Bastide Le Confort Médical (BLC) H1 2026 earnings summary

Executive summary

• Revenue grew 8.0% year-over-year to €260.4 million in H1 2025-2026, with organic growth of 8.2%.

• Operating profit increased by 12.5% to €22.2 million, and net profit surged to €30.6 million, mainly due to a gain from the sale of Baywater.

• Operating free cash flow tripled to €24.3 million, and financial leverage improved significantly to 2.77x.

Financial highlights

• EBITDA rose 10.4% year-over-year to €57.7 million, with the margin improving to 22.2%.

• Recurring operating margin was 9.0%, in line with annual targets.

• Gross margin slightly decreased to 67.6% from 68.4% due to price cuts and mix effects.

• Net profit from discontinued operations was €24.4 million, reflecting the Baywater sale.

Outlook and guidance

• Revenue target of at least €510 million and operating margin of around 9.0% confirmed for FY 2025-2026.

• Financial expenses expected to decline further in H2, supported by lower leverage.

• Group remains open to further value-driven asset disposals.