Press Release
Bollène, October 24, 2023– 05:30pm (CET)



  • H1 2023 sales: 19.2 million euros, up 20%.
  • Operating loss reduced by 74%:
    from 1.3M€ at June 30, 2022 to 0.3M€ at June 30,2023
  • EBITDA up 1.3M€ in first-half 2023 compared with first-half 2022.
  • Net loss reduced by more than 50%:
    from 2M€ at June 30, 2022 to 0.9M€ at June 30, 2023.
  • Continuation of strategy focused on the recovery of the American subsidiaries and on the Defense and Aerospace markets.


Egide Group (Euronext Growth Paris™- ISIN : FR0000072373 - Mnémo : ALGID), worldwide provider of hermetic packages and heat dissipation solutions for sensitive electronic components, is today announcing its results for the 1st half of 2023.

The main financial indicators below illustrate Egide's rapid and significant recovery:

  H1 2023*H1 2022 Variation 2022
   M€% CAM€% CA M€% CA M€% CA
Sales 19,19  16,02   3,1720% 33,86 
EBITDA ** 1,30 7%-0,04 0% 1,34  -1,72-5%
Operating income -0,34 -2%-1,29 -8% 0,96-74% -4,33-13%
Net income  -0,89-5%-2,02 -13% 1,13-56% -5,62-17%

* Unaudited
** Operating income excluding depreciation and amortization

The Audit Committee and the Board of Directors met to approve the half-year financial results as of June 30, 2023. As a reminder, on Euronext Growth, the half-year financial statements are not submitted to an audit by the statutory auditors (Euronext Growth Rules, art. 4.2.1). The financial statements presented below are not and will not be audited.

1.    H1 2023 REVENUE

Egide Group      
In million euros

H1 2023*H1 2022Var.
M€% salesM€% salesM€% sales
Egide SA8.6245%7.6448%0.9813%
Egide USA6.3533%4.2527%2.1049%
* Unaudited      

In the first half of 2023, Egide Group reported €19.2 million revenues, up 20% on the first half of 2022 and up 9% on the second half of 2022. At constant exchange rates, sales growth was 19%; the favorable currency effect amounted to 1%.

This increase in Egide's business in the first half of 2023 compared with the same period in 2022 is all the more significant given that, in the previous year, Egide lost 8% in first-half sales compared with 2021. This performance is in line with an upward trend in the Defense and Aerospace markets.

All market segments are growing, except for Microwave, which remains stable. Growth in the Group's sales came mainly from the Thermal Imaging (+1.6M€), Power (+0.6M€) and Optronics (+0.7M€) markets.

Egide Group       
In million euros


H1 2023*H1 2022Var.  
M€% salesM€% salesM€% sales   
Thermal imaging7.4839%5.9137%1.5727%  
Power 3.6719%3.0219%0.6522%  
Optronics 2.9315%2.1914%0.7434%  
Microwave/RF 2.8415%2.9018%-0.06-2%  
Others 2.2712%2.0012%0.2713%  
Group 19.19100%16.02100%3.1720%  
* Unaudited       


Group performance improved at all levels:

  • Increase in sales: +3.17M€, or +20%,
  • Increase in EBITDA from -0.04M€ at June 30, 2022 to 1.30M€ at June 30, 2023,
  • Reduction in operating loss: 0.96M€, i.e. 74%,
  • Reduction in net loss: 1.1M€, i.e. 56%.

The Group's consolidated operating loss has been sharply reduced from 1.29M€ in the first half of 2022 to 0.33M€ in the first half of 2023, representing a 74% reduction of the loss. This is mainly due to a smaller increase in personnel costs (+9%), raw materials (+14%) and external expenses (+5%) compared with the 20% growth in sales.

On the other hand, the financial loss increased due to the cost of financial debt, which rose from 0.2M€ to 0.5M€.

The net loss has been reduced from 2M€ in the first half of 2022 to 0.9M€ in the first half of 2023, representing a 56% reduction of the loss.

The breakdown of consolidated net income by entity as of June 30, 2023 is as follows:

Net Income                       (in K€, IFRS)


H1 2023*H1 2022Variation H2 20222022 (restated excluding IFRS 5)
M€% salesM€% salesM€% sales  M€% sales M€% sales
Egide SA 155 2%- 37 0%192-519% 7079%6704%
Egide USA -436 -7%- 312 -7%-12440% -2295-42%-2607-27%
Santier -43 -1%- 879 -21%836-95% -1441-31%-2320-27%
Egide USA LLC (holding) -11 0- 66 0%55-83% -7 -73 
Group net income - 335-2%- 1 294 -8% 959 -74% - 3 036 -17%- 4 330 -13%
* Unaudited            

In the first half of 2023, the net loss was reduced by:

  • 1.1 million, or 56% compared with the first half of 2022. This reduction in the loss is mainly due to Santier and Egide USA LLC.
  • 2.7 million compared with the second half of 2022 (-1.8 M€ for Egide USA and -1.4 M€ for Santier).

