H1 NET PROFIT UP 53%
TO EUR556K (8% OF REVENUE)
SHARP INCREASE IN NET PROFITABILITY
TO 8% OF REVENUE
H1 ADJUSTED EBITDA(1) UP 29% TO EUR950K (14% OF REVENUE)
H1 REVENUE UP 13% TO EUR 6,939 THOUSAND
SOLID FINANCIAL POSITION -- PAYMENT OF THE GROUP'S FIRST-EVER DIVIDEND
CONTINUED DEVELOPMENT OF STRATEGIC "ENGINE CONTROL" AND "FLUIDIC SYSTEMS" ACTIVITIES
SOLID OUTLOOK SUPPORTED BY A SUSTAINABLE AND PROFITABLE INDUSTRIAL BUSINESS MODEL
INVESTOR WEBINAR
TUESDAY, SEPTEMBER 1, 2026 -- 10:00 AM (CEST)
-- Strong increase in net profitability to 8% of revenue, driven by a
53% increase in net profit to EUR556 thousand and strong growth in
adjusted EBITDA1 (+29% to EUR950 thousand)
-- Sustained revenue growth in a volatile foreign exchange environment
-- Growth driven by strong momentum across all of the Group's activities:
aerospace, medical and optical communications
-- Robust industrial profitability despite the appreciation of the
Norwegian krone
-- Payment of the Group's first-ever dividend (EUR501 thousand), with
shareholders' equity increasing despite this distribution
-- Solid financial position with EUR5,679 thousand of available liquidity
as of June 30, 2026
-- Development of the "Engine Control" and "Fluidic Systems" activities
progressing according to schedule, supporting medium-term growth
-- Investor webinar: Tuesday, September 1, 2026 at 10:00 AM (CEST)
Registration link:
https://app.livestorm.co/euroland-corporate/memscap-webinaire-actionnaires-resultats-semestriels-2026?s=701e1f86-2cf5-4796-83bc-64bc4f0a81d8
GRENOBLE, France--(BUSINESS WIRE)--August 31, 2026--
Regulatory News:
MEMSCAP (Euronext Paris: MEMS), leading provider of high-accuracy, high-stability pressure sensor solutions for the aerospace and medical markets using MEMS technology (Micro Electro Mechanical Systems), today announced its revenue and results for the first half of 2026 ended June 30, 2026.
Analysis of consolidated revenue
Consistent with its previous quarterly releases, MEMSCAP reported consolidated revenue from continuing operations of EUR6,939 thousand for the first half of 2026, compared with EUR6,144 thousand in the first half of 2025, an increase of 13%.
Over the first half of 2026, the distribution of consolidated revenue from continuing operations by market segment is as follows:
Market segments / Revenue (In thousands of euros) H1 2025 H1 2025 (%) H1 2026 H1 2026 (%) ---------------------------------- ------- ----------- ------- ----------- Aerospace 4,729 77% 4,815 69% ---------------------------------- ------- ----------- ------- ----------- Medical 658 11% 1,026 15% ---------------------------------- ------- ----------- ------- ----------- Optical communications 717 12% 1,051 15% ---------------------------------- ------- ----------- ------- ----------- Others (Royalties from licensed trademarks) 40 1% 47 1% ---------------------------------- ------- ----------- ------- ----------- Total revenue from continuing operations 6,144 100% 6,939 100% ---------------------------------- ------- ----------- ------- -----------
(Any apparent discrepancies in totals are due to rounding.)
The aerospace sector, the Group's largest market, generated revenue of EUR4,815 thousand in the first half of 2026, compared with EUR4,729 thousand in the first half of 2025, representing an increase of 2% despite an unfavourable foreign exchange environment. This performance reflects MEMSCAP's strong commercial positions in this particularly dynamic strategic market. The aerospace sector accounted for 69% of the Group's consolidated revenue for the first half of 2026 (first half of 2025: 77%).
