from PRODWAYS (EPA:PWG)
H1 2026 results: improvement in margins and continued execution of the disposal strategy
September 22, 2026 at 18h
In the first half of 2026, Prodways Group continued to implement its strategy, focused on divesting the Systems division's businesses and improving profitability. The Group reached a first major milestone during the period with the sale of the Software business for €35 million. At the same time, the current EBITDA margin improved significantly across the reported scope.
At the date on which the interim financial statements were approved, the process to sell the Materials business, operated by the subsidiary Deltamed, had progressed sufficiently to meet the criteria for classification as a discontinued operation under IFRS 5. The financial statements published for the first half of 2026 therefore present the Materials and Software businesses as discontinued operations, including in the historical comparative data. The Systems division included in continuing operations now consists solely of the Printers business.
On this new scope, Prodways Group generated revenue of €15.9 million in the first half of 2026, up slightly by 1% compared with the restated first half of 2025. Current EBITDA amounted to €0.6 million, representing a margin of 3.6%, an improvement of nearly 7 points.
H1 2026 consolidated income statement
| (in millions of euros) | H1 2026 | H1 2025 restated[1] | H1 2025 published | Change €m vs. H1 2025 restated | Change % vs. H1 2025 restated |
| Revenue | 15,9 | 15,7 | 27,9 | +0,2 | +1% |
| Current EBITDA[2] | 0,6 | -0,5 | 2,7 | +1,1 | n.a. |
| Current EBITDA margin | 3,6% | -3,2% | 9,5% | +6.7 pts | n.a. |
| Income from ordinary activities2 | -1,0 | -1,9 | 0,7 | +1,0 | n.a. |
| Other operating income | 0,0 | -0,1 | -0,3 | +0,1 | n.a. |
| Operating income | -1,0 | -2,0 | 0,4 | +1,0 | n.a. |
| Financial result | -0,2 | -0,3 | -0,3 | +0,1 | n.a. |
| Taxes | -0,1 | 0,2 | -0,5 | -0,3 | n.a. |
| Net income from discontinued operations | 16,3 | 1,8 | 0,0 | +14,6 | n.a. |
| Consolidated net income | 15,1 | -0,4 | -0,4 | +15,4 | n.a. |
The financial statements presented above were approved by the Company's Board of Directors, which met on September 22, 2026. Since the Company's transfer to Euronext Growth, the interim financial statements are not subject to a review by the Statutory Auditors. The full financial statements are available in the appendix to this press release.
Revenue and income from ordinary activities by division[3]
| (in millions of euros) | H1 2026 | H1 2025 restated1 | H1 2025 published | Change €m vs H1 2025 restated | Change % vs H1 2025 restated | |
| Systems | Revenue | 1,7 | 1,4 | 13,6 | +0,3 | +19% |
| Current EBITDA2 | -0,1 | -0,5 | 2,1 | +0,3 | n.a. | |
| Current EBITDA margin (%) | -9% | -32% | 16% | +24 pts | - | |
| Income from ordinary activities2 | -0,5 | -0,6 | 1,4 | +0,1 | n.a. | |
| Products | Revenue | 14,2 | 14,3 | 14,3 | -0,1 | 0% |
| Current EBITDA2 | 1,4 | 1,2 | 1,2 | +0,2 | +21% | |
| Current EBITDA margin (%) | 10% | 8% | 8% | +2 pts | - | |
| Income from ordinary activities2 | 0,1 | -0,2 | -0,2 | +0,3 | n.a. | |
Revenue: stable activity in the first half of 2026
In the first half of 2026, Prodways Group generated revenue of €15.9 million, up slightly by 1% compared with the restated first half of 2025. This change reflects growth in the Systems division, which now consists solely of the Printers business, while revenue in the Products division remained stable.
Systems division – printers activity
The Printers business generated revenue of €1.7 million in the first half of 2026, up 19% compared with the first half of 2025. This growth was mainly driven by MovingLight printers for ceramic applications.
