Parrot S.A.
Parrot supplies professional reconnaissance drones and Pix4D software that turns images into maps and 3D models.
Overview
Latest results
Reported in EUR
Latest financial publication
Q3 and nine-month 2026 revenue update
Investment Thesis
Parrot’s drone orders need to become repeatable cash generation
European Tech Equities analysis ·
Professional drones at a larger scale
The case rests on Parrot supplying more professional drones while spreading development costs across a larger revenue base. ANAFI UKR addresses defence and public-safety work, and Pix4D adds software used to measure and document physical sites. These activities offer different routes to growth, although recent acceleration comes mainly from drones.
Orders and selection are different
First-half revenue rose from €33.6m to €57.3m. The October announcement adds nearly $2m of UAS Marketplace orders and progress in the U.S. Army’s SRR selection. The former is a disclosed commercial order figure; the latter is a manufacturing-readiness assessment. Neither should be inflated into an award for the entire Army programme.
Procurement access can support repeat orders
NSPA call-off orders and U.S. procurement access give customers practical purchasing routes. The commercial opportunity is to turn these routes into recurring deliveries, training and support. Competition remains strong, including Skydio X10D. National security preferences may support an alternative supplier, but budgets, mission requirements and delivery performance still determine purchasing.
Profit has not yet become operating cash
The €2.6m first-half operating profit includes €2.5m of insurance income. Operating cash flow was negative €2.2m before €1.5m of capital expenditure. Cash of €18.8m and debt including leases and the Horizon loan of €11.9m are dated June, not October. Faster production therefore needs careful working-capital management as well as more orders.
Use sustainable earnings, not a doubled half-year
The dated equity value in the screening record was about €235m on 23 October. That value cannot be assessed reliably by simply doubling a half-year profit helped by insurance income. The useful comparison is with the earnings and cash Parrot can sustain after development costs, competitive pricing and financing needs. The scheduled 28 October sales release will add revenue evidence, not necessarily a new balance sheet.
What would weaken the case
- Military selections can fail to become orders or arrive later than expected.
- The first-half profit included a substantial non-recurring insurance benefit.
- Inventory, development and customer payment timing can absorb cash as sales grow.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Additional figures
9M 2026 revenue update (unaudited) · Oct 28, 2026
- Revenue
- EUR 81m
First-half operating profit includes €2.5m of non-recurring insurance income. Q3 revenue is scheduled for 28 October 2026 and was not yet published at this review.
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.
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; basic EPS in EUR per share. Net income includes minority interests; EPS uses profit attributable to Parrot shareholders. Debt includes loans, leases and the Horizon shareholder loan. Capital expenditure is gross cash spending on tangible and intangible assets, shown positive. No interim figures are annualised.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
First-half operating profit includes €2.5m of non-recurring insurance income. Q3 revenue is scheduled for 28 October 2026 and was not yet published at this review.
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.
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; basic EPS in EUR per share. Net income includes minority interests; EPS uses profit attributable to Parrot shareholders. Debt includes loans, leases and the Horizon shareholder loan. Capital expenditure is gross cash spending on tangible and intangible assets, shown positive. No interim figures are annualised.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
First-half operating profit includes €2.5m of non-recurring insurance income. Q3 revenue is scheduled for 28 October 2026 and was not yet published at this review.
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.
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; basic EPS in EUR per share. Net income includes minority interests; EPS uses profit attributable to Parrot shareholders. Debt includes loans, leases and the Horizon shareholder loan. Capital expenditure is gross cash spending on tangible and intangible assets, shown positive. No interim figures are annualised.
Quarterly
Revenue
Income statement
| For the periodEUR million | Q3 2026 revenue update |
|---|---|
| Revenue | 23.70 |
Sources and details
First-half operating profit includes €2.5m of non-recurring insurance income. Q3 revenue is scheduled for 28 October 2026 and was not yet published at this review.
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.
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; basic EPS in EUR per share. Net income includes minority interests; EPS uses profit attributable to Parrot shareholders. Debt includes loans, leases and the Horizon shareholder loan. Capital expenditure is gross cash spending on tangible and intangible assets, shown positive. No interim figures are annualised.
Year to date
Revenue
Income statement
| For the periodEUR million | 9M 2026 revenue update |
|---|---|
| Revenue | 81.00 |
Sources and details
First-half operating profit includes €2.5m of non-recurring insurance income. Q3 revenue is scheduled for 28 October 2026 and was not yet published at this review.
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.
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; basic EPS in EUR per share. Net income includes minority interests; EPS uses profit attributable to Parrot shareholders. Debt includes loans, leases and the Horizon shareholder loan. Capital expenditure is gross cash spending on tangible and intangible assets, shown positive. No interim figures are annualised.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Interviews
Interviews are coming soon
No interviews with Parrot S.A. have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
Q3 2026 revenue update (unaudited) · Published Oct 28, 2026 · Checked Oct 28, 2026
9M 2026 revenue update (unaudited) · Published Oct 28, 2026 · Checked Oct 28, 2026
H1 2025 · Published Jul 31, 2026 · Checked Oct 27, 2026
H1 2026 · Published Jul 31, 2026 · Checked Oct 27, 2026
FY 2024 · Published Apr 9, 2026 · Checked Oct 27, 2026
FY 2025 · Published Apr 9, 2026 · Checked Oct 27, 2026
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