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Lumibird S.A.

Lumibird makes lasers and laser components used in measurement, defence, manufacturing and medical equipment.

LBIRD · Euronext Paris

Overview

Summary

Lumibird supplies lasers that often work inside another manufacturer’s equipment. Its roots are Quantel, founded in 1970, and Keopsys, founded in 1997. The businesses combined in 2017 and adopted the Lumibird name in 2018. The group is based in Lannion, France.

There are currently two divisions. Photonics makes laser sources, components and measuring equipment for defence, space, industrial, scientific and medical applications. Medical makes equipment used to diagnose and treat eye conditions. In September 2026 Lumibird agreed to sell Medical to IPG Photonics. The October sales update still described that transaction as pending, with completion expected by 31 December subject to conditions.

Latest results

Reported in EUR

Revenue

EUR 168.8 million+8.8%

Jan–Sep 2026

Operating profit

EUR 8.6 million-6%

Jan–Jun 2026 · Margin 7.5%

Cash held

EUR 58.2 million-18.3%

At Jun 30, 2026

Financial debt

EUR 150.8 million-9.1%

At Jun 30, 2026

Latest financial publication

Oct 26, 2026 · Issuer publication

Nine-month and third-quarter 2026 revenue

Investment Thesis

Photonics growth meets a conditional transformation

European Tech Equities analysis · Oct 27, 2026

A more focused laser supplier

Lumibird could emerge from the Medical sale with a more focused Photonics business and capital to allocate. The investment case rests on what that remaining business can earn from components and instruments used in customer products. It does not rest simply on receiving a large sale price. Completion, debt repayment, distributions and reinvestment will determine the financial result for shareholders.

Sources[1][2]

Growth has identifiable customers and applications

Photonics nine-month sales increased 13.5% to €86.8m. Medical component sales within that division rose 75.9% to €16.6m, while defence and space reached €41.8m, up 10.3%. The Rheinmetall repeat order provides a named example of programme demand. These results support the opportunity, but uneven growth between applications makes a single group growth rate an incomplete guide.

Sources[2][3]

Qualification can lead to repeat deliveries

Once a laser is designed into a customer’s equipment, repeat production can create demand without redesigning the component each time. That is a commercial opportunity, not a guarantee of locked-in revenue. Customers can delay programmes, negotiate prices or select alternatives. Coherent and other laser suppliers compete across parts of the same market, while export permissions and defence delivery schedules can affect timing.

Sources[4][5][3]

Read the balance sheet before the disposal

The June balance sheet still covers both divisions. Cash was €58.2m and debt including leases and other financing was €150.8m. First-half operating cash flow was €11.1m against €8.8m of investment. Revenue increased, but operating profit fell to €8.6m from €9.1m. The sale proceeds have therefore not yet repaired the balance sheet, and sales growth has not translated directly into higher interim operating earnings.

Sources[6][7]

Value the business that will remain

The dated screening value was about €531m of equity on 26 October. Subtracting the €300m Medical enterprise value from that market capitalisation would mix different valuation measures. A useful assessment needs the actual net proceeds, retained debt, any distribution and the earnings of the remaining Photonics business. The contingent earn-out should remain conditional, and the historical combined group is not a clean proxy for future earnings.

Sources[8][1][6]

What would weaken the case

The sale can be delayed, changed or fail to complete; the earn-out depends on future results.
Photonics growth is uneven, and programme delivery dates can move revenue between quarters.
A smaller group may carry concentrated customer exposure, investment needs and residual debt.

Sources

Financials

The business in numbers

Latest

RevenueOperating profitNet profit

Income statement

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	106.82	114.70
Gross profit	69.58	71.40
Gross margin	65.1%	62.2%
EBITDA	20.23	20.00
EBITDA margin	18.9%	17.4%
Operating profit (EBIT)	9.15	8.60
Operating margin	8.6%	7.5%
Net income	4.91	5.10
Earnings per share (EUR)	0.22	—

Cash flow

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	7.67	11.10
Capital expenditure	8.14	8.80
Free cash flow	-0.47	2.30

Balance sheet

At period endEUR million	FY 2025Dec 31, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	61.57	58.20
Total debt	146.20	150.80
Net debt / (net cash)	84.63	92.60
Total assets	428.88	434.70
Total liabilities	222.58	227.00
Total equity	206.31	207.80

Sources and details

Additional figures

9M 2026 · Oct 26, 2026

Revenue: EUR 168.8m

The 26 October sales update still includes Medical. Its sale to IPG Photonics remains subject to conditions and is expected by 31 December 2026. The June accounts explicitly make no discontinued-operations adjustment. Future disposal proceeds and shareholder distributions are not current cash.

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

H1 2025 · H1 2025 full financial report pp.15–19 and note 7.3.4 p.25. EUR thousands converted to millions. Gross profit calculated as revenue 106.815 less consumed purchases 37.235; consistent with issuer gross-margin presentation. EBITDA is issuer-defined EBE. Cash is balance-sheet cash 71.262, before 0.062 bank overdraft (cash-flow closing balance 71.200). Debt 165.850 is reported total bank loans, leases, repayable advances, accrued interest and overdraft, with component rounding preserved. No comparative restatement identified in H1 2026 rounded columns.

H1 2026 · H1 2026 management report pp.5–11, figures as published to €0.1m. Gross cash industrial investments, excluding disposals, financial investments and acquisitions. Debt p.9 includes €140.8m bank borrowing, €9.6m leases and other financing; total €150.8m. No IFRS 5 reclassification: Medical remains in consolidated figures (p.13). Minor balance-sheet rounding differences retained.