Following several years of development work with major aerospace companies, certain applications are gradually moving from qualification and development phases into serial production. This momentum has continued since the end of the period, with an order for around ten MovingLight printers signed with a US aerospace industrial player, for a total value of a few million euros. Deliveries will take place throughout 2027.
Products division
The Products division generated revenue of €14.2 million in the first half of 2026, stable compared with the first half of 2025.
The Digital Manufacturing business improved progressively over the period. In France, the increase in order intake observed over several quarters translated into revenue growth of nearly 10% in the second quarter. This momentum was partly offset by lower activity in Germany. In a weakened competitive environment, Prodways is beginning to benefit from market share gains as a result of its commercial efforts and financial discipline.
In Audiology, following a slight decline in the first quarter, revenue stabilized in the second quarter. Commercial initiatives helped broaden the customer base, although performance continued to be affected by internal execution issues. The consolidation of sites into more suitable premises should help resolve some of these difficulties.
A marked improvement in the current EBITDA margin
Prodways Group generated current EBITDA of €0.6 million in the first half of 2026, compared with -€0.5 million in the restated first half of 2025. The current EBITDA margin therefore reached 3.6%, an improvement of nearly 7 points. This increase reflects improved profitability in both divisions and lower corporate costs.
The Systems division significantly reduced its losses, with current EBITDA of -€0.1 million, compared with -€0.5 million in the restated first half of 2025. The current EBITDA margin improved by 24 points to -9%. This improvement was driven by higher volumes in the Printers business, resulting in much better absorption of fixed costs.
The Products division generated current EBITDA of €1.4 million, up 21% despite stable revenue. The current EBITDA margin reached 10%, compared with 8% in the first half of 2025, reflecting the impact of the measures implemented to improve the profitability of the division's businesses.
Lastly, corporate costs decreased by nearly €0.5 million to -€0.7 million, compared with -€1.2 million in the restated first half of 2025. This change made a significant contribution to the improvement in Group profitability.
Operating income of -€1.0 million
After depreciation, amortization and provisions, income from ordinary activities amounted to -€1.0 million in the first half of 2026, an improvement of nearly €1.0 million compared with the restated first half of 2025. The Products division returned to positive income from ordinary activities of €0.1 million, while the Systems division reduced its loss slightly to -€0.5 million.
As other items of operating income were not material, operating income also amounted to -€1.0 million, compared with -€2.0 million in the restated first half of 2025.
Net income of €15.1 million, driven by the sale of the Software business
The financial result represented an expense of €0.2 million, compared with €0.3 million in the restated first half of 2025. After tax, net income from continuing operations amounted to -€1.3 million.
Net income from discontinued operations amounted to €16.3 million, including a €17.4 million capital gain on the sale of the Software business, completed in May 2026. As a result, consolidated net income amounted to €15.1 million.
A strengthened financial position
Continuing operations generated cash flow from operations of €0.2 million in the first half of 2026, compared with -€0.6 million in the restated first half of 2025. Working capital requirements represented a cash outflow of €0.5 million, broadly stable year on year. As a result, net cash flow generated by operating activities was -€0.3 million.
Capital expenditure remained under control at €1.0 million over the period. In addition, the sale of the Software business generated net cash proceeds of €31.5 million, bringing cash from continuing operations to €34.4 million at June 30, 2026. Excluding IFRS 16 lease liabilities, Prodways Group therefore had net cash of €25.1 million at June 30, 2026, compared with net debt of €4.4 million at December 31, 2025.
€20 million returned to shareholders through the public share buyback offer
Following the sale of the Software business, Prodways Group launched a public share buyback offer for a total amount of €20 million, with the aim of returning a significant portion of the disposal proceeds to shareholders. The offer, which ran from July 7 to July 28, 2026 inclusive, provided for the repurchase of up to 18,181,818 shares at a price of €1.10 per share.
