Financial Performance Overview - The group's revenue for the first half of the fiscal year 2025-26 is €25.1 million, reflecting a decrease of 1.8% compared to the same period last year [1][3] - The net result decreased by €2.6 million, primarily due to a contraction in gross margin and increased communication expenses [2][16] Revenue Breakdown by Market - Revenue in France decreased by 10.4%, largely due to an 83% drop in the Business to Business channel, while retail sales increased by 19% [4][3] - In Europe (excluding France), the DACH region saw a growth of 12%, while Italy and Spain experienced declines of 12% and 13%, respectively [5] - In Asia, Hong Kong's revenue fell by 18%, but China showed strong growth driven by in-store sales and new openings [6] Revenue Breakdown by Product Line - Revenue from lighters and pens increased by 1.8%, while leather goods and accessories saw a significant decline of 17.7% [8] - The accessories category grew by 10%, while ready-to-wear decreased by 6% [8] Operational Results - The gross margin decreased by €1.8 million, with a margin rate decline of 6 percentage points due to unfavorable currency effects and product mix [10] - The operating result was negative at -€0.8 million, down by €2.7 million compared to the previous year [14] Cash Flow and Financial Position - The net cash position at the end of September 2025 was €1.8 million, down from €5.6 million in March 2025 [17] - Cash flow from operating activities was negative at -€2.1 million, deteriorating by €0.9 million compared to the previous year [19] - The company’s self-financing capacity decreased to €0.9 million, down by €1.9 million from the previous year [18] Significant Events - No significant events occurred during the reporting period that could impact the financial situation or results of the company [23][24]