DJ 2CRSi SA: 2025-2026 annual results
2CRSi SA 2CRSi SA: 2025-2026 annual results 30-Oct-2026 / 20:17 CET/CEST Dissemination of a French Regulatory News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. =---------------------------------------------------------------------------------------------------------------------- Press release 2025-2026 annual results Revenue of EUR386.5 million (+75%) - EBITDA of EUR34.2 million - Net income, Group share, of EUR17.0 million -- Consolidated revenue of EUR386.5 million (+75%), driven by the success of the Godì range dedicated to artificial intelligence -- EBITDA of EUR34.2 million (x6.1 compared with the previous financial year) and EBITDA margin of 8.8% (vs. 2.5%) -- Net income, Group share, of EUR17.0 million, compared with EUR2.1 million in the previous financial year -- Shareholders' equity of EUR46.5 million and cash of EUR14.2 million at 30 June 2026; gross cash of EUR22.4 million at 27 October 2026 Strasbourg, 30 October 2026 - 2CRSi (ISIN: FR0013341781), a designer and manufacturer of high-performance, energy-efficient servers, publishes its consolidated results for the 12-month financial year ended 30 June 2026. The annual and consolidated financial statements were approved by the Board of Directors at its meeting of 30 October 2026. The statutory auditor has indicated that it expects to issue a disclaimer of opinion on the annual and consolidated financial statements for the financial year ended 30 June 2026. The Annual Financial Report, including the statutory auditor's reports, will be published on 31 October 2026. Consolidated key figures In EURm 2024-2025 2025-2026 Change Revenue 220.7 386.5 + 75% EBITDA (1) 5.6 34.2 x 6.1 EBITDA margin 2.5% 8.8% + 6.3 pts Depreciation, amortisation, impairment and provisions (4.0) (15.5) Operating income 1.6 18.7 x 11.7 Financial result (0.2) (0.0) Exceptional result 1.4 - Income tax (0.6) (1.6) Net income, Group share 2.1 17.0 x 8.0
Consolidated financial statements prepared in accordance with French accounting standards (ANC Regulation 2020-01) - 12-month financial years ended 30 June. (1) EBITDA corresponds to operating income before depreciation, amortisation, impairment and provisions.
Activity over the financial year
Consolidated revenue for the 2025-2026 financial year amounted to EUR386.5 million, compared with EUR220.7 million in the previous financial year, an increase of 75%. This growth was mainly driven by the commercial success of the Godì 1.8 range and by structurally strong demand for infrastructure dedicated to artificial intelligence and high-performance computing. The expansion of the customer base in Europe and Asia, together with sales to Neo Cloud players and the Defence sector, provided additional growth drivers.
The Group's European companies invoiced 89% of consolidated revenue, and 82% of sales and services were made to customers located outside Europe. 2CRSi SA now generates 96% of consolidated revenue (EUR370.9 million), whereas activity in the previous financial year was concentrated in the US subsidiary, 2CRSi Corporation (EUR4.3 million over the year, compared with EUR185.0 million). The Group's largest customer accounted for less than 20% of consolidated revenue.
Services revenue reached EUR27.7 million, compared with EUR8.3 million in the previous financial year. It includes a services and exclusive intellectual property rights transfer agreement with Holding Alain Wilmouth (HAW), the Group's parent company and a related party, for a total amount of EUR14.04 million excluding VAT. This agreement concludes a design and engineering programme launched in July 2024, relating to a 14.4 MW modular high-performance computing infrastructure dedicated to artificial intelligence ("AI Factory - AI Modular Data Center B300").
The annual revenue of EUR416.2 million published on 23 July 2026[1] has been reduced to EUR386.5 million in the financial statements approved by the Board of Directors. It comfortably exceeds the target of EUR300 million set at the beginning of the financial year but falls short of the target of more than EUR400 million announced in March 2026. The Group sought a legal opinion on certain transactions carried out by its US subsidiary, the conclusions of which led to the cancellation of part of the revenue, amounting to EUR32.5 million (USD 37.9 million), and of the corresponding expenses (EUR30.5 million, or USD 35.5 million). This cancellation has no impact on the Group's cash position.