The medical business continued the positive momentum observed since the beginning of the year. Revenue reached EUR1,026 thousand in the first half of 2026, compared with EUR658 thousand in the first half of 2025, representing an increase of 56%. This growth reflects the return to a high level of activity in the Group's core Invasive Blood Pressure $(IBP)$ monitoring markets. The medical segment represented 15% of the Group's consolidated revenue in the first half of 2026 (first half of 2025: 11%).
The optical communications business, which designs and markets Variable Optical Attenuators (VOAs) under a fabless business model, generated revenue of EUR1,051 thousand in the first half of 2026, compared with EUR717 thousand in the first half of 2025, representing an increase of 47%. This growth was driven by sustained demand from data infrastructure, data center and High-Performance Computing (HPC) markets. However, second-quarter deliveries were impacted by industrial transition and qualification activities associated with the implementation of a new manufacturing process. This segment accounted for 15% of the Group's consolidated revenue in the first half of 2026 (first half of 2025: 12%).
Royalties from the dermocosmetics business amounted to EUR47 thousand in the first half of 2026, compared with EUR40 thousand in the first half of 2025, representing approximately 1% of the Group's consolidated revenue.
Analysis of consolidated income statement
MEMSCAP's consolidated earnings for the first half of 2026 are given within the following table:
In thousands of euros H1 2025 H1 2026 ----------------------------------- ------- ------- Revenue from continuing operations 6,144 6,939 ----------------------------------- ------- ------- Cost of revenue (3,577) (4,203) ----------------------------------- ------- ------- Gross margin 2,567 2,736 ----------------------------------- ------- ------- % of revenue 41.8% 39.4% Operating expenses* (2,033) (2,225) ----------------------------------- ------- ------- Operating profit / (loss) 534 511 ----------------------------------- ------- ------- Financial profit / (loss) (165) 45 Income tax expense (6) - ----------------------------------- ------- ------- Net profit / (loss) 363 556 ----------------------------------- ------- -------
(Financial data were subject to a limited review by the Group's statutory auditors. The publication of the interim condensed consolidated financial statements for the six-month period ended June 30, 2026 was authorized by the Board of Directors on August 31, 2026. Any apparent discrepancies in totals are due to rounding.)
* Net of research & development grants.
For the first half of 2026, the gross margin rate was 39.4% of consolidated revenue, compared with 41.8% in the first half of 2025. Despite higher sales volumes during the period, the gross margin rate was adversely impacted by significant unfavourable foreign exchange effects resulting from the appreciation of the Norwegian krone and the depreciation of the U.S. dollar compared with the corresponding period of the previous year. Gross margin therefore amounted to EUR2,736 thousand in the first half of 2026, compared with EUR2,567 thousand in the first half of 2025.
Operating expenses, net of research and development grants, amounted to EUR2,225 thousand in the first half of 2026, compared with EUR2,033 thousand in the first half of 2025. This increase mainly reflects higher research and development expenses, together with the strengthening of certain support functions.
The Group's average workforce, expressed in full-time equivalents (FTEs), amounted to 51.9 employees in the first half of 2026, compared with 56.3 in the first half of 2025.
As a result, operating income from continuing operations amounted to EUR511 thousand (7% of consolidated revenue) in the first half of 2026, compared with operating income of EUR534 thousand (9% of consolidated revenue) in the first half of 2025.
Financial income amounted to EUR45 thousand in the first half of 2026, compared with a financial loss of EUR165 thousand in the first half of 2025. This improvement mainly reflects changes in transaction foreign exchange gains during the period.
The income tax expense recognized in the first half of 2025 resulted from changes in deferred tax assets and had no impact on the Group's cash flow. In the first half of 2026, changes in deferred tax assets remained immaterial.
On a consolidated basis, the Group reported net income of EUR556 thousand in the first half of 2026, representing 8% of consolidated revenue, compared with net income of EUR363 thousand (6% of consolidated revenue) in the first half of 2025.
Evolution of the Group's cash / Consolidated shareholders' equity
Adjusted EBITDA(1) from continuing operations amounted to EUR950 thousand in the first half of 2026 (14% of consolidated revenue), compared with EUR738 thousand (12% of consolidated revenue) in the first half of 2025.