As the number of shares tendered exceeded the maximum number sought, Prodways Group repurchased 18,181,818 shares. These shares were subsequently cancelled as part of a capital reduction completed on August 6, 2026.
Prospects for the disposal of the Materials business
Prodways Group is continuing to implement its strategy to divest the Systems division's businesses. The Materials business now generates limited synergies with the Group's other activities, particularly following the refocusing of the Printers business on MovingLight printers for ceramic applications.
At the date on which the interim financial statements were approved, the process to sell the Materials business, operated by the subsidiary Deltamed, had progressed sufficiently to meet the criteria for classification as a discontinued operation under IFRS 5. The assets and liabilities of this business are therefore presented as held for sale in the financial statements at June 30, 2026.
The Group will keep the market informed of the next steps in the disposal process.
Outlook and objectives for 2026
Based on the scope of continuing operations presented in the financial statements, Prodways Group confirms its objective of maintaining stable or slightly higher revenue in 2026 and improving the current EBITDA margin. The first-half performance, marked by 1% revenue growth and an improvement of nearly 7 points in the current EBITDA margin, reinforces the Group's confidence in achieving these objectives.
About Prodways Group
Prodways Group is a specialist in industrial and professional 3D printing with a unique positioning as an integrated European player. The Group has developed across the entire 3D printing value chain through high-value-added industrial solutions. Prodways Group offers a range of 3D printing systems and premium composite materials (SYSTEMS division). The Group also manufactures and markets on-demand parts, prototypes and small series in plastic and metal using 3D printing (PRODUCTS division). Prodways Group addresses a large number of sectors, particularly in the medical field.
Prodways Group is listed on Euronext Growth (FR0012613610 - ALPWG).
More information about https://www.prodways-group.com
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Contacts
INVESTOR CONTACTS
Hugo Soussan
Investor Relations
Tel: +33 (0)1 44 77 94 86 / h.soussan@prodways.com
Anne-Pauline Petureaux
Shareholder relations
Tel: +33 (0)1 53 67 36 72 / apetrureaux@actus.fr
PRESS CONTACTS
Manon Clairet
Financial press relations
Tel: +33 (0)1 53 67 36 73 / mclairet@actus.fr
Appendices
Definition of alternative performance indicators
- Current EBITDA: Operating income before "net depreciation, amortization and provisions", "other operating income" and "share in the results of associates"
- Income from ordinary activities: Operating income before "other operating income" and "share of associates' earnings".
- Net Debt / Net cash: Net debt / Net cash including treasury shares, excluding IFRS 16 lease debt
- Cash flow from operations: Cash flow generated from operations before changes in working capital requirements and after neutralization of the cost of net financial debt and taxes.
Consolidated financial statements
Classification of Deltamed under IFRS 5
At the date on which the 2026 interim financial statements were approved, the process to sell Deltamed was considered sufficiently advanced to meet the criteria for classification under IFRS 5. DeltaMed is therefore presented as a discontinued operation, with the assets and liabilities being reclassified as "assets and liabilities held for sale". Net income, as well as the cash flows generated by this activity, are presented on separate lines of the income statement and the cash flow statement, with retrospective restatement of comparative data for the 2025 financial year.
