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Sogeclair S.A.

Sogeclair supplies engineering, aircraft equipment and simulation software and hardware that help customers design vehicles, test them and train operators.

ALSOG · Euronext Growth Paris

Overview

Summary

Sogeclair’s roots go back to businesses founded in 1962; the holding company was created in 1986. Based in Blagnac near Toulouse, the group combines aircraft engineering and equipment with simulation for transport and defence. It created AVSimulation with Renault in 2017.

SCANeR lets vehicle developers build virtual roads, traffic, weather and sensors before running tests. Other businesses supply train-driving simulators, simulated cockpit equipment, aircraft interiors and composite parts. Customers buy software, engineered equipment, development work and support. Simulation software is one part of this broader group.

Latest results

Reported in EUR

Revenue

EUR 113.9 million-3%

Jan–Sep 2026

Operating profit

EUR 1.2 million-23%

Jan–Jun 2026 · Margin 1.5%

Cash held

EUR 21.9 million+37.8%

At Jun 30, 2026

Financial debt

EUR 24.7 million-13.5%

At Jun 30, 2026

Latest financial publication

Oct 28, 2026 · Issuer publication

Q3 and nine-month 2026 revenue

Investment Thesis

Simulation and aircraft equipment through a change in business mix

European Tech Equities analysis · Oct 28, 2026

The investment case

The case combines specialised engineering with products used in vehicle development and operator training. Software and installed equipment can generate follow-on support. The Airbus engineering sale changes the mix, so future profitability must be assessed on the remaining operations rather than assuming the old revenue base continues.

Sources[1][2]

Evidence of adoption

DSB’s October selection includes six simulators and a maintenance agreement lasting at least thirteen years. That is tangible evidence of demand for rail training. VISTA demonstrates a separate commercial-aircraft cabin opportunity, but remains a demonstrator rather than an announced airline order.

Sources[3][4]

Demand drivers

Demand differs across the group. H1 sales fell 3.1% to €78.1 million, while the company reported improving equipment activity and a stronger rail order book. European business-aviation engineering and the automotive market were weaker. More aircraft production or rail investment does not lift every business equally.

Sources[5][6]

Profit and cash generation

H1 operating profit was €1.19 million and total net profit €0.32 million; parent-attributable profit was €0.78 million. Operating cash flow of €7.55 million exceeded €1.21 million of cash capex. June cash was €21.89 million and financing debt including leases and conditional advances €24.66 million. These figures precede the sale.

Sources[7][8]

Valuation assumptions

The €85.25 million equity value recorded on 23 October 2026 is about 15 times 2025 profit attributable to shareholders of €5.71 million. It is a dated comparison, not a price target. Disposal proceeds and the profit lost with the sold activities are needed to judge the new business; the completion announcement did not disclose the price.

Sources[9][8][2]

What would weaken the case

The Airbus engineering disposal removes roughly a fifth of past revenue. The remaining group must establish a new comparable earnings base.
Simulator orders and aircraft programmes can be delayed, while fixed project costs and weak automotive demand weigh on profit.
Minority shareholders hold interests in several businesses. Total group profit and cash are not automatically all attributable to Sogeclair’s ordinary shareholders.

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	80.58	78.06
Operating profit (EBIT)	1.54	1.19
Operating margin	1.9%	1.5%
Net income	-0.82	0.32
Earnings per share (EUR)	-0.09	0.26

Cash flow

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	4.32	7.55
Capital expenditure	0.95	1.21
Free cash flow	3.38	6.34

Balance sheet

At period endEUR million	FY 2025Dec 31, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	23.18	21.89
Total debt	26.31	24.66
Net debt / (net cash)	3.13	2.77
Total assets	148.34	141.80
Total liabilities	81.37	78.57
Total equity	66.97	63.23

Sources and details

Additional figures

9M 2026 · Oct 28, 2026

Revenue: EUR 113.9m

These accounts precede the October sale of Airbus-dedicated engineering activities, about 20% of group revenue. No post-sale financial statements have yet been published. Q3 sales are scheduled for 28 October after market close.

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 · Full H1 report pp.8–11. All values from consolidated financial tables, not rounded press highlights. Operating profit includes equity-accounted result; net income is total including minorities. Debt includes conditional advances and leases. EUR thousands to millions; published rounding can cause €1k balance differences.

H1 2026 · Full H1 report pp.8–11. All values from consolidated financial tables, not rounded press highlights. Operating profit includes equity-accounted result; net income is total including minorities. Debt includes conditional advances and leases. EUR thousands to millions; published rounding can cause €1k balance differences.

