Graines Voltz (GRVO) H1 2026 earnings summary

Executive summary

• Sales increased by 2.2% year-over-year to €77.6m for the first half of 2024/2025, but revenue for H1 2025/2026 was €75.3 million, down 2.9% year-over-year; on a constant scope basis, revenue declined by 1.4%.

• Operating profit on ordinary activities decreased by 10% year-over-year to €5.07m, then fell 37.3% to €3.2 million, representing 4.2% of revenue.

• Net profit group share declined by 18.4% year-over-year to €2.39m, then decreased by 22.7% to €1.8 million.

• Margin fell by 5 points, mainly due to higher production input costs and a decline in the nursery business, partially offset by cost savings.

Financial highlights

• Sales for the first half reached €77.6m, up from €75.9m in the prior year, then declined to €75.3m in H1 2025/2026.

• Gross margin rate declined by 1.1 points to 50.5%.

• Personnel expenses reduced by €1.4 million, partly due to a €0.6 million Research Tax Credit.

• Net provisions increased, negatively impacting results by €0.7 million.

• Financial expenses decreased by €0.1 million due to improved working capital management.

Outlook and guidance

• Focus on continued cost management and margin recovery initiatives.

• Management notes an unstable economic environment and inflationary pressures impacting margins.

• Inventory rationalization and restructuring initiatives are ongoing and showing positive results.

• Strengthening of top management underway.