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Vicenne Q1 2026 Revenue Slides 11% While 2026 Target Remains Unchanged
Vicenne reported an 11% dip in consolidated revenue for the first quarter of 2026, bringing total sales to MAD 196 million. The decline is driven by a slower rollout of equipment projects, which are being shifted to later in the year, while recurring businesses such as implantables, reagents and services continue to grow. The group also highlighted a cash‑positive balance of MAD 250 million after a capital increase, reversing a net debt of MAD 87 million at the end of March 2025. Despite the quarterly pull‑back, Vicenne sticks to its 2026 ambition of at least MAD 1.2 billion in revenue, keeping its outlook unchanged.
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Quarterly Financial Highlights
Vicenne disclosed its Q1 2026 results, posting a consolidated turnover of MAD 196 million, which is 11% lower than the same period in 2025.
Drivers of the Revenue Decline
The group attributes the dip to a deliberate shift of equipment‑project deliveries toward the second half of the 2026 fiscal year, a pattern that reflects the cyclical nature of large‑scale projects.
Segment Performance
- Equipment segment: down 33% to MAD 79 million (vs. MAD 119 million in Q1 2025).
- Implantables & reagents (recurring): up 14% to MAD 92 million.
- Services (recurring): up 13% to MAD 25 million.
Investments and Capital Structure
CapEx for the quarter amounted to MAD 2.8 million, mainly directed toward modernising the industrial equipment of the subsidiary Vicenne Environnement.
Following the capital increase linked to the IPO, Vicenne’s balance sheet shows a marked improvement: net debt fell from MAD 87 million at the end of March 2025 to a positive cash balance of MAD 250 million as of 31 March 2026.
Outlook
Despite the quarterly setback, the company reaffirms its 2026 guidance of a consolidated turnover of at least MAD 1.2 billion, assuming a constant scope.
Vicenne continues to focus on delivering long‑term projects later in the year while leveraging growth in its recurring‑revenue streams.