FY 2025 · URD2025 pp.47–51, consolidated IFRS. EUR thousands converted to millions. Net income includes minorities; basic EPS uses parent-attributable result. Debt sums bank/other financial debt, leases, overdrafts and conditional advances. Gross cash purchases of PPE/intangibles used for capex. No gross-profit line disclosed.

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. Net income includes minority interests; EPS uses the parent share. Debt includes leases, overdrafts and conditional advances. Capex is gross cash spending on tangible and intangible assets. Gross profit is not separately disclosed. The company’s EBITDA excludes other operating items and is not substituted for statutory operating profit. In the interim balance sheets, published rounding causes a €1,000 difference between assets and the sum of equity and liabilities.

Annual

RevenueOperating profitNet profit

Revenue

FY 2024157

FY 2025160.3

Operating profit

FY 20247.1

FY 202510.2

Net profit

FY 20246.1

FY 20256.8

Income statement

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	157.02	160.28
Operating profit (EBIT)	7.08	10.22
Operating margin	4.5%	6.4%
Net income	6.11	6.84
Earnings per share (EUR)	1.45	1.87

Cash flow

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Operating cash flow	17.04	18.75
Capital expenditure	1.74	2.24
Free cash flow	15.30	16.52

Balance sheet

At period endEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash & cash equivalents	20.40	23.18
Total debt	31.98	26.31
Net debt / (net cash)	11.58	3.13
Total assets	152.73	148.34
Total liabilities	88.73	81.37
Total equity	64.00	66.97

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 · URD2025 pp.47–51, consolidated IFRS. EUR thousands converted to millions. Net income includes minorities; basic EPS uses parent-attributable result. Debt sums bank/other financial debt, leases, overdrafts and conditional advances. Gross cash purchases of PPE/intangibles used for capex. No gross-profit line disclosed.

Half-year

RevenueOperating profitNet profit

Revenue

H1 202580.6

H1 202678.1

Operating profit

H1 20251.5

H1 20261.2

Net profit

H1 2025-0.82

H1 20260.321

Income statement

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	80.58	78.06
Operating profit (EBIT)	1.54	1.19
Operating margin	1.9%	1.5%
Net income	-0.82	0.32
Earnings per share (EUR)	-0.09	0.26

Cash flow

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	4.32	7.55
Capital expenditure	0.95	1.21
Free cash flow	3.38	6.34

Balance sheet

At period endEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	15.88	21.89
Total debt	28.50	24.66
Net debt / (net cash)	12.62	2.77
Total assets	142.36	141.80
Total liabilities	83.26	78.57
Total equity	59.10	63.23

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 202635.8

Income statement

For the periodEUR million	Q3 2026Sep 30, 2026
Revenue	35.80

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.

Q3 2026 · 28 October after-close release pp.1–2. Nine-month revenue EUR113.9m versus EUR117.4m; Q3 EUR35.8m. Q3 prior value not provided, so not reverse-calculated from a rounded percentage. H1 accounts retained. Airbus engineering disposal completed after this reporting period.

Year to date

Revenue

9M 2025117.4

9M 2026113.9

Income statement

For the periodEUR million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Revenue	117.40	113.90

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 · 28 October after-close release pp.1–2. Nine-month revenue EUR113.9m versus EUR117.4m; Q3 EUR35.8m. Q3 prior value not provided, so not reverse-calculated from a rounded percentage. H1 accounts retained. Airbus engineering disposal completed after this reporting period.

9M 2026 · 28 October after-close release pp.1–2. Nine-month revenue EUR113.9m versus EUR117.4m; Q3 EUR35.8m. Q3 prior value not provided, so not reverse-calculated from a rounded percentage. H1 accounts retained. Airbus engineering disposal completed after this reporting period.

Updated Oct 29, 2026

Overview

Summary

Customer value

What sets it apart

Growth plans

Latest results

Latest financial publication

Q3 and nine-month 2026 revenue

Investment Thesis

The investment case

Evidence of adoption

Demand drivers

Profit and cash generation

Valuation assumptions

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

Q3 and nine-month 2026 revenue

DSB selects six train simulators and long-term maintenance

SOGECLAIR completes the sale of its Airbus-dedicated engineering activitie

Half-year financial report 2026

Oksygen and portable train simulators at InnoTrans

Company publications

sogeclair Q3 / nine-month 2026 results

Sogeclair full half-year financial report, 29 September 2026

Sogeclair Universal Registration Document 2025, 27 April 2026

Interviews

Interviews are coming soon

Sources

Sources & data dates

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