Hunyvers (ALHUN) H1 2026 earnings summary

Executive summary

• Revenue for the first half ended February 2026 was €47.6M, down 2.2% year-over-year, with a nearly stable Q2 (-0.9%).

• Gross margin rate improved to 21.4% (+0.4 pts), with gross profit stable at €10.2M.

• Net loss for the period was €3.75M, compared to a €2.76M loss in the prior year.

• Operating loss widened to €3.01M, reflecting seasonal effects and increased marketing/event costs.

• Integration of Les Chantiers Navals du Bassin d'Arcachon contributed €1.2M to revenue.

Financial highlights

• Consolidated revenue: €47.6M (vs. €48.7M prior year, -2.2%).

• Gross profit: €10.2M, gross margin rate 21.4% (+0.4 pts YoY).

• Operating loss before amortization: €3.01M (vs. €1.89M prior year).

• Net loss: €3.75M (vs. €2.76M prior year).

• Financial expenses decreased by 8.6% to €0.8M.

Outlook and guidance

• Acceleration expected in H2 2025-2026, driven by both segments.

• Nautisme to benefit from a favorable base and strong start to high season, though visibility remains limited due to economic/geopolitical context.

• Leisure vehicles segment supported by new 2026 ranges and robust order intake, but delivery delays may defer revenue.

• Full-year revenue and operational profitability targets remain achievable, contingent on delivery normalization and sustained Nautisme momentum.

• Exclusive negotiations to acquire IBH Services could expand revenue base to over €180M and enhance geographic coverage and synergies from 2026-2027.