FY 2025 · Full consolidated accounts pp.139–143 and note 6.3.3.4.1 (p.152). EUR thousands converted to millions. Gross profit calculated as revenue less consumed purchases, matching issuer gross-margin convention. EBITDA is issuer-defined EBE. Financial debt includes bank debt, leases, repayable assistance, accrued interest and overdrafts. Reported rounding retained.

Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.

Consolidated IFRS figures in EUR millions, including Photonics and Medical. Basic EPS is EUR per share. EBITDA follows the issuer’s EBE definition. Annual gross profit is calculated as revenue less consumed purchases. H1 2026 figures retain the report’s €0.1m precision. Debt includes bank borrowing, leases and other financial debt. Capital expenditure is gross cash spending on tangible and intangible assets, shown positive.

Annual

RevenueOperating profitNet profit

Revenue

FY 2024207.1

FY 2025225.6

Operating profit

FY 202411.6

FY 202523.8

Net profit

FY 20245.7

FY 202514

Income statement

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	207.12	225.62
Gross profit	127.85	143.33
Gross margin	61.7%	63.5%
EBITDA	32.93	45.55
EBITDA margin	15.9%	20.2%
Operating profit (EBIT)	11.56	23.81
Operating margin	5.6%	10.6%
Net income	5.70	14.01
Earnings per share (EUR)	0.26	0.64

Cash flow

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Operating cash flow	34.37	29.00
Capital expenditure	22.96	16.36
Free cash flow	11.41	12.64

Balance sheet

At period endEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash & cash equivalents	71.13	61.57
Total debt	161.07	146.20
Net debt / (net cash)	89.93	84.63
Total assets	429.80	428.88
Total liabilities	231.80	222.58
Total equity	198.01	206.31

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

FY 2024 · Full consolidated accounts pp.139–143 and note 6.3.3.4.1 (p.152). EUR thousands converted to millions. Gross profit calculated as revenue less consumed purchases, matching issuer gross-margin convention. EBITDA is issuer-defined EBE. Financial debt includes bank debt, leases, repayable assistance, accrued interest and overdrafts. Reported rounding retained.

Half-year

RevenueOperating profitNet profit

Revenue

H1 2025106.8

H1 2026114.7

Operating profit

H1 20259.1

H1 20268.6

Net profit

H1 20254.9

H1 20265.1

Income statement

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	106.82	114.70
Gross profit	69.58	71.40
Gross margin	65.1%	62.2%
EBITDA	20.23	20.00
EBITDA margin	18.9%	17.4%
Operating profit (EBIT)	9.15	8.60
Operating margin	8.6%	7.5%
Net income	4.91	5.10
Earnings per share (EUR)	0.22	—

Cash flow

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	7.67	11.10
Capital expenditure	8.14	8.80
Free cash flow	-0.47	2.30

Balance sheet

At period endEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	71.26	58.20
Total debt	165.85	150.80
Net debt / (net cash)	94.59	92.60
Total assets	435.94	434.70
Total liabilities	239.91	227.00
Total equity	196.03	207.80

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Quarterly

Revenue

Q3 202548.3

Q3 202654.1

Income statement

For the periodEUR million	Q3 2025Sep 30, 2025	Q3 2026Sep 30, 2026
Revenue	48.30	54.10

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Q3 2025 · 26 October release p.1: unaudited consolidated sales, including Photonics and Medical. 9M cumulative and Q3 standalone periods are separate; no profit or balance sheet is inferred.

Q3 2026 · 26 October release p.1: unaudited consolidated sales, including Photonics and Medical. 9M cumulative and Q3 standalone periods are separate; no profit or balance sheet is inferred.

Year to date

Revenue

9M 2025155.1

9M 2026168.8

Income statement

For the periodEUR million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Revenue	155.10	168.80

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

9M 2025 · 26 October release p.1: unaudited consolidated sales, including Photonics and Medical. 9M cumulative and Q3 standalone periods are separate; no profit or balance sheet is inferred.

9M 2026 · 26 October release p.1: unaudited consolidated sales, including Photonics and Medical. 9M cumulative and Q3 standalone periods are separate; no profit or balance sheet is inferred.

Updated Oct 27, 2026

Overview

Summary

Customer value

What sets it apart

Growth plans

Latest results

Latest financial publication

Nine-month and third-quarter 2026 revenue

Investment Thesis

A more focused laser supplier

Growth has identifiable customers and applications

Qualification can lead to repeat deliveries

Read the balance sheet before the disposal

Value the business that will remain

What would weaken the case

Sources

Financials

The business in numbers

Latest

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Additional figures

Annual

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Half-year

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Quarterly

Revenue

Income statement

Year to date

Revenue

Income statement

Performance

Research & updates

Photonics continues its strong growth with a +13.5% increase in revenue over the first 9 months of 2026

Nine-month and third-quarter 2026 revenue

First-half 2026 results

Lumibird signs a share purchase agreement for the sale of Lumibird Medical to IPG Photonics Corporation

Photonics confirms strong growth with a 15.3% increase in the first half of 2026

Company publications

Lumibird nine-month revenue, 26 October 2026

Lumibird first-half 2026 financial report, published 30 September 2026

Lumibird FY2025 consolidated accounts, URD pp.139–166

Lumibird first-half 2025 financial report, full statements and notes

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Sources

Sources & data dates

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