Rougier published a consolidated net loss of 2 million euros for the first half of 2026 on 30 October, compared with 800,000 euros a year earlier. The forestry group, based in Gabon and the Republic of the Congo, posted revenue of 35 million euros, compared with 38.7 million in the first half of 2025.
The deterioration in earnings coincides with a recovery in operating profitability since the end of 2025. EBITDA, which measures performance before, among other things, depreciation and provisions, has turned positive again. Commercial trends remain divergent between the two countries, however, with sales down 20.3% in Gabon and up 21.2% in Congo.
A less favourable market and production constraints
The fall in revenue is not solely due to production difficulties. Rougier also describes less favourable international demand and prices. Sales also include the cancellation of 1.3 million euros previously booked in Congo following a commercial dispute. This correction has no impact on cash, the group says.
In Gabon, the recovery remains gradual following administrative interruptions at the end of 2025. A worksite was also temporarily halted in the second quarter, an interruption now lifted. In Congo, the destocking of timber left in the forest and the industrial recovery are supporting activity, despite tensions over diesel.
These constraints follow those set out in the annual results published on 30 April. Rougier explained then that lower volumes weighed on an activity with largely fixed costs, alongside higher energy and logistics costs. The recovery therefore also depends on the continuity of operations.
Operations recover, equity falls
Half-year EBITDA reaches 3.6 million euros. It remains below the 6.6 million of the first half of 2025, but improves on the minus 4.6 million of the second half. Rougier attributes this improvement to efforts to protect margins, reduce costs and adapt its organisation.
The balance sheet nevertheless reflects the losses. At the end of June, equity fell from 11.8 to 9.8 million euros since December, while net financial debt moved from 15.4 to 15.5 million. After depreciation and provisions, the operating result remains in deficit by 1.4 million euros.
These consolidated accounts, closed on 28 October, have been neither audited nor subject to a limited review. For the second half, management is prioritising the normalisation of operations in Gabon, better availability of diesel in Congo and cost control, while maintaining prudent management of investment and cash.