As of June 30, 2026, the Group's available liquidity amounted to EUR5,679 thousand (December 31, 2025: EUR6,037 thousand), including cash and cash equivalents as well as financial investments recognized under non-current financial assets.
As of June 30, 2026, MEMSCAP Group's shareholders' equity increased to EUR19,401 thousand (December 31, 2025: EUR19,039 thousand). This change includes the payment of a EUR501 thousand dividend during the first half of 2026.
The payment, during the first half of 2026, of the first dividend in the Group's history reflects MEMSCAP's commitment to sharing value creation with its shareholders on a sustainable basis, made possible by the strength of its business model, the visibility the Group enjoys across its key markets and the maintenance of a solid financial position. This dividend policy is being pursued in a prudent and disciplined manner, with priority given to maintaining a level of liquidity consistent with the Group's operating and growth requirements, the funding of its investments and the continued development of its projects.
(1) Adjusted EBITDA corresponds to operating profit including net foreign exchange gains/losses related to the Group's ordinary operations, adjusted for depreciation, amortisation and current operating provisions, and for the expense arising from the application of IFRS 2 "Share-based Payment".
Perspectives
The first-half 2026 results confirm MEMSCAP's profitable growth momentum. They notably reinforce:
- the strength of the aerospace business, the cornerstone of the Group's business model, supported by the continued development of its avionics and engine control activities;
- the continued positive momentum of the medical business, driven by sustained demand in the Group's core Invasive Blood Pressure (IBP) monitoring markets;
- continued strong demand in the optical communications market, despite the impact of industrial transition activities on second-quarter delivery volumes.
In an environment that remains marked by macroeconomic uncertainty and persistent currency volatility, the Group continues to deliver sustained growth across its activities while improving its net profitability. In particular, the continued development of the "Engine Control" and "Fluidic Systems" activities supports MEMSCAP's growth ambitions for the years ahead and represents a driver of diversification and value creation over the medium term.
Investor webinar - Tuesday, September 1, 2026, at 10:00 AM (CEST)
Registration link: https://app.livestorm.co/euroland-corporate/memscap-webinaire-actionnaires-resultats-semestriels-2026?s=701e1f86-2cf5-4796-83bc-64bc4f0a81d8
You may submit your questions in advance at: https://memscap.com/en/visio/
Q3 2026 earnings: October 27, 2026
About MEMSCAP
MEMSCAP is a leading provider of MEMS-based pressure sensors, best-in-class in terms of precision and stability (very low drift) for two market segments: aerospace and medical.
MEMSCAP also provides variable optical attenuators (VOA) for the optical communications market.
For more information, visit our website at: www.memscap.com
MEMSCAP is listed on Euronext Paris (Euronext Paris - Memscap - ISIN code: FR0010298620 - Ticker symbol: MEMS)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Interim condensed consolidated financial statements at 30 June 2026
30 June 31 December
2026 2025
------- -----------
EUR000 EUR000
Assets
Non-current assets
Property, plant and
equipment............................................
.................. 1 008 1 007
Goodwill and intangible
assets...............................................
................ 6 651 6 509
Right-of-use
assets...............................................
................................. 4 524 4 119
Other non-current financial
assets...............................................
........... 1 453 1 582
Employee benefit net
asset................................................
.................... - 31
Deferred tax
asset................................................
................................. 84 77
------- -----------
13 720 13 325
------- -----------
Current assets
Inventories..........................................
................................................. 4 690 4 716
Trade and other
receivables..........................................
......................... 3 838 2 636
Prepayments..........................................
.............................................. 300 240
Cash and short-term
deposits.............................................
.................... 4 226 4 455
------- -----------
13 054 12 047
------- -----------
Total assets 26 774 25 372
======= ===========
Equity and liabilities
Equity
Issued
capital..............................................
.......................................... 1 927 1 927
Share
premium..............................................
....................................... 17 972 17 972
Treasury
shares...............................................
...................................... (642) (630)
Retained
earnings.............................................
.................................... 3 348 3 360
Foreign currency
translation..........................................
