Groupe Poujoulat managed to maintain a narrow growth trajectory in a challenging economic climate, reporting consolidated revenue of €351 million for the 2025/2026 fiscal year. While the overall figure represents a modest 0.5% increase over the previous year, the result masks a significant internal divergence between the company’s traditional industrial chimney business and its rapidly expanding biomass energy division.
The results, released on May 15, 2026, reveal a company navigating a volatile European energy landscape. For the group, which operates across nine countries and employs 1,750 people, the fiscal year ended on March 31 with a mixed performance that underscores the risks of weather-dependency and the complexities of government-led energy transitions.
The broader story here is one of strategic pivoting. As the European Union pushes toward decarbonization and energy efficiency, Poujoulat is increasingly relying on its “Wood Energy” branch to offset declines in traditional construction and renovation markets.
A Tale of Two Divisions
The company’s financial health currently rests on two very different pillars. The “Chimney Flues and Industrial Chimneys” segment, long the cornerstone of the business, saw a contraction of 6.5%, with revenue falling to €187.2 million. This decline reflects a broader slump in the construction sector and a cautious approach from consumers in the renovation market.
Conversely, the “Wood Energy” branch—which focuses on high-performance biofuels like pellets and logs—emerged as the primary growth engine. This segment saw a 10% increase, bringing its revenue to €163.5 million. This growth suggests that as fossil fuel prices remain volatile, homeowners and industrial players are shifting toward sustainable, locally sourced heating alternatives.
| Business Segment | 2025/2026 Revenue | 2024/2025 Revenue | Annual Variation |
|---|---|---|---|
| Chimneys & Industrial Flues | €187.2 Million | €200.2 Million | -6.5% |
| Wood Energy (Biomass) | €163.5 Million | €148.7 Million | +10.0% |
| Total Consolidated | €350.7 Million | €348.9 Million | +0.5% |
The Q4 Slump: Weather and Policy Headwinds
Despite a strong third quarter, the final three months of the fiscal year proved problematic. Fourth-quarter revenue landed at approximately €87 million, falling significantly short of internal forecasts. The company attributes this miss to a combination of geopolitical instability and an unseasonably mild winter.
In the biomass sector, a sharp rise in temperatures during mid-February effectively halted sales momentum that had been strong throughout January. Because wood energy demand is directly tied to cold weather, the “mild February” acted as a sudden brake on revenue, leaving the branch €4 million below its quarterly projections.
The industrial chimney side faced a different set of hurdles. Beyond the general economic slowdown, the company noted a lack of clarity surrounding government support mechanisms, specifically the MaPrimeRénov’ program in France. When subsidies for energy renovation become unpredictable, consumers tend to postpone high-ticket installations, leading to the “wait-and-see” attitude that dampened store traffic.
Frédéric Coirier, Chairman and CEO of Groupe Poujoulat, acknowledged the difficulty of the period, stating: “The last quarter of the 2025/2026 exercise was less successful than expected. Geopolitical instability, a lack of visibility, and mild temperatures directly impacted activity.”
Strategic Pivot Toward Energy Sovereignty
Looking ahead to the 2026/2027 fiscal year, Poujoulat is leaning heavily into the concept of energy sovereignty. Wood energy is one of the few decarbonized energy sources where Europe maintains full control over the supply chain, making it a strategic hedge against imported energy shocks.
The company has set an ambitious growth target of 15% for its Wood Energy branch in the coming year. To achieve this, the group plans to expand its production capacities to meet the rising demand for high-performance biofuels, which serve as a critical complement to the general electrification of heating systems.
Meanwhile, the chimney division is undergoing a digital transformation. The group intends to prioritize investments in operational efficiency and digital tools to stabilize the segment, betting on a gradual recovery in new constructions and a renewed push for energy renovation as fossil fuel prices climb.
Early indicators for the new fiscal year are promising, with the company reporting “significant growth” in revenue for the month of April 2026. This suggests that the Q4 dip may have been a seasonal anomaly rather than a systemic collapse.
Disclaimer: This article is provided for informational purposes only and does not constitute financial advice or a recommendation to invest in any specific security or company.
The next official update from the group is scheduled for June 10, 2026, when the company will publish its voting rights as of May 31, 2026.
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