Context: The article discusses the financial performance of a company in the face of external challenges. It highlights the company’s resilience in maintaining its EBITDA margin despite a slight decrease in revenue.
Fact Check: The article mentions a decrease in net profit due to financial results, such as losses related to currency exchange rates.
The company’s financial performance appears to be stable, but there are concerns about a growing commercial fragility that may impact its future prospects.
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The resistance of the economic model to external shocks
The consolidated turnover of 402.5 million euros shows a measured decline of -1.3% at constant exchange rates, while EBITDA stands at 71.2 million euros, within the announced range (70 – 72 million euros). The EBITDA margin remains stable at 17.7%, almost identical to that of 2024 (18%). This stability in margins despite a slight decline in revenue illustrates the group’s operational discipline: external charges decreased by 4.2%, from 100.7 million euros to 96.5 million euros, while personnel costs remained stable at 89.9 million euros. The net result, although lower at 10.2 million euros compared to 15.8 million euros in 2024, primarily reflects the impact of deteriorated financial results (exchange losses of 2.8 million euros related to the euro/dollar). In terms of cash flow, the group shows a free cash flow of 49.4 million euros, up by 13.8 million euros compared to 2024, and maintains a available cash reserve of 46.8 million euros, remaining in a positive net position.
A financial performance that conceals an increasing commercial fragility
These consolidated figures reflect a certain adaptability, but they mask contrasting regional dynamics and, above all, a sharp commercial slowdown in early 2026. The order book, a key indicator of future visibility, stood at 122.7 million euros as of December 31, 2025. However, from February 2026, business volumes totaled 99.5 million euros, contracting by 9.8% at constant exchange rates. For company-owned stores, the situation worsens: a turnover of 59.2 million euros, representing a decrease of 13.5% at constant exchange rates. This erosion is not uniform: it is particularly severe in the United States/Canada (-28% by the end of February in current exchange rates), although the group cites adverse weather conditions and currency effects. Only Cuir Center, with its commercial performance and strategic closure of unprofitable stores, shows a 25% increase in EBITDA, contributing 7.7 million euros. In France, commercial operations “Les Jours Tentations” and “Design Days” in the United States give mixed signals: improvement from the beginning of the year, but without a real recovery.
2026 marked by caution and strategic wait-and-see
The group approaches 2026 “cautiously,” as stated in the press release, in the face of a geopolitical context weighing on consumption and persistently unfavorable exchange rate effects. The real estate strategy remains cautious: opening of a store in Aix-en-Provence, expansion in Luxembourg and Porto, transfer of two stores to more premium sites (Reims and Atlanta), and maintaining the pace of 5 to 10 franchises per year. The group proposes a dividend of 0.80 euros per share, a sign of confidence and its ability to support shareholders despite uncertainties. This proposal will be presented at the general meeting on June 16, 2026.
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