Consolidated income statement
| (in thousands of euros) | H1 2026 | H1 2025 restated | H1 2025 published |
| REVENUE | 15 855 | 15 653 | 27 877 |
| Capitalized production | 330 | 265 | 265 |
| Change in inventories of finished goods and work in progress | 84 | (603) | (712) |
| Other products of the activity | 69 | 109 | 117 |
| Purchases consumed | (8 001) | (7 777) | (11 265) |
| Personnel expenses | (7 652) | (8 020) | (13 363) |
| Taxes | (141) | (176) | (258) |
| Depreciation, amortization and provisions net of reversals | (1 528) | (1 441) | (1 986) |
| Other operating expenses, net of income | 23 | 55 | (3) |
| INCOME FROM ORDINARY ACTIVITIES | (961) | (1 934) | 672 |
| Other items of operating income | (34) | (88) | (263) |
| Share of earnings of associates | - | - | - |
| OPERATING INCOME | (995) | (2 022) | 409 |
| Financial interest on gross debt | (188) | (225) | (246) |
| Financial income from cash and cash equivalents | - | - | 2 |
| Cost of net financial debt (a) | (188) | (225) | (244) |
| Other financial income (b) | 57 | 152 | 175 |
| Other financial expenses (c) | (43) | (240) | (257) |
| Financial income and expenses (d=a+b+c) | (174) | (313) | (326) |
| Income tax | (91) | 181 | (456) |
| After-tax income from continuing operations | (1 260) | (2 154) | (373) |
| Net income from discontinued operations | 16 335 | 1 781 | - |
| CONSOLIDATED NET INCOME | 15 074 | (373) | (373) |
| EARNINGS ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT | 15 049 | (447) | (447) |
| RESULT ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 25 | 73 | 74 |
| Average number of shares | 50 578 420 | 50 597 688 | 50 597 688 |
Cash flow statement
| (in thousands of euros) | H1 2026 | H1 2025 restated | H1 2025 published |
| NET INCOME FROM CONTINUING OPERATIONS | (1 260) | (2 154) | (373) |
| NET INCOME FROM DISCONTINUED OPERATIONS | 16 334 | 1 781 | |
| CONSOLIDATED NET INCOME | 15 074 | (373) | (373) |
| Calculated expenses and income | 1 196 | 1 374 | 1 925 |
| Elim. of divestiture results and dilution gains and losses | 9 | 181 | 178 |
| Elim. of the result of the equity accounts | - | - | - |
| Elim. of disposal results and dilutive gains and losses and calculated income and expenses from discontinued operations | (16 567) | 548 | - |
| Cash flow from operations (before neutralization of the cost of net financial debt and taxes) | (289) | 1 730 | 1 730 |
| Of which continuing operations | (56) | (599) | - |
| Elim. of charge related to the cost of net financial debt | 188 | 226 | 244 |
| Elim. of the tax charge (product) | 91 | (182) | 456 |
| Elimination of the expense of taxes and financial interest paid related to discontinued operations | 278 | 656 | - |
| Cash flow from operations (after neutralizing the cost of net financial debt and taxes) | 268 | 2 430 | 2 430 |
| Of which continuing operations | 224 | (555) | - |
| Taxes paid | (77) | 113 | (547) |
| Change in working capital requirement | (476) | (499) | (191) |
| Taxes and financial interest paid and change in working capital related to discontinued operations | (40) | (354) | - |
| Net cash flow from operating activities (a) | (325) | 1 690 | 1 692 |
| Of which continuing operations | (327) | (939) | - |
| Investing activities | |||
| Acquisition of intangible assets | (386) | (420) | (497) |
| Acquisition of property, plant and equipment | (603) | (311) | (339) |
| Sale of intangible and tangible assets | - | 49 | 50 |
| Acquisition of financial assets | - | (38) | (39) |
| Disposal of financial assets | 22 | - | 19 |
| Net cash acquisition/disposal of subsidiaries | 31 518 | - | - |
| Investing activities of discontinued operations | (111) | (85) | - |
| Net cash flow from investing activities (B) | 30 440 | (805) | (806) |
