Pharol posts €974k loss in H1 2026 after previous year profit

Pharol reported a net loss of €974,068 for the first half of 2026, compared with a profit of €2.12 million in the same period of 2025. EBITDA was negative €1.67 million, deeper than the €0.94 million loss a year earlier. Personnel expenses more than doubled to €1.08 million, while the "other gains" line fell to €347 thousand from €2.55 million.

The firm kept the valuation of its Rioforte debt instruments unchanged at €51.9 million (5.79% of nominal value). It says the accounting loss does not require immediate cash outflow, as settlements will be staged through 2030. Pharol’s balance sheet shows €42.5 million in cash and financial assets, no bank debt, total assets of €95.9 million and equity of €93.3 million, slightly lower than a year earlier. The company also noted a strengthened legal position in the Rio Forte process, with the full €897 million credit claim now recognized.