VALBIOTIS SA: First-half 2026 results

First-half 2026 results

Sales organization, product offering, international:
three catalysts fully activated to accelerate sales

• France: a sales organization now fully operational (3 regional directors, 19 medical promotion officers), supported by 25 partner pharmacy groups bringing together nearly 4,800 pharmacies; 599 client pharmacies (+26% in six months)
• A complete ValbiotisPRO® range following the launch of ValbiotisPRO® Foie: four solutions with clinically demonstrated efficacy and first-rate scientific recognition (publication in Nature Communications)
• International: three key agreements signed; Chinese joint venture ready for first sales by the end of 2026; first product registrations in the Middle East in the first half of 2027
• Half-year revenue of €0.8M (+130%), in line with the announced range, and a limited increase in operating expenses (+8%, to €5.5M)
• Cash position of €11.7M as of June 30, 2026, strengthened by the June capital increase, providing a cash runway to the end of 2027
• Withdrawal of the financial ambitions communicated to the market for the 2026-2030 period;
  Confidence in the acceleration of the growth trajectory as early as the second half of 2026
• A strengthened strategic direction: to become a reference player in cardiometabolic products on an international scale

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La Rochelle, October 12, 2026 (5:40 PM CEST) – Valbiotis (FR0013254851 – ALVAL, PEA/PME eligible), a French laboratory specializing in cardiometabolic health, announces its results for the first half of 2026 and provides an update on its roadmap and outlook.

First-half 2026 results: strong business growth and a strengthened financial position

Financial statements as of June 30, 2026: controlled expenses amid strong business growth

The Company’s half-year financial statements, prepared in accordance with IFRS, were approved by the Management Board on October 9, 2026. They have been subject to a limited review by the Statutory Auditor and are available on the Company’s website (investisseurs.valbiotis.com).

Revenue for the first half of 2026 amounted to €0.8M, in line with the expected range (€0.8M to €0.9M), representing a 130% year-on-year increase. This growth was driven by a combined increase in the number of customers and in average basket size across both distribution channels (pharmacies and e-commerce). Within the physical distribution network, which comprised a total of 599 client pharmacies as of June 30, 2026 (+26% in six months), the average basket reached €555 in the first half of the fiscal year, compared with €471 in the fourth quarter of 2025. In the e-commerce channel, the number of customers rose by 49% compared with the end of 2025, reaching 6,022 at mid-year, with an average basket of €91.5 (compared with €88.9 in the fourth quarter of 2025).

Other operating income for the period (€1.5M) derives almost entirely from the non-cash gain related to the contribution of licenses on Valbiotis’ patents and trademarks to its Chinese joint venture, Hangzhou Valbiotis Life Health Technology.

The strong business growth was accompanied by a limited increase in operating expenses (+8%, to €5.5M), reflecting tight control of the cost structure. Sales and marketing expenses rose by 16% (to €3.0M), in connection with the strengthening of the sales force (medical promotion officers) and investments in sales tools and digital communications. General and administrative expenses increased by 70% (to €1.4M) as a result of non-recurring expenses related to structuring projects: legal and regulatory procedures in Asia, as well as the recruitment and upskilling of the sales force.

The cost of sales (logistics and manufacturing) represented 17% of operating expenses (excluding share-based payments), i.e. €0.9M. R&D expenses continued to decline (-67%, to €0.1M) following the completion of the clinical programs: they now account for 3% of expenses, compared with 44% two years earlier, in favor of sales and marketing expenses (55% of expenses, compared with 24% in the first half of 2024).

The net loss amounted to €3.4M at mid-year, compared with €4.6M in the first half of 2025. It includes a €0.2M loss in respect of the share of income of the Chinese joint venture, which is in a structuring phase ahead of its commercial launch, expected in the second half of 2026.

Financial position: a cash runway to the end of 2027