Report

EPS cut (2025: from € -0.09 to -0.13, 2026: from € 0.00 to -0.01) (Drone Volt)

EPS CHANGE

CHANGE IN EPS
2025 : € (0.13) vs (0.09) ns
2026 : € (0.01) vs 0.00 ns

We have included the new partial elements provided by Drone Volt in its 2025 results, which were revised downwards on the gross margin side by c.€400k to €3.2m, due to the recognition of some contracts being delayed into 2026. We have also included the €5m impairment, tied to the closure of two subsidiaries, that was only partially forecast in our results, thus effectively adding a c.€2.5m charge. All things considered, we thus find ourselves with a c.€3m lower net income for 2025, at -€13.7m.
For 2026, we have slightly increased the revenue growth rate on the drone as a service segment from 110% to 130% to €6.1m, due to the delayed recognition of some contracts from 2025, and stronger commercial momentum than we previously forecast in early 2026, resulting into a virtually unchanged net income forecast for 2026.
Underlying
DRONE VOLT SA

Drone Volt SA. Drone Volt SA is a France-based company principally engaged in the aerospace industry. The Company provides civilian drone manufacturing. It specializes in the production, integration and sale of drones for professionals. Drone Volt is a provider of the audiovisual market in the field of aerial photography by drone. The Company is also present in many other markets such as security and topography, among others. The Company's main product is the Pack PRO FOR GH4 S900. It cooperates with Ministry of Internal Affaires, Ministry of Defense, CERN, Gendarmerie Transports Aeriens (aerial transport police), Dakar 2015, Spie, TF1, Bouygues, CNRS, Bonne Pioche, RAID and GEDEON Programmes, among others. It operates through Dandrone.

Provider
AlphaValue Corporate Services
AlphaValue Corporate Services

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Analysts
Alexandre DESPREZ

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