"The 2025-2026 financial year marks a change of scale for 2CRSi: our revenue grew by 75% and our EBITDA increased sixfold, driven by the success of the Godì range and by sustained demand for infrastructure dedicated to artificial intelligence. In response to the allegations made by Grizzly Research, we chose transparency by entrusting an independent firm with an investigation, from which we are drawing lessons to strengthen our internal processes, particularly in terms of control and compliance. For the 2026-2027 financial year, our priority is clear: to improve our margins through the ramp-up of services and high value-added solutions, with the ÆTHER project as a catalyst."
Alain Wilmouth, co-founder and Chairman and Chief Executive Officer of 2CRSi
Results
EBITDA amounted to EUR34.2 million, compared with EUR5.6 million a year earlier, a 6.1-fold increase; the EBITDA margin came to 8.8%, compared with 2.5% in the previous financial year. It is EUR1.8 million below the target announced in March 2026, owing to the revenue cancellation mentioned above.
Depreciation, amortisation, impairment and provisions amounted to EUR15.5 million, compared with EUR4.0 million. This increase mainly results from the application of the Group's impairment policies to inventories, based on their age, turnover and observed market prices, and to trade receivables, based on their age. Operating income thus reached EUR18.7 million, compared with EUR1.6 million.
After a near-zero financial result and a tax charge of EUR1.6 million, net income, Group share, amounted to EUR17.0 million, compared with EUR2.1 million for the previous financial year, which included an exceptional result of EUR1.4 million.
Financial structure and cash position
In EURm 30/06/2025 30/06/2026 Fixed assets 16.4 26.9 Current assets 73.7 99.9 Of which cash 1.1 14.2 Total assets 90.1 126.8 Shareholders' equity 29.2 46.5 Provisions 1.1 3.3 Borrowings and financial debt 13.0 8.4 Other current liabilities 46.8 68.6 Total equity and liabilities 90.1 126.8
At 30 June 2026, shareholders' equity amounted to EUR46.5 million, compared with EUR29.2 million a year earlier. Borrowings and financial debt were reduced from EUR13.0 million to EUR8.4 million, as the Group continued to pay down its bank debt. Cash reached EUR14.2 million, compared with EUR1.1 million.
Cash flow from operating activities amounted to EUR7.9 million (EUR2.4 million in 2024-2025): cash flow from operations before changes in working capital, of EUR22.3 million, was partly absorbed by the increase in working capital requirement (EUR14.4 million). Cash flow from financing activities (+EUR7.0 million) includes in particular a +EUR11.6 million change in the shareholder current account and EUR5.7 million in loan repayments. At 30 June 2026, the current account payable to HAW amounted to EUR14.2 million and receivables from HAW to EUR16.9 million.
At 27 October 2026, the Group's gross cash position amounted to EUR22.4 million, supplemented by EUR6.0 million in available financing facilities (bank overdraft, undrawn short-term credit lines, unused Bpifrance advance). Based on its cash flow forecasts, Management believes that the Group will have sufficient resources to meet its commitments and financing needs over the next twelve months; the financial statements have been prepared on a going concern basis.
Independent investigation conducted following the Grizzly Research report
The conclusions of the independent investigation conducted following the report published on 18 June 2026 by Grizzly Research LLC were the subject of a press release published by the Company on 29 October 2026[2], to which readers are invited to refer. The independent expert's report was provided to the statutory auditor as part of the audit of the financial statements for the financial year ended 30 June 2026.
Statutory auditor's disclaimer of opinion
The statutory auditor expects to issue reports concluding in a disclaimer of opinion on the annual and consolidated financial statements for the financial year ended 30 June 2026, owing to:
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