| Of which continuing operations | 30 551 | (719) | - |
| Financing activities | |||
| Capital increase | - | - | - |
| Dividends paid to group shareholders | - | - | - |
| Dividends paid to minority shareholders | - | (51) | (52) |
| Other capital transactions | 14 | 6 | 6 |
| Proceeds from borrowings | 890 | - | - |
| Repayment of borrowings and lease liabilities | (2 590) | (2 618) | (2 954) |
| Net financial interest paid | (185) | (178) | (197) |
| Financing activities of discontinued operations | (280) | (355) | - |
| Net cash flow from financing operations (C) | (2 151) | (3 196) | (3 197) |
| Of which continuing operations | (1 870) | (2 841) | - |
| Cash flow from continuing operations (D= A+B+C) | 28 354 | ( 4 499 ) | ( 2 311 ) |
| Cash flow from discontinued operations | ( 390 ) | 2 188 | - |
| Change in cash and cash equivalents | 27 964 | (2 311) | (2 311) |
| Impact of exchange rate changes | - | (3) | (3) |
| Opening cash position | 8 894 | 11 957 | 11 957 |
| Of which cash and cash equivalents net from continuing operations | 2 635 | 4 110 | |
| Of which cash and cash equivalents net of discontinued operations | 6 259 | 7 847 | |
| Closing cash position | 36 858 | 9 643 | 9 643 |
| Of which cash and cash equivalents net from continuing operations | 34 382 | 2 752 | |
| Of which cash and cash equivalents net from discontinued operations | 2 476 | 6 891 | |
Consolidated balance sheet - assets
| (in thousands of euros) | 30/06/2026 | 31/12/2025 |
| Non-current assets | 35 737 | 41 917 |
| Goodwill | 19 631 | 24 494 |
| Other intangible assets | 2 539 | 2 950 |
| Property, plant and equipment | 6 432 | 6 811 |
| Right-of-use assets | 5 918 | 6 252 |
| Investments in associates | - | - |
| Other financial assets | 183 | 356 |
| Deferred tax assets | 1 032 | 1 054 |
| Current assets | 47 905 | 20 355 |
| Net inventories | 2 869 | 4 393 |
| Net trade receivables | 5 515 | 5 258 |
| Contract assets | - | 541 |
| Other current assets | 4 548 | 4 428 |
| Current tax assets | 583 | 425 |
| Cash and cash equivalents | 34 390 | 5 310 |
| Assets held for sale | 12 031 | 35 124 |
| total ASSETS | 95 673 | 97 396 |
Consolidated balance sheet - liabilities
| (in thousands of euros) | 30/06/2026 | 31/12/2025 |
| SHAREHOLDERS' EQUITY, GROUP SHARE | 68 394 | 53 338 |
| Share capital | 25 875 | 25 875 |
| Share premiums | 86 369 | 86 369 |
| Consolidated reserves and earnings | (43 851) | (58 906) |
| NON-CONTROLLING INTERESTS | - | 214 |
| NON-CURRENT LIABILITIES | 11 927 | 12 420 |
| Long-term provisions | 491 | 474 |
| Long-term financial debts - share of more than one year | 6 350 | 6 565 |
| Lease liabilities- share with more than one year | 5 085 | 5 291 |
| Deferred tax liabilities | - | 90 |
| CURRENT LIABILITIES | 13 570 | 14 486 |
| Short-term provisions | 377 | 639 |
| Long-term financial liabilities - less than one year share | 2 958 | 3 879 |
| Lease liabilities- share with less than one year | 1 162 | 1 322 |
| Trade payables | 3 517 | 3 212 |
| Contract liabilities | - | 393 |
| Other current liabilities | 5 552 | 5 038 |
| Current tax liabilities | 3 | 3 |
| LIABILITIES HELD FOR SALE | 1 781 | 16 938 |
| Total equity and liabilities | 95 673 | 97 396 |
[1] Income statement restated following the classification of the Materials and Software activities as discontinued operations in accordance with IFRS 5.
[2] See the Glossary in the appendix for the definition of alternative performance indicators
[3] The sum of the aggregates of the two divisions must be adjusted for intra-group eliminations and corporate costs, representing an expense of €0.7 million in H1 2026 income from ordinary activities, to reconcile with the consolidated result presented above.