........................ (3 204) (3 590)
------- -----------
19 401 19 039
------- -----------
Non-current liabilities
Lease
liabilities..........................................
............................................ 3 904 3 804
Employee benefit
liability............................................
........................... 104 99
------- -----------
4 008 3 903
------- -----------
Current liabilities
Trade and other
payables.............................................
......................... 2 247 1 709
Lease
liabilities..........................................
............................................ 943 672
Interest-bearing loans and
borrowings...........................................
......... 123 -
Provisions...........................................
.................................................. 52 49
------- -----------
3 365 2 430
------- -----------
Total liabilities 7 373 6 333
======= ===========
Total equity and liabilities 26 774 25 372
======= ===========
CONSOLIDATED STATEMENT OF INCOME
Interim condensed consolidated financial statements at 30 June 2026
For the six months ended 30 June
2026 2025
---------------- ----------------
Continuing operations EUR000 EUR000
Sales of goods and
services.............................
.....................................
........... 6 939 6 144
---------------- ----------------
Revenue..............................
.....................................
..................................... 6 939 6 144
---------------- ----------------
Cost of
sales................................
.....................................
.............................. (4 203) (3 577)
---------------- ----------------
Gross
profit...............................
.....................................
............................... 2 736 2 567
---------------- ----------------
Other
income...............................
.....................................
............................. 146 203
Research and development
expenses.............................
................................. (1 051) (995)
Selling and distribution
costs................................
.....................................
...... (431) (466)
Administrative
expenses.............................
.....................................
............... (889) (775)
---------------- ----------------
Operating profit /
(loss)...............................
.....................................
............. 511 534
---------------- ----------------
Finance
costs.................................
......................................
.......................... (80) (276)
Finance
income...............................
.....................................
.......................... 125 111
---------------- ----------------
Profit / (loss) for the period from
continuing operations before
tax.................. 556 369
---------------- ----------------
Income tax
expense...............................
......................................
................... - (6)
Profit / (loss) for the period from
continuing
operations...........................
....... 556 363
---------------- ----------------
Profit / (loss) for the
period...............................
.....................................
........ 556 363
================ ================
Earnings per share:
- Basic, for profit / (loss) for the
period attributable to ordinary
equity holders of the parent (in
euros)...............................
.....................................
...... ... EUR 0.073 EUR 0.048
- Diluted, for profit / (loss) for the
period attributable to ordinary
equity holders of the parent (in
euros)...............................
.................................. EUR 0.073 EUR 0.048
- Basic, profit / (loss) for the
period from continuing operations
attributable to ordinary equity
holders of the parent (in
euros)...............................
.... EUR 0.073 EUR 0.048
- Diluted, profit / (loss) for the
period from continuing operations
attributable to ordinary equity
holders of the parent (in
euros)............................... EUR 0.073 EUR 0.048
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Interim condensed consolidated financial statements at 30 June 2026
For the six months ended 30 June
2026 2025
---------------- ----------------
EUR000 EUR000
Profit / (loss) for the
period.................................
.................................... 556 363
---------------- ----------------
Items that will not be reclassified
subsequently to profit or loss
Actuarial gains /
(losses)................................
........................................
.. (39) --
Income tax on items that will not be
reclassified to profit or
loss................. - --
---------------- ----------------
Total items that will not be
reclassified to profit or
loss............................ (39) --
---------------- ----------------
Items that may be reclassified
subsequently to profit or loss
Fair value changes on non-current
financial
assets.................................
