin was €3.874M and its rate fell to 53.3% from 59.2%.

• EBITDA was €326K versus -€74K; operating loss after depreciation improved to €279K from €728K.

• Net loss was €578K versus €991K; basic and diluted EPS were -€0.11 versus -€0.19.

• Financial result was -€338K; income-tax benefit was €39K, including a €100K research tax credit benefit and €37K deferred-tax expense.

• Gross margin rate declined 5.9 percentage points; activity mix accounted for 1.1 points and higher raw-material and maritime transport costs for 3.5 points.

Outlook and guidance

• Continuity beyond one year depends on renewal of the Sines port sub-concession, due to expire in August 2027, and commercial development of Scarabox/Scarabatch.

• GALP’s concession decision is expected in H2 2026; options include competitive tender, negotiated renewal or internalization.

• Bpifrance extended export-financing support for the Côte d’Ivoire Scarabox project through January 2027; the investment decision was delayed after the 2025 election and government formation.

• Discussions continue with other prospects for turnkey Scarabox and Scarabatch plants.