This very quick and significant recovery is the result of the new strategy implemented by the new management, which is focused on the profitability achieved with:

  • better control of gross margins,
  • a strategy focused on military and aerospace markets.


Assets Liabilities
In K€June 30, 2023Dec. 31, 2022 restated*Dec. 31, 2022 published* In K€June 30, 2023Dec. 31, 2022 restated*Dec. 31, 2022 published*
Intangible assets691111 Shareholders' equity5 5746 5066 506
Rights of use assets2 8132 866859     
Tangible assets6 0166 5421 053 Long-term liabilities1 207747747
Financial assets560584456 Right-of-use liability - non-current2 8172 953642
Deferred tax assets156156156 Long-term financial debt3 7243 227922
Non-current assets9 61410 1592 534 Other non-current liabilities9621 0611 061
     Non-current liabilities8 7117 9883 372
Inventories and outstanding7 6998 4393 545     
Trade and other receivables7 6126 2403 360 Suppliers and other creditors7 4616 4642 706
Cash 8191 077678 Current portion of long-term debt5 7056 3283 679
Other current assets2 3961 9891 855 Right-of-use liability - current689618369
Current assets18 52517 7459 438 Current liabilities13 85513 4106 754
Non-current assets held for sale--15 933 Non-current liabilities held for sale--11 272
Total Assets28 14027 90527 905 Total liabilities28 14027 90527 905
* The balance sheet has been restated in accordance with IFRS 5 to present assets "held for sale" on each line of the balance sheet, instead of on a single line at the bottom.

Shareholders' equity amounted to €5.63 million, or 20% of the balance sheet total.

The 932k€ decrease in shareholders' equity from 6,506k€ at December 31, 2022 to 5,574k€ at June 30, 2023 is explained by:

  • 888k€ net loss, 85k€ currency exchange adjustment and 40k€ other P&L items.
  • The 545k€ decrease in the net value of fixed assets due to depreciation, the 723k€ increase in non-current liabilities and the 335k€ decrease in working capital (calculated as the difference between current assets and current liabilities).
  • The 0.72M€ increase in non-current liabilities is mainly due to a 0.5M€ increase in provisions for employee litigation in France, and a 0.5M€ increase in financial debts, slightly reduced by 0.15M€ in loan repayments.


The Egide Group's priority is to ensure the recovery of its American subsidiaries. Numerous actions have been implemented, including:

  • Appointment of a new management team in the USA and hiring of key executives,
  • Strategy based on military and aerospace markets and profitability rather than sales at all costs,
  • Improved performance by increasing margins per customer and per product with price increases and better cost control,
  • Cross-selling and synergies at Group level.

The second priority is to improve the Group's financial situation. To achieve this goal, in early September Egide raised €2.6 million in cash via a €1.9 million capital increase and a 750k€ bond issue, which must be repaid by December 14, 2023.

The Egide Group will also continue to modernize its Bollène plant in France, installing several new machines (Agglomeration press, punching, cutting, CNC machining, X-ray fluorescence spectrometer) in the summer of 2023, representing an investment of 1M€ (excl. VAT) financed by leasing.


Half Year 2023 Results presentation to analysts & Investors        October 26; 2023 – 02: 30 pm

Availability of the 2023 Half-Year Financial Report         October 26; 2023

2023 full year sales        January 29, 2024


EGIDE –Philippe Bringuier – Chief Executive Officer & Chief Financial Officer - +33 4 90 30 35 94 –

FIN’EXTENSO – Isabelle Aprile – Press Relations - +33 6 17 38 61 78 –    

About EGIDE - Keep up to date with all the Group's news online: and LinkedIn

Egide is a group with an international dimension, specialized in the manufacture of hermetic packages and heat dissipation solutions for sensitive electronic components. It operates in cutting edge markets with strong technology barriers to entry in all critical industry segments (Thermal Imaging. Optronics. High-Frequency. Power Units…). Egide is the only pure player in this market niche with manufacturing bases in France and the United States.

EGIDE is listed on Euronext Growth Paris™- ISIN : FR0000072373 - Mnémo : ALGID