Valbiotis (ALVAL) H2 2025 earnings summary

Executive summary

• Achieved key milestones in commercial expansion in France and internationally, including major partnerships in Asia and the Middle East.

• Expanded product portfolio and strengthened pharmacy distribution, doubling products available in pharmacies by year-end.

• Reduced operating expenses by 30% while increasing commercial and marketing investments.

• Built solid foundations for future growth, with a strong cash position supporting 2026 plans.

Financial highlights

• 2025 turnover reached €905,000, up from €175,000 in 2024, with Q4 sales of €400,000 (2.3x Q3 2025, 5x Q4 2024).

• Net loss for 2025 was €9,417,000, an improvement from €10,025,000 in 2024.

• Operating expenses decreased 30% to €10.54M, driven by an 80% reduction in R&D costs and 32% drop in overheads.

• Cash and cash equivalents at year-end 2025 were €8.68M, providing visibility through end of 2026.

• Positive cash impact of €4.2M from cost savings; capital increase in June 2025 raised €5.7M.

Outlook and guidance

• Expects further acceleration in commercial momentum in 2026, with first international revenues from Asia and Middle East partnerships.

• Ongoing discussions for new international partnerships.

• Reaffirms 2027 goal: turnover >€25M and positive EBITDA in France; 2030 goal: turnover >€100M, EBITDA margin 25–30%.