Valbiotis (ALVAL) H1 2025 earnings summary

Executive summary

• Maintained a robust schedule of product launches in France, with commercial acceleration planned for the second half of 2025, supported by a successful capital increase at the end of June.

• Strategic focus shifted from R&D to commercial deployment, with new products in the Valbiotis®PRO and ValbiotisPlus® ranges launched.

• International expansion targeted, with the first distribution agreement expected by year-end.

Financial highlights

• Revenue for H1 2025 was €332K, up from €35K in H1 2024, reflecting the start of direct product commercialization.

• Net loss for H1 2025 was €4,593K, compared to a €3,503K loss in H1 2024, mainly due to the absence of a one-off IFRS 15 gain from a terminated NHS contract in 2024.

• Operating expenses decreased by 36% to €5,053K, driven by reduced R&D costs and structural savings.

• Cash and equivalents at June 30, 2025, stood at €13,233K, up from €11,580K at December 31, 2024, due to a €6.9M capital increase.

Outlook and guidance

• Commercial deployment to intensify in France (B2B and B2C channels) and internationally through regional partnerships.

• Strategic ambitions reaffirmed: revenue >€25M and positive EBITDA by 2027; >€100M revenue and 25–30% EBITDA margin by 2030, with at least 30% from international markets.

• Ongoing efforts to secure non-dilutive financing, including bank loans and export insurance.