.... (28) (2)
Exchange differences on translation of
foreign
operations.......................... 386 (37)
Income tax on items that may be
reclassified to profit or
loss..................... - --
---------------- ----------------
Total items that may be reclassified to
profit or
loss................................. 358 (39)
---------------- ----------------
Other comprehensive income for the
period, net of
tax............................ 319 (39)
---------------- ----------------
Total comprehensive income for the
period, net of
tax............................. 875 324
================ ================
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Interim condensed consolidated financial statements at 30 June 2026
(In thousands of euros, except for number of shares) Number Issued Share Treasury Retained Foreign Total
currency shareholders'
of shares capital premium shares earnings translation equity
--------- ------- ------- -------- -------- ----------- -------------
EUR000 EUR000 EUR000 EUR000 EUR000 EUR000
At 1 January
2025......................................................................... 7 706 902 1 927 17 972 (599) 2 520 (3 550) 18 270
========= ======= ======= ======== ======== =========== =============
Profit for the
period...................................................................... - - - - 363 - 363
Other comprehensive income for the period, net of tax................... - - - - (2) (37) (39)
--------- ------- ------- -------- -------- ----------- -------------
Total comprehensive
income......................................................... - - - - 361 (37) 324
--------- ------- ------- -------- -------- ----------- -------------
Treasury
shares..........................................................................
... - - - (30) - - (30)
--------- ------- ------- -------- -------- ----------- -------------
At 30 June
2025............................................................................ 7 706 902 1 927 17 972 (629) 2 881 (3 587) 18 564
========= ======= ======= ======== ======== =========== =============
At 1 January
2026......................................................................... 7 706 902 1 927 17 972 (630) 3 360 (3 590) 19 039
========= ======= ======= ======== ======== =========== =============
Profit for the
period...................................................................... - - - - 556 - 556
Other comprehensive income for the period, net of tax................... - - - - (67) 386 319
--------- ------- ------- -------- -------- ----------- -------------
Total comprehensive
income......................................................... - - - - 489 386 875
--------- ------- ------- -------- -------- ----------- -------------
Dividends
paid............................................................................
.. - - - - (501) - (501)
Treasury
shares..........................................................................
... - - - (12) - - (12)
--------- ------- ------- -------- -------- ----------- -------------
At 30 June
2026............................................................................ 7 706 902 1 927 17 972 (642) 3 348 (3 204) 19 401
========= ======= ======= ======== ======== =========== =============
CONSOLIDATED CASH FLOW STATEMENT
Interim condensed consolidated financial statements at 30 June 2026
For the six months ended 30 June
2026 2025
------------------ --------------
EUR000 EUR000
Operating activities:
Net profit / (loss) for the
period.................................
.......................................
... 556 363
Non-cash items written back:
Amortization and
depreciation.......................
...................................
............. 406 396
Loss / (capital gain) on disposal of
fixed
assets.............................
................... (17) (3)
Other non-cash
items..............................
...................................
................... (2) 8
Accounts
receivable.............................
.......................................
........................ (1 019) 260
Inventories............................
.......................................
...................................... 241 163
Other
debtors................................
.......................................
............................. 33 (76)
Accounts
payable................................
.......................................
........................ 192 (625)
Other
liabilities............................
.......................................
................................ 105 (37)
------------------ --------------
Net cash flows from / (used in)
operating
activities.............................
................ 495 449
------------------ --------------
Investing activities:
Purchase of fixed
assets.................................
.......................................
.............. (77) (70)
Proceeds from sale / (purchase) of other
non-current financial
assets.................... 119 (58)
------------------ --------------
Net cash flows from / (used in)
investing
activities.............................
................. 42 (128)
------------------ --------------
Financing activities:
Repayment of
borrowings.............................
.......................................
............... - (26)
Payment of principal portion of lease
liabilities............................
......................... (343) (308)
Dividends
paid...................................
.......................................
......................... (501) -
Sale / (purchase) of treasury
shares.................................
.................................... (12) (31)
------------------ --------------
Net cash flows from / (used in)
financing
activities.............................
................. (856) (365)
------------------ --------------
Net foreign exchange
difference..............................
........................................
.... (33) (2)
------------------ --------------
Increase / (decrease) in net cash and
cash
equivalents............................
............. (352) (46)
------------------ --------------
Opening cash and cash equivalents
balance................................
........................ 4 455 3 963
================== ==============
Closing cash and cash equivalents
balance................................
.......................... 4 103 3 917
================== ==============
View source version on businesswire.com: https://www.businesswire.com/news/home/20260831967564/en/
CONTACT: Yann Cousinet
Chief Financial Officer
Ph.: +33 (0) 4 76 92 85 00
yann.cousinet@memscap.com